Janus Henderson Venture Fund Class T (JAVTX) N-CSR Certified annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-1879

Janus Investment Fund

(Exact name of registrant as specified in charter)

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

Stephanie Grauerholz-Lofton, 151 Detroit Street, Denver, Colorado 80206
(Name and address of agent for service)

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

Date of fiscal year end: 6/30

Date of reporting period: 6/30/13

Item 1 - Reports to Shareholders

ANNUAL REPORT

June 30, 2013

Janus Alternative Fund

Janus Diversified Alternatives Fund

HIGHLIGHTS

• Portfolio management perspective

• Investment strategy behind your fund

• Fund performance, characteristics and holdings

Table of Contents

            Janus Alternative Fund

Co-Chief Investment Officers’ Market Perspective	1
Management Commentary and Consolidated Schedule of Investments
Janus Diversified Alternatives Fund	3
Notes to Consolidated Schedule of Investments and Other Information	13
Consolidated Statement of Assets and Liabilities	15
Consolidated Statement of Operations	17
Consolidated Statement of Changes in Net Assets	18
Consolidated Financial Highlights	19
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	37
Additional Information	38
Useful Information About Your Fund Report	42
Designation Requirements	45
Trustees and Officers	46

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Co-Chief Investment Officers’ Market Perspective (unaudited)

Jonathan Coleman, CFA

Chief Investment Officer, Equities

Gibson Smith

Chief Investment Officer, Fixed Income

Economy: Substantive improvement

The U.S. economy is showing signs of real, if uneven, improvement. The market seems obsessed with whether the Federal Reserve (Fed) will taper its bond-buying program by the end of the year, but is not focused on the continued improvement of the overall economy. We would not be surprised to see the Fed begin to taper its quantitative easing (QE) program over the next 12 months, but believe that it will leave short-term interest rates near zero for the foreseeable future. We also believe that global central banks will keep a high level of liquidity in the system. We continue to monitor potential global risk, particularly in China and Japan, but believe both of these concerns will abate in the medium term and that markets will refocus on the recovery.

Equities: Beyond the “wall of worry”

Equity markets have essentially climbed a “wall of worry” over the last six months, including the threat of falling off the fiscal cliff, then the potential impact of the sequester, and finally, concerns over Cyprus. Talking heads claimed these events spelled doomsday for the economy, but the market shrugged off each one and powered on. Now more speculative areas of the market, such as the Russell 2000 Index of U.S. small-capitalization companies, have hit all-time highs. Price/earnings multiples have expanded as stock price appreciation has exceeded the underlying earnings growth of many companies.

We think this is just when investors should be a little more cautious. The recent rally has been driven in part by a belief that the Fed and other central banks will backstop equity markets by pumping liquidity into the system forever. In late June, we got a glimpse of what happens to stock markets when the Fed even hints at taking its foot off the gas: there can be a sell-off.

Our view on the economy and equity markets has not turned negative, just more balanced. Many positives for the economy still exist. For instance, cheaper oil and natural gas in the U.S., along with more competitive labor costs, are creating a manufacturing renaissance. That’s a long-term benefit that could last a decade or longer. The U.S. housing market continues to be strong. In Europe, industrial companies are finally going through a painful restructuring that should right-size their businesses and make them more competitive on a global basis. European banks have also made significant strides in cutting costs and fortifying their balance sheets. But many of these longer-term dynamics already have been priced into stocks, or in other cases, they will take a long time to play out. The challenge as equity investors is to find those companies that can decouple from the economy, control their own destinies, and demonstrate strong growth even in the face of a slow-growth economy.

Fixed Income: Rate risk increases

As the economy gains stronger footing, the Fed will be given the opportunity to slowly remove its overly accommodative policy. While some investors may believe that we’ve seen the end of the bull market in fixed income, we are reminded that since 1980 we have seen 16 periods during which the 10-year Treasury yield rose by more than 100 basis points (1 percentage point). The 30-year bull market has hardly been a straight line up, with nothing but positive returns for fixed income investors – there have been periods of both angst and celebration, with the long-term trend being lower rates.

Making bold calls that the bull market in bonds is over can grab media attention and create fear for fixed-income investors, but the reality is that markets are always in motion and creating opportunities. This environment reminds us of the importance of active versus passive management in fixed income and the importance of capital preservation in uncertain times. While we may be entering a period where interest rates trend higher over the longer term, in the short and medium term there will be new opportunities created by change.

Because we tend to generate the majority of our excess return through security selection, we see this as a time of opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. A back-up in rates may have the positive effect of lowering fixed income

Janus Alternative Fund | 1

(unaudited) (continued)

valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer good risk-adjusted return potential.

Sincerely,

Jonathan Coleman, CFA

Chief Investment Officer, Equities

Gibson Smith

Chief Investment Officer, Fixed Income

2 | JUNE 30, 2013

Janus Diversified Alternatives Fund (unaudited)

Fund Snapshot
We invest in a portfolio of traditional and nontraditional investable risk factors distilled from traditional asset classes, each a type of risk premium. We combine these independent risk premia into a liquid portfolio that seeks to deliver consistent, absolute returns with low correlation to stocks and bonds.

John Fujiwara
co-portfolio manager
Andrew Weisman
co-portfolio manager

Performance Overview

Since its inception on December 28, 2012, through June 30, 2013, the Janus Diversified Alternatives Fund’s Class I Shares returned -1.60%, compared with a return of -2.54% for its primary benchmark, the Barclays U.S. Aggregate Bond Index, and 2.01% (since December 31, 2012) for its secondary benchmark, LIBOR + 3%.

Market Environment

The period opened with investors trying to assess the impact of the Federal Reserve’s (Fed) monetary easing policy of purchasing $85 billion a month in fixed income securities. At the outset, the action was stimulative, but the Fed’s focus on the longer end of the Treasury curve raised questions of its sustainability and what the inflationary impacts would be longer term. We saw evidence of investor uncertainty on whether to be long or short in the two-way movement of interest rates, which were volatile but ultimately unchanged by the end of the first quarter.

Renewed concerns over the viability of the euro also emerged as a result of the bailout for Cyprus. Like the euro, the Japanese yen also weakened relative to the dollar as Japan began efforts to introduce highly stimulative monetary policies. The moves were intended to spark economic growth, as reflected in significant gains in Japanese equities during the period, but they also ratcheted up tensions with China and other countries. A weaker yen due to monetary actions and a weaker euro based on fundamentals resulted in a stronger dollar internationally.

During the second quarter, it became apparent the U.S. economy was beginning to gain some strength, as evidenced by improvement in employment and housing prices. As a result, the Fed indicated it may begin tapering its extraordinary monetary stimulus program later this year. The announcement had a profound effect on interest rates, with a significant back-up (rise) in Treasury rates, negatively impacting bonds, stocks (particularly emerging markets) and commodities. Every asset class declined in response to the comments, which created a difficult environment for investing.

Investment Approach

We invest in a portfolio of 11 traditional and nontraditional investable risk-premium strategies derived from equity, fixed income, currency and commodity investments. By targeting a broad collection of statistically independent sources of return, we believe we are in a position to create a more robust portfolio that provides, over time, a generally more stable source of return with significantly less volatility than stocks and bonds. Since we don’t believe anyone is good at forecasting future returns, we are indifferent to asset class performances; however, we do make estimates on volatility and correlations (similarity of asset class movements) and build that into our portfolio construction process. These estimates are not forecasts per se, but rather what we think will be the contributions to portfolio risk that each of these relatively independent sources of return are going to provide. Our goal is to estimate from a forward-looking standpoint what volatility and correlations are going to look like over the next quarter and to weight the portfolio so no one risk factor is allowed to dominate. Our strategies in aggregate are designed to create positive absolute return over time, but in shorter time periods we could suffer modest pullbacks, as we did this period.

Performance Review

Our equity emerging strategy, in which we are long emerging markets and short developed markets, was the most significant detractor during the period. For the first time in 15 years, emerging markets lagged developed markets in a global equity rally. The correlation between the two markets, which had been relatively high for the last nine years, suddenly broke down.

China was among the focal points for emerging markets. Slowing growth concerns in the world’s second-largest

Janus Alternative Fund | 3

Janus Diversified Alternatives Fund (unaudited)

economy and a liquidity crisis late in the period in China were among factors impacting the equity subset. Higher rates in the U.S. also had a ripple effect on developing markets as did inflation concerns, political unrest in Brazil and threats of military aggression from North Korea.

Another key detractor, our global credit strategy, which seeks to capture the returns of global bond markets, suffered as the asset class came under extreme pressure during May and June as the Fed signaled it was considering starting to taper its quantitative easing program later this year. Conversely, our global equity strategy, which seeks to capture the returns of global equity markets, benefited from strong returns for that asset class despite a sell-off late in the period following the Fed comments.

Two of our momentum strategies were also key contributors. Our commodity momentum strategy, which aims to identify the market trends in commodities, gained on the broad declines in the asset class. The strategy has maintained a short bias since the Fund’s inception. Shorts in copper, coffee and sugar were among the main contributors. The rates momentum strategy, which seeks to capture the persistence in the movement of interest rates, also generated a gain for the Fund. Our short positions in U.S. 10-year Treasury bond futures benefited from speculation that the Fed would soon begin to taper.

Our third momentum strategy, currency momentum, however, did not fare as well. We seek to capture long-term movements in the U.S. dollar versus a basket of foreign currencies, but during this period the sideways movement of the dollar since the end of February contributed to a small loss during the period. Momentum strategies tend to underperform during periods of trendless price movements caused by general market uncertainty. As of period end, it was unclear what the next trend in interest rates, a major influence on currency movements, will be.

Among other contributors, our commodity value strategy, which seeks to benefit from identifying relative inventory conditions between commodities and investing in those that are signaling low inventories and selling those that are signaling high inventories, benefited from measures that successfully identified the relative performance of oil, soybeans and corn over coffee, wheat and sugar in a falling commodity market environment.

Our currency carry, which attempts to capture returns by being long higher-yielding currencies and being short or borrowing in lower-yield currencies, was also a modest contributor as well. Our short position in the Japanese yen more than offset our long position in the Australian dollar, which suffered a sharp fall.

Modest detractors included equity size, in which we are long small-capitalization stocks and short large caps, and commodity curve, which favors longer-term commodity deliveries rather than near-term delivery. In equity size, the strategy suffered declines through mid-April when investors rotated out of small caps into large caps in anticipation of a May-June sell-off similar to last year. The commodity curve strategy declined as global growth concerns weighed on estimates for forward demand in commodities. Additionally, unstable spring weather patterns created some near-term supply questions in grains, while the military coup in Egypt raised similar concerns for oil. Overall, spot prices outperformed longer dated commodity futures.

Finally, our equity value strategy, which is long value-style stocks and short growth stocks, ended the period as a modest contributor.

Derivatives

The Fund makes extensive use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. Swaps are used to take exposures in equity, fixed income and commodity indices. Futures are used to take exposures in commodities, currencies and long-end fixed income markets. Forwards are employed to take exposures in foreign currencies, generally one week in length. In aggregate, these positions weighed on performance. Please see “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

Positioning

Among our strategies, higher volatility in the currency momentum and global credit strategies will lead to lower allocations to both for the third quarter. Meanwhile, we plan to increase some of our equity relative value strategies such as equity size and equity emerging. The latter is based on its lower correlation to the other strategies.

Thank you for investing in Janus Diversified Alternatives Fund.

4 | JUNE 30, 2013

(unaudited)

Janus Diversified Alternatives Fund At A Glance

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Colgate-Palmolive Co. Cosmetics and Toiletries	0.3%
Imperial Tobacco Group PLC Tobacco	0.3%
Amdocs, Ltd. (U.S. Shares) Telecommunication Services	0.3%
Canadian Pacific Railway, Ltd. Transportation – Railroad	0.3%
News Corp. – Class A Multimedia	0.3%
	1.5%

Asset Allocation

As of June 30, 2013

The allocations shown reflect absolute notional exposures to various asset classes. The allocations are calculated net of cash segregated for future obligations.

Janus Alternative Fund | 5

Janus Diversified Alternatives Fund (unaudited)

Performance

Cumulative Total Return – for the period ended June 30, 2013		Expense Ratios – per the December 28, 2012 prospectuses (estimated for the fiscal year)
	Since	Total Annual Fund	Net Annual Fund
	Inception*	Operating Expenses	Operating Expenses
Janus Diversified Alternatives Fund – Class A Shares
NAV	–1.80%	1.69%	1.60%
MOP	–7.45%
Janus Diversified Alternatives Fund – Class C Shares
NAV	–2.10%	2.56%	2.42%
CDSC	–3.08%
Janus Diversified Alternatives Fund – Class D Shares(1)	–1.70%	1.57%	1.38%
Janus Diversified Alternatives Fund – Class I Shares	–1.60%	1.37%	1.30%
Janus Diversified Alternatives Fund – Class N Shares	–1.60%	1.30%	1.25%
Janus Diversified Alternatives Fund – Class S Shares	–1.90%	1.80%	1.75%
Janus Diversified Alternatives Fund – Class T Shares	–1.80%	1.55%	1.50%
Barclays U.S. Aggregate Bond Index	–2.54%
London Interbank Offered Rate (LIBOR) + 3%	2.01%**
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

6 | JUNE 30, 2013

(unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2014.

The Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. These risks are magnified in emerging markets. The prices of foreign securities held by the Fund, and therefore the Fund’s performance, may decline in response to such risks.

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

Investments in commodities, commodity-linked notes, securities derivatives, futures, foreign securities, short sales and investments through a nonregistered subsidiary provide exposure to certain special risks, including greater volatility and loss of interest and principal, and may not be appropriate for all investors. Commodities are speculative and may fluctuate widely based on a variety of factors, including market movements, economic events and supply and demand disruptions. Derivatives involve risks in addition to the risks of the underlying securities, including gains or losses which, as a result of leverage, can be substantially greater than the derivatives’ original cost. Short sales are speculative transactions with potentially unlimited losses, and the use of leverage can magnify the effect of losses.

Janus Capital does not have prior experience managing a risk premia investment strategy. There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and the investment process may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Risk diversification does not assure a profit or eliminate the risk of loss.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

The Fund’s performance for very short time periods may not be indicative of future performance.

For a period of three years subsequent to the Fund’s commencement of operations or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Rankings are not provided for Funds that are less than 1 year old.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – December 28, 2012.
**	The London Interbank Offered Rate (LIBOR) +3% since inception returns are calculated from December 31, 2012.
(1)	Closed to new investors.

Janus Alternative Fund | 7

Janus Diversified Alternatives 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	981.00	$	7.42	$	1,000.00	$	1,017.31	$	7.55		1.51%
Class C Shares	$	1,000.00	$	977.00	$	11.08	$	1,000.00	$	1,013.59	$	11.28		2.26%
Class D Shares	$	1,000.00	$	981.00	$	6.83	$	1,000.00	$	1,017.90	$	6.95		1.39%
Class I Shares	$	1,000.00	$	982.00	$	6.24	$	1,000.00	$	1,018.50	$	6.36		1.27%
Class N Shares	$	1,000.00	$	982.00	$	6.14	$	1,000.00	$	1,018.60	$	6.26		1.25%
Class S Shares	$	1,000.00	$	980.00	$	8.64	$	1,000.00	$	1,016.07	$	8.80		1.76%
Class T Shares	$	1,000.00	$	981.00	$	7.42	$	1,000.00	$	1,017.31	$	7.55		1.51%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 | JUNE 30, 2013

Janus Diversified Alternatives Fund

Consolidated Schedule of Investments

As of June 30, 2013

Shares			Value
Common Stock – 7.7%
Airlines – 0.1%
	3,000	United Continental Holdings, Inc.*	$	93,870
Beverages – Wine and Spirits – 0.2%
	1,850	Pernod-Ricard S.A.**		205,120
Cable/Satellite Television – 0.2%
	5,100	Comcast Corp. – Class A		213,588
Chemicals – Diversified – 0.1%
	1,900	LyondellBasell Industries N.V. – Class A		125,894
Commercial Banks – 0.3%
	13,400	Banco Bilbao Vizcaya Argentaria S.A.**		112,402
	10,400	Sberbank of Russia (ADR)		118,456
				230,858
Commercial Services – Finance – 0.2%
	280	MasterCard, Inc. – Class A		160,860
Computers – 0.2%
	340	Apple, Inc.		134,667
Cosmetics and Toiletries – 0.3%
	4,700	Colgate-Palmolive Co.		269,263
Diversified Banking Institutions – 0.3%
	2,700	Citigroup, Inc.		129,519
	2,800	JPMorgan Chase & Co.		147,812
				277,331
E-Commerce/Products – 0.2%
	2,600	eBay, Inc.*		134,472
Electric – Transmission – 0.2%
	4,900	Brookfield Infrastructure Partners L.P.		178,948
Industrial Automation and Robotics – 0.2%
	1,100	FANUC Corp.**		159,520
Instruments – Controls – 0.2%
	3,800	Sensata Technologies Holding N.V.*		132,620
Investment Management and Advisory Services – 0.2%
	2,600	T. Rowe Price Group, Inc.		190,190
Life and Health Insurance – 0.4%
	47,600	AIA Group, Ltd.		201,611
	10,000	Prudential PLC		163,476
				365,087
Machinery – Pumps – 0.1%
	3,600	Weir Group PLC		117,757
Medical – Biomedical and Genetic – 0.3%
	1,300	Celgene Corp.*		151,983
	2,700	Gilead Sciences, Inc.*		138,267
				290,250
Multimedia – 0.3%
	6,600	News Corp. – Class A		215,160
Networking Products – 0.2%
	6,200	Cisco Systems, Inc.		150,722
Oil Companies – Exploration and Production – 0.4%
	1,350	EOG Resources, Inc.		177,768
	3,400	Noble Energy, Inc.		204,136
				381,904
Oil Field Machinery and Equipment – 0.2%
	2,800	National Oilwell Varco, Inc.		192,920
Oil Refining and Marketing – 0.1%
	3,200	Valero Energy Corp.		111,264
Pharmacy Services – 0.4%
	2,700	Express Scripts Holding Co.*		166,563
	3,900	Omnicare, Inc.		186,069
				352,632
Real Estate Management/Services – 0.2%
	1,600	Jones Lang LaSalle, Inc.		145,824
Real Estate Operating/Development – 0.2%
	38,000	Hang Lung Properties, Ltd.		132,533
Semiconductor Components/Integrated Circuits – 0.2%
	45,000	Taiwan Semiconductor Manufacturing Co., Ltd.		166,689
Steel – Producers – 0.1%
	5,500	ThyssenKrupp A.G.**		108,054
Telecommunication Services – 0.3%
	6,200	Amdocs, Ltd. (U.S. Shares)		229,958
Tobacco – 0.5%
	6,700	Imperial Tobacco Group PLC		232,303
	4,400	Japan Tobacco, Inc.**		155,526
				387,829
Transportation – Marine – 0.2%
	21	A.P. Moeller – Maersk A/S – Class B		150,427
Transportation – Railroad – 0.3%
	1,850	Canadian Pacific Railway, Ltd.**		224,397
Transportation – Services – 0.4%
	2,400	Koninklijke Vopak N.V.**		141,578
	1,900	Kuehne + Nagel International A.G.**		208,652
				350,230
Total Common Stock (cost $6,515,669)				6,580,838
Money Market – 8.5%
	7,182,961	Janus Cash Liquidity Fund LLC, 0%£ (cost $7,182,961)		7,182,961
Total Investments (total cost $13,698,630) – 16.2%				13,763,799
Cash, Receivables and Other Assets, net of Liabilities**– 83.8%				71,006,033
Net Assets – 100%			$	84,769,832

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

Janus Alternative Fund | 9

Janus Diversified Alternatives Fund

Consolidated Schedule of Investments

As of June 30, 2013

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

			% of Investment
Country	Value		Securities
Canada	$	224,397		1.6%
Denmark		150,427		1.1%
France		205,120		1.5%
Germany		108,054		0.8%
Hong Kong		334,144		2.4%
Japan		315,046		2.3%
Netherlands		141,578		1.0%
Russia		118,456		0.9%
Spain		112,402		0.8%
Switzerland		208,652		1.5%
Taiwan		166,689		1.2%
United Kingdom		513,536		3.8%
United States††		11,165,298		81.1%
Total	$	13,763,799		100.0%

†† Includes Cash Equivalents of 52.2%.

Forward Currency Contracts, Open

	Currency Units				Unrealized
	Sold/		Currency		Appreciation/
Counterparty/Currency and Settlement Date	(Purchased)		Value U.S. $		(Depreciation)
HSBC Securities (USA), Inc.:
Australian Dollar 7/5/13		(1,080,000)	$	(987,194)	$	(5,701)
Canadian Dollar 7/5/13		(750,000)		(713,296)		(736)
Euro 7/5/13		1,540,000		2,004,344		5,061
Japanese Yen 7/5/13		75,200,000		758,380		4,167
New Zealand Dollar 7/5/13		(379,000)		(293,538)		115
Swedish Krona 7/5/13		(3,540,000)		(528,198)		844
Swiss Franc 7/5/13		(282,000)		(298,644)		(889)
Total			$	(58,146)	$	2,861

Financial Futures – Long
3 Contracts	Brent Crude Future expires October 2013, principal amount $302,798, Value $303,780, cumulative appreciation	$	982
6 Contracts	Brent Crude Future expires October 2013, principal amount $607,560, Value $607,560		0
9 Contracts	Corn Future expires December 2013, principal amount $249,854, Value $229,950, cumulative depreciation		(19,904)
1 Contract	Corn Future expires December 2013, principal amount $26,904, Value $25,550, cumulative depreciation		(1,354)
24 Contracts	Corn Future expires December 2013, principal amount $613,285, Value $613,200, cumulative depreciation		(85)
13 Contracts	Cotton Future expires March 2014, principal amount $536,238, Value $536,120, cumulative depreciation		(118)
2 Contracts	Gold Future expires October 2013, principal amount $295,320, Value $244,960, cumulative depreciation		(50,360)
5 Contracts	Gold Future expires October 2013, principal amount $612,909, Value $612,400, cumulative depreciation		(509)
4 Contracts	Soybean Future expires May 2014, principal amount $254,452, Value $250,900, cumulative depreciation		(3,552)
10 Contracts	Soybean Future expires May 2014, principal amount $627,759, Value $627,250, cumulative depreciation		(509)
76 Contracts	U.S. Dollar Index Future expires September 2013, principal amount $6,202,124, Value $6,336,576, cumulative appreciation		134,452
3 Contracts	WTI Crude Future expires November 2013, principal amount $280,532, Value $285,300, cumulative appreciation		4,768
7 Contracts	WTI Crude Future expires November 2013, principal amount $665,443, Value $665,700, cumulative appreciation		257
Total		$	64,068
Financial Futures – Short
35 Contracts	10-Year U.S. Treasury Note Future expires September 2013, principal amount $4,528,870, Value $4,429,688, cumulative appreciation	$	99,182
56 Contracts	10-Year U.S. Treasury Note Future expires September 2013, principal amount $7,228,255, Value $7,087,500, cumulative appreciation		140,755
1 Contract	Coffee ’C’ Future expires December 2013, principal amount $45,484, Value $46,256, cumulative depreciation		(772)
1 Contract	Coffee ’C’ Future expires December 2013, principal amount $47,884, Value $46,256, cumulative appreciation		1,628
13 Contracts	Coffee ’C’ Future expires December 2013, principal amount $601,136, Value $601,331, cumulative depreciation		(195)
13 Contracts	Coffee ’C’ Future expires December 2013, principal amount $647,808, Value $601,331, cumulative appreciation		46,477

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

10 | JUNE 30, 2013

Consolidated Schedule of Investments

As of June 30, 2013

Financial Futures – Short – (continued)
1 Contract	Copper Future expires December 2013, principal amount $76,372, Value $76,775, cumulative depreciation	$	(403)
8 Contracts	Copper Future expires December 2013, principal amount $613,516, Value $614,200, cumulative depreciation		(684)
8 Contracts	Copper Future expires December 2013, principal amount $680,714, Value $614,200, cumulative appreciation		66,514
1 Contract	Corn Future expires March 2014, principal amount $27,734, Value $26,087, cumulative appreciation		1,647
13 Contracts	Corn Future expires March 2014, principal amount $358,993, Value $339,138, cumulative appreciation		19,855
91 Contracts	Euro-Bund Future expires September 2013, principal amount $16,962,330, Value $16,757,817, cumulative appreciation		204,513
1 Contract	Live Cattle Future expires October 2013, principal amount $49,246, Value $50,270, cumulative depreciation		(1,024)
1 Contract	Live Cattle Future expires October 2013, principal amount $50,146, Value $50,270, cumulative depreciation		(124)
1 Contract	Live Cattle Future expires October 2013, principal amount $50,516, Value $50,270, cumulative appreciation		246
11 Contracts	Live Cattle Future expires October 2013, principal amount $542,091, Value $552,970, cumulative depreciation		(10,879)
12 Contracts	Live Cattle Future expires October 2013, principal amount $603,620, Value $603,240, cumulative appreciation		380
1 Contract	Silver Future expires December 2013, principal amount $112,897, Value $97,595, cumulative appreciation		15,302
6 Contracts	Silver Future expires December 2013, principal amount $559,631, Value $585,570, cumulative depreciation		(25,939)
6 Contracts	Silver Future expires December 2013, principal amount $584,531, Value $585,570, cumulative depreciation		(1,039)
2 Contracts	Soybean Future expires January 2014, principal amount $130,447, Value $125,675, cumulative appreciation		4,772
4 Contracts	Soybean Future expires January 2014, principal amount $264,023, Value $251,350, cumulative appreciation		12,673
1 Contract	Sugar #11 (World) Future expires March 2014, principal amount $19,630, Value $19,869, cumulative depreciation		(239)
1 Contract	Sugar #11 (World) Future expires March 2014, principal amount $19,753, Value $19,869, cumulative depreciation		(116)
1 Contract	Sugar #11 (World) Future expires March 2014, principal amount $20,235, Value $19,869, cumulative appreciation		366
1 Contract	Sugar #11 (World) Future expires March 2014, principal amount $20,459, Value $19,869, cumulative appreciation		590
1 Contract	Sugar #11 (World) Future expires March 2014, principal amount $20,817, Value $19,869, cumulative appreciation		948
1 Contract	Sugar #11 (World) Future expires March 2014, principal amount $20,884, Value $19,868, cumulative appreciation		1,016
6 Contracts	Sugar #11 (World) Future expires March 2014, principal amount $125,751, Value $119,213, cumulative appreciation		6,538
22 Contracts	Sugar #11 (World) Future expires March 2014, principal amount $465,121, Value $437,114, cumulative appreciation		28,007
31 Contracts	Sugar #11 (World) Future expires March 2014, principal amount $615,041, Value $615,933, cumulative depreciation		(892)
8 Contracts	Wheat Future expires December 2013, principal amount $276,384, Value $268,600, cumulative appreciation		7,784
18 Contracts	Wheat Future expires December 2013, principal amount $602,936, Value $604,350, cumulative depreciation		(1,414)
Total		$	615,473

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

Janus Alternative Fund | 11

Janus Diversified Alternatives Fund

Consolidated Schedule of Investments

As of June 30, 2013

Total Return Swaps outstanding at June 30, 2013

								Unrealized
	Notional		Return Paid		Return Received			Appreciation/
Counterparty	Amount		by the Fund		by the Fund		Termination Date	(Depreciation)
Barclays Capital, Inc.	$	16,000,000		3 month USD LIBOR plus 20 basis points		Barclays U.S. Credit RBI Series-1 Index	10/1/13	$	(1,557)
Goldman Sachs International		19,201,685		3 month USD LIBOR minus 30 basis points		Russell 2000® Total Return Index	10/3/13		(18)
Goldman Sachs International		12,031,002		3 month USD LIBOR plus 10 basis points		MSCI Daily Total Return Net Emerging Markets	10/3/13		(9,024)
Goldman Sachs International		13,803,077		3 month USD LIBOR plus 35 basis points		S&P 500® Citigroup Pure Value	10/3/13		(16)
Goldman Sachs International		(11,984,834)		MSCI Daily Total Return Gross World		3 month USD LIBOR plus 30 basis points	10/3/13		(9,206)
Goldman Sachs International		(19,199,760)		Russell 1000® Total Return Index		3 month USD LIBOR plus 15 basis points	10/3/13		(104)
Goldman Sachs International		(13,799,906)		S&P 500® Citigroup Pure Growth		3 month USD LIBOR plus 10 basis points	10/3/13		636
UBS A.G.		29,300,000		If negative, a long/short basket of commodity indexes minus 22 basis points		If positive, a long/short basket of commodity indexes minus 22 basis points	9/30/13		0
Total								$	(19,289)

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

12 | JUNE 30, 2013

Notes to Consolidated Schedule of Investments and Other Information

Barclays U.S. Aggregate Bond Index	Made up of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.
London Interbank Offered Rate (LIBOR)	A daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).
A/S	Aktieselskab: Danish term for a stock-based corporation.
A.G.	Aktiengesellschaft: German term for Public Limited Company.
ADR	American Depositary Receipt
L.P.	Limited Partnership
LLC	Limited Liability Company
N.V.	Naamloze Vennootschap: Dutch term for Public Limited Liability Company.
PLC	Public Limited Company
S.A.	Sociedad Anonima: Spanish term for publicly-traded company.
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.

*	Non-income producing security.
**	A portion of this security or cash has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of June 30, 2013, is noted below.

Fund	Aggregate Value
Janus Diversified Alternatives Fund	$	73,645,249

£  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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the period ended June 30, 2013. Except for the value at period end, all other information in the table is for the period ended June 30, 2013.

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
Janus Diversified Alternatives Fund
Janus Cash Liquidity Fund LLC	115,281,036	$	115,281,036	(108,098,075)	$	(108,098,075)	$	–	$	8,766	$	7,182,961

Janus Alternative Fund | 13

Notes to Consolidated Schedule of Investments and Other Information(continued)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2013. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of June 30, 2013)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Janus Diversified Alternatives Fund
Common Stock
Commercial Banks	$	112,402	$	118,456	$	–
All Other		6,349,980		–		–
Money Market		–		7,182,961		–
Total Investments in Securities	$	6,462,382	$	7,301,417	$	–
Other Financial Instruments(a) – Assets:
Forward currency contracts	$	–	$	10,187	$	–
Outstanding swap contracts at value		–		636		–
Variation margin		16,437		–		–
Other Financial Instruments(a) – Liabilities:
Forward currency contracts	$	–	$	7,326	$	–
Outstanding swap contracts at value		–		19,925		–

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

14 | JUNE 30, 2013

Consolidated Statement of Assets and Liabilities

As of June 30, 2013	Janus Diversified
(all numbers in thousands except net asset value per share)	Alternatives Fund
Assets:
Investments at cost	$	13,699
Unaffiliated investments at value	$	6,581
Affiliated investments at value		7,183
Cash denominated in foreign currency(1)		1
Restricted cash (Note 1)		72,330
Receivables:
Investments sold		662
Fund shares sold		32
Dividends		8
Foreign dividend tax reclaim		3
Outstanding swap contracts at value		1
Dividends and interest on swap contracts		20
Non-interested Trustees’ deferred compensation		1
Variation margin		16
Other assets		6
Forward currency contracts		10
Total Assets		86,854
Liabilities:
Payables:
Due to custodian		49
Investments purchased		1,715
Fund shares repurchased		63
Outstanding swap contracts at value		20
Dividends and interest on swap contracts		47
Advisory fees		57
Fund administration fees		1
Internal servicing cost		1
Administrative services fees		2
Distribution fees and shareholder servicing fees		4
Administrative, networking and omnibus fees		1
Non-interested Trustees’ fees and expenses		–
Non-interested Trustees’ deferred compensation fees		1
Accrued expenses and other payables		116
Forward currency contracts		7
Total Liabilities		2,084
Net Assets	$	84,770

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Alternative Fund | 15

Consolidated Statement of Assets and Liabilities  (continued)

As of June 30, 2013	Janus Diversified
(all numbers in thousands except net asset value per share)	Alternatives Fund
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	86,269
Undistributed net investment loss*		(541)
Undistributed net realized loss from investment and foreign currency transactions*		(1,686)
Unrealized net appreciation of investments, foreign currency translations and non-interested Trustees’ deferred compensation		728
Total Net Assets	$	84,770
Net Assets - Class A Shares	$	3,523
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		359
Net Asset Value Per Share(2)	$	9.82
Maximum Offering Price Per Share(3)	$	10.42
Net Assets - Class C Shares	$	3,566
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		365
Net Asset Value Per Share(2)	$	9.78
Net Assets - Class D Shares	$	6,008
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		612
Net Asset Value Per Share	$	9.82
Net Assets - Class I Shares	$	6,464
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		658
Net Asset Value Per Share	$	9.83
Net Assets - Class N Shares	$	57,935
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,892
Net Asset Value Per Share	$	9.83
Net Assets - Class S Shares	$	3,502
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		357
Net Asset Value Per Share	$	9.81
Net Assets - Class T Shares	$	3,772
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		384
Net Asset Value Per Share	$	9.82

*	See Note 6 in Notes to Financial Statements.
(1)	Includes cost of $698.
(2)	Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(3)	Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

16 | JUNE 30, 2013

Consolidated Statement of Operations

For the period ended June 30, 2013	Janus Diversified
(all numbers in thousands)	Alternatives Fund(1)
Investment Income:
Dividends	$	47
Dividends from affiliates		9
Foreign tax withheld		(4)
Total Investment Income		52
Expenses:
Advisory fees		335
Internal servicing expense - Class A Shares		2
Internal servicing expense - Class C Shares		4
Internal servicing expense - Class I Shares		1
Shareholder reports expense		60
Transfer agent fees and expenses		5
Registration fees		141
Custodian fees		13
Professional fees		57
Non-interested Trustees’ fees and expenses		1
Fund administration fees		3
Administrative services fees - Class D Shares		3
Administrative services fees - Class S Shares		5
Administrative services fees - Class T Shares		5
Distribution fees and shareholder servicing fees - Class A Shares		4
Distribution fees and shareholder servicing fees - Class C Shares		18
Distribution fees and shareholder servicing fees - Class S Shares		4
Administrative, networking and omnibus fees - Class A Shares		–
Administrative, networking and omnibus fees - Class C Shares		–
Administrative, networking and omnibus fees - Class I Shares		–
Other expenses		26
Total Expenses		687
Less: Excess Expense Reimbursement		(288)
Net Expenses after Waivers and Expense Offsets		399
Net Investment Loss		(347)
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized loss from investment and foreign currency transactions		(181)
Net realized loss from futures contracts		(83)
Net realized loss from swap contracts		(1,622)
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		67
Change in unrealized net appreciation/(depreciation) of futures contracts		680
Change in unrealized net appreciation/(depreciation) of swap contracts		(19)
Net Loss on Investments		(1,158)
Net Decrease in Net Assets Resulting from Operations	$	(1,505)

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

See Notes to Financial Statements.

Janus Alternative Fund | 17

Consolidated Statement of Changes in Net Assets

	Janus Diversified
	Alternatives Fund
For the period ended June 30	2013(1)
Operations:
Net investment income/(loss)	$	(347)
Net realized gain/(loss) from investment and foreign currency transactions		(1,886)
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		728
Net Increase/(Decrease) in Net Assets Resulting from Operations		(1,505)
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		–
Class C Shares		–
Class D Shares		–
Class I Shares		–
Class N Shares		–
Class S Shares		–
Class T Shares		–
Net Realized Gain/(Loss) from Investment Transactions*
Class A Shares		–
Class C Shares		–
Class D Shares		–
Class I Shares		–
Class N Shares		–
Class S Shares		–
Class T Shares		–
Net Decrease from Dividends and Distributions		–
Capital Share Transactions:
Shares Sold
Class A Shares		3,595
Class C Shares		3,652
Class D Shares		6,360
Class I Shares		6,578
Class N Shares		60,947
Class S Shares		3,578
Class T Shares		4,771
Shares Repurchased
Class A Shares		–
Class C Shares		–
Class D Shares		(247)
Class I Shares		–
Class N Shares		(2,043)
Class S Shares		–
Class T Shares		(916)
Net Increase from Capital Share Transactions		86,275
Net Increase in Net Assets		84,770
Net Assets:
Beginning of period		–
End of period	$	84,770
Undistributed Net Investment Loss*	$	(541)

*	See Note 6 in Notes to Financial Statements.
(1)	Period from December 28, 2012 (inception date) through June 30, 2013.

See Notes to Financial Statements.

18 | JUNE 30, 2013

Consolidated Financial Highlights

Class A Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.10)
Net loss on investments (both realized and unrealized)		(0.08)
Total from Investment Operations		(0.18)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.82
Total Return**		(1.80)%
Net Assets, End of Period (in thousands)		$3,523
Average Net Assets for the Period (in thousands)		$3,557
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.05%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.52%
Ratio of Net Investment Loss to Average Net Assets***		(1.36)%
Portfolio Turnover Rate		38%

Class C Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.14)
Net loss on investments (both realized and unrealized)		(0.08)
Total from Investment Operations		(0.22)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.78
Total Return**		(2.20)%
Net Assets, End of Period (in thousands)		$3,566
Average Net Assets for the Period (in thousands)		$3,578
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.92%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		2.27%
Ratio of Net Investment Loss to Average Net Assets***		(2.11)%
Portfolio Turnover Rate		38%

*	See Note 6 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from December 28, 2012 (inception date) through June 30, 2013.

See Notes to Financial Statements.

Janus Alternative Fund | 19

Consolidated Financial Highlights  (continued)

Class D Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.08)
Net loss on investments (both realized and unrealized)		(0.10)
Total from Investment Operations		(0.18)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.82
Total Return**		(1.80)%
Net Assets, End of Period (in thousands)		$6,008
Average Net Assets for the Period (in thousands)		$4,995
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.20%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.39%
Ratio of Net Investment Loss to Average Net Assets***		(1.23)%
Portfolio Turnover Rate		38%

Class I Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.08)
Net loss on investments (both realized and unrealized)		(0.09)
Total from Investment Operations		(0.17)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.83
Total Return**		(1.70)%
Net Assets, End of Period (in thousands)		$6,464
Average Net Assets for the Period (in thousands)		$5,751
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.58%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.27%
Ratio of Net Investment Loss to Average Net Assets***		(1.10)%
Portfolio Turnover Rate		38%

*	See Note 6 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from December 28, 2012 (inception date) through June 30, 2013.

See Notes to Financial Statements.

20 | JUNE 30, 2013

Class N Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.05)
Net loss on investments (both realized and unrealized)		(0.12)
Total from Investment Operations		(0.17)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.83
Total Return**		(1.70)%
Net Assets, End of Period (in thousands)		$57,935
Average Net Assets for the Period (in thousands)		$30,839
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.84%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.25%
Ratio of Net Investment Loss to Average Net Assets***		(1.06)%
Portfolio Turnover Rate		38%

Class S Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.11)
Net loss on investments (both realized and unrealized)		(0.08)
Total from Investment Operations		(0.19)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.81
Total Return**		(1.90)%
Net Assets, End of Period (in thousands)		$3,502
Average Net Assets for the Period (in thousands)		$3,548
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.19%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.76%
Ratio of Net Investment Loss to Average Net Assets***		(1.60)%
Portfolio Turnover Rate		38%

*	See Note 6 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from December 28, 2012 (inception date) through June 30, 2013.

See Notes to Financial Statements.

Janus Alternative Fund | 21

Consolidated Financial Highlights  (continued)

Class T Shares

	Janus Diversified
	Alternatives Fund
For a share outstanding during the period ended June 30	2013(1)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment loss		(0.11)
Net loss on investments (both realized and unrealized)		(0.07)
Total from Investment Operations		(0.18)
Less Distributions:
Dividends (from net investment income)*		–
Distributions (from capital gains)*		–
Total Distributions		–
Net Asset Value, End of Period		$9.82
Total Return**		(1.80)%
Net Assets, End of Period (in thousands)		$3,772
Average Net Assets for the Period (in thousands)		$4,004
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.94%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.51%
Ratio of Net Investment Loss to Average Net Assets***		(1.36)%
Portfolio Turnover Rate		38%

*	See Note 6 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from December 28, 2012 (inception date) through June 30, 2013.

See Notes to Financial Statements.

22 | JUNE 30, 2013

Notes to Financial Statements

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.

1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Janus Diversified Alternatives Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers forty-four funds which include multiple series of shares, with differing investment objectives and policies. The Fund employs various strategies within the equity, fixed income, commodity, and currency asset classes. The Fund is classified as nondiversified, 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 A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors. The Shares are available only to investors who hold accounts directly with the Janus funds and to immediate family members or members of the same household of an eligible individual investor. The Shares are not offered through financial intermediaries.

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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

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

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

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

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

Investment Valuation

Securities are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter (“OTC”) markets and listed securities for which no sales are reported are 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. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Fund are identified between the closing of their principal markets and the time the net asset value (“NAV”) is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Fund’s Trustees. Circumstances in

Janus Alternative Fund | 23

Notes to Financial Statements (continued)

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 non-valued security and a restricted or non-public security. 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. Restricted and illiquid securities are valued in accordance with procedures established by the Fund’s Trustees.

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 Trust 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, as well as a portion of general expenses, which may be allocated pro rata to the Fund. Each class of shares bears expenses incurred specifically on its behalf and, in addition, each class 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. Additionally, the Fund, as a shareholder in Janus Diversified Alternatives Subsidiary, Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”), will also indirectly bear its pro rata share of the expenses incurred by the Subsidiary.

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 consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translations

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

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

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

Dividend Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually.

Federal Income Taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. 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.

24 | JUNE 30, 2013

Restricted Cash

As of June 30, 2013, Janus Diversified Alternatives Fund had restricted cash in the amount of $72,330,000. The restricted cash represents collateral received in relation to futures and swap contracts invested in by the Fund at June 30, 2013. The restricted cash is held at the Fund’s custodian, State Street Bank and Trust Company. The carrying value of the restricted cash approximates fair value.

Valuation Inputs Summary

In accordance with FASB guidance, the Fund utilizes the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Fund’s investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are 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 and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), warrants, swaps, investments in mutual funds, OTC options, and forward contracts. 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. These are generally categorized as Level 2 in the hierarchy.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the FASB Guidance. These are categorized as Level 3 in the hierarchy.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2013 to value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Consolidated Schedule of Investments and Other Information.

FASB Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. To meet the objective of the quantitative disclosure, the Fund may need to further disaggregate to provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

Janus Alternative Fund | 25

Notes to Financial Statements (continued)

The Fund is not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Fund when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, the Fund cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Fund.

In addition, the Accounting Standards Update requires the Fund to provide a narrative sensitivity disclosure of the fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no transfers in or out of Level 1, Level 2 and Level 3 during the period.

The Fund recognizes transfers between the levels as of the beginning of the fiscal year.

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, swaps, forward contracts, structured investments, commodities-linked derivative instruments, inflation-index swaps, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended June 30, 2013 is discussed in further detail below. A summary of derivative activity is reflected in the tables at the end of this section.

The Fund may use derivative instruments for hedging (to offset risks associated with an investment, currency exposure, or market conditions) or for speculative (to seek to enhance returns) purposes. 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 in which it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks, including, but not limited to, counterparty risk, credit risk, currency risk, equity risk, index risk, interest rate risk, leverage risk, and liquidity risk, as described below.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC, such as options and structured notes, are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs.

OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk. In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

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

•  Currency Risk – Currency risk is 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 – Equity risk relates 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.

26 | JUNE 30, 2013

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 – Interest rate risk is 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, and vice versa.

•  Leverage Risk – Leverage risk is 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 using borrowed capital to increase the amount invested, or investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

•  Liquidity Risk – Liquidity risk is 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.

Commodity-Linked Investments

The Fund may invest in commodity index-linked swap agreements, commodity options and futures, and options on futures that provide exposure to the investment returns of the commodities markets. The Fund may also invest in other commodity-linked derivative instruments, such as commodity-linked notes (“structured notes”). The Fund will seek to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary which is generally subject to the same investment policies and restrictions as the Fund. The Subsidiary invests in commodity-linked investments and other investments which may serve as margin or collateral for the Subsidiary’s derivative positions. Such exposure may subject the Fund to greater volatility than investments in traditional securities. The value of a given commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may therefore be affected by changes in 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.

Forward Foreign Currency Exchange Contracts

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

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 contract is included in “Net realized gain/(loss) from investment and foreign currency transactions” on the Consolidated Statement of Operations.

The Fund does not require the counterparty to post collateral for forward currency contracts; however, the Fund will segregate cash or high-grade securities with its custodian in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Such segregated assets are denoted on the accompanying Consolidated Schedule of Investments and are evaluated daily to ensure their market value equals or exceeds the current market value of the Fund’s corresponding forward currency contracts.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the

Janus Alternative Fund | 27

Notes to Financial Statements (continued)

underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Consolidated Statement of Assets and Liabilities (if applicable). When a contract is closed, a realized gain or loss is recorded as “Net realized gain/(loss) from futures contracts” on the Consolidated Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Generally, futures contracts are marked-to-market (i.e., treated as realized and subject to distribution) for federal income tax purposes at fiscal year-end. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Consolidated Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s custodian or with the counterparty broker.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The Fund may utilize swap agreements as a means to gain exposure to a commodity index, commodity markets, or certain common or preferred stocks and/or to “hedge” or protect its portfolio from adverse movements in securities prices, the rate of inflation, or interest rates. The Fund is subject to equity risk and interest rate risk in the normal course of pursuing its investment objective through investments in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return. Swap agreements traditionally were privately negotiated and entered into in the OTC market. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010 now requires certain swap agreements to be cleared through a clearinghouse and traded on an exchange or swap execution facility. New regulations under the Dodd-Frank Act could, among other things, increase the cost of such transactions. Swap contracts of the Fund are reported as an asset or liability on the Consolidated Statement of Assets and Liabilities (if applicable). Realized gains and losses of the Fund are reported in “Net realized gain/(loss) from swap contracts” on the Consolidated Statement of Operations (if applicable).

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period.

The Fund’s maximum risk of loss for total return swaps from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Consolidated Statement of Assets and Liabilities as of June 30, 2013.

Fair Value of Derivative Instruments as of June 30, 2013

	Asset Derivatives			Liability Derivatives
	Consolidated Statements of			Consolidated Statements of
Derivatives not accounted for as hedging instruments	Assets and Liabilities Location	Fair Value		Assets and Liabilities Location	Fair Value
Janus Diversified Alternatives Fund
Commodity Contracts	Outstanding swap contracts at value	$	0		$	–
Equity Contracts	Outstanding swap contracts at value		636	Outstanding swap contracts at value		19,925
Equity Contracts	Variation margin		16,437			–
Foreign Exchange Contracts	Forward currency contracts		10,187	Forward currency contracts		7,326
Total		$	27,260		$	27,251

28 | JUNE 30, 2013

The following tables provide information about the effect of derivatives and hedging activities on the Fund��s Consolidated Statement of Operations for the period ended June 30, 2013.

The effect of Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2013

Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps			Options		Forward Currency Contracts			Total
Janus Diversified Alternatives Fund
Commodity Contracts	$	–		$	3,527		$	–	$	–		$	3,527
Equity Contracts		(82,811	)		(1,625,460	)		–		–			(1,708,271	)
Foreign Exchange Contracts		–			–			–		(11,570	)		(11,570	)
Total	$	(82,811	)	$	(1,621,933	)	$	–	$	(11,570	)	$	(1,716,314	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures		Swaps			Options		Forward Currency Contracts		Total
Janus Diversified Alternatives Fund
Commodity Contracts	$	–	$	0		$	–	$	–	$	–
Equity Contracts		679,541		(19,289	)		–		–		660,252
Foreign Exchange Contracts		–		–			–		2,861		2,861
Total	$	679,541	$	(19,289	)	$	–	$	2,861	$	663,113

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

The value of derivative instruments at period end and the effect of derivatives on the Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, and the Consolidated Statement of Investments are indicative of the Fund’s volume throughout the period.

3.  OTHER INVESTMENTS AND STRATEGIES

Additional Investment Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer.

The financial crisis that began in 2008 has caused 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 have taken steps to support the financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding each could also 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 are impacting 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. Because the situation is unprecedented and widespread, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude a 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 Act is dramatically changing the way in which the U.S. financial system is supervised and regulated. The Dodd-Frank Act provides for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expands federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act, on the Fund and the investment management industry as a whole, is not yet certain.

A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As

Janus Alternative Fund | 29

Notes to Financial Statements (continued)

a result, financial markets in the EU have been subject to 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 restructuring by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.

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

Counterparties

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

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.

Investment in Subsidiary

To qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), 90% of the Fund’s income must be from certain qualified sources. Direct investment in many commodities-related investments generates income that is not from a qualifying source for purposes of meeting this 90% test. The Fund will seek to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary, which is generally subject to the same investment policies and restrictions as the Fund. The Subsidiary may invest without limitation in commodity index-linked swaps, commodity futures, commodity swaps, commodity-linked notes, and other commodity-linked derivative instruments. The Subsidiary may also invest in fixed-income securities and other investments which may serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund may invest 25% or less of its total assets in the Subsidiary. Income or net capital gains from the Fund’s investment in the Subsidiary would be treated as ordinary income to the Fund. Janus Capital is the adviser to the Subsidiary. The Subsidiary will not be subject to U.S. laws (including securities laws) and their protections. The Subsidiary is subject to the laws of a foreign jurisdiction, which can be affected by developments in that jurisdiction.

The IRS has previously issued a number of private letter rulings to mutual funds which indicate that income from a fund’s investment in a wholly-owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. The IRS has suspended issuance of any further private letter rulings pending a review of its position. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectuses and the SAI and could adversely affect the Fund. In particular, unfavorable treatment of the income derived from the Fund’s investment in the Subsidiary could jeopardize the Fund’s status as a regulated investment company under the Code, which in turn may subject the Fund to higher tax rates and/or penalties. Additionally, the Commodity Futures Trading Commission (“CFTC”) recently adopted changes to Rule 4.5 under the Commodity Exchange Act which required Janus Capital to register with the CFTC as a Commodity Pool Operator, and operation of the Fund and Subsidiary are subject to certain CFTC rules and regulations. Such regulatory changes, several of which

30 | JUNE 30, 2013

remain uncertain or incomplete, could potentially limit or restrict the ability of the Fund to pursue its investment strategies and/or increase the costs of implementing its strategies.

By investing in the Subsidiary, the Fund will be indirectly exposed to the risks associated with the Subsidiary’s investments, which are generally similar to those that are permitted to be held by the Fund. The Subsidiary is not registered under the 1940 Act, and is not subject to all of the provisions of the 1940 Act.

4.  BASIS FOR CONSOLIDATION FOR JANUS DIVERSIFIED ALTERNATIVES FUND

The Subsidiary was incorporated on December 28, 2012 as a wholly-owned subsidiary of Janus Diversified Alternatives Fund. As of June 30, 2013, net assets of the Fund were $84,769,832, of which $13,863,177, or approximately 16%, represented the Fund’s ownership of the shares of the Subsidiary. The Fund’s Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, and Consolidated Financial Highlights include the accounts of both the Fund and the Subsidiary for the period from December 28, 2012 (inception date) through June 30, 2013. All inter-company transactions and balances have been eliminated in consolidation.

5.  INVESTMENT ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

The Fund and the Subsidiary each pay 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). The rate shown is a fixed rate based on the Fund’s average daily net assets.

	Average Daily		Contractual Investment
	Net Assets		Advisory Fee (%)
Fund	of the Fund		(annual rate)
Janus Diversified Alternatives Fund	First $	1 Billion		1.00
	Over $	1 Billion		0.95

Janus Capital has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to the management fee paid to Janus Capital by the Subsidiary. The management fee waiver arrangement related to the Subsidiary may not be discontinued by Janus Capital as long as its contract with the Subsidiary is in place.

Janus Capital has contractually agreed to waive the Fund’s total annual fund operating expenses, which include the other expenses of the Subsidiary (excluding the distribution and shareholder servicing fees applicable to Class A Shares, Class C Shares, and Class S Shares, administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) to 1.25% until at least November 1, 2014. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

For a period of three years subsequent to the Fund’s commencement of operations or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. The recoupment of such reimbursements expires December 28, 2015. For the period ended June 30, 2013, total reimbursement by Janus Capital was $285,095 for the Fund. As of June 30, 2013, the aggregate amount of recoupment that may potentially be made to Janus Capital is $285,095.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s and the Subsidiary’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.

Certain, but not all, intermediaries charge administrative fees 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.

Class D Shares of the Fund pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares of the Fund for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class S Shares and Class T Shares of the Fund

Janus Alternative Fund | 31

Notes to Financial Statements (continued)

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.

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

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services incurs for serving as transfer agent and providing servicing to shareholders.

Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, is the distributor of the Fund. The Fund has adopted a Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Fund to intermediaries at an annual rate, as determined from time to time by the Board of Trustees, 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. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Fund. If any of the Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Consolidated Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/ (depreciation) and is shown as of June 30, 2013 on the Consolidated Statement of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a 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 Consolidated Statement of Assets and Liabilities. Deferred compensation expenses for the period ended June 30, 2013 are included in “Non-interested Trustees’ fees and expenses” on the Consolidated 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 $243,941 were paid by the Trust to a Trustee under the Deferred Plan during the fiscal year ended June 30, 2013.

Certain officers of the Fund may also be officers and/or directors of Janus Capital. The Fund pays for the salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. Some expenses related to compensation payable to the Fund’s Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $487,826 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the fiscal period ended June 30, 2013. The Fund’s portion is reported as part of “Other Expenses” on the Consolidated Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Distributors and financial intermediaries. During the period ended June 30, 2013,

32 | JUNE 30, 2013

Janus Distributors retained the following upfront sales charges:

	Upfront
Fund (Class A Shares)	Sales Charge
Janus Diversified Alternatives Fund	$	138

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, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the period ended June 30, 2013.

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. There were no CDSCs paid by redeeming shareholders of Class C Shares to Janus Distributors during the period ended June 30, 2013.

The Fund’s expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Consolidated Statement of Operations (if applicable). The Fund could have employed the assets used by the custodian and/or transfer agent to produce income if it had not entered into an expense offset arrangement.

Pursuant to the provisions of the 1940 Act and rules promulgated thereunder, 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 Fund”). Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered 2a-7 product. There are no restrictions on the Fund’s ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated cash management pooled investment vehicles and the Investing Fund.

During the year ended June 30, 2013, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Consolidated Schedule of Investments and Other Information.

Janus Capital or an affiliate invested and/or redeemed initial seed capital during the period ended June 30, 2013, as indicated in the following table.

Seed Capital

at

Date of

Date of

Seed Capital

Fund

12/28/12

Purchases

Purchases

Redemptions

Redemptions

at 6/30/13

Janus Diversified Alternatives Fund(1) - Class A Shares

$

3,571,428

$

–

–

$

–

–

$

3,571,428

Janus Diversified Alternatives Fund(1) - Class C Shares

3,571,428

–

–

–

–

3,571,428

Janus Diversified Alternatives Fund(1) - Class D Shares

3,571,429

–

–

–

–

3,571,429

Janus Diversified Alternatives Fund(1) - Class I Shares

3,571,428

–

–

–

–

3,571,428

Janus Diversified Alternatives Fund(1) - Class N Shares

3,571,429

–

–

–

–

3,571,429

Janus Diversified Alternatives Fund(1) - Class S Shares

3,571,429

–

–

–

–

3,571,429

Janus Diversified Alternatives Fund(1) - Class T Shares

3,571,429

–

–

–

–

3,571,429

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

6.  FEDERAL INCOME TAX

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

Janus Alternative Fund | 33

Notes to Financial Statements (continued)

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

The Funds have elected to defer post-October losses and qualified late-year losses as noted in the table below. These losses will be deferred for tax purposes and recognized the next fiscal year.

Undistributed

Undistributed

Loss Deferrals

Other Book

Ordinary

Long-Term

Accumulated

Late-Year

Post-October

to Tax

Net Tax

Fund

Income

Gains

Capital Losses

Ordinary Loss

Capital Loss

Differences

Appreciation

Janus Diversified Alternatives Fund(1)

$

–

$

–

$

(1,259,203)

$

(263,309)

$

–

$

(128,576)

$

151,733

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

Accumulated capital losses noted below represented net capital loss carryovers, as of June 30, 2013, 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 Expiration Schedule
For the period ended June 30, 2013

					Accumulated
	No Expiration				Capital
Fund	Short-Term		Long-Term		Losses
Janus Diversified Alternatives Fund(1)	$	(1,259,203)	$	–	$	(1,259,203)

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2013 are noted below.

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

	Federal Tax		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)
Janus Diversified Alternatives Fund(1)	$	13,612,066	$	213,463	$	(61,730)

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

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

For the period ended June 30, 2013

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Janus Diversified Alternatives Fund(1)	$	–	$	–	$	–	$	(5,953)

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

34 | JUNE 30, 2013

7.  Capital Share Transactions

	Janus Diversified
For the period ended June 30	Alternatives Fund
(all numbers in thousands)	2013(1)
Transactions in Fund Shares – Class A Shares:
Shares sold		359
Reinvested dividends and distributions		–
Shares repurchased		–
Net Increase/(Decrease) in Fund Shares		359
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		359
Transactions in Fund Shares – Class C Shares:
Shares sold		365
Reinvested dividends and distributions		–
Shares repurchased		–
Net Increase/(Decrease) in Fund Shares		365
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		365
Transactions in Fund Shares – Class D Shares:
Shares sold		637
Reinvested dividends and distributions		–
Shares repurchased		(25)
Net Increase/(Decrease) in Fund Shares		612
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		612
Transactions in Fund Shares – Class I Shares:
Shares sold		658
Reinvested dividends and distributions		–
Shares repurchased		–
Net Increase/(Decrease) in Fund Shares		658
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		658
Transactions in Fund Shares – Class N Shares:
Shares sold		6,099
Reinvested dividends and distributions		–
Shares repurchased		(207)
Net Increase/(Decrease) in Fund Shares		5,892
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		5,892
Transactions in Fund Shares – Class S Shares:
Shares sold		357
Reinvested dividends and distributions		–
Shares repurchased		–
Net Increase/(Decrease) in Fund Shares		357
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		357
Transactions in Fund Shares – Class T Shares:
Shares sold		477
Reinvested dividends and distributions		–
Shares repurchased		(93)
Net Increase/(Decrease) in Fund Shares		384
Shares Outstanding, Beginning of Period		–
Shares Outstanding, End of Period		384

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

Janus Alternative Fund | 35

Notes to Financial Statements (continued)

8.  PURCHASES AND SALES OF INVESTMENT SECURITIES

For the period ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts and in-kind transactions) was as follows:

					Purchases of Long-		Proceeds from Sales
	Purchases of		Proceeds from Sales		Term U.S. Government		of Long-Term U.S.
Fund	Securities		of Securities		Obligations		Government Obligations
Janus Diversified Alternatives Fund(1)	$	26,405,243	$	6,275,391	$	–	$	–

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

9.  NEW ACCOUNTING PRONOUNCEMENTS

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” This update creates disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Consolidated Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of the new Consolidated Statement of Assets and Liabilities offsetting disclosures to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Consolidated Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact these updates may have on the Fund’s financial statements.

10.  Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2013 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

36 | JUNE 30, 2013

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Diversified Alternatives Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at June 30, 2013 and the result of its operations, the changes in its net assets, and the financial highlights for the period December 28, 2012 (commencement of operations) through June 30, 2013, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at June 30, 2013 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

Denver, Colorado

August 19, 2013

Janus Alternative Fund | 37

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

Approval of Advisory Agreements During the Period

The Trustees of Janus Investment Fund, none of whom has ever been affiliated with Janus Capital and each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund and, as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the nine Funds that utilize subadvisers.

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

At a meeting held on December 7, 2012, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2013 through February 1, 2014, 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.

Nature, Extent and Quality of Services

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

38 | JUNE 30, 2013

procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds of Janus Investment Fund and the Portfolios of Janus Aspen Series (such Funds and Portfolios, together the “Janus Funds”) and Janus Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the Janus Funds have had some recent performance challenges, but performance has improved recently, and for the 36 months ended September 30, 2012, approximately 47% of the Janus Funds were in the top two quartiles of performance and for the 12 months ended September 30, 2012, approximately 54% of the Janus Funds were in the top two quartiles of performance. The Trustees concluded that the performance of certain Funds was good under current market conditions. Although the performance of other Funds lagged that of their peers for certain periods, the Trustees also concluded that Janus Capital had taken or was taking appropriate steps to address those instances of under-performance.

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for most of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by the independent data providers.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found (1) the total expenses and management fees of the Janus Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 16% below the mean total expenses of their respective Lipper Expense Group peers and 23% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Janus Funds, on average, were 9% below the mean management fees for their Expense Groups and 12% below the mean for their Expense Universes; and (4) Janus Funds expenses at the functional level for each asset and share class category were reasonable. The independent fee consultant concluded that based on its strategic review of expenses at the complex, category and individual fund level, Janus Funds expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/ performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories and existence of performance fees on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent and the competitive market for mutual funds in different distribution channels. They concluded that the compensation methodology provided a good alignment of the interests of the portfolio managers with the interests of Fund shareholders.

Janus Alternative Fund | 39

Additional Information (unaudited) (continued)

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to their separate account clients and to non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks that it does not assume in servicing its other clients. Moreover, they noted the research conducted and conclusions reached by their independent fee consultant.

In this regard, the independent fee consultant found that (1) the management fees Janus Capital charges to the Janus Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; and (3) the average spread between management fees charged to the Janus Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

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

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the actual management fee rate paid by most of the Funds, after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused or will cause the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and the five Funds that have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted

40 | JUNE 30, 2013

that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Janus Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

After full consideration of the above factors, as well as other factors, the Trustees, each of whom is an independent Trustee, concluded at their December 7, 2012 meeting that the proposed continuation of the investment advisory agreement and, if applicable, the subadvisory agreement for each Fund for another year was in the best interest of the respective Funds and their shareholders.

Janus Alternative Fund | 41

Useful Information About Your Fund Report (unaudited)

1.  Management Commentary

The Management Commentary in this report includes valuable insight from each of the Fund’s managers 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. The Fund’s managers may allocate a company 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 by the Chief Investment Officer(s) in the Market Perspective and by the Fund’s managers in the Management Commentary are just that: opinions. They are a reflection of the Chief Investment Officer(s) and managers’ best judgment at the time this report was compiled, which was June 30, 2013. As the investing environment changes, so could their opinions. These views are unique to them and aren’t necessarily shared by fellow employees or by Janus in general.

2.  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. The hypothetical example does not represent the returns of any particular investment.

When comparing the performance of the Fund with an index, keep in mind that market indices do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.

3.  Consolidated 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’s 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 Bloomberg L.P. and/or MSCI Inc.

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

4.  Consolidated Statement of Assets and Liabilities

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

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased

42 | JUNE 30, 2013

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.

5.  Consolidated 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.

6.  Consolidated 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.

7.  Consolidated Financial Highlights

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

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

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. Don’t

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Useful Information About Your Fund Report (unaudited) (continued)

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 doesn’t 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 managers. 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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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the period ended June 30, 2013:

Dividends Received Deduction Percentage

Fund
Janus Diversified Alternatives Fund(1)	100%

Qualified Dividend Income

Fund
Janus Diversified Alternatives Fund(1)	100%

(1) Period from December 28, 2012 (inception date) through June 30, 2013.

Janus Alternative Fund | 45

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Pursuant to the Fund’s Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds.

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

TRUSTEES

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds); and Director of the F.B. Heron Foundation (a private grantmaking foundation).
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Director of MotiveQuest LLC (strategic social market research company) (since 2003); and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

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TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company (1987-1994).	56	Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (since 2005). Formerly, Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	56	Director of Red Robin Gourmet Burgers, Inc. (RRGB) (since 2004).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	56	None

Janus Alternative Fund | 47

Trustees and Officers (unaudited) (continued)

TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Convention & Tourism Bureau, Chicago Council on Global Affairs, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Wal-Mart, and Wrapports, LLC (digital communications company).

48 | JUNE 30, 2013

OFFICERS

	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years
John Fujiwara 151 Detroit Street Denver, CO 80206 DOB: 1960	Executive Vice President and Co-Portfolio Manager Janus Diversified Alternatives Fund	12/12-Present	Formerly, Senior Principal at Absolute Plus Management, LLC (2006-2012).
Andrew Weisman 151 Detroit Street Denver, CO 80206 DOB: 1959	Executive Vice President and Co-Portfolio Manager Janus Diversified Alternatives Fund	12/12-Present	Chief Investment Officer, Liquid Alternatives Group, and Senior Vice President of Janus Capital; and Director of the Janus Global Diversified Risk Premia Master Fund Ltd. Formerly, Chief Executive Officer of WR Managed Accounts LLC (2008-2012); and Managing Director and Chief Portfolio Manager at Merrill Lynch Hedge Fund Development and Management Group (2005-2008).
Robin C. Beery 151 Detroit Street Denver, CO 80206 DOB: 1967	President and Chief Executive Officer	4/08-Present	Executive Vice President and Head of U.S. Distribution of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC; Director of The Janus Foundation; Director of Perkins Investment Management LLC; and Working Director of INTECH Investment Management LLC. Formerly, Head of Intermediary Distribution, Global Marketing and Product of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC (2009-2010); and Chief Marketing Officer of Janus Capital Group Inc. and Janus Capital (2002-2009).
Stephanie Grauerholz-Lofton 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital, and Vice President and Assistant Secretary of Janus Distributors LLC.
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; and Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC. Formerly, Chief Compliance Officer of Bay Isle Financial LLC (2003-2008).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Alternative Fund | 49

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (08/13)

			��
Investment products offered are:	NOT FDIC-INSURED	MAY LOSE VALUE		NO BANK GUARANTEE

C-0813-42789 125-02-93011 08-13

ANNUAL REPORT

June 30, 2013

Janus Asset Allocation Funds

Janus Global Allocation Fund – Conservative (formerly named Janus Conservative Allocation Fund)

Janus Global Allocation Fund – Growth (formerly named Janus Growth Allocation Fund)

Janus Global Allocation Fund – Moderate (formerly named Janus Moderate Allocation Fund)

HIGHLIGHTS

•  Portfolio management perspective

•  Investment strategy behind your fund

•  Fund performance, characteristics and holdings

Table of Contents

            Janus Asset Allocation Funds

Co-Chief Investment Officers’ Market Perspective	1
Management Commentaries and Schedules of Investments
Janus Global Allocation Fund - Conservative	3
Janus Global Allocation Fund - Growth	10
Janus Global Allocation Fund - Moderate	17
Notes to Schedules of Investments and Other Information	24
Statements of Assets and Liabilities	29
Statements of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	36
Notes to Financial Statements	48
Report of Independent Registered Public Accounting Firm	58
Additional Information	59
Useful Information About Your Fund Report	63
Designation Requirements	66
Trustees and Officers	67

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Co-Chief Investment Officers’ Market Perspective (unaudited)

Jonathan Coleman, CFA

Chief Investment Officer, Equities

Gibson Smith

Chief Investment Officer, Fixed Income

Economy: Substantive improvement

The U.S. economy is showing signs of real, if uneven, improvement. The market seems obsessed with whether the Federal Reserve (Fed) will taper its bond-buying program by the end of the year, but is not focused on the continued improvement of the overall economy. We would not be surprised to see the Fed begin to taper its quantitative easing (QE) program over the next 12 months, but believe that it will leave short-term interest rates near zero for the foreseeable future. We also believe that global central banks will keep a high level of liquidity in the system. We continue to monitor potential global risk, particularly in China and Japan, but believe both of these concerns will abate in the medium term and that markets will refocus on the recovery.

Equities: Beyond the “wall of worry”

Equity markets have essentially climbed a “wall of worry” over the last six months, including the threat of falling off the fiscal cliff, then the potential impact of the sequester, and finally, concerns over Cyprus. Talking heads claimed these events spelled doomsday for the economy, but the market shrugged off each one and powered on. Now more speculative areas of the market, such as the Russell 2000 Index of U.S. small-capitalization companies, have hit all-time highs. Price/earnings multiples have expanded as stock price appreciation has exceeded the underlying earnings growth of many companies.

We think this is just when investors should be a little more cautious. The recent rally has been driven in part by a belief that the Fed and other central banks will backstop equity markets by pumping liquidity into the system forever. In late June, we got a glimpse of what happens to stock markets when the Fed even hints at taking its foot off the gas: there can be a sell-off.

Our view on the economy and equity markets has not turned negative, just more balanced. Many positives for the economy still exist. For instance, cheaper oil and natural gas in the U.S., along with more competitive labor costs, are creating a manufacturing renaissance. That’s a long-term benefit that could last a decade or longer. The U.S. housing market continues to be strong. In Europe, industrial companies are finally going through a painful restructuring that should right-size their businesses and make them more competitive on a global basis. European banks have also made significant strides in cutting costs and fortifying their balance sheets. But many of these longer-term dynamics already have been priced into stocks, or in other cases, they will take a long time to play out. The challenge as equity investors is to find those companies that can decouple from the economy, control their own destinies, and demonstrate strong growth even in the face of a slow-growth economy.

Fixed Income: Rate risk increases

As the economy gains stronger footing, the Fed will be given the opportunity to slowly remove its overly accommodative policy. While some investors may believe that we’ve seen the end of the bull market in fixed income, we are reminded that since 1980 we have seen 16 periods during which the 10-year Treasury yield rose by more than 100 basis points (1 percentage point). The 30-year bull market has hardly been a straight line up, with nothing but positive returns for fixed income investors – there have been periods of both angst and celebration, with the long-term trend being lower rates.

Making bold calls that the bull market in bonds is over can grab media attention and create fear for fixed-income investors, but the reality is that markets are always in motion and creating opportunities. This environment reminds us of the importance of active versus passive management in fixed income and the importance of capital preservation in uncertain times. While we may be entering a period where interest rates trend higher over the longer term, in the short and medium term there will be new opportunities created by change.

Because we tend to generate the majority of our excess return through security selection, we see this as a time of opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. A back-up in rates may have the positive effect of lowering fixed income

Janus Asset Allocation Funds | 1

(unaudited) (continued)

valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer good risk-adjusted return potential.

Sincerely,

Jonathan Coleman, CFA

Chief Investment Officer, Equities

Gibson Smith

Chief Investment Officer, Fixed Income

2 | JUNE 30, 2013

Janus Global Allocation Fund - Conservative (unaudited)

Fund Snapshot
Our conservative global allocation fund seeks to provide strong risk-adjusted returns over the long term by leveraging the investment expertise of Janus Capital Group while also having broad exposure to global asset classes and alternative investments that seek a low correlation with broad markets.

Dan Scherman
portfolio manager

Performance Overview

Janus Global Allocation Fund – Conservative’s Class T Shares returned 7.60% for the 12-month period ended June 30, 2013. This compares with a return of -2.18% for the Barclays Global Aggregate Bond Index, the Fund’s primary benchmark, and a return of 5.00% for its secondary benchmark, the Global Conservative Allocation Index, an internally calculated, hypothetical combination of total returns from the Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index (40%).

Strategy and Name Change

To increase its ability to invest globally and add exposure to alternatives that seek a low correlation with broad markets, the Fund’s strategy was modified during the period to increase its non-U.S. weighting to approximately 40% and to add alternative investments through Janus Diversified Alternatives Fund. We believe higher international exposure will give the Fund greater flexibility to potentially capture the best-performing investments across asset classes regardless of geographies. The exposure to alternatives that seek a low correlation with broad markets, including Janus Global Real Estate Fund, should help dampen the Fund’s volatility and provide more consistent risk-adjusted returns. As a result of these changes, Janus Conservative Allocation Fund was renamed Janus Global Allocation Fund – Conservative and its primary benchmark changed from the S&P 500 Index to the Barclays Global Aggregate Bond Index.

Economic Overview

Early in the period, investors began to realize the euro zone’s sovereign debt crisis had eased. Housing joined a resurgent manufacturing sector as the latest evidence that the U.S. economy was growing, albeit slowly. Central banks globally also remained focused on providing liquidity to the markets through accommodative monetary policies.

During the second half of the period, the global economy, particularly the U.S., showed clear signs of recovery. Other equity markets followed, but gains were generally more muted in Europe and elsewhere. An exception was Japan, where investor enthusiasm over the country’s new growth-focused government fueled strong gains. Uncharacteristically, emerging markets failed to participate in an otherwise upbeat market.

U.S. stocks performed well in April and May, but gave back some of their gains in June, when the Federal Reserve (Fed) suggested a timetable to begin reducing its bond buying by year end as a result of economic improvement. Emerging markets significantly underperformed developed markets, reflecting worries over slowing growth in China, uncertainty over central bank actions in developed markets and political unrest in Brazil and Egypt.

In fixed income, U.S. Treasury yields spiked following the Fed’s comments on tapering its monetary easing efforts. Non-U.S. bond yields followed suit, and U.S. corporate spreads relative to Treasuries widened as well, providing little shelter from the price declines. Real estate investment trusts also gave back some of their gains for the period, reflecting their sensitivity to rising interest rates.

For the full period, equity returns were generally strong, with the notable exception of emerging markets. Value-style indices significantly outperformed growth. In fixed income, interest rates were generally range-bound until Fed fears emerged in May.

Investment Process

Janus Global Allocation Fund – Conservative invests across a broad set of Janus, INTECH and Perkins funds that span a wide range of global asset categories with a base allocation of 30% to 45% equities, 50% to 65% fixed income and 5% to 20% alternative investments that are rebalanced quarterly. Janus Global Allocation Fund – Conservative is structured as a “fund of funds” portfolio that provides investors with broad, diversified exposure to various types of investments with an emphasis on

Janus Asset Allocation Funds | 3

Janus Global Allocation Fund - Conservative (unaudited)

managing investment risk. The Fund is also designed to blend the three core competencies that Janus practices as an organization: mathematically driven, risk-managed strategies and fundamentally driven growth and value-oriented investments. We believe that combining these very different approaches in a single investment can potentially produce a portfolio with a unique and powerful performance profile.

The investment process involves setting return expectations for a broad range of Janus mutual funds that we believe best represent the full opportunity set available to today’s investor. Then, acting in conjunction with an outside consultant, we establish an ideal “model” portfolio based upon the specific risk/return objective of Janus Global Allocation Fund – Conservative. The Janus Asset Allocation Committee also provides input on the overall allocation. Finally, we select the appropriate Janus, Perkins and INTECH funds that replicate our desired exposure. The allocations assigned to each selected underlying fund are consistent with our view of current market conditions and the long-term trade-off between risk and reward potential that each of these investment types represent. However, as a result of changing market conditions, both the mix of underlying funds and the allocations to these funds will change from time to time. Any portfolio risk management process we’ve discussed includes an effort to monitor and manage risk and should not be confused with nor does it imply low risk or the ability to control risk.

Performance Review

Given its exposure to equities, the Fund significantly outperformed its primary benchmark, the Barclay’s Global Aggregate Bond Index. The Fund also easily beat its secondary benchmark, the Global Conservative Allocation Index. Among top individual contributors were INTECH U.S. Value Fund and Perkins Large Cap Value Fund, reflecting the strong performance of value-style equities during the period. INTECH U.S. Growth Fund and Janus International Equity Fund were also key contributors. Detractors were dominated by fixed income investments, led lower by Janus Global Bond Fund, which suffered from interest rate increases late in the period. Janus Diversified Alternatives Fund and Janus Global Research Fund also weighed on performance.

Outlook

At period end, investors were left pondering if the post-quantitative easing period may have finally arrived. We think it’s important to remember that the Fed would only withdraw stimulus if it feels economic growth is self-sustaining, a positive for the equity markets.

We have been anticipating rising interest rates, which is why we positioned the Fund to reflect a partial de-emphasis of fixed income in favor of alternatives, as a means of providing some measure of insulation. We are also emphasizing credit exposure among the fixed income positions that remain.

Thank you for investing in Janus Global Allocation Fund – Conservative.

4 | JUNE 30, 2013

(unaudited)

Janus Global Allocation Fund – Conservative (% of Net Assets)

Janus Global Bond Fund – Class I Shares	39.0%
Janus Flexible Bond Fund – Class N Shares	10.0%
Janus International Equity Fund – Class N Shares	8.6%
Janus Short-Term Bond Fund – Class N Shares	5.5%
INTECH U.S. Value Fund – Class I Shares	5.2%
Janus Diversified Alternatives Fund – Class N Shares	5.0%
Perkins Large Cap Value Fund – Class N Shares	4.2%
INTECH U.S. Growth Fund – Class I Shares	4.2%
INTECH International Fund – Class I Shares	4.1%
Janus Global Research Fund(1) – Class I Shares	4.1%
Janus Triton Fund – Class N Shares	2.1%
Janus Global Select Fund – Class I Shares	2.0%
Janus Fund – Class N Shares	2.0%
Janus Overseas Fund – Class N Shares	2.0%
Perkins Small Cap Value Fund – Class N Shares	1.0%
Janus Global Real Estate Fund – Class I Shares	1.0%

(1) Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.

Janus Global Allocation Fund - Conservative At A Glance

Asset Allocation – (% of Net Assets)

As of June 30, 2013

Janus Asset Allocation Funds | 5

Janus Global Allocation Fund - Conservative (unaudited)

Performance

				Expense Ratios – per the October 26, 2012 prospectuses, as
Average Annual Total Return – for the periods ended June 30, 2013				supplemented
	One	Five	Since	Total Annual Fund
	Year	Year	Inception*	Operating Expenses
Janus Global Allocation Fund – Conservative – Class A Shares
NAV	7.36%	6.38%	6.38%	1.25%
MOP	1.23%	5.13%	5.55%
Janus Global Allocation Fund – Conservative – Class C Shares
NAV	6.57%	5.62%	5.61%	2.03%
CDSC	5.57%	5.62%	5.61%
Janus Global Allocation Fund – Conservative – Class D Shares(1)	7.50%	6.56%	6.60%	1.05%
Janus Global Allocation Fund – Conservative – Class I Shares	7.61%	6.52%	6.58%	1.01%
Janus Global Allocation Fund – Conservative – Class S Shares	7.21%	6.15%	6.14%	1.41%
Janus Global Allocation Fund – Conservative – Class T Shares	7.60%	6.52%	6.58%	1.16%
Barclays Global Aggregate Bond Index	–2.18%	3.68%	5.06%
Global Conservative Allocation Index	5.00%	3.54%	5.03%
S&P 500® Index	20.60%	7.01%	5.65%
Conservative Allocation Index	7.53%	5.65%	5.52%
Morningstar Quartile – Class T Shares	3rd	1st	1st
Morningstar Ranking – based on total returns for World Allocation Funds	314/588	22/300	47/240
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

6 | JUNE 30, 2013

(unaudited)

The expense ratios shown are estimated.

An underlying fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), derivatives and companies with relatively small market capitalizations. Each underlying fund has different risks. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Because Janus Capital is the adviser to the Fund and to the underlying funds held within the Fund, it is subject to certain potential conflicts of interest when allocating the assets of the Fund among underlying Janus funds. Performance of the Fund depends on that of the underlying funds, which are subject to the volatility of the financial markets.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

Effective February 15, 2013, Janus Conservative Allocation Fund changed its name to Janus Global Allocation Fund – Conservative and its primary benchmark from the S&P 500^® Index to the Barclays Global Aggregate Bond Index. In addition, the Fund changed its secondary benchmark from the Conservative Allocation Index to the Global Conservative Allocation Index. Janus Capital believes that these changes provide a more appropriate representation of the Fund’s investment strategy that includes an increased focus on global investments, including emerging markets.

*	The Fund’s inception date – December 30, 2005
(1)	Closed to new investors.

Janus Asset Allocation Funds | 7

Janus Global Allocation Fund - Conservative (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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/2013)		(6/30/2013)		(1/1/13 - 6/30/13)†		(1/1/2013)		(6/30/2013)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,021.30	$	2.21	$	1,000.00	$	1,022.61	$	2.21		0.44%
Class C Shares	$	1,000.00	$	1,017.60	$	6.00	$	1,000.00	$	1,018.84	$	6.01		1.20%
Class D Shares	$	1,000.00	$	1,022.00	$	1.30	$	1,000.00	$	1,023.50	$	1.30		0.26%
Class I Shares	$	1,000.00	$	1,022.80	$	1.10	$	1,000.00	$	1,023.70	$	1.10		0.22%
Class S Shares	$	1,000.00	$	1,020.60	$	2.96	$	1,000.00	$	1,021.87	$	2.96		0.59%
Class T Shares	$	1,000.00	$	1,022.80	$	0.75	$	1,000.00	$	1,024.05	$	0.75		0.15%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 | JUNE 30, 2013

Janus Global Allocation Fund - Conservative⁽¹⁾

Schedule of Investments

As of June 30, 2013

Shares			Value
Mutual Funds(2),£ – 100.0%
Alternative Funds – 6.0%
	1,401,950	Janus Diversified Alternatives Fund* – Class N Shares	$	13,795,190
	260,515	Janus Global Real Estate Fund – Class I Shares		2,706,748
				16,501,938
Equity Funds – 39.4%
	1,412,859	INTECH International Fund – Class I Shares		11,345,257
	689,205	INTECH U.S. Growth Fund – Class I Shares		11,495,936
	1,151,475	INTECH U.S. Value Fund – Class I Shares		14,404,951
	159,562	Janus Fund – Class N Shares		5,544,774
	216,272	Janus Global Research Fund(3) – Class I Shares		11,220,180
	521,290	Janus Global Select Fund* – Class I Shares		5,577,807
	2,027,122	Janus International Equity Fund – Class N Shares		23,879,504
	165,860	Janus Overseas Fund – Class N Shares		5,483,334
	283,800	Janus Triton Fund – Class N Shares		5,772,496
	740,640	Perkins Large Cap Value Fund – Class N Shares		11,553,979
	119,971	Perkins Small Cap Value Fund – Class N Shares		2,844,527
				109,122,745
Fixed Income Funds – 54.6%
	2,647,761	Janus Flexible Bond Fund – Class N Shares		27,801,488
	10,977,478	Janus Global Bond Fund – Class I Shares		108,018,379
	5,036,291	Janus Short-Term Bond Fund – Class N Shares		15,360,689
				151,180,556
Total Investments (total cost $261,793,911) – 100.0%				276,805,239
Liabilities, net of Cash, Receivables and Other Assets– (0.0)%				(23,535)
Net Assets – 100%			$	276,781,704

(1)	Formerly named Janus Conservative Allocation Fund.
(2)	The Fund invests in mutual funds within the Janus family of funds and they may be deemed to be under common control because they share the same Board of Trustees.
(3)	Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.

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

Janus Asset Allocation Funds | 9

Janus Global Allocation Fund - Growth (unaudited)

Fund Snapshot
Our global growth allocation fund aims to provide strong risk-adjusted returns over the long term by leveraging the investment expertise of Janus Capital Group while also having broad exposure to global asset classes and alternative investments that seek a low correlation with broad markets.

Dan Scherman
portfolio manager

Performance Overview

Janus Global Allocation Fund – Growth’s Class T Shares returned 14.18% for the 12-month period ended June 30, 2013. This compares with a return of 16.57% for the MSCI All Country World Index, the Fund’s primary benchmark, and a return of 12.60% for its secondary benchmark, the Global Growth Allocation Index, an internally calculated, hypothetical combination of total returns from the MSCI All Country World Index (80%) and the Barclays Global Aggregate Bond Index (20%).

Strategy and Name Change

To increase its ability to invest globally and add exposure to alternatives that seek a low correlation with broad markets, the Fund’s strategy was modified during the period to increase its non-U.S. weighting to approximately 40% and to add alternative investments through Janus Diversified Alternatives Fund. We believe higher international exposure will give the Fund greater flexibility to potentially capture the best-performing investments across asset classes regardless of geographies. The exposure to alternatives that seek a low correlation with broad markets, including Janus Global Real Estate Fund, should help dampen the Fund’s volatility and provide more consistent risk-adjusted returns. As a result of these changes, Janus Growth Allocation Fund was renamed Janus Global Allocation Fund – Growth and its primary benchmark changed from the S&P 500 Index to the MSCI All Country World Index.

Economic Overview

Early in the period, investors began to realize the euro zone’s sovereign debt crisis had eased. Housing joined a resurgent manufacturing sector as the latest evidence that the U.S. economy was growing, albeit slowly. Central banks globally also remained focused on providing liquidity to the markets through accommodative monetary policies.

During the second half of the period, the global economy, particularly the U.S., showed clear signs of recovery. Other equity markets followed, but gains were generally more muted in Europe and elsewhere. An exception was Japan, where investor enthusiasm over the country’s new growth-focused government fueled strong gains. Uncharacteristically, emerging markets failed to participate in an otherwise upbeat market.

U.S. stocks performed well in April and May, but gave back some of their gains in June, when the Federal Reserve (Fed) suggested a timetable to begin reducing its bond buying by year end as a result of economic improvement. Emerging markets significantly underperformed developed markets, reflecting worries over slowing growth in China, uncertainty over central bank actions in developed markets and political unrest in Brazil and Egypt.

In fixed income, U.S. Treasury yields spiked following the Fed’s comments on tapering its monetary easing efforts. Non-U.S. bond yields followed suit, and U.S. corporate spreads relative to Treasuries widened as well, providing little shelter from the price declines. Real estate investment trusts also gave back some of their gains for the period, reflecting their sensitivity to rising interest rates.

For the full period, equity returns were generally strong, with the notable exception of emerging markets. Value-style indices significantly outperformed growth. In fixed income, interest rates were generally range-bound until Fed fears emerged in May.

Investment Process

Janus Global Allocation Fund – Growth invests across a broad set of Janus, INTECH and Perkins funds that span a wide range of global asset categories with a base allocation of 70% to 85% equity investments, 10% to 25% fixed income investments and 5% to 20% alternative investments that are rebalanced quarterly. The Fund is structured as a “fund of funds” portfolio that provides investors with broad, diversified exposure to various types of investments with an emphasis on managing investment risk. The Fund is also designed to blend the three core competencies that Janus practices

10 | JUNE 30, 2013

(unaudited)

as an organization: mathematically driven, risk-managed strategies and fundamentally driven growth and value-oriented investments. We believe that combining these very different approaches in a single investment can potentially produce a portfolio with a unique and powerful performance profile.

The investment process involves setting return expectations for a broad range of Janus mutual funds that we believe best represent the full opportunity set available to today’s investor. Then, acting in conjunction with an outside consultant, we establish an ideal “model” portfolio based upon the specific risk/return objective of Janus Global Allocation Fund – Growth. The Janus Asset Allocation Committee also provides input on the overall allocation. Finally, we select the appropriate Janus, Perkins and INTECH funds that replicate our desired exposure. The allocations assigned to each selected underlying fund are consistent with our view of current market conditions and the long-term trade-off between risk and reward potential that each of these investment types represent. However, as a result of changing market conditions, both the mix of underlying funds and the allocations to these funds will change from time to time. Any portfolio risk management process we’ve discussed includes an effort to monitor and manage risk and should not be confused with nor does it imply low risk or the ability to control risk.

Performance Review

Given its exposure to fixed income and alternatives, the Fund underperformed its primary benchmark, the MSCI All Country World Index. The Fund outperformed its secondary benchmark, Global Growth Allocation Index. Detractors were led by Janus Global Bond Fund, Janus Emerging Markets Fund and Janus Diversified Alternatives Fund, indicating the weaknesses in their respective market segments. Janus Global Select Fund also weighed on performance due to its relative small weight. Among top individual contributors were INTECH U.S. Value Fund and Perkins Large Cap Value Fund, reflecting the strong performance of value-style equities during the period. Janus International Equity Fund and INTECH International Fund were also key contributors.

Outlook

At period end, investors were left pondering if the post-quantitative easing period may have finally arrived. We think it’s important to remember that the Fed would only withdraw stimulus if it feels economic growth is self-sustaining, a positive for the equity markets.

We have been anticipating rising interest rates, which is why we positioned the Fund to reflect a partial de-emphasis of fixed income in favor of alternatives, as a means of providing some measure of insulation. We are also emphasizing credit exposure among the fixed income positions that remain.

Thank you for investing in Janus Global Allocation Fund – Growth.

Janus Asset Allocation Funds | 11

Janus Global Allocation Fund - Growth (unaudited)

Janus Global Allocation Fund – Growth (% of Net Assets)

Janus International Equity Fund – Class N Shares	16.1%
Janus Global Bond Fund – Class I Shares	15.3%
INTECH International Fund – Class I Shares	10.6%
INTECH U.S. Value Fund – Class I Shares	8.8%
Janus Diversified Alternatives Fund – Class N Shares	5.9%
Janus Overseas Fund – Class N Shares	5.9%
Perkins Large Cap Value Fund – Class N Shares	5.2%
INTECH U.S. Growth Fund – Class I Shares	5.1%
Janus Global Research Fund(1) – Class I Shares	4.0%
Janus Global Select Fund – Class I Shares	3.0%
Janus Global Real Estate Fund – Class I Shares	2.9%
Janus Emerging Markets Fund – Class I Shares	2.7%
Janus Enterprise Fund – Class N Shares	2.1%
Janus Twenty Fund – Class D Shares	2.1%
Janus Triton Fund – Class N Shares	2.1%
Janus Contrarian Fund – Class I Shares	2.1%
Janus Fund – Class N Shares	2.1%
Perkins Small Cap Value Fund – Class N Shares	2.0%
Perkins Mid Cap Value Fund – Class N Shares	2.0%

(1) Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.

Janus Global Allocation Fund - Growth At A Glance

Asset Allocation – (% of Net Assets)

As of June 30, 2013

12 | JUNE 30, 2013

(unaudited)

Performance

				Expense Ratios – per the October 26, 2012 prospectuses, as
Average Annual Total Return – for the periods ended June 30, 2013				supplemented
	One	Five	Since	Total Annual Fund
	Year	Year	Inception*	Operating Expenses
Janus Global Allocation Fund – Growth – Class A Shares
NAV	14.08%	4.02%	5.90%	1.35%
MOP	7.51%	2.80%	5.07%
Janus Global Allocation Fund – Growth – Class C Shares
NAV	13.30%	3.26%	5.10%	2.21%
CDSC	12.30%	3.26%	5.10%
Janus Global Allocation Fund – Growth – Class D Shares(1)	14.21%	4.19%	6.08%	1.14%
Janus Global Allocation Fund – Growth – Class I Shares	14.42%	4.13%	6.04%	1.08%
Janus Global Allocation Fund – Growth – Class S Shares	13.94%	3.84%	5.68%	1.49%
Janus Global Allocation Fund – Growth – Class T Shares	14.18%	4.13%	6.04%	1.25%
Morgan Stanley Capital International All Country World IndexSM	16.57%	2.30%	4.10%
Global Growth Allocation Index	12.60%	2.85%	4.53%
S&P 500® Index	20.60%	7.01%	5.65%
Growth Allocation Index	15.30%	5.02%	5.45%
Morningstar Quartile – Class T Shares	1st	2nd	2nd
Morningstar Ranking – based on total returns for World Allocation Funds	53/588	108/300	70/240
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

Janus Asset Allocation Funds | 13

Janus Global Allocation Fund - Growth (unaudited)

The expense ratios shown are estimated.

An underlying fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), derivatives and companies with relatively small market capitalizations. Each underlying fund has different risks. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Because Janus Capital is the adviser to the Fund and to the underlying funds held within the Fund, it is subject to certain potential conflicts of interest when allocating the assets of the Fund among underlying Janus funds. Performance of the Fund depends on that of the underlying funds, which are subject to the volatility of the financial markets.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund.

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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

Effective February 15, 2013, Janus Growth Allocation Fund changed its name to Janus Global Allocation Fund – Growth and its primary benchmark from the S&P 500^® Index to the Morgan Stanley Capital International (“MSCI”) All Country World Index^SM. In addition, the Fund changed its secondary benchmark from the Growth Allocation Index to the Global Growth Allocation Index. Janus Capital believes that these changes provide a more appropriate representation of the Fund’s investment strategy that includes an increased focus on global investments, including emerging markets.

*	The Fund’s inception date – December 30, 2005
(1)	Closed to new investors.

14 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,051.80	$	2.09	$	1,000.00	$	1,022.76	$	2.06		0.41%
Class C Shares	$	1,000.00	$	1,048.40	$	6.09	$	1,000.00	$	1,018.84	$	6.01		1.20%
Class D Shares	$	1,000.00	$	1,052.40	$	1.42	$	1,000.00	$	1,023.41	$	1.40		0.28%
Class I Shares	$	1,000.00	$	1,053.20	$	0.97	$	1,000.00	$	1,023.85	$	0.95		0.19%
Class S Shares	$	1,000.00	$	1,050.40	$	2.85	$	1,000.00	$	1,022.02	$	2.81		0.56%
Class T Shares	$	1,000.00	$	1,052.40	$	1.32	$	1,000.00	$	1,023.50	$	1.30		0.26%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 Asset Allocation Funds | 15

Janus Global Allocation Fund - Growth⁽¹⁾

Schedule of Investments

As of June 30, 2013

Shares			Value
Mutual Funds(2),£ – 100.0%
Alternative Funds – 8.8%
	1,451,536	Janus Diversified Alternatives Fund* – Class N Shares	$	14,283,115
	670,914	Janus Global Real Estate Fund – Class I Shares		6,970,795
				21,253,910
Equity Funds – 75.8%
	3,208,076	INTECH International Fund – Class I Shares		25,760,854
	743,910	INTECH U.S. Growth Fund – Class I Shares		12,408,415
	1,690,343	INTECH U.S. Value Fund – Class I Shares		21,146,195
	287,149	Janus Contrarian Fund – Class I Shares		4,982,033
	854,381	Janus Emerging Markets Fund – Class I Shares		6,536,013
	67,020	Janus Enterprise Fund* – Class N Shares		5,001,033
	142,765	Janus Fund – Class N Shares		4,961,069
	186,722	Janus Global Research Fund(3) – Class I Shares		9,687,119
	675,203	Janus Global Select Fund – Class I Shares		7,224,672
	3,295,546	Janus International Equity Fund – Class N Shares		38,821,534
	429,709	Janus Overseas Fund – Class N Shares		14,206,183
	245,020	Janus Triton Fund – Class N Shares		4,983,706
	74,629	Janus Twenty Fund – Class D Shares		4,992,714
	799,434	Perkins Large Cap Value Fund – Class N Shares		12,471,163
	205,204	Perkins Mid Cap Value Fund – Class N Shares		4,931,054
	208,161	Perkins Small Cap Value Fund – Class N Shares		4,935,506
				183,049,263
Fixed Income Fund – 15.4%
	3,791,953	Janus Global Bond Fund – Class I Shares		37,312,813
Total Investments (total cost $208,258,097) – 100.0%				241,615,986
Liabilities, net of Cash, Receivables and Other Assets– (0.0)%				(69,632)
Net Assets – 100%			$	241,546,354

(1)	Formerly named Janus Growth Allocation Fund.
(2)	The Fund invests in mutual funds within the Janus family of funds and they may be deemed to be under common control because they share the same Board of Trustees.
(3)	Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.

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

16 | JUNE 30, 2013

Janus Global Allocation Fund - Moderate (unaudited)

Fund Snapshot
Our moderate global allocation fund seeks to provide strong risk-adjusted returns over the long term by leveraging the investment expertise of Janus Capital Group while also having broad exposure to global asset classes and alternative investments that seek a low correlation with broad markets.

Dan Scherman
portfolio manager

Performance Overview

Janus Global Allocation Fund – Moderate’s Class T Shares returned 10.67% for the 12-month period ended June 30, 2013. This compares with a return of 16.57% for its primary benchmark, the MSCI All Country World Index, and a 8.75% return for its secondary benchmark, the Global Moderate Allocation Index, an internally calculated, hypothetical combination of total returns from the MSCI All Country World Index (60%) and the Barclays Global Aggregate Bond Index (40%).

Strategy and Name Change

To increase its ability to invest globally and add exposure to alternatives that seek a low correlation with broad markets, the Fund’s strategy was modified during the period to increase its non-U.S. weighting to approximately 40% and to add alternative investments through Janus Diversified Alternatives Fund. We believe higher international exposure will give the Fund greater flexibility to potentially capture the best-performing investments across asset classes regardless of geographies. The exposure to alternatives that seek a low-correlation with broad markets, including Janus Global Real Estate Fund, should help dampen the Fund’s volatility and provide more consistent risk-adjusted returns. As a result of these changes, Janus Moderate Allocation Fund was renamed Janus Global Allocation Fund – Moderate and its primary benchmark changed from the S&P 500 Index to the MSCI All Country World Index.

Market Review

Early in the period, investors began to realize the euro zone’s sovereign debt crisis had eased. Housing joined a resurgent manufacturing sector as the latest evidence that the U.S. economy was growing, albeit slowly. Central banks globally also remained focused on providing liquidity to the markets through accommodative monetary policies.

During the second half of the period, the global economy, particularly the U.S., showed clear signs of recovery. Other equity markets followed, but gains were generally more muted in Europe and elsewhere. An exception was Japan, where investor enthusiasm over the country’s new growth-focused government fueled strong gains. Uncharacteristically, emerging markets failed to participate in an otherwise upbeat market.

U.S. stocks performed well in April and May, but gave back some of their gains in June, when the Federal Reserve (Fed) suggested a timetable to begin reducing its bond buying by year end as a result of economic improvement. Emerging markets significantly underperformed developed markets, reflecting worries over slowing growth in China, uncertainty over central bank actions in developed markets and political unrest in Brazil and Egypt.

In fixed income, U.S. Treasury yields spiked following the Fed’s comments on tapering its monetary easing efforts. Non-U.S. bond yields followed suit, and U.S. corporate spreads relative to Treasuries widened as well, providing little shelter from the price declines. Real estate investment trusts also gave back some of their gains for the period, reflecting their sensitivity to rising interest rates.

For the full period, equity returns were generally strong, with the notable exception of emerging markets. Value-style indices significantly outperformed growth. In fixed income, interest rates were generally range-bound until Fed fears emerged in May.

Investment Process

Janus Global Allocation Fund – Moderate invests across a broad set of Janus, INTECH and Perkins funds that span a wide range of global asset categories with a base allocation of 45% to 60% equity investments, 30% to 45% fixed income investments and 5% to 20% alternative investments that are rebalanced quarterly. The Fund is structured as a “fund of funds” portfolio that provides investors with broad, diversified exposure to various types of investments with an emphasis on managing investment risk. The Fund is also designed to blend the three core competencies that Janus practices

Janus Asset Allocation Funds | 17

Janus Global Allocation Fund - Moderate (unaudited)

as an organization: mathematically driven, risk-managed strategies and fundamentally driven growth and value-oriented investments. We believe that combining these very different approaches in a single investment can potentially produce a portfolio with a unique and powerful performance profile.

The investment process involves setting return expectations for a broad range of Janus mutual funds that we believe best represent the full opportunity set available to today’s investor. Then, acting in conjunction with an outside consultant, we establish an ideal “model” portfolio based upon the specific risk/return objective of Janus Global Allocation Fund – Moderate. The Janus Asset Allocation Committee also provides input on the overall allocation. Finally, we select the appropriate Janus, Perkins and INTECH funds that replicate our desired exposure. The allocations assigned to each selected underlying fund are consistent with our view of current market conditions and the long-term trade-off between risk and reward potential that each of these investment types represent. However, as a result of changing market conditions, both the mix of underlying funds and the allocations to these funds will change from time to time. Any portfolio risk management process we’ve discussed includes an effort to monitor and manage risk and should not be confused with nor does it imply low risk or the ability to control risk.

Performance Review

Given its exposure to fixed income and alternatives, the Fund underperformed its primary benchmark, the MSCI All Country World Index. The Fund outperformed its secondary benchmark, Global Moderate Allocation Index. Detractors were led by Janus Global Bond Fund, Janus Emerging Markets Fund and Janus Diversified Alternatives Fund, indicating the weaknesses in their respective market segments. Janus Global Select Fund also weighed on performance due to its relative small weight. Among top individual contributors were INTECH U.S. Value Fund and Perkins Large Cap Value Fund, reflecting the strong performance of value-style equities during the period. Janus International Equity Fund and INTECH U.S. Growth Fund were also key contributors.

Outlook

At period end, investors were left pondering if the post-quantitative easing period may have finally arrived. We think it’s important to remember that the Fed would only withdraw stimulus if it feels economic growth is self-sustaining, a positive for the equity markets.

We have been anticipating rising interest rates, which is why we positioned the Fund to reflect a partial de-emphasis of fixed income in favor of alternatives, as a means of providing some measure of insulation. We are also emphasizing credit exposure among the fixed income positions that remain.

Thank you for investing in Janus Global Allocation Fund – Moderate.

18 | JUNE 30, 2013

(unaudited)

Janus Global Allocation Fund – Moderate (% of Net Assets)

Janus Global Bond Fund – Class I Shares	29.1%
Janus International Equity Fund – Class N Shares	12.1%
Janus Diversified Alternatives Fund – Class N Shares	8.8%
INTECH U.S. Value Fund – Class I Shares	7.7%
INTECH International Fund – Class I Shares	7.6%
Perkins Large Cap Value Fund – Class N Shares	5.2%
INTECH U.S. Growth Fund – Class I Shares	4.1%
Janus Overseas Fund – Class N Shares	4.1%
Janus Global Research Fund(1) – Class I Shares	3.0%
Janus Short-Term Bond Fund – Class N Shares	3.0%
Janus Global Select Fund – Class I Shares	2.2%
Janus Triton Fund – Class N Shares	2.1%
Janus Twenty Fund – Class D Shares	2.1%
Janus Fund – Class N Shares	2.0%
Perkins Small Cap Value Fund – Class N Shares	2.0%
Janus Global Real Estate Fund – Class I Shares	1.9%
Janus Emerging Markets Fund – Class I Shares	1.8%
Janus Contrarian Fund – Class I Shares	1.0%
Perkins Global Value Fund – Class N Shares	0.2%
Janus Forty Fund – Class N Shares	0.0%
Janus High-Yield Fund – Class N Shares	0.0%
Janus Research Fund – Class N Shares	0.0%
Perkins Mid Cap Value Fund – Class N Shares	0.0%

(1) Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.

Janus Global Allocation Fund - Moderate At A Glance

Asset Allocation – (% of Net Assets)

As of June 30, 2013

Janus Asset Allocation Funds | 19

Janus Global Allocation Fund - Moderate (unaudited)

Performance

				Expense Ratios – per the October 26, 2012 prospectuses, as
Average Annual Total Return – for the periods ended June 30, 2013				supplemented
	One	Five	Since	Total Annual Fund
	Year	Year	Inception*	Operating Expenses
Janus Global Allocation Fund – Moderate – Class A Shares
NAV	10.67%	5.58%	6.34%	1.29%
MOP	4.35%	4.34%	5.50%
Janus Global Allocation Fund – Moderate – Class C Shares
NAV	9.78%	4.81%	5.54%	2.13%
CDSC	8.78%	4.81%	5.54%
Janus Global Allocation Fund – Moderate – Class D Shares(1)	10.71%	5.73%	6.52%	1.13%
Janus Global Allocation Fund – Moderate – Class I Shares	10.80%	5.67%	6.48%	1.05%
Janus Global Allocation Fund – Moderate – Class S Shares	10.44%	5.35%	6.09%	1.47%
Janus Global Allocation Fund – Moderate – Class T Shares	10.67%	5.67%	6.48%	1.23%
Morgan Stanley Capital International All Country World IndexSM	16.57%	2.30%	4.10%
Global Moderate Allocation Index	8.75%	3.26%	4.84%
S&P 500® Index	20.60%	7.01%	5.65%
Moderate Allocation Index	11.47%	5.49%	5.57%
Morningstar Quartile – Class T Shares	2nd	1st	1st
Morningstar Ranking – based on total returns for World Allocation Funds	185/588	50/300	49/240
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

See important disclosures on the next page.

20 | JUNE 30, 2013

(unaudited)

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

The expense ratios shown are estimated.

An underlying fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), derivatives and companies with relatively small market capitalizations. Each underlying fund has different risks. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Because Janus Capital is the adviser to the Fund and to the underlying funds held within the Fund, it is subject to certain potential conflicts of interest when allocating the assets of the Fund among underlying Janus funds. Performance of the Fund depends on that of the underlying funds, which are subject to the volatility of the financial markets.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund.

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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

Effective February 15, 2013, Janus Moderate Allocation Fund changed its name to Janus Global Allocation Fund – Moderate and its primary benchmark from the S&P 500^® Index to the Morgan Stanley Capital International (“MSCI”) All Country World Index^SM. In addition, the Fund changed its secondary benchmark from the Moderate Allocation Index to the Global Moderate Allocation Index. Janus Capital believes that these changes provide a more appropriate representation of the Fund’s investment strategy that includes an increased focus on global investments, including emerging markets.

*	The Fund’s inception date – December 30, 2005
(1)	Closed to new investors.

Janus Asset Allocation Funds | 21

Janus Global Allocation Fund - Moderate (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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,037.50	$	2.12	$	1,000.00	$	1,022.71	$	2.11		0.42%
Class C Shares	$	1,000.00	$	1,033.90	$	5.85	$	1,000.00	$	1,019.04	$	5.81		1.16%
Class D Shares	$	1,000.00	$	1,037.80	$	1.26	$	1,000.00	$	1,023.55	$	1.25		0.25%
Class I Shares	$	1,000.00	$	1,038.60	$	0.91	$	1,000.00	$	1,023.90	$	0.90		0.18%
Class S Shares	$	1,000.00	$	1,036.50	$	3.03	$	1,000.00	$	1,021.82	$	3.01		0.60%
Class T Shares	$	1,000.00	$	1,038.00	$	1.26	$	1,000.00	$	1,023.55	$	1.25		0.25%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

22 | JUNE 30, 2013

Janus Global Allocation Fund - Moderate⁽¹⁾

Schedule of Investments

As of June 30, 2013

Shares			Value
Mutual Funds(2),£ – 100.0%
Alternative Funds – 10.7%
	2,610,723	Janus Diversified Alternatives Fund* – Class N Shares	$	25,689,514
	537,689	Janus Global Real Estate Fund – Class I Shares		5,586,593
				31,276,107
Equity Funds – 57.2%
	2,753,960	INTECH International Fund – Class I Shares		22,114,302
	719,484	INTECH U.S. Growth Fund – Class I Shares		12,000,991
	1,801,208	INTECH U.S. Value Fund – Class I Shares		22,533,114
	173,834	Janus Contrarian Fund* – Class I Shares		3,016,016
	683,318	Janus Emerging Markets Fund – Class I Shares		5,227,379
	1,083	Janus Forty Fund* – Class N Shares		45,135
	171,014	Janus Fund – Class N Shares		5,942,738
	167,791	Janus Global Research Fund(3) – Class I Shares		8,705,012
	582,667	Janus Global Select Fund – Class I Shares		6,234,535
	2,992,150	Janus International Equity Fund – Class N Shares		35,247,530
	359,131	Janus Overseas Fund – Class N Shares		11,872,864
	1,162	Janus Research Fund – Class N Shares		42,450
	302,610	Janus Triton Fund – Class N Shares		6,155,078
	89,382	Janus Twenty Fund – Class D Shares		5,979,642
	39,572	Perkins Global Value Fund* – Class N Shares		530,270
	960,548	Perkins Large Cap Value Fund – Class N Shares		14,984,545
	2,638	Perkins Mid Cap Value Fund* – Class N Shares		63,395
	250,571	Perkins Small Cap Value Fund – Class N Shares		5,941,028
				166,636,024
Fixed Income Funds – 32.1%
	8,611,851	Janus Global Bond Fund – Class I Shares		84,740,612
	9,013	Janus High-Yield Fund – Class N Shares		82,377
	2,892,821	Janus Short-Term Bond Fund – Class N Shares		8,823,104
				93,646,093
Total Investments (total cost $263,108,568) – 100.0%				291,558,224
Liabilities, net of Cash, Receivables and Other Assets– (0.0)%				(117,863)
Net Assets – 100%			$	291,440,361

(1)	Formerly named Janus Moderate Allocation Fund.
(2)	The Fund invests in mutual funds within the Janus family of funds and they may be deemed to be under common control because they share the same Board of Trustees.
(3)	Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.

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

Janus Asset Allocation Funds | 23

Notes to Schedules of Investments and Other Information

Barclays Global Aggregate Bond Index	Provides a broad-based measure of the global investment grade fixed-rate debt markets. It is comprised of the U.S. Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. It also includes a wide range of standard and customized subindices by liquidity constraint, sector, quality and maturity.
Barclays U.S. Aggregate Bond Index	Made up of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.
Conservative Allocation Index	An internally calculated, hypothetical combination of unmanaged indices that combines the total returns from the Barclays U.S. Aggregate Bond Index (60%), the Dow Jones Wilshire 5000 Index (28%) and the MSCI EAFE® Index (12%).
Dow Jones Wilshire 5000 Index	Measures the performance of all U.S. headquartered equity securities with readily available price data. Over 5,000 capitalization-weighted security returns are used and the Dow Jones Wilshire 5000 Index is considered one of the premier measures of the entire U.S. stock market.
Global Conservative Allocation Index	An internally-calculated, hypothetical combination of total returns from the Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Global Growth Allocation Index	An internally-calculated, hypothetical combination of total returns from the MSCI All Country World IndexSM (80%) and the Barclays Global Aggregate Bond Index (20%).
Global Moderate Allocation Index	An internally calculated, hypothetical combination of total returns from the MSCI All Country World IndexSM (60%) and Barclays Global Aggregate Bond Index (40%).
Growth Allocation Index	An internally calculated, hypothetical combination of total returns from the Dow Jones Wilshire 5000 Index (50%), the MSCI EAFE® Index (25%), the Barclays U.S. Aggregate Bond Index (20%) and the MSCI Emerging Markets IndexSM (5%).
Moderate Allocation Index	An internally calculated, hypothetical combination of total returns from the Dow Jones Wilshire 5000 Index (40%), the Barclays U.S. Aggregate Bond Index (40%), the MSCI EAFE® Index (18%) and the MSCI Emerging Markets IndexSM (2%).
Morgan Stanley Capital International All Country World IndexSM	An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.
Morgan Stanley Capital International EAFE® Index	A free float-adjusted market capitalization weighted index designed to measure developed market equity performance. The MSCI EAFE® Index is composed of companies representative of the market structure of developed market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.
Morgan Stanley Capital International Emerging Markets IndexSM	A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
S&P 500® Index	A commonly recognized, market-capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

* Non-income producing security.

24 | JUNE 30, 2013

£  The Funds 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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended June 30, 2013. Except for the value at year end, all other information in the table is for the year ended June 30, 2013.

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
Janus Global Allocation Fund – Conservative
INTECH International Fund – Class I Shares	790,197	$	6,241,216	(83,792)	$	(670,764)	$	(7,121)	$	148,890	$	11,345,257
INTECH U.S. Growth Fund – Class I Shares	133,271		2,032,522	(509,006)		(6,938,380)		1,291,532		237,270		11,495,936
INTECH U.S. Value Fund – Class I Shares	255,889		2,833,890	(1,139,151)		(11,220,568)		2,524,090		464,090		14,404,951
Janus Diversified Alternatives Fund – Class N Shares	1,438,564		14,383,946	(36,614)		(366,161)		(4,078)		–		13,795,190
Janus Flexible Bond Fund – Class N Shares	1,887,921		20,585,496	(11,589,435)		(119,179,006)		5,914,134		4,955,552		27,801,488
Janus Fund – Class N Shares	23,786		773,892	(15,586)		(493,001)		24,327		53,989		5,544,774
Janus Global Bond Fund – Class I Shares	11,263,147		115,885,241	(285,670)		(2,951,173)		(54,509)		813,673		108,018,379
Janus Global Real Estate Fund – Class I Shares	38,256		392,978	(24,625)		(244,655)		13,564		80,423		2,706,748
Janus Global Research Fund(1) – Class I Shares	228,053		11,588,637	(11,781)		(606,091)		2,351		19,807		11,220,180
Janus Global Select Fund – Class I Shares	534,513		5,753,578	(13,223)		(144,836)		(3)		–		5,577,807
Janus High-Yield Fund – Class N Shares	8,836		81,194	(129,525)		(1,034,835)		184,536		52,262		–
Janus International Equity Fund – Class N Shares	1,118,428		13,069,432	(326,651)		(3,756,124)		(58,794)		176,099		23,879,504
Janus Overseas Fund – Class N Shares	34,367		1,151,195	(15,238)		(583,671)		(65,750)		189,055		5,483,334
Janus Research Fund – Class N Shares	28,645		924,869	(355,840)		(9,009,199)		3,358,769		98,256		–
Janus Short-Term Bond Fund – Class N Shares	1,092,846		3,374,033	(1,433,335)		(4,428,532)		(12,515)		342,210		15,360,689
Janus Triton Fund – Class N Shares	48,840		901,688	(39,680)		(721,168)		46,722		80,656		5,772,496
Perkins Large Cap Value Fund – Class N Shares	193,552		2,756,293	(793,157)		(10,457,503)		1,484,322		333,184		11,553,979
Perkins Small Cap Value Fund – Class N Shares	26,614		588,991	(11,462)		(272,203)		(14,578)		38,603		2,844,527
		$	203,319,091		$	(173,077,870)	$	14,626,999	$	8,084,019	$	276,805,239

Janus Asset Allocation Funds | 25

Notes to Schedules of Investments and Other Information (continued)

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
Janus Global Allocation Fund – Growth
INTECH International Fund – Class I Shares	1,100,983	$	8,706,996	(502,538)	$	(3,982,831)	$	(179,372)	$	470,477	$	25,760,854
INTECH U.S. Growth Fund – Class I Shares	43,341		661,502	(796,921)		(10,705,113)		2,024,333		285,528		12,408,415
INTECH U.S. Value Fund – Class I Shares	87,887		981,794	(803,663)		(8,652,806)		764,234		473,786		21,146,195
Janus Contrarian Fund – Class I Shares	257,809		4,346,593	(65,221)		(652,143)		384,366		14,585		4,982,033
Janus Diversified Alternatives Fund – Class N Shares	1,496,946		14,968,631	(45,410)		(454,117)		(5,546)		–		14,283,115
Janus Emerging Markets Fund – Class I Shares	606,367		5,115,045	(64,201)		(570,566)		(46,074)		16,829		6,536,013
Janus Enterprise Fund – Class N Shares	72,502		4,959,678	(5,482)		(379,098)		2,606		–		5,001,033
Janus Flexible Bond Fund – Class N Shares	139,274		1,515,910	(2,790,585)		(26,857,060)		3,287,478		950,758		–
Janus Fund – Class N Shares	6,718		217,771	(102,586)		(2,574,688)		871,694		77,496		4,961,069
Janus Global Bond Fund – Class I Shares	2,922,138		30,098,386	(202,795)		(2,129,359)		(27,777)		737,795		37,312,813
Janus Global Real Estate Fund – Class I Shares	44,876		460,864	(289,737)		(2,432,995)		645,652		271,370		6,970,795
Janus Global Research Fund(1) – Class I Shares	201,871		10,075,490	(15,149)		(759,976)		3,431		32,423		9,687,119
Janus Global Select Fund – Class I Shares	669,519		7,203,965	(48,319)		(353,917)		159,899		2,325		7,224,672
Janus High-Yield Fund – Class N Shares	7,734		71,348	(164,539)		(1,213,108)		335,517		61,316		–
Janus International Equity Fund – Class N Shares	1,051,607		12,328,912	(541,035)		(6,375,183)		(306,816)		382,712		38,821,534
Janus Overseas Fund – Class N Shares	56,644		1,883,587	(160,420)		(6,558,100)		(1,180,614)		654,251		14,206,183
Janus Research Fund – Class N Shares	7,781		253,356	(436,340)		(9,756,672)		5,331,038		111,063		–
Janus Short-Term Bond Fund – Class N Shares	30,449		94,035	(1,067,867)		(3,283,331)		6,654		48,954		–
Janus Triton Fund – Class N Shares	40,222		770,626	(26,413)		(449,235)		48,709		61,596		4,983,706
Janus Twenty Fund – Class D Shares	3,276		206,534	(71,472)		(3,654,356)		952,359		61,544		4,992,714
Perkins Large Cap Value Fund – Class N Shares	88,158		1,244,768	(984,828)		(12,743,935)		2,056,492		384,641		12,471,163
Perkins Mid Cap Value Fund – Class N Shares	14,455		316,591	(34,758)		(699,216)		94,824		40,843		4,931,054
Perkins Small Cap Value Fund – Class N Shares	16,792		361,552	(23,095)		(507,414)		3,078		71,549		4,935,506
		$	106,843,934		$	(105,745,219)	$	15,226,165	$	5,211,841	$	241,615,986

26 | JUNE 30, 2013

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
Janus Global Allocation Fund – Moderate(2)
INTECH International Fund – Class I Shares	1,343,165	$	10,655,856	(379,211)	$	(3,025,479)	$	(169,689)	$	310,288	$	22,114,302
INTECH U.S. Growth Fund – Class I Shares	80,249		1,249,079	(684,597)		(9,114,416)		1,941,306		272,772		12,000,991
INTECH U.S. Value Fund – Class I Shares	184,189		2,107,758	(1,083,502)		(11,144,282)		1,819,321		570,529		22,533,114
Janus Contrarian Fund – Class I Shares	176,139		2,972,748	(4,147)		(61,711)		10,177		–		3,016,016
Janus Diversified Alternatives Fund – Class N Shares	2,676,063		26,754,734	(65,341)		(653,474)		(6,480)		–		25,689,514
Janus Emerging Markets Fund – Class I Shares	540,483		4,585,965	(34,238)		(299,958)		(17,819)		7,391		5,227,379
Janus Flexible Bond Fund – Class N Shares	722,098		7,845,302	(9,079,781)		(91,165,594)		6,886,126		3,028,562		–
Janus Forty Fund – Class N Shares	–		–	–		–		–		–		45,135
Janus Fund – Class N Shares	12,535		415,497	(40,257)		(1,055,835)		289,548		65,807		5,942,738
Janus Global Bond Fund – Class I Shares	8,727,810		89,789,237	(212,303)		(2,198,476)		(41,830)		633,702		84,740,612
Janus Global Life Sciences Fund – Class I Shares	–		–	(10,329)		(221,127)		148,740		–		–
Janus Global Real Estate Fund – Class I Shares	48,299		505,636	(44,574)		(412,983)		45,555		160,197		5,586,593
Janus Global Research Fund(1) – Class I Shares	178,945		8,932,859	(11,153)		(564,232)		(3,054)		29,276		8,705,012
Janus Global Select Fund – Class I Shares	522,633		5,625,835	(38,025)		(295,277)		107,312		2,380		6,234,535
Janus Global Technology Fund – Class I Shares	–		–	(16,600)		(296,189)		52,253		–		–
Janus High-Yield Fund – Class N Shares	9,455		87,274	(197,396)		(1,489,309)		369,135		87,906		82,377
Janus International Equity Fund – Class N Shares	1,059,114		12,435,654	(352,436)		(4,148,301)		(223,722)		312,076		35,247,530
Janus Overseas Fund – Class N Shares	59,342		1,991,101	(79,169)		(3,089,990)		(429,875)		459,942		11,872,864
Janus Research Fund – Class N Shares	12,225		403,379	(415,080)		(9,512,698)		4,829,962		107,325		42,450
Janus Short-Term Bond Fund – Class N Shares	335,134		1,034,040	(2,139,752)		(6,587,839)		5,827		261,032		8,823,104
Janus Triton Fund – Class N Shares	37,766		712,990	(24,374)		(426,231)		33,234		76,194		6,155,078
Janus Twenty Fund – Class D Shares	6,159		396,384	(12,066)		(764,094)		6,420		48,144		5,979,642
Perkins Global Value Fund – Class N Shares	–		–	–		–		–		–		530,270
Perkins Large Cap Value Fund – Class N Shares	158,683		2,280,642	(1,128,314)		(14,711,969)		2,277,692		445,624		14,984,545
Perkins Mid Cap Value Fund – Class N Shares	–		–	–		–		–		–		63,395
Perkins Small Cap Value Fund – Class N Shares	30,043		658,386	(38,200)		(809,886)		57,134		87,328		5,941,028
		$	181,440,356		$	(162,049,350)	$	17,987,273	$	6,966,475	$	291,558,224

(1)	Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund.
(2)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund – Moderate.

Janus Asset Allocation Funds | 27

Notes to Schedules of Investments and Other Information (continued)

The following is a summary of the inputs that were used to value the Funds’ investments in securities and other financial instruments as of June 30, 2013. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of June 30, 2013)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Janus Global Allocation Fund – Conservative
Mutual Funds
Alternative Funds	$	–	$	16,501,938	$	–
Equity Funds		–		109,122,745		–
Fixed Income Funds		–		151,180,556		–
Total Investments in Securities	$	–	$	276,805,239	$	–
Investments in Securities:
Janus Global Allocation Fund – Growth
Mutual Funds
Alternative Funds	$	–	$	21,253,910	$	–
Equity Funds		–		183,049,263		–
Fixed Income Fund		–		37,312,813		–
Total Investments in Securities	$	–	$	241,615,986	$	–
Investments in Securities:
Janus Global Allocation Fund – Moderate
Mutual Funds
Alternative Funds	$	–	$	31,276,107	$	–
Equity Funds		–		166,636,024		–
Fixed Income Funds		–		93,646,093		–
Total Investments in Securities	$	–	$	291,558,224	$	–

28 | JUNE 30, 2013

Statements of Assets and Liabilities

As of June 30, 2013	Janus Global		Janus Global		Janus Global
(all numbers in thousands except net asset value per share)	Allocation Fund - Conservative		Allocation Fund - Growth		Allocation Fund - Moderate
Assets:
Investments at cost	$	261,794	$	208,258	$	263,109
Affiliated investments at value		276,805		241,616		291,558
Cash		–		–		–
Receivables:
Investments sold		62		–		420
Fund shares sold		220		441		63
Dividends		311		80		192
Non-interested Trustees’ deferred compensation		5		4		5
Other assets		2		1		1
Total Assets		277,405		242,142		292,239
Liabilities:
Payables:
Due to custodian		–		–		–
Investments purchased		311		355		192
Fund shares repurchased		208		126		444
Advisory fees		12		10		10
Fund administration fees		–		–		–
Internal servicing cost		1		–		–
Administrative services fees		27		25		29
Distribution fees and shareholder servicing fees		18		5		10
Administrative, networking and omnibus fees		2		1		2
Non-interested Trustees’ fees and expenses		2		2		2
Non-interested Trustees’ deferred compensation fees		5		4		5
Accrued expenses and other payables		37		68		105
Total Liabilities		623		596		799
Net Assets	$	276,782	$	241,546	$	291,440

See footnotes at the end of the Statements.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 29

Statements of Assets and Liabilities  (continued)

As of June 30, 2013	Janus Global		Janus Global		Janus Global
(all numbers in thousands except net asset value per share)	Allocation Fund - Conservative		Allocation Fund - Growth		Allocation Fund - Moderate
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	246,229	$	210,634	$	264,839
Undistributed net investment income*		1,851		244		725
Undistributed net realized gain/(loss) from investment*		13,690		(2,690)		(1,832)
Unrealized net appreciation of investments and non-interested Trustees’ deferred compensation		15,012		33,358		27,708
Total Net Assets	$	276,782	$	241,546	$	291,440
Net Assets - Class A Shares	$	11,399	$	3,182	$	8,913
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		881		241		709
Net Asset Value Per Share(1)	$	12.93	$	13.19	$	12.58
Maximum Offering Price Per Share(2)	$	13.72	$	13.99	$	13.35
Net Assets - Class C Shares	$	18,294	$	4,325	$	9,480
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,437		333		765
Net Asset Value Per Share(1)	$	12.73	$	13.00	$	12.40
Net Assets - Class D Shares	$	218,190	$	215,671	$	247,153
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,777		16,265		19,564
Net Asset Value Per Share	$	13.00	$	13.26	$	12.63
Net Assets - Class I Shares	$	3,319	$	4,648	$	5,441
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		255		350		431
Net Asset Value Per Share	$	13.01	$	13.27	$	12.63
Net Assets - Class S Shares	$	1,357	$	1,785	$	3,139
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		105		136		251
Net Asset Value Per Share	$	12.91	$	13.13	$	12.49
Net Assets - Class T Shares	$	24,223	$	11,935	$	17,314
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,864		901		1,373
Net Asset Value Per Share	$	13.00	$	13.25	$	12.61

*	See Note 3 in Notes to Financial Statements.
(1)	Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(2)	Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

30 | JUNE 30, 2013

Statements of Operations

For the year ended June 30, 2013	Janus Global		Janus Global		Janus Global
(all numbers in thousands)	Allocation Fund - Conservative		Allocation Fund - Growth		Allocation Fund - Moderate
Investment Income:
Dividends from affiliates	$	8,084	$	5,212	$	6,966
Total Investment Income		8,084		5,212		6,966
Expenses:
Advisory fees		137		120		140
Internal servicing expense - Class A Shares		1		1		1
Internal servicing expense - Class C Shares		5		2		3
Internal servicing expense - Class I Shares		–		–		–
Shareholder reports expense		53		77		64
Transfer agent fees and expenses		35		58		46
Registration fees		62		61		53
Professional fees		42		40		34
Non-interested Trustees’ fees and expenses		8		5		8
Administrative services fees - Class D Shares		258		256		290
Administrative services fees - Class S Shares		3		5		6
Administrative services fees - Class T Shares		69		34		40
Distribution fees and shareholder servicing fees - Class A Shares		26		7		17
Distribution fees and shareholder servicing fees - Class C Shares		166		41		84
Distribution fees and shareholder servicing fees - Class S Shares		3		4		6
Administrative, networking and omnibus fees - Class A Shares		6		1		4
Administrative, networking and omnibus fees - Class C Shares		10		3		4
Administrative, networking and omnibus fees - Class I Shares		3		4		4
Other expenses		7		5		6
Total Expenses		894		724		810
Expense and Fee Offset		–		–		–
Less: Excess Expense Reimbursement		(28)		(8)		(8)
Net Expenses after Waivers and Expense Offsets		866		716		802
Net Investment Income		7,218		4,496		6,164
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain from investment(1)		14,627		15,226		17,987
Capital gain distributions from Underlying Funds		2,008		1,342		1,763
Change in unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		(4,544)		10,600		2,010
Net Gain on Investments		12,091		27,168		21,760
Net Increase in Net Assets Resulting from Operations	$	19,309	$	31,664	$	27,924

(1) Includes realized gain/(loss) from affiliates. See affiliates table in Notes to Schedules of Investments and Other Information.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 31

Statements of Changes in Net Assets

	Janus Global				Janus Global				Janus Global
For the years ended June 30	Allocation Fund - Conservative				Allocation Fund - Growth				Allocation Fund - Moderate
(all numbers in thousands)	2013		2012		2013		2012		2013		2012
Operations:
Net investment income	$	7,218	$	5,714	$	4,496	$	3,444	$	6,164	$	5,451
Net realized gain/(loss) from investment(1)		14,627		(534)		15,226		(2,155)		17,987		(1,410)
Capital gain distributions from Underlying Funds		2,008		2,458		1,342		4,609		1,763		4,150
Change in unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		(4,544)		(140)		10,600		(15,875)		2,010		(9,409)
Net Increase/(Decrease) in Net Assets Resulting from Operations		19,309		7,498		31,664		(9,977)		27,924		(1,218)
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		(270)		(183)		(51)		(43)		(150)		(133)
Class C Shares		(318)		(298)		(43)		(46)		(112)		(174)
Class D Shares		(5,926)		(5,317)		(4,203)		(3,561)		(6,026)		(5,406)
Class I Shares		(81)		(66)		(91)		(35)		(152)		(118)
Class S Shares		(33)		(28)		(31)		(18)		(55)		(27)
Class T Shares		(868)		(524)		(262)		(212)		(383)		(477)
Net Realized Gain/(Loss) from Investment Transactions*
Class A Shares		–		–		–		–		(317)		–
Class C Shares		–		–		–		–		(376)		–
Class D Shares		–		–		–		–		(11,417)		–
Class I Shares		–		–		–		–		(220)		–
Class S Shares		–		–		–		–		(123)		–
Class T Shares		–		–		–		–		(732)		–
Net Decrease from Dividends and Distributions		(7,496)		(6,416)		(4,681)		(3,915)		(20,063)		(6,335)
Capital Share Transactions:
Shares Sold
Class A Shares		5,272		6,406		920		1,167		2,550		2,109
Class C Shares		6,403		7,981		1,004		1,687		1,246		2,894
Class D Shares		53,264		61,300		21,406		27,648		37,208		39,525
Class I Shares		3,107		1,312		1,798		2,180		2,511		3,738
Class S Shares		506		815		956		1,088		1,380		1,490
Class T Shares		14,117		24,827		6,336		5,523		8,571		7,634
Shares Issued in Connection with Acquisition (Note 6)
Class A Shares		N/A		N/A		N/A		N/A		1,817		N/A
Class C Shares		N/A		N/A		N/A		N/A		1,837		N/A
Class I Shares		N/A		N/A		N/A		N/A		673		N/A
Class S Shares		N/A		N/A		N/A		N/A		137		N/A
Class T Shares		N/A		N/A		N/A		N/A		530		N/A

See footnotes at the end of the Statements.

See Notes to Financial Statements.

32 | JUNE 30, 2013

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33

Statements of Changes in Net Assets  (continued)

	Janus Global				Janus Global				Janus Global
For the years ended June 30	Allocation Fund - Conservative				Allocation Fund - Growth				Allocation Fund - Moderate
(all numbers in thousands)	2013		2012		2013		2012		2013		2012
Reinvested Dividends and Distributions
Class A Shares		248		166		50		43		454		124
Class C Shares		263		252		41		44		458		158
Class D Shares		5,879		5,284		4,165		3,532		17,310		5,361
Class I Shares		70		61		85		33		366		116
Class S Shares		33		27		31		18		178		27
Class T Shares		634		480		253		207		1,097		468
Shares Repurchased
Class A Shares		(2,575)		(3,419)		(788)		(1,138)		(1,760)		(1,880)
Class C Shares		(2,981)		(2,155)		(960)		(504)		(2,703)		(1,980)
Class D Shares		(47,465)		(47,129)		(38,953)		(40,574)		(42,540)		(47,737)
Class I Shares		(2,334)		(1,523)		(1,356)		(777)		(3,988)		(2,633)
Class S Shares		(403)		(221)		(1,024)		(198)		(187)		(357)
Class T Shares		(20,137)		(13,795)		(9,234)		(4,457)		(8,984)		(12,366)
Net Increase/(Decrease) from Capital Share Transactions		13,901		40,669		(15,270)		(4,478)		18,161		(3,309)
Net Increase/(Decrease) in Net Assets		25,714		41,751		11,713		(18,370)		26,022		(10,862)
Net Assets:
Beginning of period		251,068		209,317		229,833		248,203		265,418		276,280
End of period	$	276,782	$	251,068	$	241,546	$	229,833	$	291,440	$	265,418
Undistributed Net Investment Income*	$	1,851	$	2,129	$	244	$	428	$	725	$	1,440

*	See Note 3 in Notes to Financial Statements.
(1)	Includes realized gain/(loss) from affiliates. See affiliates table in Notes to Schedules of Investments and Other Information.

See Notes to Financial Statements.

34 | JUNE 30, 2013

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35

Financial Highlights

Class A Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Conservative
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$12.37		$12.38		$11.24		$11.08		$10.13
Income from Investment Operations:
Net investment income		0.33		0.29		0.47		0.33		0.02
Net gain/(loss) on investments (both realized and unrealized)		0.57		0.05		1.10		0.20		0.93
Total from Investment Operations		0.90		0.34		1.57		0.53		0.95
Less Distributions:
Dividends (from net investment income)*		(0.34)		(0.35)		(0.43)		(0.37)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.34)		(0.35)		(0.43)		(0.37)		–
Net Asset Value, End of Period		$12.93		$12.37		$12.38		$11.24		$11.08
Total Return**		7.36%		2.91%		14.08%		4.75%		9.38%
Net Assets, End of Period (in thousands)		$11,399		$8,064		$4,804		$1,173		$235
Average Net Assets for the Period (in thousands)		$10,187		$6,495		$2,950		$710		$41
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.43%		0.44%		0.38%		0.39%		0.45%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.43%		0.44%		0.38%		0.39%		0.37%
Ratio of Net Investment Income to Average Net Assets***(3)		2.51%		2.36%		3.79%		2.67%		2.70%
Portfolio Turnover Rate		69%		10%		12%		12%^		21%

Class A Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Growth
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$11.78		$12.49		$10.47		$10.35		$9.16
Income from Investment Operations:
Net investment income		0.23		0.16		0.19		0.17		0.01
Net gain/(loss) on investments (both realized and unrealized)		1.41		(0.68)		2.04		0.14		1.18
Total from Investment Operations		1.64		(0.52)		2.23		0.31		1.19
Less Distributions:
Dividends (from net investment income)*		(0.23)		(0.19)		(0.21)		(0.19)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.23)		(0.19)		(0.21)		(0.19)		–
Net Asset Value, End of Period		$13.19		$11.78		$12.49		$10.47		$10.35
Total Return**		14.08%		(4.04)%		21.38%		2.96%		12.99%
Net Assets, End of Period (in thousands)		$3,182		$2,683		$2,768		$628		$149
Average Net Assets for the Period (in thousands)		$2,912		$2,684		$1,640		$343		$99
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.41%		0.48%		0.44%		0.39%		0.50%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.41%		0.48%		0.44%		0.37%		0.47%
Ratio of Net Investment Income to Average Net Assets***(3)		1.72%		1.34%		1.61%		0.92%		0.56%
Portfolio Turnover Rate		45%		18%		26%		13%^		23%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

36 | JUNE 30, 2013

Class A Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Moderate(1)
period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$12.21		$12.57		$10.95		$10.80		$9.68
Income from Investment Operations:
Net investment income		0.32		0.24		0.34		0.18		0.02
Net gain/(loss) on investments (both realized and unrealized)		0.97		(0.31)		1.58		0.24		1.10
Total from Investment Operations		1.29		(0.07)		1.92		0.42		1.12
Less Distributions:
Dividends (from net investment income)*		(0.31)		(0.29)		(0.30)		(0.27)		–
Distributions (from capital gains)*		(0.61)		–		–		–		–
Total Distributions		(0.92)		(0.29)		(0.30)		(0.27)		–
Net Asset Value, End of Period		$12.58		$12.21		$12.57		$10.95		$10.80
Total Return**		10.67%		(0.41)%		17.59%		3.81%		11.57%
Net Assets, End of Period (in thousands)		$8,913		$5,720		$5,498		$1,844		$1,145
Average Net Assets for the Period (in thousands)		$6,850		$5,484		$3,818		$1,676		$424
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(4)		0.41%		0.42%		0.50%		0.40%		0.48%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(4)		0.41%		0.42%		0.50%		0.40%		0.44%
Ratio of Net Investment Income to Average Net Assets***(4)		1.97%		1.98%		2.88%		1.82%		1.43%
Portfolio Turnover Rate		64%		18%		15%		11%^		19%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. See Note 6 in Notes to Financial Statements.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.
(4)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 37

Financial Highlights  (continued)

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Conservative
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$12.19		$12.26		$11.17		$11.06		$10.13
Income from Investment Operations:
Net investment income		0.25		0.22		0.40		0.32		0.01
Net gain/(loss) on investments (both realized and unrealized)		0.55		0.03		1.07		0.14		0.92
Total from Investment Operations		0.80		0.25		1.47		0.46		0.93
Less Distributions:
Dividends (from net investment income)*		(0.26)		(0.32)		(0.38)		(0.35)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.26)		(0.32)		(0.38)		(0.35)		–
Net Asset Value, End of Period		$12.73		$12.19		$12.26		$11.17		$11.06
Total Return**		6.57%		2.19%		13.25%		4.17%		9.18%
Net Assets, End of Period (in thousands)		$18,294		$13,969		$7,808		$1,648		$253
Average Net Assets for the Period (in thousands)		$16,584		$11,010		$4,096		$953		$54
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		1.19%		1.19%		1.14%		1.14%		1.20%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		1.19%		1.19%		1.14%		1.14%		1.13%
Ratio of Net Investment Income/(Loss) to Average Net Assets***(3)		1.70%		1.65%		2.98%		1.81%		1.87%
Portfolio Turnover Rate		69%		10%		12%		12%^		21%

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Growth
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$11.60		$12.37		$10.40		$10.33		$9.16
Income from Investment Operations:
Net investment income		0.12		0.08		0.16		0.13		–
Net gain/(loss) on investments (both realized and unrealized)		1.41		(0.69)		1.96		0.13		1.17
Total from Investment Operations		1.53		(0.61)		2.12		0.26		1.17
Less Distributions:
Dividends (from net investment income)*		(0.13)		(0.16)		(0.15)		(0.19)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.13)		(0.16)		(0.15)		(0.19)		–
Net Asset Value, End of Period		$13.00		$11.60		$12.37		$10.40		$10.33
Total Return**		13.30%		(4.82)%		20.39%		2.41%		12.77%
Net Assets, End of Period (in thousands)		$4,325		$3,791		$2,736		$706		$110
Average Net Assets for the Period (in thousands)		$4,126		$3,325		$1,446		$398		$20
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		1.21%		1.34%		1.21%		1.14%		1.37%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		1.21%		1.34%		1.21%		1.13%		1.26%
Ratio of Net Investment Income/(Loss) to Average Net Assets***(3)		0.93%		0.46%		0.51%		0.27%		(0.18)%
Portfolio Turnover Rate		45%		18%		26%		13%^		23%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

38 | JUNE 30, 2013

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Moderate(1)
period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$12.02		$12.46		$10.88		$10.77		$9.68
Income from Investment Operations:
Net investment income		0.18		0.15		0.26		0.21		0.01
Net gain/(loss) on investments (both realized and unrealized)		0.99		(0.32)		1.57		0.15		1.08
Total from Investment Operations		1.17		(0.17)		1.83		0.36		1.09
Less Distributions:
Dividends (from net investment income)*		(0.18)		(0.27)		(0.25)		(0.25)		–
Distributions (from capital gains)*		(0.61)		–		–		–		–
Total Distributions		(0.79)		(0.27)		(0.25)		(0.25)		–
Net Asset Value, End of Period		$12.40		$12.02		$12.46		$10.88		$10.77
Total Return**		9.78%		(1.27)%		16.86%		3.33%		11.26%
Net Assets, End of Period (in thousands)		$9,480		$8,397		$7,572		$2,509		$406
Average Net Assets for the Period (in thousands)		$8,442		$7,945		$5,021		$1,469		$113
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(4)		1.18%		1.26%		1.16%		1.16%		1.26%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(4)		1.18%		1.26%		1.16%		1.16%		1.20%
Ratio of Net Investment Income to Average Net Assets***(4)		1.23%		1.10%		1.85%		0.87%		0.71%
Portfolio Turnover Rate		64%		18%		15%		11%^		19%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. See Note 6 in Notes to Financial Statements.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.
(4)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 39

Financial Highlights  (continued)

Class D Shares

	Janus Global Allocation Fund - Conservative
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$12.44		$12.43		$11.26		$11.13
Income from Investment Operations:
Net investment income		0.35		0.31		0.48		0.10
Net gain/(loss) on investments (both realized and unrealized)		0.57		0.06		1.12		0.03
Total from Investment Operations		0.92		0.37		1.60		0.13
Less Distributions:
Dividends (from net investment income)*		(0.36)		(0.36)		(0.43)		–
Distributions (from capital gains)*		–		–		–		–
Total Distributions		(0.36)		(0.36)		(0.43)		–
Net Asset Value, End of Period		$13.00		$12.44		$12.43		$11.26
Total Return**		7.50%		3.14%		14.34%		1.17%
Net Assets, End of Period (in thousands)		$218,190		$197,198		$177,032		$133,056
Average Net Assets for the Period (in thousands)		$215,079		$184,437		$158,291		$130,396
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(2)		0.25%		0.24%		0.25%		0.24%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(2)		0.25%		0.24%		0.25%		0.24%
Ratio of Net Investment Income to Average Net Assets***(2)		2.69%		2.59%		4.07%		2.40%
Portfolio Turnover Rate		69%		10%		12%		12%^

Class D Shares

	Janus Global Allocation Fund - Growth
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$11.85		$12.54		$10.49		$10.66
Income from Investment Operations:
Net investment income		0.25		0.18		0.21		0.03
Net gain/(loss) on investments (both realized and unrealized)		1.42		(0.67)		2.05		(0.20)
Total from Investment Operations		1.67		(0.49)		2.26		(0.17)
Less Distributions:
Dividends (from net investment income)*		(0.26)		(0.20)		(0.21)		–
Distributions (from capital gains)*		–		–		–		–
Total Distributions		(0.26)		(0.20)		(0.21)		–
Net Asset Value, End of Period		$13.26		$11.85		$12.54		$10.49
Total Return**		14.21%		(3.77)%		21.56%		(1.59)%
Net Assets, End of Period (in thousands)		$215,671		$205,107		$227,179		$187,128
Average Net Assets for the Period (in thousands)		$213,579		$207,366		$214,398		$199,596
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(2)		0.28%		0.28%		0.28%		0.27%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(2)		0.28%		0.28%		0.28%		0.27%
Ratio of Net Investment Income to Average Net Assets***(2)		1.89%		1.52%		1.74%		0.71%
Portfolio Turnover Rate		45%		18%		26%		13%^

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from February 16, 2010 (inception date) through June 30, 2010.
(2)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

40 | JUNE 30, 2013

Class D Shares

	Janus Global Allocation Fund - Moderate(1)
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(2)
Net Asset Value, Beginning of Period		$12.27		$12.62		$10.96		$10.98
Income from Investment Operations:
Net investment income		0.30		0.26		0.34		0.06
Net gain/(loss) on investments (both realized and unrealized)		1.00		(0.31)		1.62		(0.08)
Total from Investment Operations		1.30		(0.05)		1.96		(0.02)
Less Distributions:
Dividends (from net investment income)*		(0.33)		(0.30)		(0.30)		–
Distributions (from capital gains)*		(0.61)		–		–		–
Total Distributions		(0.94)		(0.30)		(0.30)		–
Net Asset Value, End of Period		$12.63		$12.27		$12.62		$10.96
Total Return**		10.71%		(0.27)%		18.00%		(0.18)%
Net Assets, End of Period (in thousands)		$247,153		$228,415		$238,030		$180,261
Average Net Assets for the Period (in thousands)		$241,398		$224,382		$216,280		$184,405
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.25%		0.26%		0.25%		0.27%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.25%		0.26%		0.25%		0.27%
Ratio of Net Investment Income to Average Net Assets***(3)		2.24%		2.10%		2.83%		1.43%
Portfolio Turnover Rate		64%		18%		15%		11%^

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. See Note 6 in Notes to Financial Statements.
(2)	Period from February 16, 2010 (inception date) through June 30, 2010.
(3)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 41

Financial Highlights  (continued)

Class I Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Conservative
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$12.44		$12.42		$11.26		$11.10		$10.13
Income from Investment Operations:
Net investment income		0.35		0.33		0.43		0.43		0.02
Net gain/(loss) on investments (both realized and unrealized)		0.59		0.05		1.17		0.10		0.95
Total from Investment Operations		0.94		0.38		1.60		0.53		0.97
Less Distributions:
Dividends (from net investment income)*		(0.37)		(0.36)		(0.44)		(0.37)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.37)		(0.36)		(0.44)		(0.37)		–
Net Asset Value, End of Period		$13.01		$12.44		$12.42		$11.26		$11.10
Total Return**		7.61%		3.22%		14.34%		4.78%		9.58%
Net Assets, End of Period (in thousands)		$3,319		$2,354		$2,505		$545		$11
Average Net Assets for the Period (in thousands)		$2,902		$2,250		$1,411		$265		$2
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.20%		0.20%		0.18%		0.15%		0.20%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.20%		0.20%		0.18%		0.14%		0.13%
Ratio of Net Investment Income to Average Net Assets***(3)		2.72%		2.65%		3.84%		2.53%		2.98%
Portfolio Turnover Rate		69%		10%		12%		12%^		21%

Class I Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Growth
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$11.86		$12.53		$10.49		$10.37		$9.16
Income from Investment Operations:
Net investment income		0.25		0.20		0.22		0.23		–
Net gain/(loss) on investments (both realized and unrealized)		1.43		(0.67)		2.04		0.09		1.21
Total from Investment Operations		1.68		(0.47)		2.26		0.32		1.21
Less Distributions:
Dividends (from net investment income)*		(0.27)		(0.20)		(0.22)		(0.20)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.27)		(0.20)		(0.22)		(0.20)		–
Net Asset Value, End of Period		$13.27		$11.86		$12.53		$10.49		$10.37
Total Return**		14.32%		(3.62)%		21.58%		3.03%		13.21%
Net Assets, End of Period (in thousands)		$4,648		$3,647		$2,316		$1,938		$11
Average Net Assets for the Period (in thousands)		$4,349		$2,587		$2,178		$1,065		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.20%		0.21%		0.25%		0.14%		0.49%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.20%		0.21%		0.25%		0.13%		0.29%
Ratio of Net Investment Income to Average Net Assets***(3)		1.97%		1.44%		1.72%		0.86%		1.04%
Portfolio Turnover Rate		45%		18%		26%		13%^		23%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

42 | JUNE 30, 2013

Class I Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Moderate(1)
period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$12.27		$12.60		$10.96		$10.80		$9.68
Income from Investment Operations:
Net investment income		0.31		0.26		0.34		0.26		0.05
Net gain/(loss) on investments (both realized and unrealized)		1.00		(0.29)		1.61		0.17		1.07
Total from Investment Operations		1.31		(0.03)		1.95		0.43		1.12
Less Distributions:
Dividends (from net investment income)*		(0.34)		(0.30)		(0.31)		(0.27)		–
Distributions (from capital gains)*		(0.61)		–		–		–		–
Total Distributions		(0.95)		(0.30)		(0.31)		(0.27)		–
Net Asset Value, End of Period		$12.63		$12.27		$12.60		$10.96		$10.80
Total Return**		10.80%		(0.12)%		17.91%		3.96%		11.57%
Net Assets, End of Period (in thousands)		$5,441		$5,640		$4,510		$1,625		$36
Average Net Assets for the Period (in thousands)		$5,730		$5,003		$3,130		$757		$29
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(4)		0.18%		0.17%		0.17%		0.16%		0.19%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(4)		0.18%		0.17%		0.17%		0.16%		0.18%
Ratio of Net Investment Income to Average Net Assets***(4)		2.38%		2.18%		2.56%		1.70%		1.72%
Portfolio Turnover Rate		64%		18%		15%		11%^		19%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. See Note 6 in Notes to Financial Statements.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.
(4)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 43

Financial Highlights  (continued)

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Conservative
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$12.35		$12.37		$11.24		$11.07		$10.13
Income from Investment Operations:
Net investment income		0.31		0.26		0.41		0.30		0.06
Net gain/(loss) on investments (both realized and unrealized)		0.57		0.06		1.13		0.20		0.88
Total from Investment Operations		0.88		0.32		1.54		0.50		0.94
Less Distributions:
Dividends (from net investment income)*		(0.32)		(0.34)		(0.41)		(0.33)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.32)		(0.34)		(0.41)		(0.33)		–
Net Asset Value, End of Period		$12.91		$12.35		$12.37		$11.24		$11.07
Total Return**		7.21%		2.77%		13.82%		4.48%		9.28%
Net Assets, End of Period (in thousands)		$1,357		$1,160		$520		$125		$164
Average Net Assets for the Period (in thousands)		$1,335		$967		$336		$126		$127
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.61%		0.59%		0.62%		0.64%		0.67%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.59%		0.59%		0.62%		0.64%		0.65%
Ratio of Net Investment Income to Average Net Assets***(3)		2.36%		2.28%		3.84%		2.47%		2.22%
Portfolio Turnover Rate		69%		10%		12%		12%^		21%

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Growth
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$11.74		$12.45		$10.45		$10.35		$9.16
Income from Investment Operations:
Net investment income		0.20		0.18		0.21		0.15		–
Net gain/(loss) on investments (both realized and unrealized)		1.41		(0.70)		2.00		0.14		1.19
Total from Investment Operations		1.61		(0.52)		2.21		0.29		1.19
Less Distributions:
Dividends (from net investment income)*		(0.22)		(0.19)		(0.21)		(0.19)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.22)		(0.19)		(0.21)		(0.19)		–
Net Asset Value, End of Period		$13.13		$11.74		$12.45		$10.45		$10.35
Total Return**		13.84%		(4.10)%		21.15%		2.73%		12.99%
Net Assets, End of Period (in thousands)		$1,785		$1,613		$753		$30		$11
Average Net Assets for the Period (in thousands)		$1,902		$1,268		$558		$19		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.58%		0.60%		0.67%		0.65%		0.91%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.58%		0.60%		0.67%		0.65%		0.67%
Ratio of Net Investment Income to Average Net Assets***(3)		1.51%		1.11%		1.61%		0.68%		0.66%
Portfolio Turnover Rate		45%		18%		26%		13%^		23%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

44 | JUNE 30, 2013

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Janus Global Allocation Fund - Moderate(1)
period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$12.14		$12.52		$10.91		$10.78		$9.68
Income from Investment Operations:
Net investment income		0.29		0.24		0.29		0.25		0.01
Net gain/(loss) on investments (both realized and unrealized)		0.97		(0.34)		1.62		0.14		1.09
Total from Investment Operations		1.26		(0.10)		1.91		0.39		1.10
Less Distributions:
Dividends (from net investment income)*		(0.30)		(0.28)		(0.30)		(0.26)		–
Distributions (from capital gains)*		(0.61)		–		–		–		–
Total Distributions		(0.91)		(0.28)		(0.30)		(0.26)		–
Net Asset Value, End of Period		$12.49		$12.14		$12.52		$10.91		$10.78
Total Return**		10.44%		(0.64)%		17.56%		3.57%		11.36%
Net Assets, End of Period (in thousands)		$3,139		$1,595		$416		$58		$11
Average Net Assets for the Period (in thousands)		$2,429		$1,042		$374		$26		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(4)		0.60%		0.60%		0.64%		0.66%		0.92%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(4)		0.60%		0.60%		0.64%		0.66%		0.77%
Ratio of Net Investment Income to Average Net Assets***(4)		1.88%		1.88%		2.92%		1.35%		1.59%
Portfolio Turnover Rate		64%		18%		15%		11%^		19%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. See Note 6 in Notes to Financial Statements.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.
(4)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 45

Financial Highlights  (continued)

Class T Shares

For a share outstanding during each year or period ended	Janus Global Allocation Fund - Conservative
June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$12.42		$12.42		$11.26		$11.09		$9.52		$12.09
Income from Investment Operations:
Net investment income		0.38		0.15		0.26		0.72		0.38		0.33
Net gain/(loss) on investments (both realized and unrealized)		0.55		0.21		1.32		(0.20)		1.52		(2.46)
Total from Investment Operations		0.93		0.36		1.58		0.52		1.90		(2.13)
Less Distributions:
Dividends (from net investment income)*		(0.35)		(0.36)		(0.42)		(0.35)		(0.33)		(0.29)
Distributions (from capital gains)*		–		–		–		–		–		(0.15)
Total Distributions		(0.35)		(0.36)		(0.42)		(0.35)		(0.33)		(0.44)
Net Asset Value, End of Period		$13.00		$12.42		$12.42		$11.26		$11.09		$9.52
Total Return**		7.60%		3.03%		14.15%		4.70%		20.71%		(18.26)%
Net Assets, End of Period (in thousands)		$24,223		$28,323		$16,648		$9,999		$114,544		$83,219
Average Net Assets for the Period (in thousands)		$27,679		$22,198		$12,762		$60,927		$90,262		$88,345
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(2)		0.36%		0.34%		0.36%		0.31%		0.33%		0.25%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(2)		0.26%		0.31%		0.36%		0.31%		0.30%		0.17%
Ratio of Net Investment Income to Average Net Assets***(2)		2.87%		2.37%		3.77%		3.62%		4.14%		3.16%
Portfolio Turnover Rate		69%		10%		12%		12%^		21%		90%

Class T Shares

For a share outstanding during each year or period ended	Janus Global Allocation Fund - Growth
June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$11.84		$12.54		$10.48		$10.36		$8.62		$13.95
Income from Investment Operations:
Net investment income		0.29		0.15		0.21		0.29		0.26		0.24
Net gain/(loss) on investments (both realized and unrealized)		1.37		(0.65)		2.04		0.01		1.69		(4.93)
Total from Investment Operations		1.66		(0.50)		2.25		0.30		1.95		(4.69)
Less Distributions:
Dividends (from net investment income)*		(0.25)		(0.20)		(0.19)		(0.18)		(0.21)		(0.24)
Distributions (from capital gains)*		–		–		–		–		–		(0.40)
Total Distributions		(0.25)		(0.20)		(0.19)		(0.18)		(0.21)		(0.64)
Net Asset Value, End of Period		$13.25		$11.84		$12.54		$10.48		$10.36		$8.62
Total Return**		14.18%		(3.90)%		21.55%		2.86%		23.32%		(35.15)%
Net Assets, End of Period (in thousands)		$11,935		$12,992		$12,451		$10,459		$190,737		$143,425
Average Net Assets for the Period (in thousands)		$13,567		$12,693		$11,585		$96,998		$154,899		$183,091
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(2)		0.36%		0.38%		0.35%		0.33%		0.37%		0.26%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(2)		0.30%		0.34%		0.35%		0.33%		0.36%		0.24%
Ratio of Net Investment Income to Average Net Assets***(2)		1.88%		1.46%		1.62%		1.84%		2.90%		1.95%
Portfolio Turnover Rate		45%		18%		26%		13%^		23%		55%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

46 | JUNE 30, 2013

Class T Shares

For a share outstanding during each year or period ended	Janus Global Allocation Fund - Moderate(1)
June 30 and each year ended October 31	2013		2012		2011		2010(2)		2009		2008
Net Asset Value, Beginning of Period		$12.25		$12.60		$10.95		$10.79		$9.05		$12.95
Income from Investment Operations:
Net investment income		0.27		0.32		0.11		0.56		0.32		0.31
Net gain/(loss) on investments (both realized and unrealized)		1.03		(0.38)		1.84		(0.14)		1.71		(3.64)
Total from Investment Operations		1.30		(0.06)		1.95		0.42		2.03		(3.33)
Less Distributions:
Dividends (from net investment income)*		(0.33)		(0.29)		(0.30)		(0.26)		(0.29)		(0.29)
Distributions (from capital gains)*		(0.61)		–		–		–		–		(0.28)
Total Distributions		(0.94)		(0.29)		(0.30)		(0.26)		(0.29)		(0.57)
Net Asset Value, End of Period		$12.61		$12.25		$12.60		$10.95		$10.79		$9.05
Total Return**		10.67%		(0.33)%		17.89%		3.80%		23.19%		(26.77)%
Net Assets, End of Period (in thousands)		$17,314		$15,651		$20,254		$10,268		$160,742		$110,756
Average Net Assets for the Period (in thousands)		$15,843		$19,099		$16,051		$83,813		$124,910		$132,650
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***(3)		0.35%		0.36%		0.35%		0.30%		0.33%		0.24%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***(3)		0.30%		0.31%		0.35%		0.30%		0.32%		0.20%
Ratio of Net Investment Income to Average Net Assets***(3)		2.15%		2.12%		2.88%		2.63%		3.48%		2.63%
Portfolio Turnover Rate		64%		18%		15%		11%^		19%		71%

*	See Note 3 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. See Note 6 in Notes to Financial Statements.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Ratios do not include expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Asset Allocation Funds | 47

Notes to Financial Statements (unaudited)

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.

1.  Organization and Significant Accounting Policies

Janus Global Allocation Fund – Conservative (formerly named Janus Conservative Allocation Fund), Janus Global Allocation Fund – Growth (formerly named Janus Growth Allocation Fund), and Janus Global Allocation Fund – Moderate (formerly named Janus Moderate Allocation Fund) (individually, a “Fund” and collectively, the “Funds”) are series funds. The Funds each operate as a “fund of funds,” meaning substantially all of the Funds’ assets will be invested in other Janus funds (the “underlying funds”). The Funds are part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The financial statements include information for the year ended June 30, 2013. The Trust offers forty-four funds which include multiple series of shares, with differing investment objectives and policies. Each Fund in this report is classified as diversified, as defined in the 1940 Act.

Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund – Moderate. See Note 6 in these Notes to Financial Statements for more details about this merger.

Each Fund in this report 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 A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors. The Shares are available only to investors who hold accounts directly with the Janus funds and to immediate family members or members of the same household of an eligible individual investor. The Shares are not offered through financial intermediaries.

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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

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

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

Underlying Funds

Each Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. Each Fund has a target allocation, which is how each Fund’s investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which each Fund’s asset class allocations generally will vary over short-term periods. The normal asset allocation ranges are as follows: (1) 30%-50% equity investments, 50%-65% fixed-income securities and money market instruments, and 0%-20% alternative investments for Janus Global Allocation Fund – Conservative; (2) 70%-85% equity investments, 10%-25% fixed-income securities and money market instruments, and 5%-20% alternative investments, for Janus Global Allocation Fund – Growth; and (3) 45%-65% equity investments, 30%-45% fixed-income securities and money market instruments, and 5%-20% alternative investments for Janus Global Allocation Fund – Moderate. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Funds’ and underlying funds’ prospectuses. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to Fund shareholders.

48 | JUNE 30, 2013

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

Investment Valuation

A Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

Securities held by the underlying funds are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities held by the underlying funds traded on over-the-counter (“OTC”) markets and listed securities for which no sales are reported are 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 underlying funds’ Trustees. Short-term securities held by the underlying funds with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities held by the underlying funds with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies held by the underlying funds are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the underlying funds are identified between the closing of their principal markets and the time the NAV is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the underlying funds’ Trustees. 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 non-valued security and a restricted or non-public security. The underlying funds use 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. Restricted and illiquid securities are valued in accordance with procedures established by the underlying funds’ Trustees.

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. 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

Each Fund bears expenses incurred specifically on its behalf, as well as a portion of general expenses, which may be allocated pro rata to each of the Funds in the Trust. Additionally, each Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears expenses incurred specifically on its behalf and, in addition, each class 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.

Dividend Distributions

The Funds generally declare and distribute dividends of net investment income and realized capital gains (if any) annually.

The underlying funds 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

Janus Asset Allocation Funds | 49

Notes to Financial Statements (unaudited) (continued)

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

Federal Income Taxes

Each Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed each 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 Funds’ financial statements.

Valuation Inputs Summary

In accordance with FASB guidance, the Funds utilize “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Funds’ investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

The Funds classify each of their investments in underlying funds as Level 2, without consideration as to the classification level of the specific investments held by the underlying funds.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2013 to value the Funds’ investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedules of Investments and Other Information.

FASB Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Funds shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. To meet the objective of the quantitative disclosure, the Funds may need to further disaggregate to provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

The Funds are not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Funds when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, the Funds cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Funds.

In addition, the Accounting Standards Update requires the Funds to provide a narrative sensitivity disclosure of the fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no transfers in or out of Level 1, Level 2 and Level 3 for the Funds during the year.

The Funds recognize transfers between the levels as of the beginning of the fiscal year.

50 | JUNE 30, 2013

2.  Investment Advisory Agreements and Other Transactions with Affiliates

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

			Contractual
	Average		Investment
	Daily Net		Advisory
	Assets		Fee (%)
Fund	of the Fund		(annual rate)
Janus Global Allocation Fund - Conservative		All Asset Levels		0.05
Janus Global Allocation Fund - Growth		All Asset Levels		0.05
Janus Global Allocation Fund - Moderate		All Asset Levels		0.05

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Funds’ 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 Funds.

Certain, but not all, intermediaries charge administrative fees 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 Funds to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Funds, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Funds. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships.

Class D Shares pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class S Shares and Class T Shares of each Fund for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Funds. 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 each 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.

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

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services incurs for serving as transfer agent and providing servicing to shareholders.

Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, is the distributor of the Funds. The Funds have adopted a Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Funds to intermediaries at an annual rate, as determined from time to time by the Board of Trustees, 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. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Funds. If any of a Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statements of Operations.

Janus Capital has contractually agreed to waive the advisory fee payable by each Fund listed below in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding any expenses of an underlying fund (acquired fund fees and expenses), class-specific distribution and shareholder servicing fees applicable to Class A Shares, Class C Shares, and Class S Shares, the administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage

Janus Asset Allocation Funds | 51

Notes to Financial Statements (unaudited) (continued)

commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rates shown below. Janus Capital has agreed to continue each waiver until at least November 1, 2013. If applicable, amounts reimbursed to the Funds by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statements of Operations.

	Expense
Fund	Limit (%)
Janus Global Allocation Fund - Conservative		0.40
Janus Global Allocation Fund - Growth		0.45
Janus Global Allocation Fund - Moderate		0.39

Janus Capital has entered into an agreement with Wilshire Associates Inc. (“Wilshire”), a global investment technology, investment consulting, and investment management firm, to act as a consultant to Janus Capital. Wilshire provides research and advice regarding asset allocation methodologies, which Janus Capital may use when determining asset class allocations for the Funds. For its consulting services, Janus Capital pays Wilshire an annual fee, payable monthly, that is comprised of a combination of an initial program establishment fee, fixed fee, and an asset-based fee.

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 Funds. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Funds as unrealized appreciation/(depreciation) and is shown as of June 30, 2013 on the Statements of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation” on the Statements of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2013 are included in “Non-interested Trustees’ fees and expenses” on the Statements 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 $243,941 were paid by the Trust to a Trustee under the Deferred Plan during the year ended June 30, 2013.

Certain officers of the Funds may also be officers and/or directors of Janus Capital. The Funds’ Chief Compliance Officer and certain other Fund officers may be compensated by the Funds. The Funds reimburse Janus Capital for a portion of the compensation paid to the Chief Compliance Officer and certain compliance staff as well as Janus Capital personnel providing administration services to the Funds. Total compensation of $487,826 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year June 30, 2013. Each Fund’s portion is reported as part of “Other Expenses” on the Statements of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Funds. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended June 30, 2013, Janus Distributors retained the following upfront sales charges:

	Upfront
Fund (Class A Shares)	Sales Charge
Janus Global Allocation Fund - Conservative	$	10,041
Janus Global Allocation Fund - Growth		2,267
Janus Global Allocation Fund - Moderate		9,830

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, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the year ended June 30, 2013.

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. During the year ended June 30, 2013, redeeming shareholders of Class C Shares paid the following CDSCs:

Fund (Class C Shares)	CDSC
Janus Global Allocation Fund - Conservative	$	2,250
Janus Global Allocation Fund - Growth		780
Janus Global Allocation Fund - Moderate		1,417

The Funds’ expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statements of Operations (if applicable). The Funds could have employed the assets used by the

52 | JUNE 30, 2013

custodian and/or transfer agent to produce income if they had not entered into an expense offset arrangement.

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

During the year ended June 30, 2013, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Schedules of Investments and Other Information.

Janus Capital or an affiliate invested and/or redeemed initial seed capital during the year ended June 30, 2013, as indicated in the following table:

Seed Capital

Date of

Date of

Seed Capital

Fund

at 6/30/12

Purchases

Purchases

Redemptions

Redemptions

at 6/30/13

Janus Global Allocation Fund - Moderate - Class S Shares(1)

$

–

$

136,757

4/5/13

$

–

–

$

136,757

(1) On April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund -Moderate. The seed capital balance held in Janus World Allocation Fund - Class S Shares was transferred to Janus Global Allocation Fund - Moderate - Class S shares at the time of the merger.

3.  Federal Income Tax

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

Other book to tax differences may consist of deferred compensation.

Undistributed

Undistributed

Loss Deferrals

Other Book

Net Tax

Ordinary

Long-Term

Accumulated

Late-Year

Post-October

to Tax

Appreciation/

Fund

Income

Gains

Capital Losses

Ordinary Loss

Capital Loss

Differences

(Depreciation)

Janus Global Allocation Fund - Conservative

$

1,856,167

$

16,240,535

$

–

$

–

$

–

$

(4,475)

$

12,460,555

Janus Global Allocation Fund - Growth

247,972

1,047,599

–

–

–

(3,901)

29,620,961

Janus Global Allocation Fund - Moderate

730,323

1,822,446

–

–

–

(4,718)

24,795,333

During the year ended June 30, 2013, the following capital loss carryovers were utilized by the Funds as indicated in the table:

	Capital Loss
Fund	Carryover Utilized
Janus Global Allocation Fund - Conservative	$	316,475
Janus Global Allocation Fund - Growth		15,324,623
Janus Global Allocation Fund - Moderate		4,700,282

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2013 are noted below.

Janus Asset Allocation Funds | 53

Notes to Financial Statements (unaudited) (continued)

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

	Federal Tax		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)
Janus Global Allocation Fund - Conservative	$	264,344,684	$	18,182,183	$	(5,721,628)
Janus Global Allocation Fund - Growth		211,995,025		32,358,773		(2,737,812)
Janus Global Allocation Fund - Moderate		266,762,891		29,710,972		(4,915,639)

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

For the year ended June 30, 2013

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Janus Global Allocation Fund - Conservative	$	7,496,101	$	–	$	–	$	–
Janus Global Allocation Fund - Growth		4,679,949		–		–		–
Janus Global Allocation Fund - Moderate		6,878,790		13,183,743		–		–

For the year ended June 30, 2012

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Janus Global Allocation Fund - Conservative	$	6,416,521	$	–	$	–	$	–
Janus Global Allocation Fund - Growth		3,916,126		–		–		–
Janus Global Allocation Fund - Moderate		6,335,083		–		–		–

4.  Capital Share Transactions

	Janus Global				Janus Global				Janus Global
	Allocation Fund -				Allocation Fund -				Allocation Fund -
For the years ended June 30	Conservative				Growth				Moderate(1)
(all numbers are in thousands)	2013		2012		2013		2012		2013		2012
Transactions in Fund Shares – Class A Shares:
Shares issued in connection with acquisition (Note 6)		N/A		N/A		N/A		N/A		144		N/A
Shares sold		409		530		71		99		197		175
Reinvested dividends and distributions		20		14		4		4		36		11
Shares repurchased		(200)		(280)		(62)		(97)		(136)		(155)
Net Increase/(Decrease) in Fund Shares		229		264		13		6		241		31
Shares Outstanding, Beginning of Period		652		388		228		222		468		437
Shares Outstanding, End of Period		881		652		241		228		709		468

54 | JUNE 30, 2013

	Janus Global				Janus Global				Janus Global
	Allocation Fund -				Allocation Fund -				Allocation Fund -
For the years ended June 30	Conservative				Growth				Moderate(1)
(all numbers are in thousands)	2013		2012		2013		2012		2013		2012
Transactions in Fund Shares – Class C Shares:
Shares issued in connection with acquisition (Note 6)		N/A		N/A		N/A		N/A		147		N/A
Shares sold		505		667		79		145		97		243
Reinvested dividends and distributions		21		22		3		4		37		14
Shares repurchased		(235)		(180)		(76)		(43)		(215)		(166)
Net Increase/(Decrease) in Fund Shares		291		509		6		106		66		91
Shares Outstanding, Beginning of Period		1,146		637		327		221		699		608
Shares Outstanding, End of Period		1,437		1,146		333		327		765		699
Transactions in Fund Shares – Class D Shares:
Shares sold		4,109		5,031		1,656		2,346		2,877		3,252
Reinvested dividends and distributions		465		450		335		318		1,367		464
Shares repurchased		(3,651)		(3,873)		(3,042)		(3,459)		(3,303)		(3,960)
Net Increase/(Decrease) in Fund Shares		923		1,608		(1,051)		(795)		941		(244)
Shares Outstanding, Beginning of Period		15,854		14,246		17,316		18,111		18,623		18,867
Shares Outstanding, End of Period		16,777		15,854		16,265		17,316		19,564		18,623
Transactions in Fund Shares – Class I Shares:
Shares issued in connection with acquisition (Note 6)		N/A		N/A		N/A		N/A		53		N/A
Shares sold		237		107		140		185		196		309
Reinvested dividends and distributions		6		5		7		3		29		10
Shares repurchased		(177)		(125)		(105)		(65)		(307)		(217)
Net Increase/(Decrease) in Fund Shares		66		(13)		42		123		(29)		102
Shares Outstanding, Beginning of Period		189		202		308		185		460		358
Shares Outstanding, End of Period		255		189		350		308		431		460
Transactions in Fund Shares – Class S Shares:
Shares issued in connection with acquisition (Note 6)		N/A		N/A		N/A		N/A		11		N/A
Shares sold		39		68		76		92		110		125
Reinvested dividends and distributions		3		2		3		2		14		2
Shares repurchased		(31)		(18)		(80)		(17)		(15)		(29)
Net Increase/(Decrease) in Fund Shares		11		52		(1)		77		120		98
Shares Outstanding, Beginning of Period		94		42		137		60		131		33
Shares Outstanding, End of Period		105		94		136		137		251		131
Transactions in Fund Shares – Class T Shares:
Shares issued in connection with acquisition (Note 6)		N/A		N/A		N/A		N/A		42		N/A
Shares sold		1,088		2,034		494		462		665		633
Reinvested dividends and distributions		50		40		20		18		87		41
Shares repurchased		(1,554)		(1,135)		(710)		(376)		(699)		(1,003)
Net Increase/(Decrease) in Fund Shares		(416)		939		(196)		104		95		(329)
Shares Outstanding, Beginning of Period		2,280		1,341		1,097		993		1,278		1,607
Shares Outstanding, End of Period		1,864		2,280		901		1,097		1,373		1,278

(1) Effective April 5, 2013, Janus World Allocation Fund merged with and into Janus Global Allocation Fund - Moderate. See Note 6 in Notes to Financial Statements.

Janus Asset Allocation Funds | 55

Notes to Financial Statements (unaudited) (continued)

5.  Purchases and Sales of Investment Securities

For the year ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:

							Proceeds from
					Purchases of		Sales of
					Long-Term		Long-Term
	Purchases of		Proceeds from Sales		U.S. Government		U.S. Government
Fund	Securities		of Securities		Obligations		Obligations
Janus Global Allocation Fund - Conservative	$	203,319,091	$	187,704,869	$	–	$	–
Janus Global Allocation Fund - Growth		106,843,934		120,971,384		–		–
Janus Global Allocation Fund - Moderate		181,440,356		180,036,623		–		–

6.  Fund Acquisition

On April 5, 2013, Janus Global Allocation Fund – Moderate acquired all of the net assets of Janus World Allocation Fund, an open-end investment company, pursuant to a plan of reorganization approved by the Board of Trustees of Janus World Allocation Fund on November 8, 2012. The purpose of the transaction was to combine two funds managed by Janus Capital with comparable investment objectives, strategies and policies, as well as the potential for expense efficiencies due to the larger combined asset base of the merged funds.

The acquisition was accomplished by a tax-free exchange of shares of Janus Global Allocation Fund – Moderate for shares of Janus World Allocation Fund outstanding on April 5, 2013, valued at $4,994,548.

	Number of shares		Number of Janus
	outstanding of Janus World		Global Allocation Fund - Moderate
	Allocation Fund		shares issued for shares of Janus
	prior to merger		World Allocation Fund
Class A		189,989		143,800
Class C		195,120		147,171
Class I		69,957		52,996
Class S		14,345		10,892
Class T		55,442		41,847

The investment portfolio of Janus World Allocation Fund, with a fair value of $4,675,058 and identified cost of $3,934,380 at April 5, 2013, was the principal asset acquired by Janus Global Allocation Fund – Moderate. For financial reporting purposes, assets received and shares issued by Janus Global Allocation Fund – Moderate were recorded at fair value; however, the cost basis of the investments received from Janus World Allocation Fund was carried forward to align ongoing reporting of Janus Global Allocation Fund – Moderate’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the net assets of Janus Global Allocation Fund – Moderate were $288,067,303.

Assuming the acquisition had been completed on July 1, 2012, the beginning of the annual reporting period of Janus Global Allocation Fund – Moderate, Janus Global Allocation Fund – Moderate’s pro forma results of operations for the year ended June 30, 2013, are as follows:

Net investment income $6,237,910

Net gain/(loss) on investments $22,603,739

Net increase/(decrease) in net assets resulting from operations $28,841,649

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Janus World Allocation Fund that have been included in Janus Global Allocation Fund – Moderate’s Statement of Operations since April 5, 2013.

56 | JUNE 30, 2013

7.  New Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” This update creates disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of the new Statements of Assets and Liabilities offsetting disclosures to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact these updates may have on the Funds’ financial statements

8.  Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2013 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

Janus Asset Allocation Funds | 57

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Global Allocation Fund – Conservative (formerly known as Janus Conservative Allocation Fund), Janus Global Allocation Fund – Growth (formerly known as Janus Growth Allocation Fund), and Janus Global Allocation Fund – Moderate (formerly known as Janus Moderate Allocation Fund) (three of the funds constituting Janus Investment Fund, hereafter referred to as the “Funds”) at June 30, 2013 and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

Denver, Colorado
August 19, 2013

58 | JUNE 30, 2013

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

Approval of Advisory Agreements During the Period

The Trustees of Janus Investment Fund, none of whom has ever been affiliated with Janus Capital and each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund and, as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the nine Funds that utilize subadvisers.

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

At a meeting held on December 7, 2012, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2013 through February 1, 2014, 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.

Nature, Extent and Quality of Services

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

Janus Asset Allocation Funds | 59

Additional Information (unaudited) (continued)

procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds of Janus Investment Fund and the Portfolios of Janus Aspen Series (such Funds and Portfolios, together the “Janus Funds”) and Janus Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the Janus Funds have had some recent performance challenges, but performance has improved recently, and for the 36 months ended September 30, 2012, approximately 47% of the Janus Funds were in the top two quartiles of performance and for the 12 months ended September 30, 2012, approximately 54% of the Janus Funds were in the top two quartiles of performance. The Trustees concluded that the performance of certain Funds was good under current market conditions. Although the performance of other Funds lagged that of their peers for certain periods, the Trustees also concluded that Janus Capital had taken or was taking appropriate steps to address those instances of under-performance.

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for most of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by the independent data providers.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found (1) the total expenses and management fees of the Janus Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 16% below the mean total expenses of their respective Lipper Expense Group peers and 23% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Janus Funds, on average, were 9% below the mean management fees for their Expense Groups and 12% below the mean for their Expense Universes; and (4) Janus Funds expenses at the functional level for each asset and share class category were reasonable. The independent fee consultant concluded that based on its strategic review of expenses at the complex, category and individual fund level, Janus Funds expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/ performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories and existence of performance fees on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent and the competitive market for mutual funds in different distribution channels. They concluded that the compensation methodology provided a good alignment of the interests of the portfolio managers with the interests of Fund shareholders.

60 | JUNE 30, 2013

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to their separate account clients and to non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks that it does not assume in servicing its other clients. Moreover, they noted the research conducted and conclusions reached by their independent fee consultant.

In this regard, the independent fee consultant found that (1) the management fees Janus Capital charges to the Janus Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; and (3) the average spread between management fees charged to the Janus Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

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

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the actual management fee rate paid by most of the Funds, after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused or will cause the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and the five Funds that have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted

Janus Asset Allocation Funds | 61

Additional Information (unaudited) (continued)

that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Janus Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

After full consideration of the above factors, as well as other factors, the Trustees, each of whom is an independent Trustee, concluded at their December 7, 2012 meeting that the proposed continuation of the investment advisory agreement and, if applicable, the subadvisory agreement for each Fund for another year was in the best interest of the respective Funds and their shareholders.

62 | JUNE 30, 2013

Useful Information About Your Fund Report (unaudited)

1.  Management Commentary

The Management Commentary in this report includes valuable insight from each of the Fund’s managers 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. The Fund’s managers may allocate a company 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 by the Chief Investment Officer(s) in the Market Perspective and by the Fund’s managers in the Management Commentary are just that: opinions. They are a reflection of the Chief Investment Officer(s) and managers’ best judgment at the time this report was compiled, which was June 30, 2013. As the investing environment changes, so could their opinions. These views are unique to them and aren’t necessarily shared by fellow employees or by Janus in general.

2.  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. The hypothetical example does not represent the returns of any particular investment.

When comparing the performance of the Fund with an index, keep in mind that market indices do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.

3.  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’s 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 Bloomberg L.P. and/or MSCI Inc.

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

4.  Statement of Assets and Liabilities

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

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased

Janus Asset Allocation Funds | 63

Useful Information About Your Fund Report (unaudited) (continued)

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.

5.  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.

6.  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.

7.  Financial Highlights

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

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

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. Don’t

64 | JUNE 30, 2013

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 doesn’t 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 managers. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Asset Allocation Funds | 65

Designation Requirements (unaudited)

For federal income tax purposes, the Funds designated the following for the year ended June 30, 2013:

Capital Gain Distributions

Fund
Janus Global Allocation Fund - Moderate	$	13,183,743

Foreign Taxes Paid and Foreign Source Income

Fund	Foreign Taxes Paid		Foreign Source Income
Janus Global Allocation Fund - Conservative	$	40,190	$	344,565
Janus Global Allocation Fund - Growth		110,424		953,988
Janus Global Allocation Fund - Moderate		81,172		695,949

Dividends Received Deduction Percentage

Fund
Janus Global Allocation Fund - Conservative	68%
Janus Global Allocation Fund - Growth	100%
Janus Global Allocation Fund - Moderate	100%

Qualified Dividend Income

Fund
Janus Global Allocation Fund - Conservative	89%
Janus Global Allocation Fund - Growth	100%
Janus Global Allocation Fund - Moderate	100%

66 | JUNE 30, 2013

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Pursuant to the Funds’ Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Funds’ Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds.

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

TRUSTEES

					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds); and Director of the F.B. Heron Foundation (a private grantmaking foundation).
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Director of MotiveQuest LLC (strategic social market research company) (since 2003); and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

Janus Asset Allocation Funds | 67

Trustees and Officers (unaudited) (continued)

TRUSTEES (continued)

					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company (1987-1994).	56	Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (since 2005). Formerly, Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	56	Director of Red Robin Gourmet Burgers, Inc. (RRGB) (since 2004).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	56	None

68 | JUNE 30, 2013

TRUSTEES (continued)

					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Convention & Tourism Bureau, Chicago Council on Global Affairs, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Wal-Mart, and Wrapports, LLC (digital communications company).

Janus Asset Allocation Funds | 69

Trustees and Officers (unaudited) (continued)

OFFICERS

	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years
Daniel G. Scherman 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Portfolio Manager Janus Global Allocation Fund - Growth, Janus Global Allocation Fund - Moderate, Janus Global Allocation Fund - Conservative	12/05-Present	Senior Vice President and Chief Risk Officer of Janus Capital and Portfolio Manager for other Janus accounts.
Robin C. Beery 151 Detroit Street Denver, CO 80206 DOB: 1967	President and Chief Executive Officer	4/08-Present	Executive Vice President and Head of U.S. Distribution of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC; Director of The Janus Foundation; Director of Perkins Investment Management LLC; and Working Director of INTECH Investment Management LLC. Formerly, Head of Intermediary Distribution, Global Marketing and Product of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC (2009-2010); and Chief Marketing Officer of Janus Capital Group Inc. and Janus Capital (2002-2009).
Stephanie Grauerholz-Lofton 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital, and Vice President and Assistant Secretary of Janus Distributors LLC.
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; and Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC. Formerly, Chief Compliance Officer of Bay Isle Financial LLC (2003-2008).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

70 | JUNE 30, 2013

Notes

Janus Asset Allocation Funds | 71

Notes

72 | JUNE 30, 2013

Notes

Janus Asset Allocation Funds | 73

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (08/13)

Investment products offered are: NOT FDIC-INSURED MAY LOSE VALUE NO BANK GUARANTEE

C-0813-42687 125-02-93005 08-13

ANNUAL REPORT  

June 30, 2013                 

Janus Fixed Income Fund

Janus Real Return Fund

(formerly named Janus Real Return Allocation Fund)

HIGHLIGHTS

   •  Portfolio management perspective

   •  Investment strategy behind your fund

   •  Fund performance, characteristics and holdings

Table of Contents

            Janus Fixed Income Fund

Co-Chief Investment Officers’ Market Perspective	1
Management Commentary and Schedule of Investments
Janus Real Return Fund	3
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes of Net Assets	15
Financial Highlights	16
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	35
Additional Information	36
Useful Information About Your Fund Report	40
Designation Requirements	43
Trustees and Officers	44

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS(52687) (or 800.525.3713 if you hold Shares directly with Janus). You can also visit janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Co-Chief Investment Officers’ Market Perspective (unaudited)

Jonathan Coleman, CFA

Chief Investment

Officer, Equities

Gibson Smith

Chief Investment

Officer, Fixed Income

Economy: Substantive improvement

The U.S. economy is showing signs of real, if uneven, improvement. The market seems obsessed with whether the Federal Reserve (Fed) will taper its bond-buying program by the end of the year, but is not focused on the continued improvement of the overall economy. We would not be surprised to see the Fed begin to taper its quantitative easing (QE) program over the next 12 months, but believe that it will leave short-term interest rates near zero for the foreseeable future. We also believe that global central banks will keep a high level of liquidity in the system. We continue to monitor potential global risk, particularly in China and Japan, but believe both of these concerns will abate in the medium term and that markets will refocus on the recovery.

Equities: Beyond the “wall of worry”

Equity markets have essentially climbed a “wall of worry” over the last six months, including the threat of falling off the fiscal cliff, then the potential impact of the sequester, and finally, concerns over Cyprus. Talking heads claimed these events spelled doomsday for the economy, but the market shrugged off each one and powered on. Now more speculative areas of the market, such as the Russell 2000 Index of U.S. small-capitalization companies, have hit all-time highs. Price/earnings multiples have expanded as stock price appreciation has exceeded the underlying earnings growth of many companies.

We think this is just when investors should be a little more cautious. The recent rally has been driven in part by a belief that the Fed and other central banks will backstop equity markets by pumping liquidity into the system forever. In late June, we got a glimpse of what happens to stock markets when the Fed even hints at taking its foot off the gas: there can be a sell-off.

Our view on the economy and equity markets has not turned negative, just more balanced. Many positives for the economy still exist. For instance, cheaper oil and natural gas in the U.S., along with more competitive labor costs, are creating a manufacturing renaissance. That’s a long-term benefit that could last a decade or longer. The U.S. housing market continues to be strong. In Europe, industrial companies are finally going through a painful restructuring that should right-size their businesses and make them more competitive on a global basis. European banks have also made significant strides in cutting costs and fortifying their balance sheets. But many of these longer-term dynamics already have been priced into stocks, or in other cases, they will take a long time to play out. The challenge as equity investors is to find those companies that can decouple from the economy, control their own destinies, and demonstrate strong growth even in the face of a slow-growth economy.

Fixed Income: Rate risk increases

As the economy gains stronger footing, the Fed will be given the opportunity to slowly remove its overly accommodative policy. While some investors may believe that we’ve seen the end of the bull market in fixed income, we are reminded that since 1980 we have seen 16 periods during which the 10-year Treasury yield rose by more than 100 basis points (1 percentage point). The 30-year bull market has hardly been a straight line up, with nothing but positive returns for fixed income investors — there have been periods of both angst and celebration, with the long-term trend being lower rates.

Making bold calls that the bull market in bonds is over can grab media attention and create fear for fixed-income investors, but the reality is that markets are always in motion and creating opportunities. This environment reminds us of the importance of active versus passive management in fixed income and the importance of capital preservation in uncertain times. While we may be entering a period where interest rates trend higher over the longer term, in the short and medium term there will be new opportunities created by change.

Because we tend to generate the majority of our excess return through security selection, we see this as a time of opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. A back-up in rates may have the positive effect of lowering fixed income valuations and opening up fresh opportunities for investing

Janus Fixed Income Fund | 1

(Continued) (unaudited)

at more attractive levels in credits that we believe offer good risk-adjusted return potential.

Sincerely,

Jonathan Coleman

Co-Chief Investment Officer

Gibson Smith

Co-Chief Investment Officer

2 | JUNE 30, 2013

Janus Real Return Fund (unaudited)

Fund Snapshot
The fund employs a bottom-up fundamentally driven investment process designed to protect against the potential for inflationary or deflationary environments. The nontraditional portfolio invests across a broad range of fixed income, including short-duration high yield.

Darrell Watters
co-portfolio manager
Gibson Smith
co-portfolio manager

PERFORMANCE OVERVIEW

For the 12-month period ended June 30, 2013, Janus Real Return Fund’s Class I Shares returned 2.66%. This compares with -0.92% for its primary benchmark, the Barclays U.S. 1-5 Year TIPS Index.

MARKET ENVIRONMENT

The period began with concern about slow global economic growth, prompting additional stimulus from major central banks including the U.S. Federal Reserve (Fed), the European Central Bank and the Bank of Japan. Toward the end of calendar year 2012, worries grew about the “fiscal cliff,” a potentially recessionary mix of U.S. spending cuts and tax increases scheduled to take effect in January 2013. However, lawmakers delayed some elements of the fiscal cliff until March 2013, softening the impact, and the Fed continued to reiterate support for the markets via quantitative easing (QE) and near-zero interest rates.

By spring, there were signs that economic growth was improving. The U.S. economy seemed to weather the impact of government spending cuts that took effect in March, and employment data showed strengthening hiring patterns beginning in April. By May, markets were beginning to speculate about the eventual end of the Fed’s QE program, and longer-term Treasury yields rose. U.S. inflation remained subdued, however, with the core Consumer Price Index (CPI) easing to a 1.7% year-over-year growth rate and the core personal consumption expenditures (PCE) price index falling to 1.1%.

FUND REPOSITIONING

On October 15, 2012, the Fund became known as the Janus Real Return Fund. The Fund’s primary benchmark changed to the Barclays U.S. 1-5 Year TIPS Index. Darrell Watters was added as Co-Portfolio Manager along with existing Portfolio Manager Gibson Smith. John Brynjolfsson is no longer a portfolio manager for the Fund, as Armored Wolf is no longer a subadviser to the Fund.

During the period, we repositioned the Fund to leverage our fixed income capabilities in an effort to improve fund performance and to deliver a product designed to help investors shield the impact of inflation and rising interest rates. At period end the Janus Real Return Fund was composed primarily of fixed income securities, instead of allocating among six asset classes. We anticipate that the Fund will have the majority of its portfolio allocated between and among short-duration high-yield and Treasury securities. In addition, we anticipate making select investments in other inflation-oriented securities that may include equities, real estate, convertibles, preferreds, commodities and inflation-linked bonds. The allocations will be adjusted depending on the inflationary or deflationary environment as viewed by the portfolio management team.

PERFORMANCE DISCUSSION

Prior to the Fund’s repositioning, for the period of July 1 through October 14, 2012, the Janus Real Return Allocation Fund produced positive total return. The Fund’s global real estate holdings were the greatest contributors to total return, followed by emerging market equity. The Fund’s Treasury Inflation-Protected Securities (TIPS) sleeve detracted from total return.

For the period October 15, 2012, through June 30, 2013, the Janus Real Return Fund outperformed its benchmark, the Barclays U.S. 1-5 Year TIPS Index. Our allocation to corporate credit was the top contributor to outperformance during the period, followed by our Treasury holdings. Our holdings in convertibles and exchange-traded funds (ETFs) detracted from relative performance.

In terms of corporate credit sectors, the top contributors were banking, noncaptive diversified financial companies and gaming. Detractors were led by metals; other sectors including natural gas pipelines and diversified manufacturing companies were neutral for relative performance.

Janus Fixed Income Fund | 3

Janus Real Return Fund (unaudited)

Individual corporate credit contributors were led by financial services company Wells Fargo, which reported record earnings during the period amid reduced expenses, strong asset quality, and better than expected gain-on-sale in mortgage banking.

Individual credit detractors were led by steelmaker ArcelorMittal, which was pressured by concerns about slowing global growth, particularly in China. ArcelorMittal also issued shares and convertible notes early in the period, intending to use the proceeds to reduce debt. While this should be positive for the company’s bondholders over the longer term, the additional supply pressured its existing bonds. Over time, we believe that ArcelorMittal’s efforts to improve its balance sheet will provide benefits to its investors.

Prior to the repositioning, the Fund held futures, swaps, options and forward currency contracts, which in aggregate detracted from performance. We used currency derivatives to hedge existing currency exposures and swaps to access markets in which we were not trading locally either due to our risk policies or an inability to trade locally. We executed sales and purchases of puts and calls to hedge existing equity exposures and sold puts on non-existing positions to hedge other similar securities. In an effort to capitalize on the volatility in certain sectors, we periodically sold short-duration, out-of-the-money put and call options in liquid, well-understood names. The rationale behind this strategy was to generate additional income for shareholders while limiting risks to potentially having to buy or sell shares at what we viewed as attractive entry/exit prices. Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

Over the past few years, the Fed’s unconventional monetary policies have suppressed U.S. Treasury rates to unprecedented lows in an effort to stimulate economic growth. Recent U.S. economic data reflects modest acceleration that may give the Fed the support it needs to begin tapering quantitative easing. However, we still believe the Fed will leave short-term interest rates unchanged for an extended period. We currently expect core U.S. Consumer Price Inflation (CPI) to remain subdued at around 1.7% in 2013, below the Fed’s 2% inflation target, which should give policymakers room to continue accommodation.

Security selection in fixed income has become extremely important, in our view, as valuations have become stretched due to investors’ search for yield and the growing risk of higher interest rates. In this environment, we believe that preservation of capital must take priority over aggressive return seeking. This is not to say that great opportunities have disappeared from the fixed income market — they have not, and we are still finding some — but the universe of securities to select from today is much narrower than it has been over the last four years. Fortunately, a back-up in rates may have the positive effect of lowering fixed income valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer the potential for good risk-adjusted returns.

Because we focus on generating excess return through security selection, we see this as a time of great opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. We believe returns this year will be significantly influenced not just by what we own, but by what we have chosen not to own: There are many securities that offer what we view as asymmetric risk profiles, with greater downside risk exposure, and we intend to steer around them. In our view, the key to success for the remainder of the year will be driving performance through security selection while navigating interest-rate volatility.

On behalf of each member of our investment team, thank you for your investment in Janus Real Return Fund. We appreciate your entrusting us with your assets and look forward to continuing to serve your investment needs.

4 | JUNE 30, 2013

(unaudited)

Janus Real Return Fund At A Glance

Fund Profile

June 30, 2013

Weighted Average Maturity	4.3 Years
Average Effective Duration*	2.1 Years
30-day Current Yield**
Class A Shares at NAV
Without Reimbursement	–0.96%
With Reimbursement	1.64%
Class A Shares at MOP
Without Reimbursement	–0.92%
With Reimbursement	1.57%
Class C Shares***
Without Reimbursement	–1.77%
With Reimbursement	0.90%
Class D Shares
Without Reimbursement	–1.93%
With Reimbursement	1.73%
Class I Shares
Without Reimbursement	–0.69%
With Reimbursement	1.89%
Class S Shares
Without Reimbursement	–1.16%
With Reimbursement	1.40%
Class T Shares
Without Reimbursement	–0.93%
With Reimbursement	1.63%
Number of Bonds/Notes	73

*	A theoretical measure of price volatility
**	Yield will fluctuate
***	Does not include the 1.00% contingent deferred sales charge.

Ratings^† Summary – (% of Fixed Income Securities)

June 30, 2013

AA	18.4%
A	1.2%
BBB	18.1%
BB	34.7%
B	24.7%
CCC	2.9%

† Bond ratings provided by Standard & Poor’s. Not rated securities are not rated by S&P but may be rated by other rating agencies. Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Significant Areas of Investment – (% of Net Assets)

As of June 30, 2013

Asset Allocation – (% of Net Assets)

As of June 30, 2013

Janus Fixed Income Fund | 5

Janus Real Return Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013				Expense Ratios – per the October 26, 2012 prospectuses
		One	Since	Total Annual Fund	Net Annual Fund
		Year	Inception*	Operating Expenses	Operating Expenses
Janus Real Return Fund – Class A Shares				1.50%	1.01%
NAV		2.37%	–0.61%
MOP		–3.49%	–3.33%
Janus Real Return Fund – Class C Shares				2.24%	1.76%
NAV		1.64%	–1.33%
CDSC		0.64%	–1.33%
Janus Real Return Fund – Class D Shares(1)		2.59%	–0.47%	1.52%	0.88%
Janus Real Return Fund – Class I Shares		2.66%	–0.36%	1.24%	0.76%
Janus Real Return Fund – Class S Shares		2.51%	–0.66%	1.74%	1.26%
Janus Real Return Fund – Class T Shares		2.76%	–0.43%	1.49%	1.01%
Barclays U.S. 1-5 Year TIPS Index		–0.92%	0.72%
Consumer Price Index (CPI) + 2%		3.75%	3.58%(2)
Barclays U.S. TIPS Index		–4.78%	3.61%
Consumer Price Index (CPI) + 4%		5.75%	5.57%(2)
Morningstar Quartile – Class I Shares		4th	4th
	��
Morningstar Ranking – based on total return for Multisector Bond Funds		239/308	270/276
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 4.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

6 | JUNE 30, 2013

(unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The expense ratios shown are estimated.

The Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Inflation-linked bonds typically have lower yields than conventional fixed-rate bonds due to their inflation adjustment feature and normally decline in price when interest rates rise.

The Fund invests in REITs which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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

Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the Fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bonds funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the fund and selling of bonds within the fund by the portfolio managers.

High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than investment grade bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

For a period of three years subsequent to the Fund’s commencement of operations or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule that was effective at commencement of operations, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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 or yield, and therefore the ranking for the period.

^® 2013 Morningstar, Inc. All Rights Reserved.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

Effective October 15, 2012, Janus Real Return Allocation Fund changed its name to Janus Real Return Fund and its primary benchmark from the Barclays U.S. TIPS Index to the Barclays U.S. 1-5 Year TIPS Index. In addition, the Fund changed its secondary benchmark from the Consumer Price Index + 4% to the Consumer Price Index + 2%.

*	The Fund’s inception date — May 13, 2011
(1)	Closed to new investors.
(2)	The Consumer Price Index + 2% and the Consumer Price Index + 4% since inception returns are calculated from May 31, 2011.

Janus Fixed Income Fund | 7

Janus Real Return 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13-6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13-6/30/13)†		(1/1/13-6/30/13)
Class A Shares	$	1,000.00	$	993.40	$	4.99	$	1,000.00	$	1,019.79	$	5.06		1.01%
Class C Shares	$	1,000.00	$	990.30	$	8.69	$	1,000.00	$	1,016.07	$	8.80		1.76%
Class D Shares	$	1,000.00	$	995.80	$	4.50	$	1,000.00	$	1,020.28	$	4.56		0.91%
Class I Shares	$	1,000.00	$	994.30	$	3.76	$	1,000.00	$	1,021.03	$	3.81		0.76%
Class S Shares	$	1,000.00	$	993.90	$	2.82	$	1,000.00	$	1,021.97	$	2.86		0.57%
Class T Shares	$	1,000.00	$	996.30	$	1.88	$	1,000.00	$	1,022.91	$	1.91		0.38%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 | JUNE 30, 2013

Janus Real Return Fund⁽¹⁾

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Common Stock – 0.5%
Oil Companies – Exploration and Production – 0.5%
	3,745	Chesapeake Energy Corp. (cost $73,777)	$	76,323
Corporate Bonds – 68.0%
Aerospace and Defense – Equipment – 2.5%
	$13,000	Exelis, Inc. 4.2500%, 10/1/16		13,707
	332,000	TransDigm, Inc. 7.7500%, 12/15/18		349,430
				363,137
Beverages – Wine and Spirits – 1.5%
	190,000	Constellation Brands, Inc. 7.2500%, 9/1/16		215,887
Building Products – Cement and Aggregate – 0.1%
	8,000	Vulcan Materials Co. 7.0000%, 6/15/18		8,680
Building – Residential and Commercial – 3.6%
	250,000	Lennar Corp. 4.7500%, 12/15/17		250,000
	289,000	Meritage Homes Corp. 4.5000%, 3/1/18		286,110
				536,110
Casino Hotels – 3.1%
	136,000	CityCenter Holdings LLC / CityCenter Finance Corp. 7.6250%, 1/15/16		143,480
	290,000	MGM Resorts International 7.5000%, 6/1/16		316,100
				459,580
Chemicals – Specialty – 0.8%
	72,000	Ashland, Inc. 3.0000%, 3/15/16 (144A)		72,360
	50,000	Ashland, Inc. 3.8750%, 4/15/18 (144A)		49,500
				121,860
Coal – 0.5%
	69,000	CONSOL Energy, Inc. 8.0000%, 4/1/17		72,623
Commercial Banks – 2.6%
	290,000	CIT Group, Inc. 4.7500%, 2/15/15 (144A)		294,713
	73,000	Regions Financial Corp. 7.7500%, 11/10/14		78,882
	2,000	Zions BanCorp. 4.0000%, 6/20/16		2,093
				375,688
Consumer Products – Miscellaneous – 1.4%
	190,000	Jarden Corp. 7.5000%, 5/1/17		208,288
Containers – Metal and Glass – 2.1%
	290,000	Ardagh Packaging Finance PLC / Ardagh MP Holdings U.S.A., Inc. 7.3750%, 10/15/17 (144A)		309,212
Diversified Banking Institutions – 4.8%
	305,000	Ally Financial, Inc. – Series 8 6.7500%, 12/1/14		320,631
	56,000	Bank of America Corp. – Series K 8.0000%, 1/30/18‡,#		62,370
	10,000	Bank of America Corp. – Series M 8.1250%, 5/15/18‡,#		11,250
	260,000	Citigroup, Inc. 5.0000%, 9/15/14		270,199
	40,000	Royal Bank of Scotland Group PLC 2.5500%, 9/18/15		40,671
				705,121
Diversified Manufacturing Operations – 1.3%
	110,000	Bombardier, Inc. 4.2500%, 1/15/16 (144A)		112,475
	70,000	GE Capital Trust I 6.3750%, 11/15/67‡		72,538
				185,013
Diversified Minerals – 0.5%
	70,000	FMG Resources (August 2006) Pty, Ltd. 6.8750%, 2/1/18 (144A)		69,125
Electric – Generation – 1.7%
	220,000	AES Corp. 9.7500%, 4/15/16		253,550
Electronic Measuring Instruments – 0.8%
	120,000	FLIR Systems, Inc. 3.7500%, 9/1/16		124,032
Finance – Leasing Company – 1.5%
	220,000	International Lease Finance Corp. (MTN) 6.6250%, 11/15/13		223,025
Finance – Auto Loans – 2.3%
	325,000	Ford Motor Credit Co. LLC 4.2500%, 2/3/17		339,568
Finance – Consumer Loans – 1.3%
	190,000	SLM Corp. – Series A (MTN) 5.0000%, 4/15/15		196,175
Finance – Credit Card – 0.7%
	100,000	American Express Co. 6.8000%, 9/1/66‡		106,750
Finance – Investment Bankers/Brokers – 1.3%
	150,000	Lazard Group LLC 7.1250%, 5/15/15		162,879
	34,000	Raymond James Financial, Inc. 4.2500%, 4/15/16		35,932
				198,811
Finance – Other Services – 2.1%
	274,000	CNH Capital LLC 3.8750%, 11/1/15		275,370
	28,000	CNH Capital LLC 3.6250%, 4/15/18 (144A)		26,670
				302,040
Food – Meat Products – 2.1%
	290,000	JBS U.S.A. LLC / JBS U.S.A. Finance, Inc. 11.6250%, 5/1/14		305,950
Food – Retail – 1.6%
	227,000	Stater Bros Holdings, Inc. 7.3750%, 11/15/18		240,052

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

Janus Fixed Income Fund | 9

Janus Real Return Fund⁽¹⁾

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Independent Power Producer – 2.1%
	$290,000	Calpine Corp. 7.2500%, 10/15/17 (144A)	$	302,325
Investment Management and Advisory Services – 0.5%
	65,000	Ameriprise Financial, Inc. 7.5180%, 6/1/66‡		71,013
Medical – HMO – 1.4%
	200,000	Centene Corp. 5.7500%, 6/1/17		209,500
Medical – Hospitals – 1.8%
	250,000	HCA, Inc. 6.5000%, 2/15/16		269,375
Office Furnishings – Original – 1.2%
	160,000	Interface, Inc. 7.6250%, 12/1/18		169,600
Oil Companies – Exploration and Production – 4.8%
	220,000	Berry Petroleum Co. 10.2500%, 6/1/14		232,100
	220,000	Chesapeake Energy Corp. 9.5000%, 2/15/15		243,100
	122,000	Chesapeake Energy Corp. 3.2500%, 3/15/16		121,390
	30,000	Chesapeake Energy Corp. 7.2500%, 12/15/18		33,450
	65,000	Plains Exploration & Production Co. 6.5000%, 11/15/20		68,913
				698,953
Oil Refining and Marketing – 1.4%
	190,000	Frontier Oil Corp. 6.8750%, 11/15/18		203,775
Paper and Related Products – 0.8%
	100,000	Georgia-Pacific LLC 7.7000%, 6/15/15		112,258
Pharmacy Services – 1.0%
	134,000	Omnicare, Inc. 7.7500%, 6/1/20		146,730
Pipelines – 3.1%
	127,000	Crosstex Energy L.P. / Crosstex Energy Finance Corp. 8.8750%, 2/15/18		134,620
	309,000	Kinder Morgan Finance Co. LLC 6.0000%, 1/15/18 (144A)		324,419
	2,000	Kinder Morgan Finance Co. ULC 5.7000%, 1/5/16		2,142
				461,181
Poultry – 0.8%
	108,000	Pilgrim’s Pride Corp. 7.8750%, 12/15/18		115,020
REIT – Office Property – 2.1%
	288,000	Reckson Operating Partnership L.P. 6.0000%, 3/31/16		313,820
Retail – Toy Store – 1.6%
	220,000	Toys R Us Property Co. II LLC 8.5000%, 12/1/17		228,525
Steel – Producers – 0.5%
	70,000	ArcelorMittal 4.2500%, 3/1/16		70,350
Super – Regional Banks – US – 1.0%
	125,000	Wells Fargo & Co. – Series K 7.9800%, 3/15/18‡,#		141,250
Telecommunication Services – 0.3%
	40,000	Qwest Corp. 7.5000%, 10/1/14		43,054
Telephone – Integrated – 1.9%
	250,000	Windstream Corp. 7.8750%, 11/1/17		274,375
Transportation – Truck – 0.6%
	76,000	Swift Services Holdings, Inc. 10.0000%, 11/15/18		83,980
Trucking & Leasing – 0.9%
	14,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.5000%, 7/11/14 (144A)		14,200
	123,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.5000%, 3/15/16 (144A)		125,113
				139,313
Total Corporate Bonds (cost $10,092,211)				9,974,674
Preferred Stock – 1.1%
Diversified Banking Institutions – 0.4%
	3,175	Royal Bank of Scotland Group PLC – Series N, 6.3500%		66,802
Diversified Financial Services – 0.3%
	1,350	Citigroup Capital XIII, 7.8750%		37,598
Steel – Producers – 0.4%
	2,950	ArcelorMittal – Series MTUS, 6.0000%		55,371
Total Preferred Stock (cost $184,830)				159,771
U.S. Treasury Notes/Bonds – 14.9%
		U.S. Treasury Notes/Bonds:
	$815,000	0.2500%, 2/28/14		815,605
	145,000	0.2500%, 4/30/14		145,096
	269,000	0.2500%, 8/31/14		269,116
	200,000	0.2500%, 11/30/14		200,047
	140,000	0.3750%, 3/15/15		140,164
	220,000	0.2500%, 5/31/15		219,613
	47,000	1.0000%, 10/31/16		47,279
	20,000	0.8750%, 1/31/18		19,644
	185,000	0.7500%, 3/31/18		180,071
	39,000	1.7500%, 5/15/23		36,526
	126,000	2.8750%, 5/15/43		111,510
Total U.S. Treasury Notes/Bonds (cost $2,189,398)				2,184,671
Money Market – 15.5%
	2,277,891	Janus Cash Liquidity Fund LLC, 0%£ (cost $2,277,891)		2,277,891
Total Investments (cost $14,818,107) – 100%			$	14,673,330
Liabilities, net of Cash, Receivables and Other Assets – (0.0)%				(3,774)
Net Assets – 100.0%			$	14,669,556

(1) Formerly named Janus Real Return Allocation Fund.

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

10 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

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

			% of Investment
Country	Value		Securities
Australia	$	69,125		0.5%
Canada		112,475		0.8%
Ireland		309,212		2.1%
Luxembourg		125,721		0.8%
United Kingdom		107,473		0.7%
United States††		13,949,324		95.1%
Total	$	14,673,330		100.0%

†† Includes Cash Equivalents of 15.5%.

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

Janus Fixed Income Fund | 11

Notes to Schedule of Investments and Other Information

Barclays U.S. TIPS Index	The Barclays U.S. Government Inflation-Linked Bond Index also known as the Barclays U.S. TIPS Index measures the performance of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market. The index includes TIPS with one or more years remaining maturity with total outstanding issue size of $500M or more.
Barclays U.S. 1-5 Year TIPS Index	The Barclays U.S. Government Inflation-Linked Bond Index also known as the Barclays U.S. TIPS Index measures the performance of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market. The index includes TIPS with one to 5 years remaining maturity with total outstanding issue size of $500M or more.
Consumer Price Index (CPI) + 2%	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services plus 200 basis points.
Consumer Price Index (CPI) + 4%	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services plus 400 basis points.
L.P.	Limited Partnership
LLC	Limited Liability Company
MTN	Medium Term Note
PLC	Public Limited Company
REIT	Real Estate Investment Trust
ULC	Unlimited Liability Company

144A   Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2013 is indicated in the table below:

			Value as a % of
Fund	Value		Net Assets
Janus Real Return Fund	$	1,700,112		11.6%

‡	The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rate in the security description is as of year end.
#	Security is perpetual and thus does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2013.
£	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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended June 30, 2013. Except for the value at year end, all other information in the table is for the year ended June 30, 2013.

	Purchases				Sales				Realized		Dividend		Value
	Shares		Cost		Shares		Cost		Gain/(Loss)		Income		at 6/30/13
Janus Real Return Fund
Janus Cash Liquidity Fund LLC		48,859,729	$	48,859,729		(54,018,227)	$	(54,018,227)	$	–	$	4,723	$	2,277,891

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2013. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of June 30, 2013)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Janus Real Return Fund
Common Stock	$	76,323	$	–	$	–
Corporate Bonds		–		9,974,674		–
Preferred Stock		–		159,771		–
U.S. Treasury Notes/Bonds		–		2,184,671		–
Money Market		–		2,277,891		–
Total Investments in Securities	$	76,323	$	14,597,007	$	–

12 | JUNE 30, 2013

Statement of Assets and Liabilities

As of June 30, 2013	Janus Real
(all numbers in thousands except net asset value per share)	Return Fund(1)
Assets:
Investments at cost	$	14,818
Unaffiliated investments at value	$	12,395
Affiliated investments at value		2,278
Receivables:
Investments sold		36
Dividends		1
Due from adviser		28
Foreign dividend tax reclaim		–
Interest		133
Non-interested Trustees’ deferred compensation		–
Total Assets		14,871
Liabilities:
Payables:
Investments purchased		110
Fund shares repurchased		5
Administrative services fees		1
Distribution fees and shareholder servicing fees		3
Administrative, networking and omnibus fees		1
Non-interested Trustees’ fees and expenses		1
Non-interested Trustees’ deferred compensation fees		–
Accrued expenses and other payables		80
Total Liabilities		201
Net Assets	$	14,670
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	15,288
Undistributed net investment gain*		–
Undistributed net realized loss from investments and foreign currency transactions*		(473)
Unrealized depreciation of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(145)
Total Net Assets	$	14,670
Net Assets - Class A Shares	$	2,054
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		213
Net Asset Value Per Share(2)	$	9.64
Maximum Offering Price Per Share(3)	$	10.12
Net Assets - Class C Shares	$	1,978
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		206
Net Asset Value Per Share(2)	$	9.59
Net Assets - Class D Shares	$	4,431
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		459
Net Asset Value Per Share	$	9.65
Net Assets - Class I Shares	$	2,195
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		229
Net Asset Value Per Share	$	9.59
Net Assets - Class S Shares	$	1,984
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		206
Net Asset Value Per Share	$	9.65
Net Assets - Class T Shares	$	2,028
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		211
Net Asset Value Per Share	$	9.61

*	See Note 5 in Notes to Financial Statements.
(1)	Formerly named Janus Real Return Allocation Fund.
(2)	Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(3)	Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.

Janus Fixed Income Fund | 13

Statement of Operations

For the year ended June 30, 2013	Janus Real
(all numbers in thousands)	Return Fund(1)(2)
Investment Income:
Interest	$	297
Dividends		93
Dividends from affiliate		5
Foreign tax withheld		(8)
Total Investment Income		387
Expenses:
Advisory fees		140
Shareholder reports expenses		24
Transfer agent fees and expenses		4
Registration fees		69
Custodian fees		71
Professional fees		92
Non-interested Trustees’ fees and expenses		2
Accounting Agent fees		65
Fund administration fees		71
Administrative services fees - Class D Shares		6
Administrative services fees - Class S Shares		1
Administrative services fees - Class T Shares		1
Distribution fees and shareholder servicing fees - Class A Shares		8
Distribution fees and shareholder servicing fees - Class C Shares		32
Distribution fees and shareholder servicing fees - Class S Shares		8
Administrative, networking and omnibus fees - Class A Shares		–
Administrative, networking and omnibus fees - Class C Shares		–
Administrative, networking and omnibus fees - Class I Shares		–
Other expenses		8
Total Expenses		602
Expense and Fee Offset		–
Less: Excess Expense Reimbursement		(354)
Net Expenses after Waivers and Expense Offsets		248
Net Investment Income		139
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain from investment and foreign currency transactions		2,633
Net realized loss from futures contracts		(741)
Net realized loss from swap contracts		(1,746)
Net realized gain from options contracts		8
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(1,520)
Change in unrealized net appreciation/(depreciation) of futures contracts		247
Change in unrealized net appreciation/(depreciation) of swap contracts		1,938
Change in unrealized net appreciation/(depreciation) of written option contracts		(3)
Net Gain on Investments		816
Net Increase in Net Assets Resulting from Operations	$	955

(1)	Formerly named Janus Real Return Allocation Fund.
(2)	Includes the accounts of Janus Real Return Fund and the Subsidiary. See Note 1 in Notes to Financial Statements.

See Notes to Financial Statements.

14 | JUNE 30, 2013

Statements of Changes in Net Assets

	Janus Real
For each year ended June 30	Return Fund(1)(2)
(all numbers in thousands)	2013		2012
Operations:
Net investment income	$	139	$	482
Net realized gain from investment and foreign currency transactions		154		(1,015)
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		662		(838)
Net Increase in Net Assets Resulting from Operations		955		(1,371)
Dividends and Distributions to Shareholders:
Net investment income*
Class A Shares		(20)		(29)
Class C Shares		(6)		(20)
Class D Shares		(39)		(30)
Class I Shares		(36)		(31)
Class S Shares		(16)		(25)
Class T Shares		(28)		(28)
Net realized gain/(loss) from investment transactions*
Class A Shares		–		(35)
Class C Shares		–		(33)
Class D Shares		–		(39)
Class I Shares		–		(35)
Class S Shares		–		(33)
Class T Shares		–		(34)
Return of Capital
Class A Shares		(12)		N/A
Class C Shares		(3)		N/A
Class D Shares		(22)		N/A
Class I Shares		(20)		N/A
Class S Shares		(9)		N/A
Class T Shares		(16)		N/A
Net Decrease from Dividends and Distributions		(227)		(372)
Capital Share Transactions:
Shares Sold
Class A Shares		59		1,243
Class C Shares		37		42
Class D Shares		2,001		1,624
Class I Shares		137		174
Class S Shares		5		1
Class T Shares		296		158
Reinvested Dividends and Distributions
Class A Shares		32		64
Class C Shares		9		54
Class D Shares		60		69
Class I Shares		56		65
Class S Shares		25		59
Class T Shares		44		62
Shares Repurchased
Class A Shares		(4,927)		(901)
Class C Shares		(4,588)		(11)
Class D Shares		(5,383)		(709)
Class I Shares		(4,762)		(120)
Class S Shares		(4,583)		–
Class T Shares		(4,974)		(44)
Net Increase/(Decrease) from Capital Share Transactions		(26,456)		1,830
Net Increase/(Decrease) in Net Assets		(25,728)		87
Net Assets:
Beginning of period		40,398		40,311
End of period	$	14,670	$	40,398
Undistributed Net Investment Income*	$	–	$	16

*	See Note 5 in Notes to Financial Statements.
(1)	Formerly named Janus Real Return Allocation Fund.
(2)	Includes the accounts of Janus Real Return Fund and the Subsidiary. See Note 1 in Notes to Financial Statements.

See Notes to Financial Statements.

Janus Fixed Income Fund | 15

Financial Highlights

Class A Shares

For a share outstanding during each year ended June 30 and the	Janus Real Return Fund(1)
period ended June 30, 2011	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$9.55		$9.95		$10.00
Income from Investment Operations:
Net investment income		0.17		0.01		0.04
Net gain/(loss) on investments (both realized and unrealized)		0.07		(0.32)		(0.09)
Total from Investment Operations		0.24		(0.31)		(0.05)
Less Distributions and Other:
Dividends (from net investment income)*		(0.09)		(0.04)		–
Distributions (from capital gains)*		–		(0.05)		–
Return of capital		(0.06)		N/A		N/A
Total Distributions and Other		(0.15)		(0.09)		–
Net Asset Value, End of Period		$9.64		$9.55		$9.95
Total Return**		2.48%		(3.09)%		(.50)%
Net Assets, End of Period (in thousands)		$2,054		$6,759		$6,660
Average Net Assets for the Period (in thousands)		$3,351		$6,973		$6,635
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.71%		2.25%		5.68%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.15%		1.26%(3)		1.27%
Ratio of Net Investment Income to Average Net Assets***		0.60%		1.24%		3.21%
Portfolio Turnover Rate		112%(4)		45%		6%^

Class C Shares

For a share outstanding during each year ended June 30 and the	Janus Real Return Fund(1)
period ended June 30, 2011	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$9.48		$9.94		$10.00
Income from Investment Operations:
Net investment income/(loss)		(0.10)		(0.05)		0.03
Net gain/(loss) on investments (both realized and unrealized)		0.26		(0.33)		(0.09)
Total from Investment Operations		0.16		(0.38)		(0.06)
Less Distributions and Other:
Dividends (from net investment income)*		(0.03)		(0.03)		–
Distributions (from capital gains)*		–		(0.05)		–
Return of capital		(0.02)		N/A		N/A
Total Distributions and Other		(0.05)		(0.08)		–
Net Asset Value, End of Period		$9.59		$9.48		$9.94
Total Return**		1.64%		(3.80)%		(.60)%
Net Assets, End of Period (in thousands)		$1,978		$6,400		$6,627
Average Net Assets for the Period (in thousands)		$3,182		$6,492		$6,616
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.52%		2.95%		6.43%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.90%		2.01%(5)		2.02%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.16)%		0.51%		2.46%
Portfolio Turnover Rate		112%(4)		45%		6%^

*	See Note 5 in Notes to Financial Statements.
**	Total Return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Formerly named Janus Real Return Allocation Fund. The Fund included the accounts of both Janus Real Return Allocation Fund and Janus Real Return Subsidiary, Ltd. from May 13, 2011 (inception date) through October 15, 2012. See Note 1 in Notes to Financial Statements.
(2)	Period from May 13, 2011 (inception date) through June 30, 2011.
(3)	Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets includes any applicable dividends and interest on short positions and may include stock loan fees. The ratio would have been 1.26% in 2012 without the inclusion of any applicable dividends and interest on short positions and any stock loan fees.
(4)	The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.
(5)	Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets includes any applicable dividends and interest on short positions and may include stock loan fees. The ratio would have been 2.01% in 2012 without the inclusion of any applicable dividends and interest on short positions and any stock loan fees.

See Notes to Financial Statements.

16 | JUNE 30, 2013

Class D Shares

For a share outstanding during each year ended June 30 and the	Janus Real Return Fund(1)
period ended June 30, 2011	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$9.56		$9.95		$10.00
Income from Investment Operations:
Net investment income		0.18		0.03		0.04
Net gain/(loss) on investments (both realized and unrealized)		0.07		(0.33)		(0.09)
Total from Investment Operations		0.25		(0.30)		(0.05)
Less Distributions and Other:
Dividends (from net investment income)*		(0.10)		(0.04)		–
Distributions (from capital gains)*		–		(0.05)		–
Return of capital		(0.06)		N/A		N/A
Total Distributions and Other		(0.16)		(0.09)		–
Net Asset Value, End of Period		$9.65		$9.56		$9.95
Total Return**		2.59%		(3.02)%		(.50)%
Net Assets, End of Period (in thousands)		$4,431		$7,632		$6,954
Average Net Assets for the Period (in thousands)		$4,876		$7,558		$6,832
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.98%		2.25%		5.96%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.00%		1.14%(3)		1.25%
Ratio of Net Investment Income to Average Net Assets***		0.97%		1.40%		3.24%
Portfolio Turnover Rate		112%(4)		45%		6%^

Class I Shares

For a share outstanding during each year ended June 30 and the	Janus Real Return Fund(1)
period ended June 30, 2011	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$9.57		$9.95		$10.00
Income from Investment Operations:
Net investment income		0.27		0.04		0.05
Net gain/(loss) on investments (both realized and unrealized)		0.00		(0.33)		(0.10)
Total from Investment Operations		0.27		(0.29)		(0.05)
Less Distributions and Other:
Dividends (from net investment income)*		(0.16)		(0.04)		–
Distributions (from capital gains)*		–		(0.05)		–
Return of capital		(0.09)		N/A		N/A
Total Distributions and Other		(0.25)		(0.09)		–
Net Asset Value, End of Period		$9.59		$9.57		$9.95
Total Return**		2.77%		(2.86)%		(.50)%
Net Assets, End of Period (in thousands)		$2,195		$6,650		$6,797
Average Net Assets for the Period (in thousands)		$3,457		$6,738		$6,658
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.47%		1.93%		5.43%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.90%		1.01%(5)		1.02%
Ratio of Net Investment Income to Average Net Assets***		0.89%		1.50%		3.47%
Portfolio Turnover Rate		112%(4)		45%		6%^

*	See Note 5 in Notes to Financial Statements.
**	Total Return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Formerly named Janus Real Return Allocation Fund. The Fund included the accounts of both Janus Real Return Allocation Fund and Janus Real Return Subsidiary, Ltd. from May 13, 2011 (inception date) through October 15, 2012. See Note 1 in Notes to Financial Statements.
(2)	Period from May 13, 2011 (inception date) through June 30, 2011.
(3)	Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets includes any applicable dividends and interest on short positions and may include stock loan fees. The ratio would have been 1.14% in 2012 without the inclusion of any applicable dividends and interest on short positions and any stock loan fees.
(4)	The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.
(5)	Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets includes any applicable dividends and interest on short positions and may include stock loan fees. The ratio would have been 1.01% in 2012 without the inclusion of any applicable dividends and interest on short positions and any stock loan fees.

See Notes to Financial Statements.

Janus Fixed Income Fund | 17

Financial Highlights  (continued)

Class S Shares

For a share outstanding during each year ended June 30 and the	Janus Real Return Fund(1)
period ended June 30, 2011	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$9.53		$9.95		$10.00
Income from Investment Operations:
Net investment income		0.13		–		0.04
Net gain/(loss) on investments (both realized and unrealized)		0.11		(0.33)		(0.09)
Total from Investment Operations		0.24		(0.33)		(0.05)
Less Distributions and Other:
Dividends (from net investment income)*		(0.08)		(0.04)		–
Distributions (from capital gains)*		–		(0.05)		–
Return of capital		(0.04)		N/A		N/A
Total Distributions and Other		(0.12)		(0.09)		–
Net Asset Value, End of Period		$9.65		$9.53		$9.95
Total Return**		2.51%		(3.33)%		(.50)%
Net Assets, End of Period (in thousands)		$1,984		$6,412		$6,632
Average Net Assets for the Period (in thousands)		$3,207		$6,502		$6,618
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.70%		2.43%		5.93%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.19%		1.45%(3)		1.52%
Ratio of Net Investment Income to Average Net Assets***		0.56%		1.07%		2.96%
Portfolio Turnover Rate		112%(4)		45%		6%^

Class T Shares

For a share outstanding during each year ended June 30 and the	Janus Real Return Fund(1)
period ended June 30, 2011	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$9.55		$9.95		$10.00
Income from Investment Operations:
Net investment income		0.22		0.02		0.04
Net gain/(loss) on investments (both realized and unrealized)		0.04		(0.33)		(0.09)
Total from Investment Operations		0.26		(0.31)		(0.05)
Less Distributions and Other:
Dividends (from net investment income)*		(0.13)		(0.04)		–
Distributions (from capital gains)*		–		(0.05)		–
Return of capital		(0.07)		N/A		N/A
Total Distributions and Other		(0.20)		(0.09)		–
Net Asset Value, End of Period		$9.61		$9.55		$9.95
Total Return**		2.76%		(3.09)%		(.50)%
Net Assets, End of Period (in thousands)		$2,028		$6,545		$6,641
Average Net Assets for the Period (in thousands)		$3,323		$6,633		$6,623
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.48%		2.17%		5.68%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.94%		1.20%(5)		1.27%
Ratio of Net Investment Income to Average Net Assets***		0.83%		1.31%		3.21%
Portfolio Turnover Rate		112%(4)		45%		6%^

*	See Note 5 in Notes to Financial Statements.
**	Total Return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Formerly named Janus Real Return Allocation Fund. The Fund included the accounts of both Janus Real Return Allocation Fund and Janus Real Return Subsidiary, Ltd. from May 13, 2011 (inception date) through October 15, 2012. See Note 1 in Notes to Financial Statements.
(2)	Period from May 13, 2011 (inception date) through June 30, 2011.
(3)	Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets includes any applicable dividends and interest on short positions and may include stock loan fees. The ratio would have been 1.45% in 2012 without the inclusion of any applicable dividends and interest on short positions and any stock loan fees.
(4)	The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.
(5)	Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets includes any applicable dividends and interest on short positions and may include stock loan fees. The ratio would have been 1.20% in 2012 without the inclusion of any applicable dividends and interest on short positions and any stock loan fees.

See Notes to Financial Statements.

18 | JUNE 30, 2013

Notes to Financial Statements

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.

1.  Organization And Significant Accounting Policies

Janus Real Return Fund (formerly named Janus Real Return Allocation Fund) (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Janus Real Return Subsidiary, Ltd. was a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”) until its liquidation and conclusion of operations effective October 15, 2012. The Fund’s Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights include the accounts of both Janus Real Return Fund and the Subsidiary. The financial statements include information for the year ended June 30, 2013. The Trust offers forty-four funds which include multiple series of shares, with differing investment objectives and policies. The Fund invests primarily in income-producing securities. The Fund is classified as nondiversified, 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 A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors. The Shares are available only to investors who hold accounts directly with the Janus funds and to immediate family members or members of the same household of an eligible individual investor. The Shares are not offered through financial intermediaries.

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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

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

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

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

Investment Valuation

Securities are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter (“OTC”) markets and listed securities for which no sales are reported are 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. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Fund are identified between the closing of their principal markets and the time the net asset value (“NAV”) is determined, securities may be valued at fair value as determined in good faith

Janus Fixed Income Fund | 19

Notes to Financial Statements (continued)

under procedures established by and under the supervision of the Fund’s Trustees. 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 non-valued security and a restricted or non-public security. 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. Restricted and illiquid securities are valued in accordance with procedures established by the Fund’s Trustees.

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 Trust 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, as well as a portion of general expenses, which may be allocated pro rata to the Fund. Each class of shares bears expenses incurred specifically on its behalf and, in addition, each class 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.

Foreign Currency Translations

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

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

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

Dividend Distributions

Effective November 1, 2012, dividends of net investment income are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed annually. Prior to November 1, 2012, the Fund declared and distributed dividends of net investment income and realized capital gains (if any) annually.

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. Management has analyzed the Fund’s tax

20 | JUNE 30, 2013

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.

Valuation Inputs Summary

In accordance with FASB guidance, the Fund utilizes the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Fund’s investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are 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 and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), warrants, swaps, investments in mutual funds, OTC options, and forward contracts. 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. These are generally categorized as Level 2 in the hierarchy.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the FASB Guidance. These are categorized as Level 3 in the hierarchy.

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 valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2013 to 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.

FASB Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. To meet the objective of the quantitative disclosure, the Fund may need to further disaggregate to provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

The Fund is not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Fund when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing

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Notes to Financial Statements (continued)

information without adjustment). However, when providing this disclosure, the Fund cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Fund.

In addition, the Accounting Standards Update requires the Fund to provide a narrative sensitivity disclosure of the fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no transfers in or out of Level 1, Level 2 and Level 3 during the year.

The Fund recognizes transfers between the levels as of the beginning of the fiscal year.

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 swap contracts, options on future contracts, options on foreign currencies, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2013 is discussed in further detail below. A summary of derivative activity is reflected in the tables at the end of this section.

The Fund may use derivative instruments for hedging (to offset risks associated with an investment, currency exposure, or market conditions) or for speculative (to seek to enhance returns) purposes. 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 in which it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks, including, but not limited to, counterparty risk, credit risk, currency risk, equity risk, index risk, interest rate risk, leverage risk, and liquidity risk, as described below.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC, such as options and structured notes, are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs.

OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk. In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

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

•  Currency Risk – Currency risk is 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 – Equity risk relates 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 – Interest rate risk is the risk that the value of fixed-income securities will generally

22 | JUNE 30, 2013

decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease, and vice versa.

•  Leverage Risk – Leverage risk is 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 using borrowed capital to increase the amount invested, or investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

•  Liquidity Risk – Liquidity risk is 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.

Commodity-Linked Investments

The Fund may invest in commodity index-linked swap agreements, commodity options and futures, and options on futures that provide exposure to the investment returns of the commodities markets. The Fund may also invest in other commodity-linked derivative instruments, such as commodity-linked notes (“structured notes”). Prior to October 15, 2012, the Fund sought to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary which was generally subject to the same investment policies and restrictions of the Fund. The Subsidiary invested in commodity-linked investments and other investments which served as margin or collateral for the Subsidiary’s derivative positions. Such exposure subjected the Fund to greater volatility than investments in traditional securities. The value of a given commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may therefore be affected by changes in 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.

Forward Foreign Currency Exchange Contracts

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

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 contract is included in “Net realized gain/(loss) from investment and foreign currency transactions” on the Statement of Operations.

The Fund does not require the counterparty to post collateral for forward currency contracts; however, the Fund will segregate cash or high-grade securities with its custodian in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Such segregated assets are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their market value equals or exceeds the current market value of the Fund’s corresponding forward currency contracts.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures 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. When a contract is closed, a realized gain or loss is recorded as “Net realized gain/(loss) from futures contracts” on the Statement of Operations, equal to the difference between the opening and closing value of the contract. Generally, futures contracts are marked-to-market (i.e., treated as

Janus Fixed Income Fund | 23

Notes to Financial Statements (continued)

realized and subject to distribution) for federal income tax purposes at fiscal year-end. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments. Such collateral is in the possession of the Fund’s custodian or with the counterparty broker.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

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. The Fund is subject to interest rate risk, liquidity risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts. The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund may utilize American-style and European-style options. An American-style option is an option contract that can be exercised at any time between the time of purchase and the option’s expiration date. A European-style option is an option contract that can only be exercised on the option’s expiration date. The Fund may also purchase or write put and call options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings.

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. In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. 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.

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.

The Fund may also purchase and write exchange-listed and OTC put and call options on domestic securities indices, and on foreign securities indices listed on domestic and foreign securities exchanges. Options on securities indices are similar to options on securities except that (1) the expiration cycles of securities index options are monthly, while those of securities options are currently quarterly, and (2) the delivery requirements are different. Instead of giving the right to take or make delivery of securities at a specified price, an option on a securities index gives the holder the right to receive a cash “exercise settlement amount” equal to (a) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of exercise, multiplied by (b) a fixed “index multiplier.” Receipt of this cash amount will depend upon the closing level of the securities index upon which the option is based being greater than, in the case of a call, or less than, in the case of a put, the exercise price of the index and the exercise price of the option times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount.

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.

Holdings of the Fund designated to cover outstanding written options are noted on the Schedule of Investments. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written at value.” Realized gains and losses are reported as “Net realized gain/(loss) from written options contracts” on the Statement of Operations.

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. 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. There is no limit to the loss the Fund may recognize due to written call options.

24 | JUNE 30, 2013

Written option activity for the year ended June 30, 2013 is indicated in the tables below:

	Number of		Premiums
Call Options	Contracts		Received
Options outstanding at June 30, 2012		–	$	–
Options written		7,300		2,359
Options closed		(7,300)		(2,359)
Options expired		–		–
Options exercised		–		–
Options outstanding at June 30, 2013		–	$	–

	Number of		Premiums
Put Options	Contracts		Received
Options outstanding at June 30, 2012		137	$	6,486
Options written		–		–
Options closed		–		–
Options expired		(137)		(6,486)
Options exercised		–		–
Options outstanding at June 30, 2013		–	$	–

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The Fund may utilize swap agreements as a means to gain exposure to certain common stocks and/or to “hedge” or protect its portfolio from adverse movements in securities prices, the rate of inflation, or interest rates. The Fund is subject to equity risk and interest rate risk in the normal course of pursuing its investment objective through investments in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return. Swap agreements traditionally were privately negotiated and entered into in the OTC market. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010 now requires certain swap agreements to be cleared through a clearinghouse and traded on an exchange or swap execution facility. New regulations under the Dodd-Frank Act could, among other things, increase the cost of such transactions. Swap contracts of the Fund are reported as an asset or liability on the Statement of Assets and Liabilities. Realized gains and losses of the Fund are reported in “Net realized gain/(loss) from swap contracts” on the Statement of Operations.

Various types of swaps such as credit default (funded and unfunded), interest rate and total return swaps are described below.

Credit default swaps are a specific kind of counterparty agreement that allows the transfer of third-party credit risk from one party to the other. The Fund is subject to credit risk in the normal course of pursuing its investment objective through its investments in credit default swap contracts. The Fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. With a credit default swap, one party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. The Fund’s maximum risk of loss from counterparty risk, either as a protection seller or as a protection buyer (undiscounted), is the notional value of the agreement. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Funded (notional value of contract paid up front) or unfunded (notional value only paid in case of default) credit default swaps are based on an index of credit default swaps (“CDXs”) or other similarly structured products. CDXs are designed to track segments of the credit default swap market and provide investors with exposure to specific reference baskets of issuers of bonds or loans. These instruments have the potential to allow an investor to obtain the same investment exposure as an investor who invests in an individual credit default swap, but with the potential added benefit of diversification. The CDX reference baskets are normally priced daily and rebalanced every six months in conjunction with leading market makers in the credit industry. The liquidity of the market for CDXs is normally subject to liquidity in the secured loan and credit derivatives markets. A fund investing in CDXs is normally only permitted to take long positions in these instruments.

Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments).

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period.

The Fund’s maximum risk of loss for credit default swaps, interest rate swaps and total return swaps from counterparty risk or credit risk is the discounted value of

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Notes to Financial Statements (continued)

the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2013. There were no derivatives held by the Fund at June 30, 2013.

The effect of Derivative Instruments on the Statement of Operations for the year ended June 30, 2013

Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
										Forward Currency
Derivatives Not Accounted for as Hedging Instruments	Futures			Swaps			Options			Contracts			Total
Commodity-Linked Contracts	$	(224,130	)	$	–		$	–		$	–		$	(224,130	)
Credit Contracts		–			34,358			–			–			34,358
Currency Contracts		(128,174	)		–			–			–			(128,174	)
Equity Contracts		(484,927	)		241,373			8,232			–			(235,322	)
Foreign Exchange Contracts		–			–			–			471			471
Interest Rate Contracts		96,613			(2,021,389	)		–			–			(1,924,776	)
Total	$	(740,618	)	$	(1,745,658	)	$	8,232		$	471		$	(2,477,573	)
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
										Forward Currency
Derivatives Not Accounted for as Hedging Instruments	Futures			Swaps			Options			Contracts			Total
Commodity-Linked Contracts	$	35,365		$	–		$	–		$	–		$	35,365
Credit Contracts		–			(27,001	)		–			–			(27,001	)
Currency Contracts		31,709			–			–			–			31,709
Equity Contracts		171,724			(41,347	)		(3,363	)		–			127,014
Foreign Exchange Contracts		–			–			–			(813	)		(813	)
Interest Rate Contracts		7,944			2,006,020			–			–			2,013,964
Total	$	246,742		$	1,937,672		$	(3,363	)	$	(813	)	$	2,180,238

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

The effect of derivatives on the Statement of Operations is indicative of the Fund’s volume through October 15, 2012. Subsequent to October 15, 2012, the Fund has not held derivatives.

3.  Other Investments and Strategies

Additional Investment Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer.

The financial crisis that began in 2008 has caused 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 have taken steps to support the financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding each could also 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 are impacting many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including a Fund, may not be fully known for some time. Because the situation is unprecedented and widespread, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude a 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 Act is dramatically changing the way in which the U.S. financial system is supervised and regulated. The Dodd-Frank Act provides for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expands federal oversight in the financial sector, including the investment

26 | JUNE 30, 2013

management industry. Many provisions of the Dodd-Frank Act will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act, on the Fund and the investment management industry as a whole, is not yet certain.

A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As a result, financial markets in the EU have been subject to 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 restructuring by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.

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

Counterparties

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

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.

Investment in Subsidiary

To qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), 90% of the Fund’s income must be from certain qualified sources. Direct investment in many commodities-related investments generates income that is not from a qualifying source for purposes of meeting this 90% test. Until October 15, 2012, the Fund sought to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary, which was generally subject to the same investment policies and restrictions of the Fund. The Subsidiary invested in commodity index-linked swaps, commodity futures, commodity-linked notes, and other commodity-linked derivative instruments. The Subsidiary also invested in fixed-income securities and other investments which served as margin or collateral for the Subsidiary’s derivatives positions. The Fund could invest up to 25% of its total assets in the Subsidiary. Income or net capital gains from the Fund’s investment in the Subsidiary was treated as ordinary income to the Fund. Janus Capital was the adviser to the Subsidiary and Armored Wolf, LLC (“Armored Wolf”) was the Subsidiary’s subadviser. The Subsidiary was not subject to U.S. laws (including securities laws) and their protections. The Subsidiary was subject to the laws of a foreign jurisdiction. The Fund applied for a private letter ruling confirming, among other things, that income produced by the Fund’s investment in the Subsidiary and that income from certain commodity-related investments constitutes qualifying income to the Fund.

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, 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

Janus Fixed Income Fund | 27

Notes to Financial Statements (continued)

entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. There were no restricted securities held by the Fund at June 30, 2013.

Sovereign Debt

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

4.  Investment Advisory Agreements and Other Transactions With Affiliates

Effective October 15, 2012, 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). The rate shown is a fixed rate based on the Fund’s average daily net assets.

			Contractual
			Investment
	Average Daily Net		Advisory Fee
Fund	Assets of the Fund		% (annual rate)
Janus Real Return Fund		First $1 Billion		0.55
		Next $4 Billion		0.53
		Over $5 Billion		0.50

Prior to October 15, 2012, the Fund and the Subsidiary each paid Janus Capital an investment advisory fee which was calculated daily and paid monthly. The following table reflected the Fund’s contractual investment advisory fee rate (expressed as an annual rate). The rate shown was a fixed rate based on the Fund’s average daily net assets.

			Contractual
			Investment
	Average Daily Net		Advisory Fee
Fund	Assets of the Fund		% (annual rate)
Janus Real Return Fund		First $3 Billion		0.75
		Over $3 Billion		0.72

Until October 15, 2012, Janus Capital contractually agreed to waive a portion of the Fund’s management fee in an amount equal to the management fee paid to Janus Capital by the Subsidiary.

Until October 15, 2012, Armored Wolf served as a subadviser to the Fund and to the Subsidiary, and provided advisory services to the Fund related to inflation-linked securities, emerging market debt, commodity-linked investments and participated in overall investment category allocation determinations. Armored Wolf no longer serves as subadviser to the Fund.

Janus Capital has agreed to reimburse the Fund until at least November 1, 2013 by the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding any class-specific distribution and shareholder servicing fees applicable to Class A Shares, Class C Shares, and Class S Shares, the administrative services fees payable pursuant to the Transfer Agency Agreement (except for networking and omnibus fees for Class A Shares, Class C Shares, and Class I Shares), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rates noted below. Amounts reimbursed to the Fund by Janus Capital

28 | JUNE 30, 2013

are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

	New
	Expense Limit (%)		Previous
	(October 15, 2012		Expense Limit (%)
Fund	to Present)		(until October 15, 2012)
Janus Real Return Fund		0.76		1.00

For a period of three years subsequent to the Fund’s commencement of operations or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, that was effective at commencement of operations, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. The recoupment of such reimbursements expires May 13, 2014. For the year ended June 30, 2013, total reimbursement by Janus Capital was $354,134 for the Fund. As of June 30, 2013, the aggregate amount of recoupment that may potentially be made to Janus Capital is $989,048.

State Street Bank and Trust Company (“State Street”) provides certain accounting services to the Fund and the Subsidiary as part of the custodial and fund accounting arrangement, including calculating the daily NAV of each share class and certain compliance-related functions. State Street also provides certain administration services to the Fund, including services related to the Fund’s audit, tax, and reporting obligations, pursuant to an Agreement with the Trust, on behalf of the Fund. As compensation for such services, the Fund pays State Street a flat fee. Janus Capital serves as administrator to the Fund. With respect to other administration services, such as recordkeeping, and state monitoring and registration functions, Janus Capital does not receive any compensation for these services but may be reimbursed for out-of-pocket expenses by the Fund. Additionally, the Subsidiary had entered into separate agreements with State Street related to custodian, accounting, and transfer agency services related to the Subsidiary. Compensation to State Street for such services was indirectly borne by the Fund.

Effective July 1, 2013, Janus Capital replaced State Street Bank and Trust Company to perform for the Fund certain administration functions previously performed by State Street Bank and Trust Company, such as calculating the NAV of each share class and performing certain other audit-related functions, maintaining certain books and records, and performing tax services.

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.

Certain, but not all, intermediaries charge administrative fees 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.

Class D Shares of the Fund pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares of the Fund for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class S Shares and Class T Shares of the Fund 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.

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

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services

Janus Fixed Income Fund | 29

Notes to Financial Statements (continued)

incurs for serving as transfer agent and providing servicing to shareholders.

Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, is the distributor of the Fund. The Fund has adopted a Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Fund to intermediaries at an annual rate, as determined from time to time by the Board of Trustees, 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. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Fund. If any of the Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus 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 shown as of June 30, 2013 on the Statement of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2013 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 $243,941 were paid to a Trustee under the Deferred Plan during the year ended June 30, 2013.

Certain officers of the Fund may also be officers and/or directors of Janus Capital. The Fund pays for the salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. Some expenses related to compensation payable to the Fund’s Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $487,826 was paid by the Trust to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2013. The Fund’s portion is reported as part of “Other Expenses” on the Statement of Operations.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Distributors and financial intermediaries. The sales charge was reduced effective October 15, 2012 from 5.75% to 4.75%. During the year ended June 30, 2013, Janus Distributors retained the following upfront sales charges:

	Upfront
Fund (Class A Shares)	Sales Charge
Janus Real Return Fund		$363

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, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the year ended June 30, 2013.

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. There were no CDSCs paid by redeeming shareholders of Class C Shares to Janus Distributors during the year ended June 30, 2013.

The Fund’s expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statement of Operations. The Fund could

30 | JUNE 30, 2013

have employed the assets used by the custodian and/or transfer agent to produce income if it had not entered into an expense offset arrangement.

Pursuant to the provisions of the 1940 Act and rules promulgated thereunder, 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 Fund”). Janus Cash Liquidity Fund LLC currently is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered 2a-7 product. There are no restrictions on the Fund’s ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated cash management pooled investment vehicles and the Investing Fund.

During the year ended June 30, 2013, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Schedule of Investments and Other Information.

Janus Capital or an affiliate invested and/or redeemed seed capital during the year ended June 30, 2013, as indicated in the following table.

	Seed Capital				Date of		Seed Capital
	at 6/30/12		Redemptions		Redemptions		at 6/30/13
Janus Real Return Fund – Class A Shares	$	6,666,666	$	(4,688,830)		8/30/12 – 10/15/12	$	1,977,836
Janus Real Return Fund – Class C Shares		6,666,666		(4,736,022)		8/30/12 – 10/15/12	$	1,930,644
Janus Real Return Fund – Class D Shares		6,666,667		(4,680,191)		8/30/12 – 10/15/12	$	1,986,476
Janus Real Return Fund – Class I Shares		6,666,667		(4,675,109)		8/30/12 – 10/15/12	$	1,991,558
Janus Real Return Fund – Class S Shares		6,666,667		(4,702,954)		8/30/12 – 10/15/12	$	1,963,713
Janus Real Return Fund – Class T Shares		6,666,667		(4,688,520)		8/30/12 – 10/15/12	$	1,978,147

5.  Federal Income Tax

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

Other book to tax differences may consist of deferred compensation, derivatives, foreign currency contract adjustments, and foreign subsidiary income. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses. 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.

Undistributed

Undistributed

Loss Deferrals

Other Book

Net Tax

Ordinary

Long-Term

Accumulated

Late-Year

Post-October

to Tax

Appreciation/

Fund

Income

Gains

Capital Losses

Ordinary Loss

Capital Loss

Differences

(Depreciation)

Janus Real Return Fund

$

–

$

–

$

(458,182)

$

–

$

–

$

33

$

(160,066)

Accumulated capital losses noted below represented net capital loss carryovers, as of June 30, 2013, 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 Expiration Schedule					Accumulated
For the year ended June 30, 2013	No Expiration				Capital
Fund	Short-Term		Long-Term		Losses
Janus Real Return Fund	$	458,182	$	–	$	458,182

During the year ended June 30, 2013, the following capital loss carryover was utilized by the Fund:

	Capital Loss
Fund	Carryover Utilized
Janus Real Return Fund	$	–

Janus Fixed Income Fund | 31

Notes to Financial Statements (continued)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2013 are noted below.

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

	Federal Tax		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)
Janus Real Return Fund	$	14,833,396	$	30,943	$	(191,009)

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

For the year ended June 30, 2013

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Janus Real Return Fund	$	143,901	$	–	$	82,764	$	–

For the year ended June 30, 2012

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Janus Real Return Fund	$	163,689	$	209,626	$	–	$	–

32 | JUNE 30, 2013

6.  Capital Share Transactions

	Janus
	Real Return
For each year ended June 30	Fund
(all numbers in thousands)	2013		2012
Transactions in Fund Shares – Class A Shares:
Shares Sold		6		125
Reinvested dividends and distributions		3		7
Shares repurchased		(504)		(93)
Net Increase/(Decrease) in Fund Shares		(495)		39
Shares Outstanding, Beginning of Period		708		669
Shares Outstanding, End of Period		213		708
Transactions in Fund Shares – Class C Shares:
Shares Sold		4		4
Reinvested dividends and distributions		1		5
Shares repurchased		(474)		(1)
Net Increase/(Decrease) in Fund Shares		(469)		8
Shares Outstanding, Beginning of Period		675		667
Shares Outstanding, End of Period		206		675
Transactions in Fund Shares – Class D Shares:
Shares Sold		204		165
Reinvested dividends and distributions		6		7
Shares repurchased		(549)		(73)
Net Increase/(Decrease) in Fund Shares		(339)		99
Shares Outstanding, Beginning of Period		798		699
Shares Outstanding, End of Period		459		798
Transactions in Fund Shares – Class I Shares:
Shares Sold		14		17
Reinvested dividends and distributions		6		7
Shares repurchased		(486)		(12)
Net Increase/(Decrease) in Fund Shares		(466)		12
Shares Outstanding, Beginning of Period		695		683
Shares Outstanding, End of Period		229		695
Transactions in Fund Shares – Class S Shares:
Shares Sold		–		–
Reinvested dividends and distributions		3		6
Shares repurchased		(470)		–
Net Increase/(Decrease) in Fund Shares		(467)		6
Shares Outstanding, Beginning of Period		673		667
Shares Outstanding, End of Period		206		673
Transactions in Fund Shares – Class T Shares:
Shares Sold		30		16
Reinvested dividends and distributions		5		7
Shares repurchased		(509)		(5)
Net Increase/(Decrease) in Fund Shares		(474)		18
Shares Outstanding, Beginning of Period		685		667
Shares Outstanding, End of Period		211		685

Janus Fixed Income Fund | 33

Notes to Financial Statements (continued)

7.  Purchases and Sales of Investment Securities

For the year ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:

							Proceeds from
					Purchases of		Sales of
					Long-Term		Long-Term
	Purchases of		Proceeds from Sales		U.S. Government		U.S. Government
Fund	Securities		of Securities		Obligations		Obligations
Janus Real Return Fund	$	20,367,521	$	38,535,523	$	4,139,551	$	21,185,810

8.  New Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of the new Statement of Assets and Liabilities offsetting disclosures to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact this update may have on the Fund’s financial statements.

9.  Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2013 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.

34 | JUNE 30, 2013

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders
of Janus Investment Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statement of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Real Return Fund (formerly known as Janus Real Return Allocation Fund) (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at June 30, 2013 and the result of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

August 19, 2013

Janus Fixed Income Fund | 35

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

Approval of Advisory Agreements During the Period

The Trustees of Janus Investment Fund, none of whom has ever been affiliated with Janus Capital and each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund and, as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the nine Funds that utilize subadvisers.

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

At a meeting held on December 7, 2012, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2013 through February 1, 2014, 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.

Nature, Extent and Quality of Services

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

36 | JUNE 30, 2013

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds of Janus Investment Fund and the Portfolios of Janus Aspen Series (such Funds and Portfolios, together the “Janus Funds”) and Janus Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the Janus Funds have had some recent performance challenges, but performance has improved recently, and for the 36 months ended September 30, 2012, approximately 47% of the Janus Funds were in the top two quartiles of performance and for the 12 months ended September 30, 2012, approximately 54% of the Janus Funds were in the top two quartiles of performance. The Trustees concluded that the performance of certain Funds was good under current market conditions. Although the performance of other Funds lagged that of their peers for certain periods, the Trustees also concluded that Janus Capital had taken or was taking appropriate steps to address those instances of under-performance.

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for most of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by the independent data providers.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found (1) the total expenses and management fees of the Janus Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 16% below the mean total expenses of their respective Lipper Expense Group peers and 23% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Janus Funds, on average, were 9% below the mean management fees for their Expense Groups and 12% below the mean for their Expense Universes; and (4) Janus Funds expenses at the functional level for each asset and share class category were reasonable. The independent fee consultant concluded that based on its strategic review of expenses at the complex, category and individual fund level, Janus Funds expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/ performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories and existence of performance fees on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent and the competitive market for mutual funds in different distribution channels. They concluded that the compensation methodology provided a good alignment of the interests of the portfolio managers with the interests of Fund shareholders.

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to their separate account clients and to non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital

Janus Fixed Income Fund | 37

Additional Information (unaudited) (continued)

or the subadviser provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks that it does not assume in servicing its other clients. Moreover, they noted the research conducted and conclusions reached by their independent fee consultant.

In this regard, the independent fee consultant found that (1) the management fees Janus Capital charges to the Janus Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; and (3) the average spread between management fees charged to the Janus Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

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

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the actual management fee rate paid by most of the Funds, after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused or will cause the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and the five Funds that have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees

38 | JUNE 30, 2013

concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Janus Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

After full consideration of the above factors, as well as other factors, the Trustees, each of whom is an independent Trustee, concluded at their December 7, 2012 meeting that the proposed continuation of the investment advisory agreement and, if applicable, the subadvisory agreement for each Fund for another year was in the best interest of the respective Funds and their shareholders.

Janus Fixed Income Fund | 39

Useful Information About Your Fund Report (unaudited)

1.  Management Commentary

The Management Commentary in this report includes valuable insight from the Fund’s managers 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. The Fund’s managers may allocate a company 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 by the Chief Investment Officer(s) in the Market Perspective and by the Fund’s managers in the Management Commentary are just that: opinions. They are a reflection of the Chief Investment Officer(s) and each manager’s best judgment at the time this report was compiled, which was June 30, 2013. As the investing environment changes, so could their opinions. These views are unique to them and aren’t necessarily shared by fellow employees or by Janus in general.

2.  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. The hypothetical example does not represent the returns of any particular investment.

When comparing the performance of the Fund with an index, keep in mind that market indices do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.

3.  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’s 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 Bloomberg L.P. and/or MSCI Inc.

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

4.  Statement of Assets and Liabilities

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

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased

40 | JUNE 30, 2013

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.

5.  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.

6.  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.

7.  Financial Highlights

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

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

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. Don’t

Janus Fixed Income Fund | 41

Useful Information About Your Fund Report (unaudited) (continued)

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 doesn’t 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. 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.

42 | JUNE 30, 2013

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2013:

Return of Capital Distributions

Fund
Janus Real Return Fund	$	82,764

Dividends Received Deduction Percentage

Fund
Janus Real Return Fund	2%

Qualified Dividend Income

Fund
Janus Real Return Fund	67%

Janus Fixed Income Fund | 43

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Pursuant to the Fund’s Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds.

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

TRUSTEES

				Number of
				Portfolios/Funds	Other Directorships
				in Fund Complex	Held by Trustee
	Positions Held	Length of	Principal Occupations	Overseen	During the Past Five
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	by Trustee	Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds); and Director of the F.B. Heron Foundation (a private grantmaking foundation).
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Director of MotiveQuest LLC (strategic social market research company) (since 2003); and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

44 | JUNE 30, 2013

TRUSTEES (continued)

				Number of
				Portfolios/Funds		Other Directorships
				in Fund Complex		Held by Trustee
	Positions Held	Length of	Principal Occupations	Overseen		During the Past Five
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	by Trustee	��	Years
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company (1987-1994).	56		Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (since 2005). Formerly, Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	56		Director of Red Robin Gourmet Burgers, Inc. (RRGB) (since 2004).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	56		None
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56		Director of Chicago Convention & Tourism Bureau, Chicago Council on Global Affairs, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Wal-Mart, and Wrapports, LLC (digital communications company).

Janus Fixed Income Fund | 45

Trustees and Officers (unaudited) (continued)

OFFICERS

		Term of Office* and	Principal Occupations
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	During the Past Five Years
Gibson Smith 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President and Co-Portfolio Manager Janus Real Return Fund	5/11-Present	Co-Chief Investment Officer and Executive Vice President of Janus Capital; Executive Vice President of Janus Distributors LLC and Janus Services LLC; Director of Perkins Investment Management LLC; and Portfolio Manager for other Janus accounts.
Darrell Watters 151 Detroit Street Denver, CO 80206 DOB: 1963	Executive Vice President and Co-Portfolio Manager Janus Real Return Fund	10/12-Present	Vice President of Janus Capital and Portfolio Manager for other Janus accounts.
Robin C. Beery 151 Detroit Street Denver, CO 80206 DOB: 1967	President and Chief Executive Officer	4/08-Present	Executive Vice President and Head of U.S. Distribution of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC; Director of The Janus Foundation; Director of Perkins Investment Management LLC; and Working Director of INTECH Investment Management LLC. Formerly, Head of Intermediary Distribution, Global Marketing and Product of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC (2009-2010); and Chief Marketing Officer of Janus Capital Group Inc. and Janus Capital (2002-2009).
Stephanie Grauerholz-Lofton 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital, and Vice President and Assistant Secretary of Janus Distributors LLC.
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; and Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC. Formerly, Chief Compliance Officer of Bay Isle Financial LLC (2003-2008).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

46 | JUNE 30, 2013

Notes

Janus Fixed Income Fund | 47

Notes

48 | JUNE 30, 2013

Notes

Janus Fixed Income Fund | 49

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (07/13)

Investment products offered are: NOT FDIC-INSURED MAY LOSE VALUE NO BANK GUARANTEE

C-0813-42790 125-02-93009 08-13

ANNUAL REPORT

June 30, 2013

Janus Fixed Income & Money Market Funds

Fixed Income

Janus Flexible Bond Fund

Janus Global Bond Fund

Janus High-Yield Fund

Janus Short-Term Bond Fund

Money Market

Janus Government Money Market Fund

Janus Money Market Fund

HIGHLIGHTS

•  Portfolio management perspective

•  Investment strategy behind your fund

•  Fund performance, characteristics and holdings

Table of Contents

            Janus Fixed Income & Money Market Funds

Co-Chief Investment Officers’ Market Perspective	1
Management Commentaries and Schedules of Investments
Janus Flexible Bond Fund	3
Janus Global Bond Fund	17
Janus High-Yield Fund	30
Janus Short-Term Bond Fund	43
Janus Government Money Market Fund	54
Janus Money Market Fund	54
Notes to Schedules of Investments and Other Information	60
Statements of Assets and Liabilities - Fixed Income Funds	64
Statements of Operations - Fixed Income Funds	68
Statements of Changes in Net Assets - Fixed Income Funds	70
Financial Highlights - Fixed Income Funds	74
Statements of Assets and Liabilities - Money Market Funds	88
Statements of Operations - Money Market Funds	89
Statements of Changes in Net Assets - Money Market Funds	90
Financial Highlights - Money Market Funds	91
Notes to Financial Statements	93
Report of Independent Registered Public Accounting Firm	111
Additional Information	112
Useful Information About Your Fund Report	116
Designation Requirements	119
Trustees and Officers	120

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Investments in money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds.

Co-Chief Investment Officers’ Market Perspective (unaudited)

Jonathan Coleman, CFA

Chief Investment Officer, Equities

Gibson Smith

Chief Investment Officer, Fixed Income

Economy: Substantive improvement

The U.S. economy is showing signs of real, if uneven, improvement. The market seems obsessed with whether the Federal Reserve (Fed) will taper its bond-buying program by the end of the year, but is not focused on the continued improvement of the overall economy. We would not be surprised to see the Fed begin to taper its quantitative easing (QE) program over the next 12 months, but believe that it will leave short-term interest rates near zero for the foreseeable future. We also believe that global central banks will keep a high level of liquidity in the system. We continue to monitor potential global risk, particularly in China and Japan, but believe both of these concerns will abate in the medium term and that markets will refocus on the recovery.

Equities: Beyond the “wall of worry”

Equity markets have essentially climbed a “wall of worry” over the last six months, including the threat of falling off the fiscal cliff, then the potential impact of the sequester, and finally, concerns over Cyprus. Talking heads claimed these events spelled doomsday for the economy, but the market shrugged off each one and powered on. Now more speculative areas of the market, such as the Russell 2000 Index of U.S. small-capitalization companies, have hit all-time highs. Price/earnings multiples have expanded as stock price appreciation has exceeded the underlying earnings growth of many companies.

We think this is just when investors should be a little more cautious. The recent rally has been driven in part by a belief that the Fed and other central banks will backstop equity markets by pumping liquidity into the system forever. In late June, we got a glimpse of what happens to stock markets when the Fed even hints at taking its foot off the gas: there can be a sell-off.

Our view on the economy and equity markets has not turned negative, just more balanced. Many positives for the economy still exist. For instance, cheaper oil and natural gas in the U.S., along with more competitive labor costs, are creating a manufacturing renaissance. That’s a long-term benefit that could last a decade or longer. The U.S. housing market continues to be strong. In Europe, industrial companies are finally going through a painful restructuring that should right-size their businesses and make them more competitive on a global basis. European banks have also made significant strides in cutting costs and fortifying their balance sheets. But many of these longer-term dynamics already have been priced into stocks, or in other cases, they will take a long time to play out. The challenge as equity investors is to find those companies that can decouple from the economy, control their own destinies, and demonstrate strong growth even in the face of a slow-growth economy.

Fixed Income: Rate risk increases

As the economy gains stronger footing, the Fed will be given the opportunity to slowly remove its overly accommodative policy. While some investors may believe that we’ve seen the end of the bull market in fixed income, we are reminded that since 1980 we have seen 16 periods during which the 10-year Treasury yield rose by more than 100 basis points (1 percentage point). The 30-year bull market has hardly been a straight line up, with nothing but positive returns for fixed income investors – there have been periods of both angst and celebration, with the long-term trend being lower rates.

Making bold calls that the bull market in bonds is over can grab media attention and create fear for fixed-income investors, but the reality is that markets are always in motion and creating opportunities. This environment reminds us of the importance of active versus passive management in fixed income and the importance of capital preservation in uncertain times. While we may be entering a period where interest rates trend higher over the longer term, in the short and medium term there will be new opportunities created by change.

Because we tend to generate the majority of our excess return through security selection, we see this as a time of opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. A back-up in rates may have the positive effect of lowering fixed income

Janus Fixed Income & Money Market Funds | 1

(unaudited) (continued)

valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer good risk-adjusted return potential.

Sincerely,

Jonathan Coleman, CFA

Chief Investment Officer, Equities

Gibson Smith

Chief Investment Officer, Fixed Income

2 | JUNE 30, 2013

Janus Flexible Bond Fund (unaudited)

Fund Snapshot
We believe a bottom-up, fundamentally driven investment process that focuses on credit-oriented investments can generate risk-adjusted outperformance relative to our peers over time. Our comprehensive bottom-up view drives decision-making at a macro level, enabling us to make informed decisions about allocations to all sectors of the fixed income universe.

Gibson Smith
co-portfolio manager
Darrell Watters
co-portfolio manager

Performance Summary

During the one-year period ended June 30, 2013, Janus Flexible Bond Fund’s Class T Shares returned 1.42% compared with -0.69% for the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index.

Market Environment

The 12 months ended June 30, 2013 were largely characterized by concern about global fiscal policies and their impact on economic growth. Overall, both investment-grade and high-yield corporate credit spreads and mortgage-backed securities (MBS) spreads narrowed during the period. Meanwhile, U.S. Treasury bond yields rose, particularly in the final months of the period as U.S. economic data began to improve.

The period began with concern about slow global economic growth, prompting additional stimulus from major central banks including the U.S. Federal Reserve (Fed), the European Central Bank and the Bank of Japan. Toward the end of calendar year 2012, worries grew about the “fiscal cliff,” a potentially recessionary mix of U.S. spending cuts and tax increases scheduled to take effect in January 2013. However, lawmakers delayed some elements of the fiscal cliff until March 2013, softening the impact, and the Fed continued to reiterate support for the markets via quantitative easing (QE) and near-zero interest rates.

By spring, there were signs that economic growth was improving. The U.S. economy seemed to weather the impact of government spending cuts that took effect in March, and employment data showed strengthening hiring patterns beginning in April. By May, markets were beginning to speculate about the eventual end of the Fed’s QE program, driving up longer-term Treasury yields. Meanwhile, Japan’s attempts to reflate its economy appeared to be having an effect, with signs of improving exports, rising manufacturing activity and increasing capital spending. Europe’s economy showed signs of stabilization, although growth expectations declined for China.

Performance Discussion

Our overweight allocation and security selection within corporate credit, as well as our security selection within MBS, were the top contributors to outperformance during the period. Our yield curve positioning in Treasury securities detracted. Sector contributors were led by noncaptive diversified financial companies, real estate investment trusts (REITs) and banking; top sector detractors included property and casualty insurers, cyclical consumer services and supermarkets.

Overall, we reduced the Fund’s weighting to corporate credit during the period, as we reacted to changing economic and market factors. Corporate credit represented 47.4% of holdings as of June 30, 2013, down from 56.5% a year earlier, as we opportunistically realized gains and lowered the Fund’s risk profile at various points during the 12 months, including reducing duration and increasing our Treasury weighting. However, we remain bullish on corporate credit in general, and are still significantly overweight to credit compared with the benchmark. We increased exposure to high-yield credit.

Consistent with our process of closely monitoring company fundamentals to drive our allocation decisions, we periodically seek to reduce the Fund’s risk profile. With that goal, we increased U.S. Treasury exposure at various points during the period. At the end of June 2013, our allocation to U.S. Treasury securities was 22.5%, compared with 19.3% a year earlier. We also shifted investment toward the shorter end of the yield curve with the goal to help preserve capital in the face of a potential rise in interest rates. However, our yield curve positioning in Treasurys detracted from relative performance during the period. While we held an underweight allocation to Treasury securities compared with the benchmark, our Treasury duration (i.e., our sensitivity to rising interest rates) was modestly longer until roughly mid-May.

Janus Fixed Income & Money Market Funds | 3

Janus Flexible Bond Fund (unaudited)

Our MBS selection also was beneficial to performance, in particular our preference for prepayment-protected, higher-coupon MBS. We have sought to avoid the type of MBS that the Fed has been buying through its $40-billion-per-month MBS purchase program, part of its current QE program. This helped the Fund avoid much of the market volatility sparked by the question of when the Fed might taper QE. During the period we added to our position in higher-coupon MBS, which we view as an attractive risk-adjusted spread alternative to corporate credit. At the end of June 2013, our allocation to MBS was 23.7%, up from 17.1% a year earlier. However, we remain underweight to MBS versus the benchmark.

Given that interest rates rose, our small allocation to bank loans, which are designed to reset based on short-term interest rates, contributed to performance. Our security selection within commercial mortgage-backed securities (CMBS) also was a positive contributor, along with our preferred stock holdings.

Credit Contributors to Performance

Contributors were led by American International Group (AIG), an international insurer that offers property and casualty insurance, life insurance and retirement services. Over the past few years, AIG has simplified itself and transformed its balance sheet by selling noncore assets and deleveraging its capital structure. During the period AIG finished repaying all of the $182 billion owed to the U.S. government from the company’s bailout during the 2007-2008 financial crisis. We believe its core business units are on strong footing, and that AIG remains focused on reducing high-cost debt and improving its ratings.

General Electric Capital Corp., which provides financing, mortgage and insurance services, also contributed. GE Capital has undergone a significant balance sheet transformation since the 2007-2008 financial crisis, making significant strides in reducing leverage, increasing reserves, cutting reliance on short-term funding and improving capital. Its management team has been committed to reducing the size of the company, which should reduce debt outstanding and improve the quality of its balance sheet.

Another top contributor was Goodman Funding, a REIT with industrial properties in Australia, New Zealand, the UK, Asia and Europe. Goodman’s operating performance was stronger than expected during the 12-month period; its European portfolio, in particular, outperformed expectations. Goodman also raised equity during the period for growth, which was viewed as positive for its corporate credit. We have favored Goodman for its high-quality asset base and focus on keeping leverage low.

Credit Detractors from Performance

Diversified holding company Loews Corp. detracted, partly because we held longer-duration securities, which tend to perform relatively worse when interest rates rise, as they did during the year. Loews’ subsidiaries are involved in businesses including commercial property and casualty insurance, offshore drilling, and hotels and resorts.

ADT Corp. also detracted, again largely because we held longer-duration securities that were affected by rising rates in the latter part of the period. ADT, which provides home security monitoring services, spun off from Tyco International in 2012. We find the business model attractive, as the company has long-term contracts that provide stability of earnings and free cash flow. Consumers have been adopting its new home automation package, ADT Pulse, which we believe should help boost earnings and lead to gradual deleveraging of the company’s capital structure over time.

Citigroup also detracted, largely because we were underweight to the credit compared with the benchmark. Citigroup is a diversified financial services holding company. It has been proactive in selling non-core businesses, focusing on long-term debt reduction and growing its loan book in international markets, all of which are supportive of potentially higher levels of profitability and liquidity.

Outlook

Over the past few years, the Fed’s unconventional monetary policies have suppressed U.S. Treasury rates to unprecedented lows in an effort to stimulate economic growth. Recent U.S. economic data reflects modest acceleration that may give the Fed the support it needs to begin tapering quantitative easing. However, we still believe the Fed will leave short-term interest rates unchanged for an extended period.

While some investors may believe that rates will continue to move higher from here and that we’ve seen the end of the bull market in fixed income, it’s important to recognize that the impact of rising rates will not be uniform across all fixed income securities. In our view, the biggest effect is likely to be on securities with 10 or more years to maturity. We view that segment of the yield curve as containing the greatest potential for capital loss and the greatest volatility. We have reduced exposure to longer-duration securities in an effort to buffer the effect of rising rates. Some corporate credit names tend to be more

4 | JUNE 30, 2013

(unaudited)

sensitive to interest rate changes than others, and we have reduced our exposure to those, as well. We also continue to look for opportunities in products that have served in the past as alternatives to government bonds and corporate credit, including bank loans and agency MBS.

Security selection in fixed income has become extremely important, in our view, as valuations have become stretched due to investors’ search for yield and the growing risk of higher interest rates. In this environment, we believe that preservation of capital must take priority over aggressive return seeking. This is not to say that great opportunities have disappeared from the fixed income market – they have not, and we are still finding some – but the universe of securities to select from today is much narrower than it has been over the last four years. Fortunately, a back-up in rates may have the positive effect of lowering fixed income valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer the potential for good risk-adjusted returns.

Because we have tended to generate the majority of our excess return through security selection, we see this as a time of great opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. We believe returns this year will be significantly influenced not just by what we own, but by what we have chosen not to own: There are many securities that offer what we view as asymmetric risk profiles, with greater downside risk exposure, and we intend to steer around them. In our view, the key to success for the remainder of the year will be driving performance through security selection while navigating interest-rate volatility.

On behalf of each member of our investment team, thank you for your investment in the Janus Flexible Bond Fund. We appreciate your entrusting us with your assets and look forward to continuing to serve your investment needs.

Janus Fixed Income & Money Market Funds | 5

Janus Flexible Bond Fund (unaudited)

Janus Flexible Bond Fund At A Glance

Fund Profile

June 30, 2013

Weighted Average Maturity	6.9 Years
Average Effective Duration*	4.6 Years
30-day Current Yield**
Class A Shares at NAV
Without Reimbursement	2.12%
With Reimbursement	2.12%
Class A Shares at MOP
Without Reimbursement	2.02%
With Reimbursement	2.02%
Class C Shares***
Without Reimbursement	1.32%
With Reimbursement	1.32%
Class D Shares
Without Reimbursement	2.30%
With Reimbursement	2.30%
Class I Shares
Without Reimbursement	2.42%
With Reimbursement	2.39%
Class N Shares
Without Reimbursement	2.45%
With Reimbursement	2.45%
Class R Shares
Without Reimbursement	1.70%
With Reimbursement	1.70%
Class S Shares
Without Reimbursement	1.94%
With Reimbursement	1.94%
Class T Shares
Without Reimbursement	2.21%
With Reimbursement	2.21%
Number of Bonds/Notes	375

*	A theoretical measure of price volatility
**	Yield will fluctuate
***	Does not include the 1.00% contingent deferred sales charge.

Ratings† Summary – (% of Fixed Income Securities)

June 30, 2013

AAA	0.5%
AA	47.6%
A	8.2%
BBB	25.8%
BB	12.2%
B	1.6%
CCC	0.2%
Other	3.9%

† Bond ratings provided by Standard & Poor’s. Not rated securities are not rated by S&P but may be rated by other rating agencies. Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Significant Areas of Investment – (% of Net Assets)

As of June 30, 2013

Asset Allocation – (% of Net Assets)

As of June 30, 2013

6 | JUNE 30, 2013

(unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013					Expense Ratios – per the October 26, 2012 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses
Janus Flexible Bond Fund – Class A Shares
NAV	1.45%	7.26%	5.46%	7.32%	0.77%
MOP	–3.36%	6.23%	4.95%	7.12%
Janus Flexible Bond Fund – Class C Shares
NAV	0.65%	6.48%	4.74%	6.63%	1.55%
CDSC	–0.32%	6.48%	4.74%	6.63%
Janus Flexible Bond Fund – Class D Shares(1)	1.61%	7.41%	5.54%	7.35%	0.59%
Janus Flexible Bond Fund – Class I Shares	1.66%	7.32%	5.50%	7.33%	0.55%
Janus Flexible Bond Fund – Class N Shares	1.77%	7.32%	5.50%	7.33%	0.46%
Janus Flexible Bond Fund – Class R Shares	1.02%	6.82%	5.03%	6.92%	1.20%
Janus Flexible Bond Fund – Class S Shares	1.26%	7.07%	5.27%	7.17%	0.95%
Janus Flexible Bond Fund – Class T Shares	1.42%	7.32%	5.50%	7.33%	0.70%
Barclays U.S. Aggregate Bond Index	–0.69%	5.19%	4.52%	6.97%**
Morningstar Quartile – Class T Shares	2nd	1st	1st	1st
Morningstar Ranking – based on total returns for Intermediate-Term Bond Funds	407/1,236	141/1,065	125/952	31/263
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 4.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

See important disclosures on the next page.

Janus Fixed Income & Money Market Funds | 7

Janus Flexible Bond Fund (unaudited)

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

The expense ratios for Class N Shares are estimated.

The Fund’s performance may be affected by risks that include those associated with non-investment grade debt securities, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the Fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of Fixed Income Funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the Fund and selling of bonds within the Fund by the portfolio managers.

The Fund invests in mortgage-backed securities. Mortgage-backed securities are subject to prepayment risk (early payoff of mortgages during periods of declining interest rates) and extension risk (extending the duration of mortgage-backed securities during periods of rising interest rates). These risks may increase the volatility of these securities and affect total returns.

High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than investment grade bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund.

Class N Shares of the Fund commenced operations on May 31, 2012. The performance shown for periods prior to May 31, 2012 reflects the historical performance of a similar share class of the Fund.

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.

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 or yield, and therefore the ranking for the period.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – July 7, 1987.
**	The Barclays U.S. Aggregate Bond Index’s since inception returns are calculated from June 30, 1987.
(1)	Closed to new investors.

8 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	983.70	$	3.74	$	1,000.00	$	1,021.03	$	3.81		0.76%
Class C Shares	$	1,000.00	$	979.80	$	7.66	$	1,000.00	$	1,017.06	$	7.80		1.56%
Class D Shares	$	1,000.00	$	984.50	$	2.95	$	1,000.00	$	1,021.82	$	3.01		0.60%
Class I Shares	$	1,000.00	$	984.70	$	2.71	$	1,000.00	$	1,022.07	$	2.76		0.55%
Class N Shares	$	1,000.00	$	985.20	$	2.17	$	1,000.00	$	1,022.61	$	2.21		0.44%
Class R Shares	$	1,000.00	$	981.80	$	5.65	$	1,000.00	$	1,019.09	$	5.76		1.15%
Class S Shares	$	1,000.00	$	982.80	$	4.62	$	1,000.00	$	1,020.13	$	4.71		0.94%
Class T Shares	$	1,000.00	$	983.10	$	3.34	$	1,000.00	$	1,021.42	$	3.41		0.68%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 Fixed Income & Money Market Funds | 9

Janus Flexible Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 3.2%
	$10,215,000	AmeriCredit Automobile Receivables Trust 3.3800%, 4/9/18	$	10,428,912
	15,244,000	AmeriCredit Automobile Receivables Trust 2.6800%, 10/9/18		15,134,228
	11,404,625	Beacon Container Finance LLC 3.7200%, 9/20/27 (144A)		11,371,461
	10,552,000	Commercial Mortgage Pass Through Certificates 3.4244%, 3/10/31 (144A)		10,128,833
	3,530,000	Commercial Mortgage Trust 5.6500%, 12/10/49		3,608,896
	22,129,000	Commercial Mortgage Trust 5.8670%, 12/10/49‡		23,705,957
	20,149,076	FREMF 2010 K-SCT Mortgage Trust 2.0000%, 1/25/20§		16,629,234
	7,446,000	FREMF Mortgage Trust 2.8037%, 5/25/19 (144A),‡		7,485,397
	4,679,000	GS Mortgage Securities Corp. II 2.9540%, 11/5/22 (144A)		4,352,733
	14,049,000	GS Mortgage Securities Corp. II 3.5495%, 12/10/27 (144A),‡		12,012,499
	12,256,000	GS Mortgage Securities Corp. II 2.7982%, 11/8/29 (144A),‡		12,231,218
	5,829,000	GS Mortgage Securities Corp. II 3.7982%, 11/8/29 (144A),‡		5,678,303
	6,423,000	GS Mortgage Securities Corp. Trust 3.7706%, 1/10/18 (144A),‡		6,312,948
	8,023,000	GS Mortgage Securities Corp. Trust 3.5510%, 4/10/34 (144A),‡		7,899,470
	4,700,000	JPMorgan Chase Commercial Mortgage Securities Trust 3.9340%, 4/15/30 (144A),‡		4,637,730
	6,243,000	Santander Drive Auto Receivables Trust 2.5200%, 9/15/16		6,164,357
	2,129,000	Santander Drive Auto Receivables Trust 3.6400%, 5/15/18		2,174,925
	6,185,000	Santander Drive Auto Receivables Trust 3.3000%, 9/17/18		6,238,036
	16,984,000	Wachovia Bank Commercial Mortgage Trust 5.3830%, 12/15/43		17,904,261
	11,367,000	Wachovia Bank Commercial Mortgage Trust 5.5910%, 4/15/47‡		12,047,042
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $201,115,614)				196,146,440
Bank Loans – 1.9%
Casino Hotels – 0.4%
	23,047,185	MGM Resorts International 3.5000%, 12/20/19‡		22,874,331
Hotels and Motels – 1.2%
	10,000,000	Hilton Hotels Corp. 0%, 11/12/15(a),‡		9,800,000
	62,677,233	Hilton Hotels Corp. 4.1930%, 11/12/15‡		61,658,728
				71,458,728
Metal – Iron – 0.1%
	9,826,743	FMG Resources (August 2006) Pty, Ltd. 5.2500%, 10/18/17‡		9,760,707
Pharmaceuticals – 0.2%
	11,386,269	Quintiles Transnational Corp. 4.5000%, 6/8/18‡		11,372,036
Total Bank Loans (cost $116,454,051)				115,465,802
Corporate Bonds – 47.4%
Aerospace and Defense – Equipment – 0.5%
	12,259,000	Exelis, Inc. 4.2500%, 10/1/16		12,925,412
	5,299,000	Exelis, Inc. 5.5500%, 10/1/21		5,383,169
	10,514,000	TransDigm, Inc. 7.7500%, 12/15/18		11,065,985
				29,374,566
Airlines – 0.2%
	3,827,000	Southwest Airlines Co. 5.2500%, 10/1/14		4,006,000
	10,517,000	Southwest Airlines Co. 5.1250%, 3/1/17		11,338,020
				15,344,020
Automotive – Cars and Light Trucks – 0.1%
	5,932,000	Jaguar Land Rover Automotive PLC 5.6250%, 2/1/23 (144A)		5,754,040
Beverages – Wine and Spirits – 0%
	2,844,000	Constellation Brands, Inc. 3.7500%, 5/1/21		2,662,695
Broadcast Services and Programming – 0.3%
	16,000,000	A&E Communications – Private Placement 3.6300%, 8/22/22§		16,108,640
Building – Residential and Commercial – 0.4%
	6,755,000	D.R. Horton, Inc. 4.7500%, 5/15/17		6,974,537
	2,188,000	D.R. Horton, Inc. 4.3750%, 9/15/22		2,078,600
	4,969,000	M.D.C. Holdings, Inc. 5.3750%, 12/15/14		5,201,157
	4,730,000	Toll Brothers Finance Corp. 5.8750%, 2/15/22		4,942,850
	3,236,000	Toll Brothers Finance Corp. 4.3750%, 4/15/23		3,009,480
				22,206,624
Building Products – Cement and Aggregate – 0.3%
	11,956,000	Hanson, Ltd. 6.1250%, 8/15/16		12,942,370
	3,342,000	Vulcan Materials Co. 7.0000%, 6/15/18		3,626,070
				16,568,440
Casino Hotels – 0.4%
	6,573,000	MGM Resorts International 6.6250%, 7/15/15		7,008,461

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

10 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Casino Hotels – (continued)
	$8,437,000	MGM Resorts International 7.5000%, 6/1/16	$	9,196,330
	9,791,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.2500%, 5/30/23 (144A)		9,056,675
				25,261,466
Cellular Telecommunications – 0.3%
	16,947,000	Sprint Nextel Corp. 7.0000%, 8/15/20		17,794,350
Chemicals – Diversified – 0.5%
	29,474,000	LyondellBasell Industries N.V. 5.0000%, 4/15/19		32,070,542
Chemicals – Specialty – 0.8%
	10,956,000	Ashland, Inc. 3.8750%, 4/15/18 (144A)		10,846,440
	11,218,000	Ashland, Inc. 4.7500%, 8/15/22 (144A)		11,105,820
	15,923,000	Ashland, Inc. 6.8750%, 5/15/43 (144A)		16,241,460
	12,960,000	Ecolab, Inc. 3.0000%, 12/8/16		13,521,570
				51,715,290
Coatings and Paint Products – 0%
	18,000	RPM International, Inc. 6.2500%, 12/15/13		18,383
Commercial Banks – 2.7%
	3,860,000	CIT Group, Inc. 4.7500%, 2/15/15 (144A)		3,922,725
	35,303,000	CIT Group, Inc. 4.2500%, 8/15/17		35,479,515
	6,328,000	CIT Group, Inc. 6.6250%, 4/1/18 (144A)		6,834,240
	25,843,000	CIT Group, Inc. 5.5000%, 2/15/19 (144A)		26,682,897
	12,326,000	HSBC Bank USA N.A. 4.8750%, 8/24/20		13,204,573
	30,975,000	Intesa Sanpaolo SpA 3.8750%, 1/16/18		29,742,536
	15,442,000	SVB Financial Group 5.3750%, 9/15/20		16,901,284
	10,396,000	Zions Bancorp 4.5000%, 3/27/17		10,994,238
	26,957,000	Zions Bancorp 5.8000%, 12/15/99‡		25,339,580
				169,101,588
Computer Aided Design – 0.4%
	8,901,000	Autodesk, Inc. 1.9500%, 12/15/17		8,683,994
	13,699,000	Autodesk, Inc. 3.6000%, 12/15/22		13,075,216
				21,759,210
Consulting Services – 1.2%
	10,181,000	Verisk Analytics, Inc. 4.8750%, 1/15/19		10,909,898
	41,009,000	Verisk Analytics, Inc. 5.8000%, 5/1/21		45,263,889
	19,370,000	Verisk Analytics, Inc. 4.1250%, 9/12/22		19,247,175
				75,420,962
Data Processing and Management – 0.3%
	11,200,000	Fiserv, Inc. 3.1250%, 10/1/15		11,682,978
	5,683,000	Fiserv, Inc. 3.1250%, 6/15/16		5,925,988
				17,608,966
Dialysis Centers – 0.2%
	9,183,000	Fresenius Medical Care U.S. Finance II, Inc. 5.8750%, 1/31/22 (144A)		9,665,108
Diversified Banking Institutions – 4.4%
	2,936,000	Bank of America Corp. 4.5000%, 4/1/15		3,079,647
	16,554,000	Bank of America Corp. 1.5000%, 10/9/15		16,516,389
	12,642,000	Bank of America Corp. 3.6250%, 3/17/16		13,205,922
	19,999,000	Bank of America Corp. 3.7500%, 7/12/16		20,964,612
	8,507,000	Bank of America Corp. 2.0000%, 1/11/18		8,239,999
	24,958,000	Bank of America Corp. 8.0000%, 7/30/99‡		27,796,973
	4,351,000	Bank of America Corp. 8.1250%, 11/15/99‡		4,894,875
	8,305,000	Citigroup, Inc. 5.0000%, 9/15/14		8,630,780
	13,282,000	Citigroup, Inc. 5.3500%, 11/15/99‡		12,451,875
	8,346,000	Goldman Sachs Group, Inc. 5.6250%, 1/15/17		9,045,270
	48,863,000	Goldman Sachs Group, Inc. 2.3750%, 1/22/18		47,975,257
	11,747,000	Morgan Stanley 4.0000%, 7/24/15		12,244,450
	38,050,000	Morgan Stanley 3.4500%, 11/2/15		39,262,425
	6,476,000	Morgan Stanley 4.7500%, 3/22/17		6,868,808
	22,487,000	Morgan Stanley 2.1250%, 4/25/18		21,520,756
	3,999,000	Royal Bank of Scotland Group PLC 2.5500%, 9/18/15		4,066,019
	12,319,000	Royal Bank of Scotland Group PLC 6.1000%, 6/10/23		11,687,196
				268,451,253
Diversified Financial Services – 1.0%
	13,088,000	Carlyle Holdings Finance LLC 3.8750%, 2/1/23 (144A)		12,666,422
	1,475,000	General Electric Capital Corp. 6.3750%, 11/15/67‡		1,534,000

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

Janus Fixed Income & Money Market Funds | 11

Janus Flexible Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Diversified Financial Services – (continued)
	$15,000,000	General Electric Capital Corp. 6.2500%, 12/15/99‡	$	15,937,500
	30,500,000	General Electric Capital Corp. 7.1250%, 12/15/99‡		34,465,000
				64,602,922
Diversified Minerals – 0.2%
	14,608,000	FMG Resources (August 2006) Pty, Ltd. 7.0000%, 11/1/15 (144A)		14,754,080
Diversified Operations – 0.6%
	7,819,000	GE Capital Trust I 6.3750%, 11/15/67‡		8,102,439
	27,210,000	Ingersoll-Rand Global Holding Co., Ltd. 4.2500%, 6/15/23 (144A)		27,039,121
				35,141,560
Electric – Generation – 0%
	1,502,000	AES Corp. 7.7500%, 10/15/15		1,655,955
Electric – Integrated – 1.2%
	13,772,000	CMS Energy Corp. 4.2500%, 9/30/15		14,606,005
	10,252,000	CMS Energy Corp. 5.0500%, 2/15/18		11,388,393
	7,407,000	Great Plains Energy, Inc. 4.8500%, 6/1/21		7,867,167
	6,680,000	Monongahela Power Co., Inc. 6.7000%, 6/15/14		7,028,836
	16,692,000	PPL Energy Supply LLC 4.6000%, 12/15/21		16,986,180
	10,321,000	PPL WEM Holdings PLC 3.9000%, 5/1/16 (144A)		10,786,436
	6,925,000	PPL WEM Holdings PLC 5.3750%, 5/1/21 (144A)		7,594,135
				76,257,152
Electronic Components – Semiconductors – 0.7%
	44,522,000	Samsung Electronics America, Inc. 1.7500%, 4/10/17 (144A)		44,099,086
Electronic Connectors – 0.6%
	16,091,000	Amphenol Corp. 4.7500%, 11/15/14		16,862,306
	17,131,000	Amphenol Corp. 4.0000%, 2/1/22		17,095,762
				33,958,068
Electronic Measuring Instruments – 0.4%
	4,736,000	Agilent Technologies, Inc. 2.5000%, 7/15/13		4,738,936
	17,284,000	FLIR Systems, Inc. 3.7500%, 9/1/16		17,864,777
				22,603,713
Engineering – Research and Development Services – 0.4%
	12,306,000	URS Corp. 4.3500%, 4/1/17 (144A)		12,536,590
	11,296,000	URS Corp. 5.5000%, 4/1/22 (144A)		11,656,274
				24,192,864
Finance – Auto Loans – 1.9%
	35,910,000	Ford Motor Credit Co. LLC 3.8750%, 1/15/15		37,014,017
	9,462,000	Ford Motor Credit Co. LLC 3.0000%, 6/12/17		9,481,946
	10,647,000	Ford Motor Credit Co. LLC 6.6250%, 8/15/17		12,050,200
	11,576,000	Ford Motor Credit Co. LLC 5.0000%, 5/15/18		12,344,924
	27,461,000	Ford Motor Credit Co. LLC 5.8750%, 8/2/21		29,939,355
	8,155,000	General Motors Financial Co., Inc. 3.2500%, 5/15/18 (144A)		7,930,738
	11,713,000	General Motors Financial Co., Inc. 4.2500%, 5/15/23 (144A)		10,907,731
				119,668,911
Finance – Credit Card – 0.2%
	14,100,000	American Express Co. 6.8000%, 9/1/66‡		15,051,750
Finance – Investment Bankers/Brokers – 1.7%
	14,983,000	Charles Schwab Corp. 7.0000%, 8/1/99‡		16,706,045
	15,208,000	Lazard Group LLC 7.1250%, 5/15/15		16,513,759
	2,413,000	Lazard Group LLC 6.8500%, 6/15/17		2,699,044
	42,481,000	Raymond James Financial, Inc. 5.6250%, 4/1/24		44,742,433
	16,230,000	TD Ameritrade Holding Corp. 4.1500%, 12/1/14		16,993,151
	5,901,000	TD Ameritrade Holding Corp. 5.6000%, 12/1/19		6,859,594
				104,514,026
Finance – Leasing Companies – 0.6%
	40,739,000	LeasePlan Corp. N.V. 2.5000%, 5/16/18 (144A)		39,260,622
Finance – Mortgage Loan Banker – 0.3%
	19,032,000	Northern Rock Asset Management PLC 5.6250%, 6/22/17 (144A)		21,550,314
Finance – Other Services – 0.2%
	11,768,000	CNH Capital LLC 3.6250%, 4/15/18 (144A)		11,209,020
Food – Meat Products – 1.0%
	36,834,000	Tyson Foods, Inc. 6.6000%, 4/1/16		41,605,329
	17,223,000	Tyson Foods, Inc. 4.5000%, 6/15/22		17,598,875
				59,204,204
Food – Miscellaneous/Diversified – 0.9%
	5,667,000	Hawk Acquisition Sub, Inc. 4.2500%, 10/15/20 (144A)		5,419,069
	49,956,000	Kraft Foods Group, Inc. 2.2500%, 6/5/17		50,306,541
				55,725,610

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

12 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Food – Retail – 0.5%
	$4,747,000	Safeway, Inc. 3.9500%, 8/15/20	$	4,654,946
	22,707,000	Safeway, Inc. 4.7500%, 12/1/21		23,134,687
				27,789,633
Gas – Transportation – 0%
	1,927,000	Southern Star Central Gas Pipeline, Inc. 6.0000%, 6/1/16 (144A)		2,101,326
Hotels and Motels – 0.3%
	2,629,000	Starwood Hotels & Resorts Worldwide, Inc. 6.7500%, 5/15/18		3,108,437
	10,786,000	Starwood Hotels & Resorts Worldwide, Inc. 7.1500%, 12/1/19		13,027,083
				16,135,520
Investment Management and Advisory Services – 0.9%
	14,298,000	Ameriprise Financial, Inc. 7.5180%, 6/1/66‡		15,620,565
	22,405,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.6250%, 3/15/20 (144A)		23,189,175
	13,442,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.8750%, 3/15/22 (144A)		13,710,840
				52,520,580
Life and Health Insurance – 0.6%
	33,486,000	Primerica, Inc. 4.7500%, 7/15/22		35,430,566
Linen Supply & Related Items – 0.2%
	5,983,000	Cintas Corp. No. 2 2.8500%, 6/1/16		6,246,288
	6,383,000	Cintas Corp. No. 2 4.3000%, 6/1/21		6,684,367
				12,930,655
Medical – Biomedical and Genetic – 0.7%
	6,695,000	Bio-Rad Laboratories, Inc. 8.0000%, 9/15/16		7,006,077
	30,378,000	Life Technologies Corp. 6.0000%, 3/1/20		34,222,913
				41,228,990
Medical – Drugs – 0.8%
	27,564,000	AbbVie, Inc. 1.7500%, 11/6/17 (144A)		27,004,919
	4,506,000	AbbVie, Inc. 2.0000%, 11/6/18 (144A)		4,369,135
	19,847,000	VPII Escrow Corp. 6.7500%, 8/15/18 (144A)		20,343,175
				51,717,229
Medical – Generic Drugs – 0.4%
	27,063,000	Actavis, Inc. 1.8750%, 10/1/17		26,382,636
Metal Processors and Fabricators – 0%
	2,311,000	Timken Co. 6.0000%, 9/15/14		2,443,228
Multi-Line Insurance – 1.8%
	17,906,000	American International Group, Inc. 4.2500%, 9/15/14		18,569,292
	5,816,000	American International Group, Inc. 5.6000%, 10/18/16		6,480,722
	10,417,000	American International Group, Inc. 5.4500%, 5/18/17		11,483,034
	9,655,000	American International Group, Inc. 6.2500%, 3/15/37		9,860,169
	31,306,000	American International Group, Inc. 8.1750%, 5/15/58‡		38,193,320
	10,640,000	ING U.S., Inc. 2.9000%, 2/15/18 (144A)		10,693,541
	12,102,000	ING U.S., Inc. 5.6500%, 5/15/53 (144A),‡		11,375,880
	2,241,000	Loews Corp. 2.6250%, 5/15/23		2,038,384
				108,694,342
Office Furnishings – Original – 0.1%
	4,558,000	Interface, Inc. 7.6250%, 12/1/18		4,831,480
Oil – Field Services – 0.5%
	10,474,000	Korea National Oil Corp. 4.0000%, 10/27/16 (144A)		11,076,297
	18,225,000	Schlumberger Investment S.A. 1.9500%, 9/14/16 (144A)		18,569,197
				29,645,494
Oil and Gas Drilling – 0.7%
	6,920,000	Nabors Industries, Inc. 6.1500%, 2/15/18		7,719,343
	24,873,000	Nabors Industries, Inc. 5.0000%, 9/15/20		25,355,760
	8,544,000	Rowan Cos., Inc. 5.0000%, 9/1/17		9,234,338
				42,309,441
Oil Companies – Exploration and Production – 3.0%
	54,869,000	Chesapeake Energy Corp. 5.3750%, 6/15/21		54,594,655
	17,570,000	Cimarex Energy Co. 5.8750%, 5/1/22		18,184,950
	2,588,000	Continental Resources, Inc. 7.1250%, 4/1/21		2,846,800
	36,401,000	Continental Resources, Inc. 5.0000%, 9/15/22		37,038,017
	10,463,000	Petrohawk Energy Corp. 10.5000%, 8/1/14		10,996,613
	2,196,000	Petrohawk Energy Corp. 7.2500%, 8/15/18		2,395,836
	12,076,000	Petrohawk Energy Corp. 6.2500%, 6/1/19		13,253,410
	7,871,000	Plains Exploration & Production Co. 6.5000%, 11/15/20		8,344,874
	25,925,000	Plains Exploration & Production Co. 6.8750%, 2/15/23		27,737,209
	6,113,000	Whiting Petroleum Corp. 6.5000%, 10/1/18		6,464,498
				181,856,862

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

Janus Fixed Income & Money Market Funds | 13

Janus Flexible Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Oil Companies – Integrated – 0.1%
	$8,629,000	Phillips 66 2.9500%, 5/1/17	$	8,893,203
Oil Refining and Marketing – 0.1%
	7,796,000	Motiva Enterprises LLC 5.7500%, 1/15/20 (144A)		8,896,320
Pharmacy Services – 1.3%
	14,412,000	Express Scripts Holding Co. 2.1000%, 2/12/15		14,656,788
	11,034,000	Express Scripts Holding Co. 3.1250%, 5/15/16		11,473,771
	52,360,000	Express Scripts Holding Co. 2.6500%, 2/15/17		53,315,727
				79,446,286
Pipelines – 2.0%
	11,116,000	DCP Midstream Operating L.P. 3.2500%, 10/1/15		11,520,556
	24,987,000	DCP Midstream Operating L.P. 4.9500%, 4/1/22		25,612,275
	1,976,000	El Paso Pipeline Partners Operating Co. LLC 6.5000%, 4/1/20		2,287,060
	8,478,000	El Paso Pipeline Partners Operating Co. LLC 5.0000%, 10/1/21		9,096,122
	18,193,000	Kinder Morgan Finance Co. LLC 5.7000%, 1/5/16		19,486,450
	37,923,000	Western Gas Partners L.P. 5.3750%, 6/1/21		40,693,692
	14,519,000	Williams Cos., Inc. 3.7000%, 1/15/23		13,489,356
				122,185,511
Publishing – Newspapers – 0%
	1,758,000	Gannett Co., Inc. 6.3750%, 9/1/15		1,898,640
Publishing – Periodicals – 0.3%
	16,772,000	UBM PLC 5.7500%, 11/3/20 (144A)		17,002,397
Real Estate Management/Services – 0.5%
	6,034,000	CBRE Services, Inc. 6.6250%, 10/15/20		6,365,870
	23,685,000	Jones Lang LaSalle, Inc. 4.4000%, 11/15/22		23,241,451
				29,607,321
Real Estate Operating/Development – 0.2%
	11,136,000	Post Apartment Homes L.P. 4.7500%, 10/15/17		12,000,443
REIT – Diversified – 1.5%
	19,961,000	American Tower Trust I 1.5510%, 3/15/18 (144A)		19,615,215
	36,035,000	American Tower Trust I 3.0700%, 3/15/23 (144A)		34,418,290
	9,613,000	Goodman Funding Pty, Ltd. 6.3750%, 11/12/20 (144A)		10,712,823
	25,399,000	Goodman Funding Pty, Ltd. 6.3750%, 4/15/21 (144A)		28,444,950
				93,191,278
REIT – Health Care – 0.2%
	4,936,000	Senior Housing Properties Trust 6.7500%, 4/15/20		5,430,355
	5,770,000	Senior Housing Properties Trust 6.7500%, 12/15/21		6,374,477
				11,804,832
REIT – Hotels – 0.2%
	7,075,000	Host Hotels & Resorts L.P. 6.7500%, 6/1/16		7,179,710
	3,721,000	Host Hotels & Resorts L.P. 3.7500%, 10/15/23		3,412,704
				10,592,414
REIT – Office Property – 1.0%
	24,695,000	Alexandria Real Estate Equities, Inc. 4.6000%, 4/1/22		25,167,366
	3,955,000	Reckson Operating Partnership L.P. 6.0000%, 3/31/16		4,309,582
	10,637,000	SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Partnership 5.0000%, 8/15/18		11,325,267
	18,952,000	SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Partnership 7.7500%, 3/15/20		22,325,058
				63,127,273
Retail – Regional Department Stores – 0.2%
	4,977,000	Macy’s Retail Holdings, Inc. 5.7500%, 7/15/14		5,216,444
	4,777,000	Macy’s Retail Holdings, Inc. 5.9000%, 12/1/16		5,426,457
				10,642,901
Retail – Restaurants – 0.5%
	31,312,000	Brinker International, Inc. 3.8750%, 5/15/23		29,364,675
Rubber – Tires – 0.1%
	4,419,000	Continental Rubber of America Corp. 4.5000%, 9/15/19 (144A)		4,550,134
Security Services – 0.6%
	41,564,000	ADT Corp. 4.1250%, 6/15/23		39,149,589
Semiconductor Components/Integrated Circuits – 0.8%
	54,242,000	TSMC Global, Ltd. 1.6250%, 4/3/18 (144A)		52,145,384
Steel – Producers – 0.4%
	10,509,000	ArcelorMittal 5.0000%, 2/25/17		10,640,362
	7,784,000	Reliance Steel & Aluminum Co. 4.5000%, 4/15/23		7,382,159
	7,470,000	Steel Dynamics, Inc. 5.2500%, 4/15/23 (144A)		7,320,600
				25,343,121
Super-Regional Banks – 0.2%
	8,178,000	Wells Fargo & Co. 7.9800%, 9/15/99‡		9,241,140

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

14 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Telecommunication Services – 0.2%
	$11,044,000	SBA Tower Trust 2.9330%, 12/15/17 (144A)	$	11,145,229
Telephone – Integrated – 0.8%
	36,080,000	Qwest Communications International, Inc. 7.1250%, 4/1/18		37,433,000
	4,278,000	Softbank Corp. 4.5000%, 4/15/20 (144A)		4,122,922
	7,592,000	Sprint Capital Corp. 6.9000%, 5/1/19		7,895,680
				49,451,602
Transportation – Railroad – 0%
	2,381,067	CSX Transportation, Inc. 8.3750%, 10/15/14		2,594,746
Transportation – Services – 0%
	2,325,000	Asciano Finance, Ltd. 3.1250%, 9/23/15 (144A)		2,375,813
Transportation – Truck – 0.3%
	16,761,000	JB Hunt Transport Services, Inc. 3.3750%, 9/15/15		17,474,667
Trucking and Leasing – 0.5%
	2,997,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.5000%, 3/15/16 (144A)		3,048,488
	21,368,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.3750%, 3/15/18 (144A)		21,968,975
	8,177,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 4.2500%, 1/17/23 (144A)		8,083,259
				33,100,722
Total Corporate Bonds (cost $2,886,086,692)				2,921,579,623
Mortgage-Backed Securities – 23.7%
		Fannie Mae:
	4,172,306	5.5000%, 1/1/25		4,503,626
	10,281,836	5.5000%, 7/1/25		11,083,750
	17,704,052	5.5000%, 8/1/25		19,086,406
	13,413,997	5.0000%, 9/1/29		14,525,174
	5,448,252	5.0000%, 1/1/30		5,905,574
	2,554,925	5.5000%, 1/1/33		2,817,677
	7,467,814	5.0000%, 9/1/33		8,338,580
	1,683,911	5.0000%, 11/1/33		1,821,811
	3,225,743	5.0000%, 12/1/33		3,489,663
	1,687,677	5.0000%, 2/1/34		1,825,757
	28,059,398	5.5000%, 7/1/35		30,764,497
	5,704,818	5.0000%, 10/1/35		6,148,418
	15,188,002	6.0000%, 10/1/35		16,631,566
	13,717,006	6.0000%, 12/1/35		15,316,370
	5,976,915	5.5000%, 1/1/36		6,518,580
	4,474,324	6.0000%, 2/1/37		5,024,927
	4,099,111	6.0000%, 3/1/37		4,449,920
	16,817,484	5.5000%, 5/1/37		18,518,138
	3,201,833	6.0000%, 5/1/37		3,484,209
	2,897,214	5.5000%, 7/1/37		3,142,201
	18,801,181	6.0000%, 9/1/37		20,566,108
	3,076,770	5.5000%, 3/1/38		3,392,105
	14,413,272	6.0000%, 10/1/38		16,200,066
	3,303,552	6.0000%, 11/1/38		3,594,899
	8,080,458	6.0000%, 11/1/38		8,811,877
	6,752,272	7.0000%, 2/1/39		7,579,425
	7,415,800	5.0000%, 5/1/39		8,185,333
	17,855,544	6.0000%, 10/1/39		19,771,605
	12,844,260	5.0000%, 2/1/40		14,065,230
	7,481,642	6.0000%, 4/1/40		8,141,463
	6,025,890	5.0000%, 6/1/40		6,646,415
	12,470,173	5.0000%, 6/1/40		13,643,970
	14,916,456	5.0000%, 6/1/40		16,396,891
	26,570,217	6.0000%, 7/1/40		29,636,094
	3,296,784	4.5000%, 10/1/40		3,552,172
	3,288,797	4.0000%, 12/1/40		3,446,802
	35,420,999	5.0000%, 2/1/41		38,769,309
	3,203,659	5.0000%, 3/1/41		3,535,610
	5,832,303	4.5000%, 4/1/41		6,296,764
	9,633,680	4.5000%, 4/1/41		10,320,833
	5,828,065	5.0000%, 4/1/41		6,379,319
	8,338,147	5.0000%, 4/1/41		9,204,773
	9,875,359	4.5000%, 5/1/41		10,700,273
	5,538,847	5.0000%, 5/1/41		6,115,348
	7,262,988	5.0000%, 5/1/41		8,096,068
	20,100,206	4.5000%, 6/1/41		21,765,731
	12,450,618	5.0000%, 6/1/41		13,614,010
	27,023,488	5.0000%, 6/1/41		30,104,218
	5,051,858	5.0000%, 7/1/41		5,536,757
	14,554,923	5.0000%, 7/1/41		15,938,659
	13,094,608	4.5000%, 8/1/41		14,046,756
	66,136,274	4.5000%, 8/1/41		72,093,714
	239,191	5.0000%, 9/1/41		261,322
	10,103,161	4.5000%, 10/1/41		10,800,698
	6,628,565	5.0000%, 10/1/41		7,221,823
		Freddie Mac:
	3,491,333	5.0000%, 1/1/19		3,690,173
	2,701,972	5.0000%, 2/1/19		2,855,856
	3,686,783	5.5000%, 8/1/19		3,938,388
	5,994,182	5.0000%, 6/1/20		6,421,402
	13,091,751	5.5000%, 12/1/28		14,320,996
	18,091,574	5.0000%, 1/1/36		20,018,819
	9,582,699	5.5000%, 10/1/36		10,591,467
	5,113,417	5.0000%, 11/1/36		5,468,163
	5,985,520	6.0000%, 1/1/38		6,500,686
	2,161,461	5.5000%, 5/1/38		2,356,109
	45,401,386	6.0000%, 11/1/38		50,839,587
	15,988,832	5.0000%, 5/1/39		17,448,443
	6,843,234	5.5000%, 10/1/39		7,484,159
	7,432,522	4.5000%, 1/1/41		7,972,732
	15,982,241	5.0000%, 5/1/41		17,549,425
	2,592,458	4.5000%, 9/1/41		2,789,211
	6,806,948	5.0000%, 9/1/41		7,360,262
		Ginnie Mae:
	7,039,555	4.0000%, 8/15/24		7,499,456
	11,571,525	5.1000%, 12/15/29		13,046,894
	6,198,663	6.0000%, 11/20/34		6,910,942
	27,672,455	5.5000%, 3/20/35		30,490,678
	4,114,647	5.5000%, 9/15/35		4,616,078
	7,017,445	5.5000%, 3/15/36		7,721,138
	8,486,702	5.5000%, 3/20/36		9,322,170
	10,553,807	5.5000%, 5/20/36		11,620,694
	4,940,580	6.0000%, 1/20/39		5,554,011
	4,464,050	5.0000%, 4/15/39		4,838,267

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

Janus Fixed Income & Money Market Funds | 15

Janus Flexible Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Mortgage-Backed Securities – (continued)
		Ginnie Mae: (continued)
	$46,973,801	5.5000%, 6/15/39	$	52,708,258
	11,383,285	5.5000%, 8/15/39		13,213,523
	16,881,504	5.5000%, 8/15/39		19,039,082
	11,348,357	5.0000%, 9/15/39		12,522,009
	23,215,540	5.0000%, 9/15/39		25,616,125
	6,258,458	5.0000%, 10/15/39		6,855,657
	9,443,149	5.0000%, 10/15/39		10,226,632
	11,411,899	5.0000%, 11/15/39		12,630,989
	3,279,103	5.0000%, 1/15/40		3,629,442
	2,392,106	5.0000%, 4/15/40		2,647,653
	3,829,159	5.0000%, 4/15/40		4,297,169
	4,227,990	5.0000%, 5/15/40		4,649,227
	9,008,252	5.0000%, 5/20/40		9,924,030
	3,863,116	5.0000%, 7/15/40		4,275,816
	10,910,121	5.0000%, 7/15/40		12,075,689
	13,829,431	4.5000%, 9/15/40		15,372,690
	10,865,534	5.0000%, 2/15/41		11,926,147
	5,046,783	5.0000%, 4/15/41		5,753,186
	10,236,307	5.5000%, 4/20/41		11,243,541
	13,225,979	4.5000%, 5/15/41		14,697,020
	4,482,519	5.0000%, 5/15/41		4,948,061
	2,809,968	5.0000%, 6/20/41		3,072,647
	11,930,421	5.0000%, 6/20/41		13,197,995
	2,755,206	4.5000%, 7/15/41		2,955,691
	10,929,507	4.5000%, 7/15/41		11,711,084
	26,411,847	4.5000%, 8/15/41		28,815,582
	4,008,593	5.0000%, 9/15/41		4,373,291
	3,995,761	5.5000%, 9/20/41		4,376,549
	22,948,736	5.0000%, 10/15/41		24,892,239
	18,144,988	5.0000%, 10/20/41		19,748,984
	1,860,645	6.0000%, 10/20/41		2,087,573
	6,971,843	6.0000%, 12/20/41		7,824,830
	11,666,352	5.5000%, 1/20/42		12,767,298
	5,926,462	6.0000%, 1/20/42		6,649,125
	6,219,673	6.0000%, 2/20/42		6,977,957
	5,022,031	6.0000%, 3/20/42		5,631,929
	20,117,019	6.0000%, 4/20/42		22,560,323
	5,342,496	3.5000%, 5/20/42		5,519,326
	14,392,671	6.0000%, 5/20/42		16,151,089
	23,346,049	5.5000%, 7/20/42		25,602,285
	5,689,783	6.0000%, 7/20/42		6,385,264
	5,651,208	6.0000%, 8/20/42		6,341,564
	6,664,369	6.0000%, 9/20/42		7,473,721
	5,607,372	6.0000%, 11/20/42		6,293,365
	6,041,659	6.0000%, 2/20/43		6,775,386
Total Mortgage-Backed Securities (cost $1,476,810,234)				1,463,492,533
Preferred Stock – 0.5%
Diversified Financial Services – 0.1%
	236,750	Citigroup Capital XIII 7.8750%		6,593,488
Finance – Credit Card – 0.4%
	955,570	Discover Financial Services 6.5000%		23,984,807
Total Preferred Stock (cost $30,551,400)				30,578,295
U.S. Treasury Notes/Bonds – 22.5%
		U.S. Treasury Notes/Bonds:
	$11,147,000	0.2500%, 3/31/14		11,154,402
	9,190,000	0.2500%, 4/30/14		9,196,102
	49,092,000	0.2500%, 5/31/14		49,120,768
	119,017,000	0.2500%, 8/31/14		119,068,177
	27,482,000	0.2500%, 9/15/14		27,491,674
	68,999,000	0.2500%, 9/30/14		69,023,288
	9,595,000	0.2500%, 10/31/14		9,598,752
	6,610,000	0.1250%, 12/31/14		6,598,122
	194,592,000	0.2500%, 1/15/15		194,554,054
	128,757,000	0.1250%, 4/30/15		128,269,140
	189,586,000	0.2500%, 5/31/15		189,252,708
	36,441,300	2.1250%, 5/31/15		37,676,879
	5,855,000	0.3750%, 6/15/15		5,856,827
	12,945,000	0.3750%, 2/15/16		12,887,356
	7,657,000	1.0000%, 8/31/16		7,716,219
	11,524,900	1.0000%, 9/30/16		11,603,235
	8,648,500	1.0000%, 10/31/16		8,699,855
	1,188,000	0.8750%, 11/30/16		1,188,742
	115,815,500	0.8750%, 1/31/17**		115,634,596
	17,908,000	0.8750%, 2/28/17		17,863,230
	28,415,000	0.7500%, 6/30/17		28,059,812
	9,545,000	0.7500%, 10/31/17		9,365,287
	11,750,000	0.7500%, 12/31/17		11,495,718
	19,120,000	0.8750%, 1/31/18		18,779,434
	14,010,000	0.7500%, 3/31/18		13,636,760
	17,343,100	2.3750%, 5/31/18		18,183,165
	3,846,700	1.7500%, 10/31/18		3,900,792
	10,800,000	1.0000%, 9/30/19		10,327,500
	206,196,000	1.7500%, 5/15/23		193,115,338
	52,460,000	2.8750%, 5/15/43		46,427,100
Total U.S. Treasury Notes/Bonds (cost $1,395,301,809)				1,385,745,032
Money Market – 0.7%
	40,073,406	Janus Cash Liquidity Fund LLC, 0%£ (cost $40,073,406)		40,073,406
Total Investments (total cost $6,146,393,206) – 99.9%				6,153,081,131
Cash, Receivables and Other Assets, net of Liabilities – 0.1%				4,347,567
Net Assets – 100%			$	6,157,428,698

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

			% of Investment
Country	Value		Securities
Australia	$	66,048,373		1.1%
Canada		20,343,175		0.3%
Germany		14,215,242		0.2%
Italy		29,742,536		0.5%
Japan		4,122,922		0.1%
Luxembourg		10,640,362		0.2%
Netherlands		39,260,622		0.6%
South Korea		55,175,383		0.9%
Taiwan		52,145,384		0.8%
United Kingdom		73,002,336		1.2%
United States††		5,788,384,796		94.1%
Total	$	6,153,081,131		100.0%

†† Includes Cash Equivalents of 0.7%.

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

16 | JUNE 30, 2013

Janus Global Bond Fund (unaudited)

Fund Snapshot
We believe a bottom-up, fundamentally-driven investment process that is focused on credit-oriented investments anywhere in the world can generate risk-adjusted outperformance over time.

Gibson Smith
co-portfolio manager
Darrell Watters
co-portfolio manager
Chris Diaz
co-portfolio manager

Performance Summary

During the one-year period ended June 30, 2013, Janus Global Bond Fund’s Class I Shares returned -0.79% compared with -2.18% for the Fund’s primary benchmark, the Barclays Global Aggregate Bond Index, and 2.90% for the Fund’s secondary benchmark, the Barclays Global Aggregate Corporate Bond Index.

Market Environment

The 12 months ended June 30, 2013 were largely characterized by concern about global fiscal policies and their impact on economic growth. Overall, both investment-grade and high-yield corporate credit spreads and mortgage-backed securities (MBS) spreads narrowed during the period. U.S. Treasury bond yields rose, particularly in the final months as U.S. economic data began to improve. The U.S. dollar was mixed over the period, while the euro appreciated modestly and the yen experienced a significant devaluation.

The period began with concern about slow global economic growth, prompting additional stimulus from major central banks including the U.S. Federal Reserve (Fed), the European Central Bank and the Bank of Japan. Toward the end of calendar year 2012, worries grew about the “fiscal cliff,” a potentially recessionary mix of U.S. spending cuts and tax increases scheduled to take effect in January 2013. However, lawmakers delayed some elements of the fiscal cliff until March 2013, softening the impact, and the Fed continued to reiterate support for the markets via quantitative easing (QE) and near-zero interest rates.

By spring, there were signs that economic growth was improving. The U.S. economy seemed to weather the impact of government spending cuts that took effect in March, and U.S. employment data showed strengthening hiring patterns beginning in April. By May, markets were beginning to speculate about the eventual end of the Fed’s QE program, driving up longer-term Treasury yields.

Meanwhile, Japan’s attempts to reflate its economy appeared to be having an effect, with signs of improving exports, rising manufacturing activity and increasing capital spending. Europe’s economy showed signs of stabilization, although growth expectations declined for China. Emerging markets sold off sharply toward the end of the period on signs of slowing Chinese growth and worries that the Fed’s shifting policy stance could shut down the flow of global liquidity that has fueled investment in emerging markets in recent years.

Fund Comments

Our overweight allocation and security selection within corporate credit, as well as our security selection within MBS, were the top contributors to outperformance during the period. Sector contributors were led by banking, noncaptive diversified financial companies and real estate investment trusts (REITs); top sector detractors included property and casualty insurers, supermarkets and transportation services.

Overall, we reduced the Fund’s weighting to corporate credit during the period, as we reacted to changing economic and market factors. Corporate credit represented 43.9% of holdings as of June 30, 2013, down from 53.04% a year earlier, as we opportunistically realized gains and lowered the Fund’s risk profile at various points during the 12 months, including reducing duration and increasing our Treasury weighting. However, we remain bullish on corporate credit in general, and are still significantly overweight to credit compared with the benchmark. We increased exposure to high-yield credit.

Consistent with our process of closely monitoring company fundamentals to drive our allocation decisions, we periodically seek to reduce the Fund’s risk profile. With that goal, we increased U.S. Treasury exposure at various points during the period. We also shifted investment toward the shorter end of the yield curve with the goal to help preserve capital in the face of a potential rise in interest rates. However, our yield curve positioning in Treasurys detracted from relative performance during the

Janus Fixed Income & Money Market Funds | 17

Janus Global Bond Fund (unaudited)

period. While we held an underweight allocation to Treasury securities compared with the benchmark, our Treasury duration (i.e., our sensitivity to rising interest rates) was modestly longer until roughly mid-May.

Our MBS selection also was beneficial to performance, in particular our preference for prepayment-protected, higher-coupon MBS. We have sought to avoid the type of MBS that the Fed has been buying through its $40-billion-per-month MBS purchase program, part of its current QE program. This helped the Fund avoid much of the market volatility sparked by the question of when the Fed might taper QE.

Given that interest rates rose, our small allocation to bank loans, which are designed to reset based on short-term interest rates, contributed to performance. Our security selection within commercial mortgage-backed securities (CMBS) also was a positive contributor, as was our allocation to preferred stock.

We have sharply reduced exposure to the Japanese yen this year, seeking to mitigate portfolio risk in the face of fiscal and monetary policy aimed at stimulating the economy but also driving volatility in Japanese bond and currency markets. Our yen underweight was a strong contributor during the period. On the other hand, our underweight to the euro detracted from relative performance, as Europe’s economy began to show signs of stabilization, if not improvement.

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

Credit Contributors to Performance

Individual credit contributors were led by General Electric Capital Corp., which provides financing, mortgage and insurance services. GE Capital has undergone a significant balance sheet transformation since the 2007-2008 financial crisis, making significant strides in reducing leverage, increasing reserves, cutting reliance on short-term funding and improving capital. Its management team has been committed to reducing the size of the company, which should reduce debt outstanding and improve the quality of its balance sheet.

UK-based Lloyds Bank was the second-largest contributor during the period, as it began to appear more likely that the UK government may sell off its investment in Lloyds this year. Lloyds has reported positive earnings, and in general there has been macroeconomic improvement in the UK. It also has continued to make progress in improving its balance sheet and reducing noncore assets.

Financial services company Morgan Stanley also contributed. Morgan Stanley has made great strides in improving its balance sheet with capital and liquidity levels at record highs. We view positively the transition toward management’s growth of its wealth management businesses, which should be less capital- and liquidity-intensive and produce lower earnings volatility.

Credit Detractors from Performance

Detractors were led by Red de Carreteras de Occidente, which builds, operates and maintains concessioned highways in Mexico. The company’s bonds were pressured by the sell-off in emerging market debt during the period.

Detractors also included China National Offshore Oil Corp. (CNOOC) Ltd., which through subsidiaries explores, develops, produces and sells crude oil and natural gas. CNOOC declined amid lower growth expectations for China.

ADT Corp. also detracted, partly because we held longer-duration securities that were affected by rising rates in the later part of the period. ADT, which provides home security monitoring services, spun off from Tyco International in 2012. We have continued to find the business model attractive, as the company has long-term contracts that provide stability of earnings and free cash flow.

Outlook

We are keeping a close eye on events in China, which has demonstrated obvious liquidity issues and the potential for slower growth going forward. The economic evolution from an export-driven economy to one of internal production and consumption will undoubtedly continue to produce growing pains. Ultimately we believe that China will settle in at a lower rate of growth than the world would like to see, which at least would calm some of the recent volatility in fixed income markets.

We believe that Japanese Prime Minister Shinzo Abe is on the right track and eventually will succeed in ending Japan’s long-running series of deflationary cycles, leading to a lower yen, but the process will not be smooth. The upper house elections in July will be telling as to the path the Japanese economy will follow. The yen volatility we’ve seen recently is likely to continue in coming months, although we believe the long-term direction will be weaker over time.

Our company discussions and economic data indicate the European economy probably has reached bottom and will begin to improve from here. However, it may be a rocky road over the next few months, with Italian and German

18 | JUNE 30, 2013

(unaudited)

elections in the fall and a Spanish economy that just cannot seem to get traction. Brazil and emerging markets will continue to struggle until they get recent civil unrest under control and stabilize their currencies.

We continue to favor the U.S. dollar over the euro, British pound and yen. Better relative fiscal and economic fundamentals should be supportive for the U.S. dollar, combined with the eventual implementation of QE tapering, providing higher interest rate parity. Countries with lower debt loads and higher growth prospects should have better-performing currencies. We are likely to maintain exposure to smaller G-10 currencies as well as some emerging markets.

The Fed may taper its bond-buying program at some point in the next 12 months, but we believe it will leave short-term interest rates near zero until the U.S. unemployment rate falls to 6.5%; many Fed policymakers do not expect this to happen before 2015, and we take them at their word. Interest rates are likely to remain very low around the globe as central banks continue to distort markets via unconventional policy. Credit, both investment-grade and high-yield, and securitized products should remain well supported as investors continue to reach for yield in a low-yield world. As always, security selection will be critical, perhaps even more so in the next 12 months with yields and spreads at historically low levels.

On behalf of each member of our investment team, thank you for your investment in Janus Global Bond Fund. We appreciate you entrusting us with your assets and look forward to continuing to serve your investment needs.

Janus Fixed Income & Money Market Funds | 19

Janus Global Bond Fund (unaudited)

Janus Global Bond Fund At A Glance

Fund Profile

June 30, 2013

Weighted Average Maturity	6.0 Years
Average Effective Duration*	4.0 Years
30-day Current Yield**
Class A Shares at NAV
Without Reimbursement	1.62%
With Reimbursement	1.61%
Class A Shares at MOP
Without Reimbursement	1.54%
With Reimbursement	1.53%
Class C Shares***
Without Reimbursement	0.81%
With Reimbursement	0.85%
Class D Shares
Without Reimbursement	1.77%
With Reimbursement	1.72%
Class I Shares
Without Reimbursement	1.92%
With Reimbursement	1.92%
Class S Shares
Without Reimbursement	1.42%
With Reimbursement	1.37%
Class T Shares
Without Reimbursement	1.66%
With Reimbursement	1.61%
Number of Bonds/Notes	242

*	A theoretical measure of price volatility
**	Yield will fluctuate
***	Does not include the 1.00% contingent deferred sales charge.

Ratings^†Summary – (% of Fixed Income Securities)

June 30, 2013

AAA	0.1%
AA	31.0%
A	5.0%
BBB	26.7%
BB	24.7%
B	3.8%
Other	8.7%

† Bond ratings provided by Standard & Poor’s. Not rated securities are not rated by S&P but may be rated by other rating agencies. Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Significant Areas of Investment – (% of Net Assets)

As of June 30, 2013

Asset Allocation – (% of Net Assets)

As of June 30, 2013

20 | JUNE 30, 2013

(unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013			Expense Ratios – per the October 26, 2012 prospectuses
	One	Since	Total Annual Fund	Net Annual Fund
	Year	Inception*	Operating Expenses	Operating Expenses
Janus Global Bond Fund – Class A Shares
NAV	–1.04%	3.49%	1.45%	1.01%
MOP	–5.72%	1.50%
Janus Global Bond Fund – Class C Shares
NAV	–1.78%	2.76%	2.21%	1.76%
CDSC	–2.72%	2.76%
Janus Global Bond Fund – Class D Shares(1)	–0.83%	3.61%	1.31%	0.91%
Janus Global Bond Fund – Class I Shares	–0.79%	3.72%	1.13%	0.76%
Janus Global Bond Fund – Class S Shares	–1.17%	3.35%	1.62%	1.26%
Janus Global Bond Fund – Class T Shares	–1.01%	3.51%	1.38%	1.01%
Barclays Global Aggregate Bond Index	–2.18%	2.53%
Barclays Global Aggregate Corporate Bond Index	2.90%	5.27%
Morningstar Quartile – Class I Shares	3rd	2nd
Morningstar Ranking – based on total returns for World Bond Funds	191/360	95/311
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 4.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

Janus Fixed Income & Money Market Funds | 21

Janus Global Bond Fund (unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The Fund’s performance may be affected by risks that include those associated with non-investment grade debt securities, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. These risks are magnified in emerging markets. The prices of foreign securities held by the Fund, and therefore the Fund’s performance, may decline in response to such risks.

Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the Fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of Fixed Income Funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the Fund and selling of bonds within the Fund by the portfolio managers.

The Fund invests in mortgage-backed securities. Mortgage-backed securities are subject to prepayment risk (early payoff of mortgages during periods of declining interest rates) and extension risk (extending the duration of mortgage-backed securities during periods of rising interest rates). These risks may increase the volatility of these securities and affect total returns.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than investment grade bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

This Fund may have significant exposure to emerging markets. In general, emerging market investments have historically been subject to significant gains and/or losses. As such, the Fund’s returns and NAV may be subject to volatility.

Sovereign debt securities are subject to the additional risk that, under some political, diplomatic, social or economic circumstances, some developing countries that issue lower quality debt securities may be unable or unwilling to make principal or interest payments as they come due.

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

For a period of three years subsequent to the Fund’s commencement of operations or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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 yield, and therefore the ranking for the period.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – December 28, 2010
(1)	Closed to new investors.

22 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	948.10	$	4.88	$	1,000.00	$	1,019.79	$	5.06		1.01%
Class C Shares	$	1,000.00	$	943.80	$	8.48	$	1,000.00	$	1,016.07	$	8.80		1.76%
Class D Shares	$	1,000.00	$	948.70	$	4.30	$	1,000.00	$	1,020.38	$	4.46		0.89%
Class I Shares	$	1,000.00	$	948.50	$	3.62	$	1,000.00	$	1,021.08	$	3.76		0.75%
Class S Shares	$	1,000.00	$	948.30	$	4.88	$	1,000.00	$	1,019.79	$	5.06		1.01%
Class T Shares	$	1,000.00	$	948.50	$	4.59	$	1,000.00	$	1,020.08	$	4.76		0.95%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 Fixed Income & Money Market Funds | 23

Janus Global Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 6.9%
$	428,000	AmeriCredit Automobile Receivables Trust 3.3800%, 4/9/18	$	436,963
	665,000	AmeriCredit Automobile Receivables Trust 2.6800%, 10/9/18		660,211
	158,000	Commercial Mortgage Trust 5.6500%, 12/10/49		161,531
	877,000	Commercial Mortgage Trust 5.8670%, 12/10/49‡		939,497
	860,535	FREMF 2010 K-SCT Mortgage Trust 2.0000%, 1/25/20 §		710,208
	340,000	FREMF Mortgage Trust 2.8037%, 5/25/19 (144A),‡		341,799
EUR	2,086,344	German Residential Asset Note Distributor PLC 2.6500%, 1/20/21 **,‡		2,693,669
	205,000	Gracechurch Card Funding PLC 0.8992%, 6/15/17 (144A),**‡		206,472
	680,000	GS Mortgage Securities Corp. II 3.5495%, 12/10/27 (144A),‡		581,429
	680,000	GS Mortgage Securities Corp. II 2.7982%, 11/8/29 (144A),‡		678,625
	1,213,000	GS Mortgage Securities Corp. Trust 3.5510%, 4/10/34 (144A),‡		1,194,323
	205,000	JPMorgan Chase Commercial Mortgage Securities Trust 3.9340%, 4/15/30 (144A),‡		202,284
	276,000	Santander Drive Auto Receivables Trust 2.5200%, 9/15/16		272,523
	89,000	Santander Drive Auto Receivables Trust 3.6400%, 5/15/18		90,920
	293,000	Santander Drive Auto Receivables Trust 3.3000%, 9/17/18		295,513
EUR	2,330,000	Taurus 2013 GMF1 PLC 2.9609%, 5/21/24 **		3,009,768
	737,000	Wachovia Bank Commercial Mortgage Trust 5.3830%, 12/15/43		776,934
	530,000	Wachovia Bank Commercial Mortgage Trust 5.5910%, 4/15/47‡		561,708
GBP	2,785,668	Windermere XI CMBS PLC 0.7544%, 4/24/17 **,‡		4,013,778
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $18,205,048)				17,828,155
Bank Loans – 1.0%
Building and Construction Products – Miscellaneous – 0.9%
	2,499,000	American Builders & Contractors Supply Co., Inc. 3.5000%, 4/16/20‡		2,478,383
Casino Hotels – 0.1%
	149,250	MGM Resorts International 3.5000%, 12/20/19‡		148,131
Pharmaceuticals – 0%
	72,649	Quintiles Transnational Corp. 4.5000%, 6/8/18‡		72,558
Total Bank Loans (cost $2,720,204)				2,699,072
Corporate Bonds – 43.9%
Advertising Agencies – 0.2%
GBP	350,000	WPP 2012, Ltd. 6.0000%, 4/4/17 **		601,364
Aerospace and Defense – Equipment – 0.4%
	440,000	Exelis, Inc. 4.2500%, 10/1/16		463,919
	457,000	TransDigm, Inc. 7.7500%, 12/15/18		480,992
				944,911
Airport Development – Maintenance – 1.1%
EUR	1,876,000	DAA Finance PLC 6.5872%, 7/9/18 **		2,795,663
Automotive – Cars and Light Trucks – 3.0%
GBP	2,261,000	Jaguar Land Rover Automotive PLC 8.1250%, 5/15/18 **		3,743,463
EUR	2,999,000	Renault S.A. 4.6250%, 9/18/17 **		4,033,494
				7,776,957
Banking – 0.2%
EUR	500,000	Banco BPI S.A. 3.2500%, 1/15/15 **		657,158
Building – Heavy Construction – 0.7%
MXN	24,500,000	Red de Carreteras de Occidente S.A.P.I.B. de C.V. 9.0000%, 6/10/28 (144A),**		1,779,070
Casino Hotels – 0.7%
	305,000	MGM Resorts International 6.6250%, 7/15/15		325,206
	364,000	MGM Resorts International 7.5000%, 6/1/16		396,760
	622,000	MGM Resorts International 7.6250%, 1/15/17		679,535
	432,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.2500%, 5/30/23 (144A)		399,600
				1,801,101
Cellular Telecommunications – 0.3%
	743,000	Sprint Nextel Corp. 7.0000%, 8/15/20		780,150
Chemicals – Diversified – 0.6%
	1,365,000	LyondellBasell Industries N.V. 5.0000%, 4/15/19		1,485,251
Chemicals – Specialty – 0.7%
	498,000	Ashland, Inc. 3.8750%, 4/15/18 (144A)		493,020
	516,000	Ashland, Inc. 4.7500%, 8/15/22 (144A)		510,840
	727,000	Ashland, Inc. 6.8750%, 5/15/43 (144A)		741,540
				1,745,400

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

24 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Commercial Banks – 5.8%
EUR	1,404,000	Bank of Ireland 10.0000%, 2/12/20 **	$	1,955,320
EUR	1,400,000	Bank of Ireland Mortgage Bank 2.7500%, 3/22/18 **		1,800,609
EUR	1,400,000	BBVA Senior Finance SAU 4.3750%, 9/21/15 **		1,886,966
$	1,641,000	BBVA U.S. Senior SAU 4.6640%, 10/9/15 **		1,690,432
	112,000	CIT Group, Inc. 4.7500%, 2/15/15 (144A)		113,820
	1,560,000	CIT Group, Inc. 4.2500%, 8/15/17		1,567,800
	276,000	CIT Group, Inc. 6.6250%, 4/1/18 (144A)		298,080
	1,359,000	CIT Group, Inc. 5.5000%, 2/15/19 (144A)		1,403,167
	1,365,000	Intesa Sanpaolo SpA 3.8750%, 1/16/18 **		1,310,688
	1,071,000	SVB Financial Group 5.3750%, 9/15/20		1,172,211
	516,000	Zions Bancorp 4.5000%, 3/27/17		545,693
	1,225,000	Zions Bancorp 5.8000%, 12/15/99‡		1,151,500
				14,896,286
Computer Aided Design – 0.1%
	393,000	Autodesk, Inc. 1.9500%, 12/15/17		383,419
Consulting Services – 0.5%
	522,000	Verisk Analytics, Inc. 4.8750%, 1/15/19		559,372
	746,000	Verisk Analytics, Inc. 5.8000%, 5/1/21 **		823,401
				1,382,773
Dialysis Centers – 0.2%
	416,000	Fresenius Medical Care U.S. Finance II, Inc. 5.8750%, 1/31/22 (144A),**		437,840
Diversified Banking Institutions – 3.1%
	30,000	Bank of America Corp. 4.5000%, 4/1/15		31,468
	30,000	Bank of America Corp. 3.6250%, 3/17/16		31,338
	785,000	Bank of America Corp. 3.7500%, 7/12/16		822,902
	375,000	Bank of America Corp. 2.0000%, 1/11/18		363,230
	667,000	Bank of America Corp. 8.0000%, 7/30/99‡		742,871
	113,000	Bank of America Corp. 8.1250%, 11/15/99‡		127,125
	364,000	Goldman Sachs Group, Inc. 5.6250%, 1/15/17		394,498
	1,554,000	Goldman Sachs Group, Inc. 2.3750%, 1/22/18		1,525,767
EUR	350,000	Morgan Stanley 4.0000%, 11/17/15		480,266
EUR	702,000	Morgan Stanley 3.7500%, 9/21/17		962,365
EUR	703,000	Morgan Stanley 2.2500%, 3/12/18		900,617
	977,000	Morgan Stanley 2.1250%, 4/25/18		935,019
EUR	350,000	Morgan Stanley 5.3750%, 8/10/20		513,156
	176,000	Royal Bank of Scotland Group PLC 2.5500%, 9/18/15 **		178,950
				8,009,572
Diversified Financial Services – 1.2%
	65,000	General Electric Capital Corp. 6.3750%, 11/15/67‡		67,600
	700,000	General Electric Capital Corp. 6.2500%, 12/15/99‡		743,750
	2,100,000	General Electric Capital Corp. 7.1250%, 12/15/99‡		2,373,000
				3,184,350
Diversified Minerals – 0.2%
	645,000	FMG Resources (August 2006) Pty, Ltd. 7.0000%, 11/1/15 (144A)		651,450
Diversified Operations – 0.6%
	364,000	GE Capital Trust I 6.3750%, 11/15/67‡		377,195
	1,140,000	Ingersoll-Rand Global Holding Co., Ltd. 4.2500%, 6/15/23 (144A)		1,132,841
				1,510,036
Electric – Integrated – 0.2%
	605,000	PPL WEM Holdings PLC 3.9000%, 5/1/16 (144A)		632,283
Electric – Transmission – 0.1%
GBP	210,000	SPI Australia Assets Pty, Ltd. 5.1250%, 2/11/21 **		351,787
Electronic Connectors – 0.2%
	433,000	Amphenol Corp. 4.0000%, 2/1/22		432,109
Electronic Measuring Instruments – 0.4%
	1,008,000	FLIR Systems, Inc. 3.7500%, 9/1/16		1,041,871
Engineering – Research and Development Services – 0.5%
	633,000	URS Corp. 4.3500%, 4/1/17 (144A)		644,861
	610,000	URS Corp. 5.5000%, 4/1/22 (144A)		629,455
				1,274,316
Finance – Auto Loans – 0.8%
	1,365,000	Ford Motor Credit Co. LLC 3.0000%, 6/12/17		1,367,877
	368,000	General Motors Financial Co., Inc. 3.2500%, 5/15/18 (144A)		357,880
	512,000	General Motors Financial Co., Inc. 4.2500%, 5/15/23 (144A)		476,800
				2,202,557

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

Janus Fixed Income & Money Market Funds | 25

Janus Global Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Finance – Credit Card – 0%
$	18,000	American Express Co. 6.8000%, 9/1/66‡	$	19,215
Finance – Investment Bankers/Brokers – 1.0%
	434,000	Lazard Group LLC 7.1250%, 5/15/15		471,263
	2,092,000	Raymond James Financial, Inc. 5.6250%, 4/1/24		2,203,366
				2,674,629
Finance – Leasing Companies – 0.7%
	1,772,000	LeasePlan Corp. N.V. 2.5000%, 5/16/18 (144A),**		1,707,696
Finance – Other Services – 0.4%
	1,016,000	CNH Capital LLC 3.6250%, 4/15/18 (144A)		967,740
Food – Miscellaneous/Diversified – 0.1%
	251,000	Hawk Acquisition Sub, Inc. 4.2500%, 10/15/20 (144A)		240,019
Food – Retail – 0.5%
	212,000	Safeway, Inc. 3.9500%, 8/15/20		207,889
	997,000	Safeway, Inc. 4.7500%, 12/1/21		1,015,778
				1,223,667
Investment Management and Advisory Services – 0.9%
	47,000	Ameriprise Financial, Inc. 7.5180%, 6/1/66‡		51,348
	1,576,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.6250%, 3/15/20 (144A)		1,631,160
	598,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.8750%, 3/15/22 (144A)		609,960
				2,292,468
Life and Health Insurance – 0.4%
	919,000	Primerica, Inc. 4.7500%, 7/15/22		972,367
Medical – Biomedical and Genetic – 0.6%
	1,318,000	Life Technologies Corp. 6.0000%, 3/1/20		1,484,818
Medical – Drugs – 0.7%
	869,000	CFR International SpA 5.1250%, 12/6/22 (144A)		851,602
	836,000	VPII Escrow Corp. 6.7500%, 8/15/18 (144A)		856,900
				1,708,502
Medical Equipment – 0.3%
EUR	592,000	FMC Finance VIII S.A. 5.2500%, 7/31/19 **		848,851
Money Center Banks – 1.6%
EUR	2,818,000	Lloyds TSB Bank PLC 6.5000%, 3/24/20 **		4,018,450
Multi-Line Insurance – 1.1%
EUR	300,000	American International Group Inc. 8.0000%, 5/22/38‡		452,049
EUR	50,000	American International Group, Inc. 8.0000%, 5/22/38 (144A),‡		75,341
	1,024,000	American International Group, Inc. 8.1750%, 5/15/58‡		1,249,280
	482,000	ING U.S., Inc. 2.9000%, 2/15/18 (144A)		484,425
	530,000	ING U.S., Inc. 5.6500%, 5/15/53 (144A),‡		498,200
	102,000	Loews Corp. 2.6250%, 5/15/23		92,778
				2,852,073
Oil – Field Services – 0.6%
	1,365,000	Korea National Oil Corp. 4.0000%, 10/27/16 (144A),**		1,443,493
Oil and Gas Drilling – 0.4%
	674,000	Nabors Industries, Inc. 5.0000%, 9/15/20		687,082
	311,000	Rowan Cos., Inc. 5.0000%, 9/1/17		336,128
				1,023,210
Oil Companies – Exploration and Production – 3.4%
	2,431,000	Chesapeake Energy Corp. 5.3750%, 6/15/21		2,418,845
	765,000	Cimarex Energy Co. 5.8750%, 5/1/22		791,775
	1,400,000	CNOOC Finance 2012, Ltd. 3.8750%, 5/2/22 (144A)		1,351,781
	113,000	Continental Resources, Inc. 7.1250%, 4/1/21		124,300
	850,000	Continental Resources, Inc. 5.0000%, 9/15/22		864,875
	705,000	Harvest Operations Corp. 6.8750%, 10/1/17		786,075
	545,000	Petrohawk Energy Corp. 10.5000%, 8/1/14		572,795
	331,000	Plains Exploration & Production Co. 6.5000%, 11/15/20		350,928
	1,146,000	Plains Exploration & Production Co. 6.8750%, 2/15/23		1,226,108
	270,000	Whiting Petroleum Corp. 6.5000%, 10/1/18		285,525
				8,773,007
Oil Companies – Integrated – 0%
EUR	50,000	BP Capital Markets PLC 3.8300%, 10/6/17 **		71,525
Paper and Related Products – 1.1%
EUR	2,060,000	WEPA Hygieneprodukte GmbH 6.5000%, 5/15/20 **		2,749,473
Pipelines – 2.6%
	1,213,000	DCP Midstream Operating L.P. 4.9500%, 4/1/22		1,243,354
	862,000	El Paso LLC 7.0000%, 6/15/17		937,131
	3,269,000	Kinder Morgan Finance Co. LLC 5.7000%, 1/5/16 **		3,501,413
	899,000	Western Gas Partners L.P. 5.3750%, 6/1/21		964,682
				6,646,580

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

26 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Property Trust – 0.2%
EUR	338,000	Prologis International Funding S.A. 5.8750%, 10/23/14 **	$	456,406
Real Estate Management/Services – 0.4%
$	1,038,000	Jones Lang LaSalle, Inc. 4.4000%, 11/15/22		1,018,561
REIT – Diversified – 1.9%
	897,000	American Tower Trust I 1.5510%, 3/15/18 (144A)		881,461
EUR	2,100,000	GELF Bond Issuer I S.A. 3.1250%, 4/3/18 **		2,707,375
	1,120,000	Goodman Funding Pty, Ltd. 6.3750%, 11/12/20 (144A)		1,248,139
				4,836,975
REIT – Office Property – 0.4%
	623,000	Alexandria Real Estate Equities, Inc. 4.6000%, 4/1/22		634,917
	352,000	SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Partnership 5.0000%, 8/15/18		374,776
				1,009,693
Retail – Restaurants – 0.2%
	685,000	Brinker International, Inc. 3.8750%, 5/15/23		642,399
Security Services – 0.3%
	971,000	ADT Corp. 4.1250%, 6/15/23		914,596
Semiconductor Components/Integrated Circuits – 0.9%
	2,355,000	TSMC Global, Ltd. 1.6250%, 4/3/18 (144A)		2,263,972
Steel – Producers – 0.3%
	487,000	ArcelorMittal 5.0000%, 2/25/17 **		493,088
	323,000	Steel Dynamics, Inc. 5.2500%, 4/15/23 (144A)		316,540
				809,628
Super-Regional Banks – 0.2%
	375,000	Wells Fargo & Co. 7.9800%, 9/15/99‡		423,750
Telecommunication Services – 0.2%
	487,000	SBA Tower Trust 2.9330%, 12/15/17 (144A)		491,464
Telephone – Integrated – 0.7%
	1,137,000	Qwest Communications International, Inc. 7.1250%, 4/1/18		1,179,638
	400,000	Softbank Corp. 4.5000%, 4/15/20 (144A),**		385,500
	323,000	Sprint Capital Corp. 6.9000%, 5/1/19		335,920
				1,901,058
Total Corporate Bonds (cost $115,627,303)				113,243,959
Foreign Government Bonds – 16.0%
EUR	1,055,000	Bank of Ireland 4.0000%, 1/28/15 **		1,408,589
EUR	2,042,000	Bank of Ireland 2.7500%, 6/5/16 **		2,571,649
	1,400,000	Bermuda Government International Bond 4.1380%, 1/3/23 (144A)		1,379,000
EUR	2,220,000	Ireland Government Bond 3.9000%, 3/20/23 **		2,842,076
EUR	4,171,000	Italy Buoni Poliennali Del Tesoro 2.7500%, 12/1/15 **		5,479,072
EUR	957,000	Italy Buoni Poliennali Del Tesoro 4.7500%, 6/1/17 **		1,314,732
EUR	2,018,000	Italy Buoni Poliennali Del Tesoro 4.5000%, 5/1/23 **		2,626,441
PHP	109,000,000	Philippine Government International Bond 3.9000%, 11/26/22		2,347,343
EUR	7,134,000	Portugal Obrigacoes do Tesouro OT 3.6000%, 10/15/14 **		9,299,808
EUR	1,131,000	Portugal Obrigacoes do Tesouro OT 4.9500%, 10/25/23 **		1,312,881
EUR	5,502,000	Spain Government Bond 2.7500%, 3/31/15 **		7,216,031
EUR	352,000	Spain Government Bond 4.0000%, 7/30/15 **		471,370
EUR	824,000	Spain Government Bond 3.2500%, 4/30/16 **		1,083,101
EUR	474,000	Spain Government Bond 4.2500%, 10/31/16 **		638,062
EUR	997,000	Spain Government Bond 4.4000%, 10/31/23 (144A),**		1,260,141
Total Foreign Government Bonds (cost $41,865,370)				41,250,296
Mortgage-Backed Securities – 13.7%
		Fannie Mae:
	285,283	5.5000%, 1/1/25		307,937
	641,479	5.0000%, 9/1/29		694,617
	175,612	5.5000%, 1/1/33		193,672
	94,462	5.0000%, 11/1/33		102,198
	180,257	5.0000%, 12/1/33		195,005
	93,084	5.0000%, 2/1/34		100,699
	1,923,698	5.5000%, 7/1/35		2,109,155
	281,829	5.0000%, 10/1/35		303,744
	295,519	5.5000%, 1/1/36		322,301
	204,838	6.0000%, 2/1/37		230,045
	943,648	5.5000%, 5/1/37		1,039,074
	220,788	6.0000%, 5/1/37		240,260
	197,795	5.5000%, 7/1/37		214,521
	848,761	6.0000%, 9/1/37		928,437
	172,995	5.5000%, 3/1/38		190,725
	227,380	6.0000%, 11/1/38		247,434
	553,933	6.0000%, 11/1/38		604,073
	873,213	6.0000%, 10/1/39		966,916
	664,888	5.0000%, 6/1/40		730,877
	1,472,020	5.0000%, 8/1/40		1,605,065
	181,434	4.5000%, 10/1/40		195,489
	238,019	4.0000%, 12/1/40		249,455
	1,579,173	5.0000%, 2/1/41		1,728,450
	179,157	5.0000%, 3/1/41		197,721
	278,501	4.5000%, 4/1/41		300,680
	434,391	4.5000%, 4/1/41		465,375
	327,610	5.0000%, 4/1/41		358,597

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

Janus Fixed Income & Money Market Funds | 27

Janus Global Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Mortgage-Backed Securities – (continued)
		Fannie Mae: (continued)
$	466,639	5.0000%, 4/1/41	$	515,140
	250,333	5.0000%, 5/1/41		276,389
	922,512	4.5000%, 6/1/41		998,952
	590,448	4.5000%, 8/1/41		633,381
	728,848	4.5000%, 10/1/41		779,169
	458,089	5.0000%, 10/1/41		499,088
		Freddie Mac:
	196,015	5.0000%, 1/1/19		207,178
	184,872	5.0000%, 2/1/19		195,401
	251,782	5.5000%, 8/1/19		268,965
	287,411	5.0000%, 6/1/20		307,895
	614,250	5.5000%, 12/1/28		671,925
	252,747	5.0000%, 11/1/36		270,281
	335,853	6.0000%, 1/1/38		364,759
	120,170	5.5000%, 5/1/38		130,992
	383,963	5.5000%, 10/1/39		419,925
	414,713	4.5000%, 1/1/41		444,855
	892,702	5.0000%, 5/1/41		980,238
	139,109	4.5000%, 9/1/41		149,667
		Ginnie Mae:
	359,153	6.0000%, 11/20/34		400,423
	187,984	5.5000%, 9/15/35		210,893
	506,063	5.5000%, 3/15/36		556,810
	260,905	5.5000%, 5/20/36		287,280
	225,145	6.0000%, 1/20/39		253,100
	257,614	5.0000%, 4/15/39		279,210
	359,901	5.0000%, 10/15/39		394,244
	592,551	5.0000%, 11/15/39		655,851
	166,650	5.0000%, 1/15/40		184,455
	120,932	5.0000%, 4/15/40		133,851
	193,553	5.0000%, 4/15/40		217,210
	214,294	5.0000%, 5/15/40		235,644
	260,517	5.0000%, 5/20/40		287,002
	195,548	5.0000%, 7/15/40		216,438
	566,694	5.0000%, 7/15/40		627,236
	626,904	5.0000%, 2/15/41		688,097
	259,522	5.0000%, 5/15/41		286,475
	156,300	4.5000%, 7/15/41		167,673
	186,848	5.0000%, 9/15/41		203,847
	182,769	5.5000%, 9/20/41		200,186
	832,446	5.0000%, 10/20/41		906,034
	82,313	6.0000%, 10/20/41		92,351
	317,479	6.0000%, 12/20/41		356,322
	271,401	6.0000%, 1/20/42		304,495
	273,931	6.0000%, 2/20/42		307,328
	204,242	6.0000%, 3/20/42		229,046
	481,184	6.0000%, 4/20/42		539,626
	658,254	6.0000%, 5/20/42		738,675
	1,067,985	5.5000%, 7/20/42		1,171,199
	261,971	6.0000%, 7/20/42		293,992
	268,333	6.0000%, 8/20/42		301,113
	309,191	6.0000%, 9/20/42		346,740
	259,698	6.0000%, 2/20/43		291,237
Total Mortgage-Backed Securities (cost $35,648,730)				35,300,805
Preferred Stock – 0.4%
Finance – Credit Card – 0.4%
	41,400	Discover Financial Services, 6.5000% (cost $1,065,738)		1,039,140
U.S. Treasury Notes/Bonds – 13.5%
		U.S. Treasury Notes/Bonds:
$	22,931,000	0.2500%, 1/15/15		22,926,529
	8,049,000	0.2500%, 5/31/15		8,034,850
	199,000	0.8750%, 1/31/18		195,455
	1,225,000	0.7500%, 3/31/18		1,192,365
	691,000	1.7500%, 5/15/23		647,164
	2,211,000	2.8750%, 5/15/43		1,956,735
Total U.S. Treasury Notes/Bonds (cost $34,983,734)				34,953,098
Money Market – 5.3%
	13,731,000	Janus Cash Liquidity Fund LLC, 0%£ (cost $13,731,000)		13,731,000
Total Investments (total cost $263,847,127) – 100.7%				260,045,525
Liabilities, net of Cash, Receivables and Other Assets– (0.7)%				(1,861,855)
Net Assets – 100%			$	258,183,670

Forward Currency Contracts, Open

	Currency Units				Unrealized
	Sold/		Currency		Appreciation/
Counterparty/Currency and Settlement Date	(Purchased)		Value U.S. $		(Depreciation)
JPMorgan Chase & Co.:
British Pound 8/2/13		711,000	$	1,080,960	$	15,350
Canadian Dollar 8/2/13		(10,895,000)		(10,353,926)		20,152
Euro 8/2/13		31,244,000		40,669,371		189,682
Japanese Yen 8/2/13		(1,518,318,000)		(15,313,972)		(229,108)
Mexican Nuevo Peso 8/2/13		23,120,000		1,779,207		(58,380)
Norwegian Krone 8/2/13		(30,856,000)		(5,075,517)		68,377
Singapore Dollar 8/2/13		(6,626,000)		(5,229,668)		44,842
Swedish Krona 8/2/13		(69,646,000)		(10,384,242)		115,755
Total			$	(2,827,787)	$	166,670

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

28 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

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

			% of Investment
Country	Value		Securities
Australia	$	1,899,589		0.7%
Bermuda		1,379,000		0.5%
Canada		856,900		0.3%
Chile		851,602		0.3%
China		1,351,781		0.5%
France		6,740,869		2.6%
Germany		4,036,164		1.6%
Ireland		16,067,575		6.2%
Italy		10,730,933		4.1%
Japan		385,500		0.1%
Luxembourg		493,088		0.2%
Mexico		1,779,070		0.7%
Netherlands		1,707,696		0.7%
Philippines		2,347,343		0.9%
Portugal		11,269,847		4.3%
Singapore		351,787		0.1%
South Korea		2,229,568		0.9%
Spain		14,246,103		5.5%
Taiwan		2,263,972		0.9%
United Kingdom		15,843,770		6.1%
United States††		163,213,368		62.8%
Total	$	260,045,525		100.0%

†† Includes Cash Equivalents of 5.3%.

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

Janus Fixed Income & Money Market Funds | 29

Janus High-Yield Fund (unaudited)

Fund Snapshot
We believe a bottom-up, fundamentally driven investment process focused on free-cash-flow and confirming management intentions to transform and improve balance sheets can generate risk-adjusted outperformance over time. Through our comprehensive research process and moderate beta approach, we seek to preserve capital and deliver a less volatile client experience over full market cycles.

Gibson Smith
co-portfolio manager
Darrell Watters
co-portfolio manager

Performance Overview

During the one-year period ended June 30, 2013, Janus High-Yield Fund’s Class T Shares returned 8.23% compared with a 9.49% return for the Fund’s benchmark, the Barclays U.S. Corporate High-Yield Bond Index.

Market Environment

The 12 months ended June 30, 2013 were largely characterized by concern about global fiscal policies and their impact on economic growth. Overall, high-yield corporate credit spreads narrowed during the period. U.S. Treasury bond yields rose, particularly in the final months as U.S. economic data began to improve.

The period began with concern about slow global economic growth, prompting additional stimulus from major central banks including the U.S. Federal Reserve (Fed), the European Central Bank and the Bank of Japan. Toward the end of calendar year 2012, worries grew about the “fiscal cliff,” a potentially recessionary mix of U.S. spending cuts and tax increases scheduled to take effect in January 2013. However, lawmakers delayed some elements of the fiscal cliff until March 2013, softening the impact, and the Fed continued to reiterate support for the markets via quantitative easing (QE) and near-zero interest rates.

By spring, there were signs that economic growth was improving. The U.S. economy seemed to weather the impact of government spending cuts that took effect in March, and employment data showed strengthening hiring patterns beginning in April. By May, markets were beginning to speculate about the eventual end of the Fed’s QE program, driving up longer-term Treasury yields. Meanwhile, Japan’s attempts to reflate its economy appeared to be having an effect, with signs of improving exports, rising manufacturing activity and increasing capital spending. Europe’s economy showed signs of stabilization, although growth expectations declined for China.

Fund Comments

Our corporate credit security selection detracted from relative performance. It is worth noting the Fund’s focus on companies undergoing balance sheet repair can result in some underperformance during periods in which high-yield debt markets perform particularly well, as they did over the past year. However, we maintain our commitment to delivering solid risk-adjusted returns with moderate volatility in any market cycle. At period end we held relatively longer-duration (a measurement of a bond’s price volatility) exposure to higher-quality credit compared with the benchmark, again reflecting our bias toward minimizing volatility for our clients.

Bank loans contributed to performance. Because bank loans are designed to reset based on changing interest rates, they typically do well during periods when interest rates are rising, as they did during the period. Our allocation to commercial mortgage-backed securities (CMBS) also contributed.

From a credit industry sector standpoint, detractors were led by wireless communications, metals and mining and noncyclical consumer products. Sector contributors included both cable and noncable media communications, and food and beverage companies.

Detractors from performance

Our underweight allocation to wireless and wireline communications provider Sprint Nextel led detractors. Sprint agreed to merge with Softbank Corp. during the period, with Softbank investing roughly $21.6 billion partly to strengthen Sprint’s balance sheet.

Credit detractors included steelmaker ArcelorMittal, which was pressured by concerns about slowing global growth, particularly in China. ArcelorMittal also issued shares and convertible notes early in the period, intending to use the proceeds to reduce debt. While this should be positive for the company’s bondholders over the longer term, the additional supply pressured its existing bonds. Over time,

30 | JUNE 30, 2013

(unaudited)

we believe that ArcelorMittal’s efforts to improve its balance sheet will provide benefits to its investors.

Affinion struggled during 2012 after announcing that many of its large bank customers were delaying marketing campaigns until they received more clarity on new federal consumer protection regulations. At period end, the Fund no longer held this credit.

Contributors to performance

Contributors were led by American International Group (AIG), an international insurer that offers property and casualty insurance, life insurance and retirement services. Over the past few years, AIG has simplified itself and transformed its balance sheet by selling noncore assets and deleveraging its capital structure. During the period AIG finished repaying all of the $182 billion owed to the U.S. government from the company’s bailout during the 2007-2008 financial crisis. We believe its core business units are on strong footing, and that AIG remains focused on reducing high-cost debt and improving its ratings.

Our underweight allocation to Cengage Learning, an educational content and software company, was beneficial as the credit struggled during the period. We sold our holdings during the period as the company’s fundamentals deteriorated and we lost confidence in the management team.

Contributors also included education software company Blackboard, which has benefited from an increase in higher education enrollment. Recent revenue and earnings growth have surpassed expectations.

Outlook

Over the past few years, the Fed’s unconventional monetary policies have suppressed U.S. Treasury rates to unprecedented lows in an effort to stimulate economic growth. Recent U.S. economic data reflects modest acceleration that may give the Fed the support it needs to begin tapering quantitative easing. However, we still believe the Fed will leave short-term interest rates unchanged for an extended period.

We have reduced exposure to longer-duration securities in an effort to buffer the effect of rising rates on the Fund; particularly in high-yield, many newly issued bonds would push Fund duration higher than our comfort zone, so we have avoided them. Some corporate credit names tend to be more sensitive to interest rate changes than others, and we have reduced our exposure to those as well. We are taking a closer look at lower-rated, higher-yielding credit, partly because we expect credit risk (i.e., the risk that borrowers will default) to remain low due to the excess levels of cash held on corporate balance sheets.

However, security selection has become extremely important, in our view, as high-yield valuations have become stretched due to investors’ search for yield, as well as the growing risk of higher interest rates. Commensurate with our ongoing commitment to delivering solid risk-adjusted returns with moderate volatility in any market cycle, we believe even more strongly in this environment that preservation of capital must take priority over aggressive return seeking. This is not to say that great opportunities have disappeared from the fixed income market – they have not, and we are still finding some, particularly in short-duration high-yield markets – but the universe of securities to select from today is much narrower than it has been over the last four years. Fortunately, a back-up in rates may have the positive effect of lowering fixed income valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer the potential for good risk-adjusted returns.

On behalf of each member of our investment team, thank you for your investment in Janus High-Yield Fund. We appreciate your entrusting us with your assets and look forward to continuing to play a role in your overall portfolio.

Janus Fixed Income & Money Market Funds | 31

Janus High-Yield Fund (unaudited)

Janus High-Yield Fund At A Glance

Fund Profile

June 30, 2013

Weighted Average Maturity	7.0 Years
Average Effective Duration*	4.3 Years
30-day Current Yield**
Class A Shares at NAV
Without Reimbursement	5.43%
With Reimbursement	5.43%
Class A Shares at MOP
Without Reimbursement	5.17%
With Reimbursement	5.17%
Class C Shares***
Without Reimbursement	4.69%
With Reimbursement	4.69%
Class D Shares
Without Reimbursement	5.66%
With Reimbursement	5.66%
Class I Shares
Without Reimbursement	5.73%
With Reimbursement	5.73%
Class N Shares
Without Reimbursement	5.83%
With Reimbursement	5.83%
Class R Shares
Without Reimbursement	5.05%
With Reimbursement	5.05%
Class S Shares
Without Reimbursement	5.22%
With Reimbursement	5.22%
Class T Shares
Without Reimbursement	5.57%
With Reimbursement	5.57%
Number of Bonds/Notes	211

*	A theoretical measure of price volatility
**	Yield will fluctuate
***	Does not include the 1.00% contingent deferred sales charge.

Ratings† Summary – (% of Fixed Income Securities )

June 30, 2013

BBB	3.0%
BB	26.9%
B	45.7%
CCC	18.1%
Other	6.3%

† Bond ratings provided by Standard & Poor’s. Not rated securities are not rated by S&P but may be rated by other rating agencies. Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

32 | JUNE 30, 2013

(unaudited)

Significant Areas of Investment – (% of Net Assets)

As of June 30, 2013

Asset Allocation – (% of Net Assets)

As of June 30, 2013

Janus Fixed Income & Money Market Funds | 33

Janus High-Yield Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013					Expense Ratios – per the October 26, 2012 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses
Janus High-Yield Fund – Class A Shares
NAV	8.12%	9.76%	7.66%	7.96%	0.99%
MOP	2.97%	8.69%	7.14%	7.66%
Janus High-Yield Fund – Class C Shares
NAV	7.19%	9.02%	6.90%	7.20%	1.72%
CDSC	6.19%	9.02%	6.90%	7.20%
Janus High-Yield Fund – Class D Shares(1)	8.33%	9.96%	7.80%	8.04%	0.76%
Janus High-Yield Fund – Class I Shares	8.43%	9.89%	7.76%	8.02%	0.68%
Janus High-Yield Fund – Class N Shares	8.38%	9.89%	7.76%	8.02%	0.61%
Janus High-Yield Fund – Class R Shares	7.68%	9.35%	7.19%	7.48%	1.36%
Janus High-Yield Fund – Class S Shares	7.95%	9.62%	7.46%	7.74%	1.11%
Janus High-Yield Fund – Class T Shares	8.23%	9.89%	7.76%	8.02%	0.86%
Barclays U.S. Corporate High-Yield Bond Index	9.49%	10.94%	8.91%	7.52%
Morningstar Quartile – Class T Shares	3rd	1st	2nd	1st
Morningstar Ranking – based on total returns for High Yield Bond Funds	404/652	102/559	203/492	6/229
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 4.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

See important disclosures on the next page.

34 | JUNE 30, 2013

(unaudited)

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

The expense ratios for Class N Shares are estimated.

The Fund’s performance may be affected by risks that include those associated with non-investment grade debt securities, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the Fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of Fixed Income Funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the Fund and selling of bonds within the Fund by the portfolio managers.

High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than investment grade bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund.

Class N Shares of the Fund commenced operations on May 31, 2012. The performance shown for periods prior to May 31, 2012 reflects the historical performance of a similar share class of the Fund.

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.

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 or yield, and therefore the ranking for the period.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – December 29, 1995
(1)	Closed to new investors.

Janus Fixed Income & Money Market Funds | 35

Janus High-Yield 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,009.70	$	4.83	$	1,000.00	$	1,019.98	$	4.86		0.97%
Class C Shares	$	1,000.00	$	1,005.80	$	8.60	$	1,000.00	$	1,016.22	$	8.65		1.73%
Class D Shares	$	1,000.00	$	1,010.70	$	3.84	$	1,000.00	$	1,020.98	$	3.86		0.77%
Class I Shares	$	1,000.00	$	1,012.10	$	3.44	$	1,000.00	$	1,021.37	$	3.46		0.69%
Class N Shares	$	1,000.00	$	1,011.40	$	3.09	$	1,000.00	$	1,021.72	$	3.11		0.62%
Class R Shares	$	1,000.00	$	1,008.70	$	6.82	$	1,000.00	$	1,018.00	$	6.85		1.37%
Class S Shares	$	1,000.00	$	1,010.00	$	5.58	$	1,000.00	$	1,019.24	$	5.61		1.12%
Class T Shares	$	1,000.00	$	1,010.20	$	4.29	$	1,000.00	$	1,020.53	$	4.31		0.86%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

36 | JUNE 30, 2013

Janus High-Yield Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Bank Loans – 7.8%
Building – Residential and Commercial – 0.1%
	$1,752,100	Orleans Homebuilders, Inc. 10.5000%, 2/14/16‡	$	1,747,719
Casino Hotels – 0.9%
	14,257,000	Caesars Entertainment Corp. 9.2500%, 4/25/17‡		14,328,285
	6,573,000	Harrah’s Las Vegas Propco LLC 3.6825%, 2/13/14‡		6,066,353
				20,394,638
Commercial Mortgage-Backed Security – Other – 0.9%
	20,000,000	EOP Mezz 3 LLC 1.6940%, 2/1/14 (144A),‡		20,800,000
Distribution/Wholesale – 0.5%
	11,725,080	WESCO Distribution, Inc. 4.5000%, 12/12/19‡		11,732,467
Educational Software – 1.3%
	2,287,505	Blackboard, Inc. 6.2500%, 10/4/18‡		2,306,102
	27,173,000	Blackboard, Inc. 11.5000%, 4/4/19‡		27,490,109
				29,796,211
Hotels and Motels – 2.3%
	22,950,656	Hilton Hotels Corp. 3.9430%, 11/12/15‡		22,491,643
	9,896,857	J.W. Marriott 7.8200%, 4/16/18 (144A),‡		9,797,889
	21,607,000	Riverboat Corp. of Mississippi 10.0000%, 11/29/16‡		21,498,965
				53,788,497
Metal – Iron – 0.2%
	6,201,140	FMG Resources (August 2006) Pty, Ltd. 5.2500%, 10/18/17‡		6,159,468
Oil Companies – Exploration and Production – 0.2%
	4,600,470	Rice Drilling B LLC 8.5000%, 10/25/18‡		4,588,969
Retail – Drug Store – 0.2%
	4,605,000	Rite Aid Corp. 5.7500%, 8/21/20‡		4,662,563
Retail – Regional Department Stores – 0.6%
	13,179,000	JC Penney Corp., Inc. 6.0000%, 5/22/18‡		13,188,357
Transportation & Logistics – 0.6%
	13,690,000	State Class Tankers II LLC 0%, 6/20/20(a),‡		13,587,325
Total Bank Loans (cost $176,915,580)				180,446,214
Commercial Mortgage-Backed Security – 0.3%
	7,913,642	JPMorgan Chase Commercial Mortgage Securities Trust, 6.1925%, 4/15/18 (144A),‡ (cost $8,010,628)		8,059,253
Corporate Bonds – 85.7%
Advertising Services – 0.5%
	12,342,000	Visant Corp. 10.0000%, 10/1/17		11,385,495
Aerospace and Defense – 1.8%
	42,017,000	ADS Tactical, Inc. 11.0000%, 4/1/18**,§		40,546,405
Aerospace and Defense – Equipment – 1.1%
	15,112,000	TransDigm, Inc. 5.5000%, 10/15/20 (144A)		14,280,840
	10,848,000	TransDigm, Inc. 7.5000%, 7/15/21 (144A)		11,092,080
				25,372,920
Agricultural Chemicals – 0.2%
	3,473,000	Phibro Animal Health Corp. 9.2500%, 7/1/18 (144A)		3,733,475
Airlines – 0.8%
	13,741,000	U.S. Airways Group, Inc. 6.1250%, 6/1/18		12,985,245
	5,029,000	United Continental Holdings, Inc. 6.3750%, 6/1/18		4,940,993
				17,926,238
Apparel Manufacturers – 0.6%
	14,317,000	Quiksilver, Inc. 6.8750%, 4/15/15		14,030,660
Automotive – Medium and Heavy Duty Trucks – 0.2%
	5,124,000	Navistar International Corp. 8.2500%, 11/1/21		5,034,330
Broadcast Services and Programming – 1.4%
	14,170,000	Clear Channel Worldwide Holdings, Inc. 6.5000%, 11/15/22 (144A)		14,595,100
	16,248,000	Crown Media Holdings, Inc. 10.5000%, 7/15/19		18,035,280
				32,630,380
Building – Residential and Commercial – 0.5%
	10,778,000	Meritage Homes Corp. 7.0000%, 4/1/22		11,855,800
Building and Construction Products – Miscellaneous – 0.5%
	3,631,000	Ply Gem Industries, Inc. 9.3750%, 4/15/17		3,839,783
	2,262,000	USG Corp. 6.3000%, 11/15/16		2,307,240
	5,378,000	USG Corp. 7.8750%, 3/30/20 (144A)		5,862,020
				12,009,043
Cable/Satellite Television – 3.2%
	14,008,000	Block Communications, Inc. 7.2500%, 2/1/20 (144A)		14,708,400
	27,377,000	DISH DBS Corp. 5.1250%, 5/1/20 (144A)		26,829,460
	6,453,000	Harron Communications L.P. / Harron Finance Corp. 9.1250%, 4/1/20 (144A)		6,969,240
	17,140,000	Mediacom Broadband LLC / Mediacom Broadband Corp. 6.3750%, 4/1/23		17,054,300
	8,257,000	Mediacom LLC / Mediacom Capital Corp. 7.2500%, 2/15/22		8,690,492
				74,251,892

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

Janus Fixed Income & Money Market Funds | 37

Janus High-Yield Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Casino Hotels – 4.3%
	$11,036,000	Ameristar Casinos, Inc. 7.5000%, 4/15/21	$	11,477,440
	2,953,000	Boyd Gaming Corp. 9.1250%, 12/1/18		3,078,502
	2,776,000	Caesars Entertainment Operating Co., Inc. 11.2500%, 6/1/17		2,890,510
	3,453,000	CityCenter Holdings LLC / CityCenter Finance Corp. 7.6250%, 1/15/16		3,642,915
	6,191,000	Marina District Finance Co., Inc. 9.8750%, 8/15/18		6,438,640
	16,963,000	MGM Resorts International 4.2500%, 4/15/15		18,987,958
	3,830,000	MGM Resorts International 11.3750%, 3/1/18		4,787,500
	11,222,000	MGM Resorts International 8.6250%, 2/1/19		12,680,860
	5,429,000	MGM Resorts International 6.7500%, 10/1/20		5,619,015
	14,851,000	MGM Resorts International 6.6250%, 12/15/21		15,315,094
	6,915,000	MGM Resorts International 7.7500%, 3/15/22		7,511,419
	6,666,000	Station Casinos LLC 7.5000%, 3/1/21 (144A)		6,732,660
				99,162,513
Casino Services – 1.0%
	5,388,000	CCM Merger, Inc. 9.1250%, 5/1/19 (144A)		5,630,460
	17,157,000	Peninsula Gaming LLC / Peninsula Gaming Corp. 8.3750%, 2/15/18 (144A)		17,843,280
				23,473,740
Cellular Telecommunications – 1.7%
	6,287,000	Cricket Communications, Inc. 7.7500%, 10/15/20		6,035,520
	24,498,000	Sprint Nextel Corp. 7.0000%, 8/15/20		25,722,900
	8,214,000	Sprint Nextel Corp. 6.0000%, 11/15/22		8,049,720
				39,808,140
Chemicals – Specialty – 1.2%
	8,348,000	Ashland, Inc. 4.7500%, 8/15/22 (144A)		8,264,520
	13,251,000	Ashland, Inc. 4.7500%, 8/15/22 (144A)		13,118,490
	6,828,000	Ashland, Inc. 6.8750%, 5/15/43 (144A)		6,964,560
				28,347,570
Coal – 1.0%
	13,163,000	Arch Coal, Inc. 8.7500%, 8/1/16		13,163,000
	5,799,000	Peabody Energy Corp. 6.2500%, 11/15/21		5,596,035
	7,717,000	Peabody Energy Corp. 4.7500%, 12/15/41		5,358,492
				24,117,527
Commercial Banks – 2.3%
	8,400,000	Banco Bilbao Vizcaya Argentaria S.A. 9.0000%, 8/9/99‡		7,974,960
	8,084,000	CIT Group, Inc. 5.2500%, 3/15/18		8,306,310
	7,270,000	CIT Group, Inc. 6.6250%, 4/1/18 (144A)		7,851,600
	21,018,000	CIT Group, Inc. 5.5000%, 2/15/19 (144A)		21,701,085
	7,134,000	CIT Group, Inc. 5.3750%, 5/15/20		7,303,432
				53,137,387
Commercial Services – 0.8%
	2,673,000	Envision Healthcare Corp. 8.1250%, 6/1/19		2,840,063
	14,822,000	Global A&T Electronics, Ltd. 10.0000%, 2/1/19 (144A)		15,044,330
				17,884,393
Commercial Services – Finance – 1.4%
	14,039,000	Cardtronics, Inc. 8.2500%, 9/1/18		14,881,340
	5,597,000	TransUnion Holding Co., Inc. 8.1250%, 6/15/18 (144A)		5,925,824
	10,797,000	TransUnion Holding Co., Inc. 9.6250%, 6/15/18		11,525,797
				32,332,961
Consulting Services – 0.6%
	7,696,000	Verisk Analytics, Inc. 4.8750%, 1/15/19		8,246,987
	5,324,000	Verisk Analytics, Inc. 4.1250%, 9/12/22		5,290,241
				13,537,228
Consumer Products – Miscellaneous – 1.1%
	13,578,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 9.0000%, 4/15/19		14,019,285
	2,425,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 7.8750%, 8/15/19		2,643,250
	7,759,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 9.8750%, 8/15/19		8,302,130
				24,964,665
Containers – Metal and Glass – 0.6%
	11,116,000	Greif, Inc. 7.7500%, 8/1/19		12,727,820
Containers – Paper and Plastic – 0.3%
	6,541,000	BOE Intermediate Holding Corp. 9.0000%, 11/1/17 (144A)		6,279,360
Data Processing and Management – 0.6%
	12,594,000	First Data Corp. 12.6250%, 1/15/21		13,318,155

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

38 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Distribution/Wholesale – 0.5%
	$8,337,000	American Builders & Contractors Supply Co., Inc. 5.6250%, 4/15/21 (144A)	$	8,191,103
	2,450,000	HD Supply, Inc. 11.0000%, 4/15/20		2,854,250
				11,045,353
Diversified Minerals – 0.5%
	11,933,000	FMG Resources (August 2006) Pty, Ltd. 6.8750%, 4/1/22 (144A)		11,575,010
Diversified Operations – 0.4%
	8,300,000	Park-Ohio Industries, Inc. 8.1250%, 4/1/21		9,005,500
E-Commerce/Products – 0.2%
	5,606,000	Mood Media Corp. 9.2500%, 10/15/20 (144A)		5,129,490
Electric – Generation – 0.4%
	7,892,000	AES Corp. 8.0000%, 10/15/17		8,878,500
Electric – Integrated – 0.5%
	12,057,000	IPALCO Enterprises, Inc. 5.0000%, 5/1/18		12,418,710
Engines – Internal Combustion – 0.3%
	6,288,000	Briggs & Stratton Corp. 6.8750%, 12/15/20		6,916,800
Finance – Commercial – 0.2%
	4,370,000	Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.3750%, 4/1/20 (144A)		4,238,900
Finance – Investment Bankers/Brokers – 1.3%
	9,378,000	E*TRADE Financial Corp. 6.7500%, 6/1/16		9,635,895
	11,091,000	E*TRADE Financial Corp. 6.0000%, 11/15/17		11,201,910
	9,982,000	E*TRADE Financial Corp. 6.3750%, 11/15/19		10,131,730
				30,969,535
Food – Dairy Products – 0.8%
	17,688,000	FAGE Dairy Industry S.A. / FAGE USA Dairy Industry, Inc. 9.8750%, 2/1/20 (144A)		19,058,820
Food – Meat Products – 1.2%
	11,039,000	JBS USA LLC / JBS USA Finance, Inc. 8.2500%, 2/1/20 (144A)		11,563,352
	7,374,000	JBS USA LLC / JBS USA Finance, Inc. 7.2500%, 6/1/21 (144A)		7,374,000
	7,082,000	Smithfield Foods, Inc. 6.6250%, 8/15/22		7,613,150
				26,550,502
Home Furnishings – 0.4%
	9,352,000	Norcraft Cos. L.P. / Norcraft Finance Corp. 10.5000%, 12/15/15		9,702,700
Independent Power Producer – 0.3%
	5,674,000	NRG Energy, Inc. 6.6250%, 3/15/23 (144A)		5,674,000
Investment Management and Advisory Services – 0.5%
	7,660,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.6250%, 3/15/20 (144A)		7,928,100
	4,298,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.8750%, 3/15/22 (144A)		4,383,960
				12,312,060
Machinery – Construction and Mining – 0.5%
	6,599,000	Terex Corp. 6.5000%, 4/1/20		6,730,980
	4,583,000	Terex Corp. 6.0000%, 5/15/21		4,571,543
				11,302,523
Medical – Drugs – 1.7%
	554,000	Valeant Pharmaceuticals International 6.8750%, 12/1/18 (144A)		567,850
	12,420,000	Valeant Pharmaceuticals International 6.3750%, 10/15/20 (144A)		12,280,275
	14,662,000	VPII Escrow Corp. 6.7500%, 8/15/18 (144A)		15,028,550
	10,730,000	VPII Escrow Corp. 7.5000%, 7/15/21 (144A)		11,112,256
				38,988,931
Medical – Hospitals – 1.1%
	2,204,000	HCA Holdings, Inc. 7.7500%, 5/15/21		2,380,320
	13,715,000	HCA, Inc. 6.5000%, 2/15/20		14,837,915
	8,261,000	Universal Health Services, Inc. 7.0000%, 10/1/18		8,705,029
				25,923,264
Medical Instruments – 0.3%
	7,141,000	Physio-Control International, Inc. 9.8750%, 1/15/19 (144A)		7,855,100
Medical Labs and Testing Services – 0.1%
	4,832,000	Aurora Diagnostics Holdings / Aurora Diagnostics Financing, Inc. 10.7500%, 1/15/18		3,140,800
Medical Products – 0.4%
	9,684,000	Biomet, Inc. 6.5000%, 8/1/20		9,980,573
Multi-Line Insurance – 1.4%
	1,431,000	American International Group, Inc. 6.2500%, 3/15/37		1,461,409
	26,082,000	American International Group, Inc. 8.1750%, 5/15/58‡		31,820,040
				33,281,449
Oil – Field Services – 0.7%
	7,738,000	Calfrac Holdings L.P. 7.5000%, 12/1/20 (144A)		7,660,620
	8,764,000	Hiland Partners L.P. / Hiland Partners Finance Corp. 7.2500%, 10/1/20 (144A)		9,026,920
				16,687,540

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

Janus Fixed Income & Money Market Funds | 39

Janus High-Yield Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Oil and Gas Drilling – 0.9%
	$3,857,000	Atwood Oceanics, Inc. 6.5000%, 2/1/20	$	4,001,638
	5,955,000	Drill Rigs Holdings, Inc. 6.5000%, 10/1/17 (144A)		5,940,112
	11,172,000	Sidewinder Drilling, Inc. 9.7500%, 11/15/19 (144A)		11,311,650
				21,253,400
Oil Companies – Exploration and Production – 16.0%
	2,774,000	Antero Resources Finance Corp. 6.0000%, 12/1/20		2,732,390
	23,337,000	Aurora USA Oil & Gas, Inc. 9.8750%, 2/15/17 (144A)		24,270,480
	14,490,000	Aurora USA Oil & Gas, Inc. 7.5000%, 4/1/20 (144A)		14,200,200
	1,669,000	Bonanza Creek Energy, Inc. 6.7500%, 4/15/21 (144A)		1,681,518
	6,223,000	Chaparral Energy, Inc. 9.8750%, 10/1/20		6,907,530
	8,344,000	Chaparral Energy, Inc. 8.2500%, 9/1/21		8,782,060
	33,880,000	Chesapeake Energy Corp. 6.1250%, 2/15/21		35,574,000
	19,507,000	Chesapeake Energy Corp. 5.7500%, 3/15/23		19,750,837
	13,418,000	Chesapeake Energy Corp. 2.5000%, 5/15/37		12,638,079
	5,040,000	Continental Resources, Inc. 5.0000%, 9/15/22		5,128,200
	11,176,000	EP Energy LLC / EP Energy Finance, Inc. 9.3750%, 5/1/20		12,628,880
	2,859,000	EP Energy LLC / Everest Acquisition Finance, Inc. 7.7500%, 9/1/22		3,059,130
	20,879,000	EV Energy Partners L.P. / EV Energy Finance Corp. 8.0000%, 4/15/19		21,087,790
	17,477,000	Forest Oil Corp. 7.5000%, 9/15/20 (144A)		16,603,150
	17,507,000	Halcon Resources Corp. 9.7500%, 7/15/20		17,463,232
	9,981,000	Halcon Resources Corp. 8.8750%, 5/15/21		9,681,570
	3,464,000	Hilcorp Energy I L.P. / Hilcorp Finance Co. 7.6250%, 4/15/21 (144A)		3,671,840
	4,651,000	Kodiak Oil & Gas Corp. 8.1250%, 12/1/19		5,046,335
	5,479,000	Legacy Reserves L.P. / Legacy Reserves Finance Corp. 6.6250%, 12/1/21 (144A)		5,273,538
	4,409,000	Linn Energy LLC / Linn Energy Finance Corp. 6.5000%, 5/15/19		4,309,798
	15,996,000	Linn Energy LLC / Linn Energy Finance Corp. 6.2500%, 11/1/19 (144A)		15,236,190
	6,480,000	Oasis Petroleum, Inc. 6.5000%, 11/1/21		6,642,000
	14,096,000	Quicksilver Resources, Inc. 7.1250%, 4/1/16		12,404,480
	26,694,000	Samson Investment Co. 10.0000%, 2/15/20 (144A)		28,128,802
	8,468,000	SandRidge Energy, Inc. 7.5000%, 3/15/21		8,086,940
	10,777,000	SandRidge Energy, Inc. 8.1250%, 10/15/22		10,669,230
	5,712,000	SandRidge Energy, Inc. 7.5000%, 2/15/23		5,426,400
	2,762,000	SM Energy Co. 6.6250%, 2/15/19		2,893,195
	4,374,000	SM Energy Co. 6.5000%, 11/15/21		4,592,700
	2,741,000	SM Energy Co. 6.5000%, 1/1/23		2,878,050
	10,901,000	Stone Energy Corp. 7.5000%, 11/15/22		11,282,535
	12,740,000	Venoco, Inc. 8.8750%, 2/15/19		12,421,500
	19,676,000	W&T Offshore, Inc. 8.5000%, 6/15/19		20,315,470
				371,468,049
Oil Field Machinery and Equipment – 0.5%
	10,712,000	Dresser-Rand Group, Inc. 6.5000%, 5/1/21		11,354,720
Oil Refining and Marketing – 1.9%
	5,096,000	Frontier Oil Corp. 6.8750%, 11/15/18		5,465,460
	19,770,000	PBF Holding Co. LLC / PBF Finance Corp. 8.2500%, 2/15/20		20,709,075
	19,339,000	Western Refining, Inc. 6.2500%, 4/1/21 (144A)		18,903,872
				45,078,407
Paper and Related Products – 0.8%
	13,230,000	Resolute Forest Products, Inc. 5.8750%, 5/15/23 (144A)		11,807,775
	5,490,000	Unifrax I LLC / Unifrax Holding Co. 7.5000%, 2/15/19 (144A)		5,599,800
				17,407,575
Pipelines – 3.6%
	3,396,000	Atlas Pipeline Partners L.P. / Atlas Pipeline Finance Corp. 6.6250%, 10/1/20 (144A)		3,404,490
	10,885,000	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 7.7500%, 4/1/19		11,211,550
	11,129,000	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 7.7500%, 4/1/19 (144A)		11,462,870
	8,367,000	Holly Energy Partners L.P. / Holly Energy Finance Corp. 6.5000%, 3/1/20		8,429,752
	5,695,000	MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp. 6.2500%, 6/15/22		5,865,850

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

40 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Pipelines – (continued)
	$4,194,000	Regency Energy Partners L.P. / Regency Energy Finance Corp. 6.8750%, 12/1/18	$	4,414,185
	14,372,000	Sabine Pass Liquefaction LLC 5.6250%, 2/1/21 (144A)		13,940,840
	8,396,000	Sabine Pass Liquefaction LLC 5.6250%, 4/15/23 (144A)		7,934,220
	7,929,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 6.3750%, 8/1/22		8,305,628
	6,708,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.2500%, 5/1/23 (144A)		6,422,910
	2,838,000	Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 5.8750%, 10/1/20 (144A)		2,795,430
				84,187,725
Poultry – 1.0%
	22,496,000	Pilgrim’s Pride Corp. 7.8750%, 12/15/18		23,958,240
Printing – Commercial – 1.1%
	15,023,000	ARC Document Solutions, Inc. 10.5000%, 12/15/16		14,985,442
	11,667,000	Cenveo Corp. 8.8750%, 2/1/18		11,258,655
				26,244,097
Publishing – Periodicals – 0.4%
	10,650,000	Nielsen Finance LLC / Nielsen Finance Co. 4.5000%, 10/1/20 (144A)		10,224,000
Radio – 1.3%
	17,412,000	Entercom Radio LLC 10.5000%, 12/1/19		19,544,970
	9,682,000	Townsquare Radio LLC / Townsquare Radio, Inc. 9.0000%, 4/1/19 (144A)		10,311,330
				29,856,300
Real Estate Management/Services – 1.9%
	16,652,000	Kennedy-Wilson, Inc. 8.7500%, 4/1/19 (144A)		17,900,900
	24,237,000	Kennedy-Wilson, Inc. 8.7500%, 4/1/19		26,054,775
				43,955,675
Rental Auto/Equipment – 1.0%
	13,585,000	Ahern Rentals, Inc. 9.5000%, 6/15/18 (144A)		13,551,037
	3,906,000	NES Rentals Holdings, Inc. 7.8750%, 5/1/18 (144A)		3,857,175
	5,111,000	United Rentals N.A., Inc. 8.3750%, 9/15/20		5,532,658
				22,940,870
Research & Development – 0.2%
	4,657,000	Jaguar Holding Co. II / Jaguar Merger Sub, Inc. 9.5000%, 12/1/19 (144A)		5,145,985
Retail – Drug Store – 0.1%
	2,528,000	Rite Aid Corp. 9.2500%, 3/15/20		2,790,280
Retail – Leisure Products – 0.2%
	4,363,000	Steinway Musical Instruments, Inc. 7.0000%, 3/1/14 (144A)		4,368,497
Retail – Perfume and Cosmetics – 0.6%
	11,724,000	Sally Holdings LLC / Sally Capital, Inc. 6.8750%, 11/15/19		12,573,990
Retail – Propane Distribution – 0.2%
	5,476,000	Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp. 8.6250%, 6/15/20		5,571,830
Retail – Regional Department Stores – 0.5%
	6,593,000	Bon-Ton Department Stores, Inc. 8.0000%, 6/15/21 (144A)		6,700,136
	7,123,000	JC Penney Corp., Inc. 6.3750%, 10/15/36		5,555,940
				12,256,076
Retail – Restaurants – 1.9%
	21,409,000	Landry’s, Inc. 9.3750%, 5/1/20 (144A)		22,586,495
	18,967,000	Wok Acquisition Corp. 10.2500%, 6/30/20 (144A)		20,863,700
				43,450,195
Retail – Toy Store – 0.6%
	3,539,000	Toys R Us Property Co. II LLC 8.5000%, 12/1/17		3,676,136
	10,356,000	Toys R Us, Inc. 10.3750%, 8/15/17		10,356,000
				14,032,136
Semiconductor Equipment – 0.6%
	13,824,000	Sensata Technologies B.V. 6.5000%, 5/15/19 (144A)		14,860,800
Steel – Producers – 2.0%
	6,031,000	ArcelorMittal 6.0000%, 3/1/21		6,000,845
	11,960,000	ArcelorMittal 6.7500%, 2/25/22		12,259,000
	3,403,000	Edgen Murray Corp. 8.7500%, 11/1/20 (144A)		3,385,985
	11,400,000	Steel Dynamics, Inc. 6.1250%, 8/15/19 (144A)		12,055,500
	11,166,000	Steel Dynamics, Inc. 6.3750%, 8/15/22 (144A)		11,780,130
				45,481,460
Steel – Specialty – 0.2%
	4,973,000	Permian Holdings, Inc. 10.5000%, 1/15/18 (144A)		4,823,810
Telecommunication Equipment – 0.7%
	17,469,000	CommScope Holding Co., Inc. 6.6250%, 6/1/20 (144A)		16,682,895

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

Janus Fixed Income & Money Market Funds | 41

Janus High-Yield Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Telecommunication Services – 0.2%
	$3,247,000	Level 3 Communications, Inc. 11.8750%, 2/1/19	$	3,677,228
	1,724,000	Level 3 Communications, Inc. 8.8750%, 6/1/19		1,792,960
				5,470,188
Telephone – Integrated – 3.0%
	13,840,000	Level 3 Financing, Inc. 9.3750%, 4/1/19		14,947,200
	4,615,000	Level 3 Financing, Inc. 8.1250%, 7/1/19		4,845,750
	6,434,000	Level 3 Financing, Inc. 7.0000%, 6/1/20		6,417,915
	14,025,000	Softbank Corp. 4.5000%, 4/15/20 (144A)		13,516,594
	2,754,000	Sprint Capital Corp. 6.9000%, 5/1/19		2,864,160
	15,335,000	Sprint Capital Corp. 6.8750%, 11/15/28		14,721,600
	11,499,000	Sprint Capital Corp. 8.7500%, 3/15/32		12,648,900
				69,962,119
Theaters – 0.4%
	8,253,000	National CineMedia LLC 7.8750%, 7/15/21		8,954,505
Transportation – Railroad – 0.7%
	10,635,000	Florida East Coast Railway Corp. 8.1250%, 2/1/17		11,246,513
	3,901,000	Watco Cos. LLC / Watco Finance Corp. 6.3750%, 4/1/23 (144A)		3,881,495
				15,128,008
Transportation – Truck – 0.7%
	15,254,000	Swift Services Holdings, Inc. 10.0000%, 11/15/18		16,855,670
Water Treatment Systems – 1.1%
	6,681,000	Nuverra Environmental Solutions, Inc. 9.8750%, 4/15/18 (144A)		7,020,194
	18,537,000	Nuverra Environmental Solutions, Inc. 9.8750%, 4/15/18		19,463,850
				26,484,044
Total Corporate Bonds (cost $1,970,063,413)				1,991,325,703
Preferred Stock – 0.4%
Steel – Producers – 0.4%
	508,550	ArcelorMittal, 6.0000% (cost $13,023,804)		9,545,483
Money Market – 4.5%
	104,382,849	Janus Cash Liquidity Fund LLC, 0%£ (cost $104,382,849)		104,382,849
Total Investments (total cost $2,272,396,274) – 98.7%				2,293,759,502
Cash, Receivables and Other Assets, net of Liabilities**– 1.3%				30,755,451
Net Assets – 100%			$	2,324,514,953

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

			% of Investment
Country	Value		Securities
Australia	$	17,734,478		0.8%
Brazil		18,937,352		0.8%
Canada		38,930,916		1.7%
Greece		19,058,820		0.8%
Japan		13,516,594		0.6%
Luxembourg		27,805,328		1.2%
Netherlands		10,224,000		0.4%
Singapore		15,044,330		0.7%
Spain		7,974,960		0.4%
United States††		2,124,532,724		92.6%
Total	$	2,293,759,502		100.0%

†† Includes Cash Equivalents of 4.6%.

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

42 | JUNE 30, 2013

Janus Short-Term Bond Fund (unaudited)

Fund Snapshot
We believe a bottom-up, fundamentally driven investment process that focuses on credit-oriented investments can generate risk-adjusted outperformance relative to our peers over time. Our comprehensive bottom-up view drives decision-making at a macro level, enabling us to make informed decisions about overall portfolio allocations.

Gibson Smith
co-portfolio manager
Darrell Watters
co-portfolio manager

Performance Summary

During the one-year period ended June 30, 2013, Janus Short-Term Bond Fund’s Class T Shares returned 0.90% compared with 0.74% for the Fund’s benchmark, the Barclays 1-3 Year U.S. Government/Credit Index.

Market Environment

The 12 months ended June 30, 2013 were largely characterized by concern about global fiscal policies and their impact on economic growth. Overall, corporate credit spreads narrowed during the period. Longer-term U.S. Treasury bond yields rose, particularly in the final months as U.S. economic data began to improve.

The period began with concern about slow global economic growth, prompting additional stimulus from major central banks including the U.S. Federal Reserve (Fed), the European Central Bank and the Bank of Japan. Toward the end of calendar year 2012, worries grew about the “fiscal cliff,” a potentially recessionary mix of U.S. spending cuts and tax increases scheduled to take effect in January 2013. However, lawmakers delayed some elements of the fiscal cliff until March 2013, softening the impact, and the Fed continued to reiterate support for the markets via quantitative easing (QE) and near-zero interest rates.

By spring, there were signs that economic growth was improving. The U.S. economy seemed to weather the impact of government spending cuts that took effect in March, and employment data showed strengthening hiring patterns beginning in April. By May, markets were beginning to speculate about the eventual end of the Fed’s QE program, driving up longer-term Treasury yields. Meanwhile, Japan’s attempts to reflate its economy appeared to be having an effect, with signs of improving exports, rising manufacturing activity and increasing capital spending. Europe’s economy showed signs of stabilization, although growth expectations declined for China.

Performance Discussion

Overall, we increased the Fund’s weighting to corporate credit during the period, as we reacted to changing economic and market factors. Corporate credit represented 72.03% of holdings at period end, up from 65.96% a year earlier. At period end, we were significantly overweight to credit compared with the benchmark, which was roughly 18% weighted to credit at the end of the period. This approach rewarded shareholders as the Fund outperformed during the period, primarily through our security selection and overweight to credit, along with our excess spread carry, or the additional income generated by higher-yielding credit relative to the securities in the benchmark. This was balanced to some extent by our greater allocation to longer-duration credit, which tends not to fare as well when interest rates rise, as they did during the year.

Our underweight allocation to U.S. Treasury securities contributed, as well, as short-term interest rates moved incrementally higher. We reduced our Treasury exposure during the period, reflecting our increasingly defensive stance against interest rate risk and the relatively attractive risk-adjusted returns that we were seeing in corporate credit markets. At the end of June, our allocation to U.S. Treasury securities was 22.64%, compared with 29.39% a year earlier.

Our small allocation to commercial asset-backed securities (ABS) was a contributor to relative performance; these are loans backed by hard assets, such as vehicles or capital equipment. Our holdings in commercial mortgage-backed securities (CMBS) and bank loans also contributed.

Credit Contributors to Performance

Contributors were led by American International Group (AIG), an international insurer that offers property-casualty insurance, life insurance and retirement services. Over the past few years, AIG has simplified itself and transformed its balance sheet by selling noncore assets and

Janus Fixed Income & Money Market Funds | 43

Janus Short-Term Bond Fund (unaudited)

deleveraging its capital structure. During the period AIG finished repaying all of the $182 billion owed to the U.S. government from the company’s bailout during the 2007-2008 financial crisis. We believe its core business units are on strong footing, and that AIG remains focused on reducing high-cost debt and improving its ratings.

Engineering and construction company URS Corp. also performed well. In our opinion this is a company undergoing fundamental balance sheet improvement, and is likely to benefit from an improving global economy.

JPMorgan Chase & Co. also contributed. JPMorgan continued to maintain one of the strongest balance sheets in the industry, despite the cost of correcting a large trading loss announced in 2012. It has highly diversified businesses that have helped the company manage through credit losses and increased regulation while maintaining profitability.

Credit Detractors from Performance

Chemical company LyondellBasell and automaker General Motors detracted, primarily because our holdings were in relatively long duration securities.

Online brokerage firm E*Trade also detracted. E*Trade is a liquid name that tends to be traded actively during periods of market volatility. In addition, our holdings were in longer-duration securities.

Outlook

We believe employment data will continue to drive Fed action. While the employment picture has become brighter, it remains a long way from where the Fed needs it to be in order to begin “normalizing” the federal funds rate. The Fed is targeting a 6.5% unemployment rate as a turning point for policy. Most Fed policymakers don’t see that happening before 2015, and we take them at their word. Inflation remains low and disinflationary pressures have re-emerged, which should give the Fed room to keep short-term interest rates near zero for an extended period.

Risks to a continued U.S. economic recovery abound, with slowing growth in China, perpetual unrest in the Middle East, Europe’s financial crises and a rising U.S. dollar, which threatens export volumes. Any of these risks could flare and cause a pullback in risk and flight back to the relative safety of U.S. Treasury securities, which keeps us positive on the short end of the credit and Treasury curves. Expectations for corporate earnings are generally high for the second half of 2013, but talk of higher taxes or any of the aforementioned risks could disappoint investors in risk markets as well.

We plan to maintain a defensive posture in Treasuries over the near term and will reinvest maturing issues at higher corporate rates; we believe this can be a good way to preserve capital and build wealth in short-term bond markets. Fed policy should keep the front end of the yield curve anchored and the curve relatively steep, which we believe offers good opportunity for short-term bond investors to benefit from roll-down, or the return component associated with the price of a bond over time as it moves closer to maturity and the risk of owning it diminishes.

On behalf of each member of our investment team, thank you for your investment in the Janus Short-Term Bond Fund. We appreciate you entrusting us with your assets and look forward to continuing to serve your investment needs.

44 | JUNE 30, 2013

(unaudited)

Janus Short-Term Bond Fund At A Glance

Fund Profile

June 30, 2013

Weighted Average Maturity	2.5 Years
Average Effective Duration*	1.9 Years
30-day Current Yield**
Class A Shares at NAV
Without Reimbursement	0.81%
With Reimbursement	0.89%
Class A Shares at MOP
Without Reimbursement	0.79%
With Reimbursement	0.86%
Class C Shares***
Without Reimbursement	0.01%
With Reimbursement	0.14%
Class D Shares
Without Reimbursement	0.92%
With Reimbursement	1.00%
Class I Shares
Without Reimbursement	1.04%
With Reimbursement	1.13%
Class N Shares
Without Reimbursement	1.10%
With Reimbursement	1.14%
Class S Shares
Without Reimbursement	0.60%
With Reimbursement	0.64%
Class T Shares
Without Reimbursement	0.85%
With Reimbursement	0.89%
Number of Bonds/Notes	186

*	A theoretical measure of price volatility
**	Yield will fluctuate
***	Does not include the 1.00% contingent deferred sales charge.

Ratings† Summary – (% of Fixed Income Securities)

June 30, 2013

AAA	1.3%
AA	27.0%
A	21.0%
BBB	30.0%
BB	13.1%
B	4.3%
Other	3.3%

† Bond ratings provided by Standard & Poor’s. Not rated securities are not rated by S&P but may be rated by other rating agencies. Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Significant Areas of Investment – (% of Net Assets)

As of June 30, 2013

Asset Allocation – (% of Net Assets)

As of June 30, 2013

Janus Fixed Income & Money Market Funds | 45

Janus Short-Term Bond Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013					Expense Ratios – per the October 26, 2012 prospectuses
	One	Five	Ten	Since	Total Annual Fund	Net Annual Fund
	Year	Year	Year	Inception*	Operating Expenses	Operating Expenses
Janus Short-Term Bond Fund – Class A Shares
NAV	1.22%	3.93%	3.23%	4.09%	0.94%	0.80%
MOP	–1.34%	2.92%	2.73%	3.85%
Janus Short-Term Bond Fund – Class C Shares
NAV	0.46%	3.30%	2.61%	3.42%	1.68%	1.55%
CDSC	–0.53%	3.30%	2.61%	3.42%
Janus Short-Term Bond Fund – Class D Shares(1)	1.01%	4.05%	3.53%	4.48%	0.74%	0.69%
Janus Short-Term Bond Fund – Class I Shares	1.48%	3.97%	3.44%	4.32%	0.64%	0.55%
Janus Short-Term Bond Fund – Class N Shares	1.48%	3.97%	3.49%	4.46%	0.60%	0.55%
Janus Short-Term Bond Fund – Class S Shares	1.03%	3.66%	3.03%	3.91%	1.09%	1.05%
Janus Short-Term Bond Fund – Class T Shares	0.90%	3.97%	3.49%	4.46%	0.84%	0.80%
Barclays 1-3 Year U.S. Government/Credit Index	0.74%	2.47%	2.92%	4.51%**
Morningstar Quartile – Class T Shares	3rd	1st	1st	1st
Morningstar Ranking – based on total returns for Short-Term Bond Funds	261/442	97/413	78/345	42/169
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

See important disclosures on the next page.

46 | JUNE 30, 2013

(unaudited)

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 2.50%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The expense ratios for Class A Shares and Class N Shares shown are estimated.

The Fund’s performance may be affected by risks that include those associated with non-investment grade debt securities, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the Fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of Fixed Income Funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the Fund and selling of bonds within the Fund by the portfolio managers.

The Fund invests in mortgage-backed securities. Mortgage-backed securities are subject to prepayment risk (early payoff of mortgages during periods of declining interest rates) and extension risk (extending the duration of mortgage-backed securities during periods of rising interest rates). These risks may increase the volatility of these securities and affect total returns.

High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than investment grade bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class N Shares of the Fund commenced operations on May 31, 2012. The performance shown for periods prior to May 31, 2012 reflects the historical performance of a similar share class of the Fund.

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.

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 or yield, and therefore the ranking for the period.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

Janus Fixed Income & Money Market Funds | 47

Janus Short-Term Bond Fund (unaudited)

*	The Fund’s inception date – September 1, 1992
**	The Barclays 1-3 Year U.S. Government/Credit Index’s since inception returns are calculated from August 31, 1992.
(1)	Closed to new investors.

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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	997.40	$	4.01	$	1,000.00	$	1,020.78	$	4.06		0.81%
Class C Shares	$	1,000.00	$	993.70	$	7.66	$	1,000.00	$	1,017.11	$	7.75		1.55%
Class D Shares	$	1,000.00	$	998.00	$	3.37	$	1,000.00	$	1,021.42	$	3.41		0.68%
Class I Shares	$	1,000.00	$	998.70	$	2.73	$	1,000.00	$	1,022.07	$	2.76		0.55%
Class N Shares	$	1,000.00	$	998.70	$	2.73	$	1,000.00	$	1,022.07	$	2.76		0.55%
Class S Shares	$	1,000.00	$	1,000.00	$	4.66	$	1,000.00	$	1,020.13	$	4.71		0.94%
Class T Shares	$	1,000.00	$	997.40	$	3.91	$	1,000.00	$	1,020.88	$	3.96		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 the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

48 | JUNE 30, 2013

Janus Short-Term Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 4.3%
	$16,507,000	AmeriCredit Automobile Receivables Trust 1.9300%, 8/8/18	$	16,322,848
	13,681,948	Banc of America Large Loan Trust 2.4990%, 11/15/15 (144A),‡		13,692,566
	8,835,000	Gracechurch Card Funding PLC 0.8992%, 6/15/17 (144A),‡		8,898,435
	30,586,000	Permanent Master Issuer PLC 1.8271%, 7/15/42 (144A),‡		31,079,414
	14,074,300	Santander Consumer Acquired Receivables Trust 2.0100%, 8/15/16 (144A)		14,154,931
	867,480	Santander Drive Auto Receivables Trust 1.8900%, 5/15/17 (144A)		870,186
	12,782,000	Santander Drive Auto Receivables Trust 1.9400%, 4/16/18		12,688,295
	8,939,715	SMART Trust 1.5400%, 3/14/15 (144A)		8,972,944
	18,233,000	SMART Trust 2.5200%, 11/14/16 (144A)		18,538,512
	3,797,000	SMART Trust 0.9700%, 3/14/17		3,797,000
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $128,776,402)				129,015,131
Bank Loan – 0.2%
Metal – Iron – 0.2%
	4,777,895	FMG Resources (August 2006) Pty, Ltd. 5.2500%, 10/18/17‡ (cost $4,736,365)		4,745,787
Corporate Bonds – 71.5%
Advertising Services – 0.1%
	1,618,000	WPP Finance UK 5.8750%, 6/15/14		1,687,289
Aerospace and Defense – Equipment – 0.8%
	9,974,000	Exelis, Inc. 4.2500%, 10/1/16		10,516,197
	13,953,000	TransDigm, Inc. 7.7500%, 12/15/18		14,685,532
				25,201,729
Airlines – 0.3%
	9,271,000	Southwest Airlines Co. 5.2500%, 10/1/14		9,704,632
Apparel Manufacturers – 0.3%
	8,121,000	Hanesbrands, Inc. 6.3750%, 12/15/20		8,659,016
Beverages – Non-Alcoholic – 1.0%
	29,986,000	PepsiCo, Inc. 0.7000%, 8/13/15		29,978,354
Building – Residential and Commercial – 0.3%
	8,730,000	Lennar Corp. 5.6000%, 5/31/15		9,166,500
Building Products – Cement and Aggregate – 0.2%
	5,238,000	CRH America, Inc. 5.3000%, 10/15/13		5,304,313
Cable/Satellite Television – 0%
	1,048,000	Time Warner Cable, Inc. 6.2000%, 7/1/13		1,048,000
Casino Hotels – 0.9%
	14,840,000	MGM Resorts International 6.6250%, 7/15/15		15,823,150
	3,513,000	MGM Resorts International 7.5000%, 6/1/16		3,829,170
	6,317,000	MGM Resorts International 7.6250%, 1/15/17		6,901,323
				26,553,643
Cellular Telecommunications – 0.8%
	1,615,000	Cellco Partnership / Verizon Wireless Capital LLC 7.3750%, 11/15/13		1,653,487
	1,659,000	Cellco Partnership / Verizon Wireless Capital LLC 5.5500%, 2/1/14		1,703,176
	18,339,000	Sprint Nextel Corp. 6.0000%, 12/1/16		19,347,645
				22,704,308
Chemicals – Diversified – 1.5%
	40,963,000	LyondellBasell Industries N.V. 5.0000%, 4/15/19		44,571,676
Chemicals – Specialty – 2.1%
	15,634,000	Ashland, Inc. 3.0000%, 3/15/16 (144A)		15,712,170
	20,346,000	Ashland, Inc. 3.8750%, 4/15/18 (144A)		20,142,540
	14,399,000	Ecolab, Inc. 2.3750%, 12/8/14		14,685,224
	11,972,000	Ecolab, Inc. 1.0000%, 8/9/15		11,959,046
				62,498,980
Coatings and Paint Products – 0.5%
	14,031,000	RPM International, Inc. 6.2500%, 12/15/13		14,329,748
Commercial Banks – 6.9%
	7,843,000	Associated Banc-Corp 1.8750%, 3/12/14		7,856,804
	27,155,000	BBVA U.S. Senior SAU 4.6640%, 10/9/15		27,972,990
	17,282,000	Canadian Imperial Bank of Commerce 1.4500%, 9/13/13		17,321,783
	23,605,000	CIT Group, Inc. 5.2500%, 4/1/14 (144A)		23,959,075
	2,349,000	CIT Group, Inc. 4.7500%, 2/15/15 (144A)		2,387,171
	40,650,000	CIT Group, Inc. 5.0000%, 5/15/17		41,513,812
	14,330,000	HSBC Bank PLC 1.6250%, 8/12/13 (144A)		14,351,051
	14,057,000	Intesa Sanpaolo SpA 3.1250%, 1/15/16		13,821,658
	7,575,000	National Bank of Canada 1.6500%, 1/30/14 (144A)		7,625,753
	17,547,000	Nordea Bank A.B. 1.7500%, 10/4/13 (144A)		17,607,186

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

Janus Fixed Income & Money Market Funds | 49

Janus Short-Term Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Commercial Banks – (continued)
	$15,649,000	Nordea Bank A.B. 0.8750%, 5/13/16 (144A)	$	15,476,548
	4,308,000	Regions Financial Corp. 7.7500%, 11/10/14		4,655,139
	10,548,000	Regions Financial Corp. 2.0000%, 5/15/18		9,971,119
	1,544,000	Zions Bancorp 4.0000%, 6/20/16		1,615,598
				206,135,687
Commercial Services – Finance – 0.5%
	15,760,000	Total System Services, Inc. 2.3750%, 6/1/18		15,269,013
Data Processing and Management – 1.2%
	15,816,000	Dun & Bradstreet Corp. 3.2500%, 12/1/17		15,930,603
	18,777,000	Fiserv, Inc. 3.1250%, 10/1/15		19,586,720
	1,429,000	Fiserv, Inc. 3.1250%, 6/15/16		1,490,100
				37,007,423
Diversified Banking Institutions – 11.3%
	4,854,000	Bank of America Corp. 4.5000%, 4/1/15		5,091,487
	8,567,000	Bank of America Corp. 1.5000%, 10/9/15		8,547,536
	31,395,000	Bank of America Corp. 1.2500%, 1/11/16		30,960,116
	15,930,000	Bank of America Corp. 3.6250%, 3/17/16		16,640,590
	6,695,000	Bank of America Corp. 3.7500%, 7/12/16		7,018,255
	50,961,000	Citigroup, Inc. 5.0000%, 9/15/14		52,960,047
	7,328,000	Citigroup, Inc. 4.8750%, 5/7/15		7,730,417
	39,812,000	Goldman Sachs Group, Inc. 3.6250%, 2/7/16		41,558,194
	4,197,000	Goldman Sachs Group, Inc. 5.6250%, 1/15/17		4,548,646
	18,101,000	JPMorgan Chase & Co. 4.8750%, 3/15/14		18,613,059
	38,434,000	JPMorgan Chase & Co. 5.1500%, 10/1/15		41,524,862
	13,103,000	Morgan Stanley 4.2000%, 11/20/14		13,554,791
	17,013,000	Morgan Stanley 3.4500%, 11/2/15		17,555,102
	15,735,000	Morgan Stanley 1.7500%, 2/25/16		15,588,177
	6,806,000	Morgan Stanley 3.8000%, 4/29/16		7,078,655
	31,611,000	Royal Bank of Scotland Group PLC 2.5500%, 9/18/15		32,140,769
	15,431,000	UBS A.G. 2.2500%, 8/12/13		15,457,341
	2,269,000	UBS A.G. 5.8750%, 7/15/16		2,498,024
				339,066,068
Diversified Financial Services – 1.9%
	4,363,000	General Electric Capital Corp. 3.5000%, 6/29/15		4,552,415
	13,985,000	General Electric Capital Corp. 2.3750%, 6/30/15		14,343,086
	18,122,000	General Electric Capital Corp. 4.3750%, 9/21/15		19,359,225
	17,113,000	General Electric Capital Corp. 5.0000%, 1/8/16		18,663,181
				56,917,907
Diversified Minerals – 0.2%
	7,363,000	FMG Resources (August 2006) Pty, Ltd. 7.0000%, 11/1/15 (144A)		7,436,630
Diversified Operations – 1.2%
	17,769,000	Eaton Corp. 0.9500%, 11/2/15 (144A)		17,698,777
	19,600,000	Ingersoll-Rand Global Holding Co., Ltd. 2.8750%, 1/15/19 (144A)		19,334,969
				37,033,746
Electric – Distribution – 0.2%
	5,281,000	SP PowerAssets, Ltd. 5.0000%, 10/22/13 (144A)		5,339,851
Electric – Generation – 0%
	1,273,000	AES Corp. 7.7500%, 10/15/15		1,403,483
Electric – Integrated – 1.1%
	5,922,000	CMS Energy Corp. 2.7500%, 5/15/14		6,005,701
	1,440,000	Duke Energy Corp. 6.3000%, 2/1/14		1,485,834
	873,000	Georgia Power Co. 6.0000%, 11/1/13		888,559
	1,309,000	Monongahela Power Co., Inc. 7.9500%, 12/15/13 (144A)		1,349,956
	4,365,000	Nisource Finance Corp. 5.4000%, 7/15/14		4,561,831
	15,184,000	PPL WEM Holdings PLC 3.9000%, 5/1/16 (144A)		15,868,738
	4,365,000	Union Electric Co. 4.6500%, 10/1/13		4,399,558
				34,560,177
Electronic Components – Semiconductors – 1.0%
	29,257,000	Samsung Electronics America, Inc. 1.7500%, 4/10/17 (144A)		28,979,088
Electronic Measuring Instruments – 0.5%
	13,433,000	FLIR Systems, Inc. 3.7500%, 9/1/16		13,884,376
Engineering – Research and Development Services – 0.3%
	10,202,000	URS Corp. 4.3500%, 4/1/17 (144A)		10,393,165
Fiduciary Banks – 0.1%
	1,746,000	Northern Trust Corp. 5.5000%, 8/15/13		1,756,958
Finance – Auto Loans – 3.5%
	19,402,000	Ford Motor Credit Co. LLC 3.8750%, 1/15/15		19,998,495

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

50 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Finance – Auto Loans – (continued)
	$28,245,000	Ford Motor Credit Co. LLC 2.7500%, 5/15/15	$	28,640,148
	10,200,000	Ford Motor Credit Co. LLC 4.2500%, 2/3/17		10,657,225
	26,097,000	General Motors Financial Co., Inc. 2.7500%, 5/15/16 (144A)		25,672,924
	4,146,000	General Motors Financial Co., Inc. 3.2500%, 5/15/18 (144A)		4,031,985
	15,579,000	PACCAR Financial Corp. 0.7500%, 8/14/15		15,597,866
				104,598,643
Finance – Credit Card – 0.2%
	5,953,000	American Express Credit Corp. 1.7500%, 6/12/15		6,033,776
Finance – Investment Bankers/Brokers – 1.4%
	14,322,000	E*TRADE Financial Corp. 6.0000%, 11/15/17		14,465,220
	24,684,000	Raymond James Financial, Inc. 4.2500%, 4/15/16		26,086,816
	1,790,000	TD Ameritrade Holding Corp. 4.1500%, 12/1/14		1,874,168
				42,426,204
Finance – Leasing Companies – 0.2%
	7,040,000	International Lease Finance Corp. 2.2238%, 6/15/16‡		6,987,200
Finance – Other Services – 0.1%
	1,674,000	National Rural Utilities Cooperative Finance Corp. 5.5000%, 7/1/13		1,674,000
Food – Confectionary – 0.3%
	8,765,000	WM Wrigley Jr. Co. 3.7000%, 6/30/14 (144A)		8,995,651
Food – Meat Products – 0.2%
	5,083,000	JBS USA LLC / JBS USA Finance, Inc. 11.6250%, 5/1/14		5,362,565
Food – Miscellaneous/Diversified – 1.2%
	9,026,000	ConAgra Foods, Inc. 1.3000%, 1/25/16		9,040,884
	9,494,000	Dole Food Co., Inc. 8.7500%, 7/15/13		9,508,241
	8,590,000	General Mills, Inc. 1.5500%, 5/16/14		8,664,973
	7,356,000	Kraft Foods Group, Inc. 1.6250%, 6/4/15		7,434,437
				34,648,535
Food – Retail – 0.6%
	4,646,000	Stater Bros Holdings, Inc. 7.7500%, 4/15/15		4,657,661
	12,512,000	Stater Bros Holdings, Inc. 7.3750%, 11/15/18		13,231,440
				17,889,101
Linen Supply & Related Items – 0.2%
	5,043,000	Cintas Corp. No. 2 2.8500%, 6/1/16		5,264,922
Machinery – Farm – 0.1%
	2,619,000	Case New Holland, Inc. 7.8750%, 12/1/17		2,966,018
Machinery – General Industrial – 0.2%
	5,645,000	Wabtec Corp. 6.8750%, 7/31/13		5,666,169
Medical – Drugs – 2.1%
	42,042,000	AbbVie, Inc. 1.2000%, 11/6/15 (144A)		42,088,204
	16,317,000	GlaxoSmithKline Capital PLC 0.7500%, 5/8/15		16,313,345
	5,893,000	Zoetis, Inc. 1.1500%, 2/1/16 (144A)		5,872,982
				64,274,531
Metal Processors and Fabricators – 0.3%
	8,884,000	Precision Castparts Corp. 0.7000%, 12/20/15		8,831,727
Multi-Line Insurance – 2.1%
	42,043,000	American International Group, Inc. 4.2500%, 9/15/14		43,600,399
	18,785,000	American International Group, Inc. 2.3750%, 8/24/15		19,081,314
				62,681,713
Multimedia – 1.5%
	11,705,000	NBCUniversal Enterprise, Inc. 0.8170%, 4/15/16 (144A),‡		11,739,729
	17,312,000	NBCUniversal Media LLC 2.1000%, 4/1/14		17,520,488
	14,194,000	Time Warner, Inc. 3.1500%, 7/15/15		14,826,584
				44,086,801
Office Automation and Equipment – 0%
	972,000	Xerox Corp. 8.2500%, 5/15/14		1,032,709
Oil Companies – Exploration and Production – 4.0%
	15,407,000	Canadian Natural Resources, Ltd. 1.4500%, 11/14/14		15,531,596
	25,835,000	Chesapeake Energy Corp. 3.2500%, 3/15/16		25,705,825
	7,123,000	Continental Resources, Inc. 8.2500%, 10/1/19		7,799,685
	8,222,000	Harvest Operations Corp. 6.8750%, 10/1/17		9,167,530
	12,796,000	Petrohawk Energy Corp. 10.5000%, 8/1/14		13,448,596
	20,010,000	Petrohawk Energy Corp. 7.8750%, 6/1/15		20,440,215
	14,205,000	Plains Exploration & Production Co. 6.5000%, 11/15/20		15,060,212
	11,895,000	Whiting Petroleum Corp. 7.0000%, 2/1/14		12,162,638
				119,316,297
Oil Companies – Integrated – 1.5%
	43,108,000	Phillips 66 1.9500%, 3/5/15		43,776,476
Oil Refining and Marketing – 0.1%
	4,190,000	Sunoco, Inc. 4.8750%, 10/15/14		4,363,948

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

Janus Fixed Income & Money Market Funds | 51

Janus Short-Term Bond Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Paper and Related Products – 0.1%
	$1,929,000	Cascades, Inc. 7.8750%, 1/15/20	$	2,015,805
Pharmacy Services – 3.4%
	59,942,000	Express Scripts Holding Co. 2.7500%, 11/21/14		61,260,604
	31,195,000	Express Scripts Holding Co. 2.1000%, 2/12/15		31,724,847
	8,408,000	Express Scripts Holding Co. 3.1250%, 5/15/16		8,743,109
				101,728,560
Pipelines – 4.3%
	27,234,000	Crosstex Energy L.P. / Crosstex Energy Finance Corp. 8.8750%, 2/15/18		28,868,040
	26,187,000	DCP Midstream Operating L.P. 2.5000%, 12/1/17		25,849,240
	8,778,000	Enterprise Products Operating LLC 1.2500%, 8/13/15		8,806,809
	2,820,000	Kinder Morgan Energy Partners L.P. 5.0000%, 12/15/13		2,873,312
	23,277,000	Kinder Morgan Finance Co. LLC 5.7000%, 1/5/16		24,931,902
	10,683,000	Kinder Morgan Finance Co. LLC 6.0000%, 1/15/18 (144A)		11,216,071
	1,718,000	Kinder Morgan, Inc. 5.1500%, 3/1/15		1,774,742
	18,310,000	Plains All American Pipeline L.P. / PAA Finance Corp. 3.9500%, 9/15/15		19,419,458
	6,145,000	TransCanada PipeLines, Ltd. 0.8750%, 3/2/15		6,150,346
				129,889,920
Property and Casualty Insurance – 0.4%
	13,095,000	ACE INA Holdings, Inc. 2.6000%, 11/23/15		13,590,777
Property Trust – 0.3%
	8,585,000	WT Finance Aust Pty, Ltd. / Westfield Capital / WEA Finance LLC 5.1250%, 11/15/14 (144A)		9,131,023
Publishing – Newspapers – 0.6%
	17,603,000	Gannett Co., Inc. 6.3750%, 9/1/15		19,011,240
Publishing – Periodicals – 0.4%
	10,490,000	Nielsen Finance LLC / Nielsen Finance Co. 7.7500%, 10/15/18		11,276,750
Reinsurance – 0%
	1,015,000	Berkshire Hathaway Finance Corp. 5.0000%, 8/15/13		1,020,695
REIT – Office Property – 0.5%
	14,151,000	Reckson Operating Partnership L.P. 6.0000%, 3/31/16		15,419,694
REIT – Regional Malls – 0.1%
	3,470,000	Simon Property Group L.P. 4.9000%, 1/30/14		3,552,510
REIT – Warehouse and Industrial – 0.4%
	5,257,000	ProLogis L.P. 5.6250%, 11/15/15		5,693,673
	5,565,000	ProLogis L.P. 5.7500%, 4/1/16		6,109,329
				11,803,002
Retail – Drug Store – 0%
	1,486,000	Walgreen Co. 4.8750%, 8/1/13		1,490,827
Retail – Propane Distribution – 0.3%
	8,651,000	Ferrellgas L.P. / Ferrellgas Finance Corp. 9.1250%, 10/1/17		9,040,295
Retail – Restaurants – 0.5%
	15,471,000	Brinker International, Inc. 2.6000%, 5/15/18		15,142,489
Savings/Loan/Thrifts – 0.3%
	10,016,000	Amsouth Bank 5.2000%, 4/1/15		10,391,600
Semiconductor Components/Integrated Circuits – 0.8%
	11,835,000	TSMC Global, Ltd. 0.9500%, 4/3/16 (144A)		11,655,723
	13,847,000	TSMC Global, Ltd. 1.6250%, 4/3/18 (144A)		13,311,772
				24,967,495
Steel – Producers – 1.1%
	10,865,000	ArcelorMittal 4.2500%, 2/25/15		10,946,487
	7,017,000	ArcelorMittal 4.2500%, 8/5/15		7,087,170
	15,412,000	ArcelorMittal 4.2500%, 3/1/16		15,489,060
				33,522,717
Super-Regional Banks – 0.1%
	3,230,000	PNC Funding Corp. 5.2500%, 11/15/15		3,515,106
Telephone – Integrated – 0.8%
	22,395,000	British Telecommunications PLC 2.0000%, 6/22/15		22,831,389
Transportation – Services – 0.8%
	20,364,000	Asciano Finance, Ltd. 3.1250%, 9/23/15 (144A)		20,809,055
	873,000	FedEx Corp. 7.3750%, 1/15/14		903,425
	2,171,000	United Parcel Service, Inc. 3.8750%, 4/1/14		2,225,822
				23,938,302
Transportation – Truck – 0.1%
	2,948,000	JB Hunt Transport Services, Inc. 3.3750%, 9/15/15		3,073,523
Trucking and Leasing – 1.2%
	11,091,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.5000%, 7/11/14 (144A)		11,249,058

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

52 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Trucking and Leasing – (continued)
	$15,768,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.5000%, 3/15/16 (144A)	$	16,038,894
	8,730,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.8750%, 7/17/18 (144A)		8,816,820
				36,104,772
Total Corporate Bonds (cost $2,149,685,364)				2,149,927,237
U.S. Treasury Notes/Bonds – 22.6%
		U.S. Treasury Notes/Bonds:
	199,140,000	0.2500%, 2/28/14**		199,287,762
	14,845,000	1.2500%, 3/15/14		14,959,811
	11,768,000	0.2500%, 3/31/14		11,775,814
	33,115,000	0.2500%, 4/30/14		33,136,988
	9,483,000	0.2500%, 6/30/14		9,488,557
	77,903,000	0.6250%, 7/15/14		78,243,826
	1,749,000	0.5000%, 8/15/14		1,754,738
	58,375,000	0.2500%, 8/31/14		58,400,101
	8,786,000	0.2500%, 9/15/14		8,789,093
	75,547,000	0.2500%, 10/31/14		75,576,539
	155,069,000	0.2500%, 1/15/15		155,038,761
	18,606,000	0.2500%, 2/15/15		18,595,097
	423,000	0.3750%, 3/15/15		423,496
	15,246,000	1.0000%, 5/31/18		14,983,952
Total U.S. Treasury Notes/Bonds (cost $679,969,339)				680,454,535
Short-Term Taxable Variable Rate Demand Note – 0%
	940,000	California Infrastructure & Economic Development Bank 0.3400%, 4/1/24‡ (cost $940,000)		940,000
Money Market – 1.3%
	39,010,000	Janus Cash Liquidity Fund LLC, 0%£ (cost $39,010,000)		39,010,000
Total Investments (total cost $3,003,117,470) – 99.9%				3,004,092,690
Cash, Receivables and Other Assets, net of Liabilities – 0.1%				3,584,624
Net Assets – 100%			$	3,007,677,314

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

			% of Investment
Country	Value		Securities
Australia	$	73,430,951		2.4%
Brazil		5,362,565		0.2%
Canada		48,645,283		1.6%
Ireland		5,304,313		0.2%
Italy		13,821,658		0.5%
Luxembourg		33,522,717		1.1%
Netherlands		11,276,750		0.4%
Singapore		5,339,851		0.2%
South Korea		38,146,618		1.3%
Spain		27,972,990		0.9%
Sweden		33,083,734		1.1%
Switzerland		17,955,365		0.6%
Taiwan		24,967,495		0.8%
United Kingdom		127,301,692		4.2%
United States††		2,537,960,708		84.5%
Total	$	3,004,092,690		100.0%

†† Includes Cash Equivalents of 1.3%.

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

Janus Fixed Income & Money Market Funds | 53

Janus Money Market Funds (unaudited)

Janus Government Money Market Fund
Average Annual Total Return	Portfolio Manager
For the Periods Ended June 30, 2013	Eric Thorderson
Class D Shares(1)
1 Year	0.01%
5 Year	0.13%
10 Year	1.47%
Since Inception (February 14, 1995)	2.74%
Class T Shares
1 Year	0.01%
5 Year	0.13%
10 Year	1.47%
Since Inception (February 14, 1995)	2.74%
Seven-Day Current Yield
Class D Shares(1)
With Reimbursement	0.0100%
Without Reimbursement	-0.4600%
Class T Shares
With Reimbursement	0.0100%
Without Reimbursement	-0.4800%
Expense Ratio
Per the October 26, 2012 prospectuses
Class D Shares(1)
Total Annual Fund Operating Expenses	0.69%
Class T Shares
Total Annual Fund Operating Expenses	0.71%

Janus Money Market
Fund
Average Annual Total Return	Portfolio Manager
For the Periods Ended June 30, 2013	Eric Thorderson
Class D Shares(1)
1 Year	0.00%
5 Year	0.16%
10 Year	1.55%
Since Inception (February 14, 1995)	2.83%
Class T Shares
1 Year	0.00%
5 Year	0.16%
10 Year	1.55%
Since Inception (February 14, 1995)	2.83%
Seven-Day Current Yield
Class D Shares(1)
With Reimbursement	0.0000%
Without Reimbursement	-0.4500%
Class T Shares
With Reimbursement	0.0000%
Without Reimbursement	-0.4700%
Expense Ratio
Per the October 26, 2012 prospectuses
Class D Shares(1)
Total Annual Fund Operating Expenses	0.67%
Class T Shares
Total Annual Fund Operating Expenses	0.69%

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

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Janus Capital has voluntarily agreed to waive one-half of its investment advisory fee and such additional fees to the extent necessary to assist each Fund in attempting to maintain a yield of at least 0.00%. Such reimbursements could be changed or terminated at any time.

Class D Shares of each Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of each Fund’s former Class J Shares. If Class D Shares of each Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following each Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any fee and expense limitations or waivers.

Returns include reinvestment of all dividends and distributions.

The yield more closely reflects the current earnings of each Fund than the total return.

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

See “Useful Information About Your Fund Report.”

(1) Closed to new investors.

54 | JUNE 30, 2013

Janus Government Money Market 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class D Shares	$	1,000.00	$	1,000.00	$	0.84	$	1,000.00	$	1,023.95	$	0.85		0.17%
Class T Shares	$	1,000.00	$	1,000.00	$	0.84	$	1,000.00	$	1,023.95	$	0.85		0.17%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 Fixed Income & Money Market Funds | 55

Janus Money Market 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class D Shares	$	1,000.00	$	1,000.00	$	0.74	$	1,000.00	$	1,024.05	$	0.75		0.15%
Class T Shares	$	1,000.00	$	1,000.00	$	0.74	$	1,000.00	$	1,024.05	$	0.75		0.15%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

56 | JUNE 30, 2013

Janus Government Money Market Fund

Schedule of Investments

As of June 30, 2013

Principal Amount			Value
Repurchase Agreements – 19.4%
	$30,700,000	Credit Suisse Securities (USA) LLC, 0.1200%, dated 6/28/13, maturing 7/1/13 to be repurchased at $30,700,307 collateralized by $1,028,647,656 in U.S. Government Agencies 0.2631%-5.7510%, 2/25/19-6/15/42 with a value of $31,314,114	$	30,700,000
	4,600,000	RBC Capital Markets Corp., 0.1300%, dated 6/28/13, maturing 7/1/13 to be repurchased at $4,600,050 collateralized by $4,509,591 in U.S. Government Agencies 3.0000%-10.0000%, 3/1/19-5/15/55 with a value of $4,692,000		4,600,000
Total Repurchase Agreements (amortized cost $35,300,000)				35,300,000
U.S. Government Agency Notes – 34.2%
		Fannie Mae:
	2,000,000	0.1101%, 7/31/13		1,999,817
	3,000,000	0.1652%, 8/1/13		2,999,574
	4,300,000	0.1122%, 10/1/13		4,298,768
	5,000,000	0.1201%, 11/6/13		4,997,867
	4,000,000	0.1301%, 11/20/13		3,997,949
	4,000,000	0.1401%, 12/26/13		3,997,231
		Federal Home Loan Bank System:
	3,000,000	0.1351%, 7/3/13		2,999,977
	4,000,000	0.1065%, 7/24/13		3,999,728
	2,000,000	0.0600%, 8/9/13		1,999,870
	4,500,000	0.0900%, 9/6/13		4,499,246
		Freddie Mac:
	3,000,000	0.1151%, 7/8/13		2,999,933
	3,000,000	0.1351%, 8/13/13		2,999,516
	2,000,000	0.0700%, 9/10/13		1,999,724
	2,000,000	0.0901%, 11/5/13		1,999,365
	3,000,000	0.1001%, 12/9/13		2,998,658
	2,000,000	0.1015%, 1/14/14		1,998,905
	3,000,000	0.1251%, 1/15/14		2,997,937
	2,000,000	0.1352%, 4/21/14		1,997,795
	6,337,188	0.2400%, 1/15/42‡		6,337,188
Total U.S. Government Agency Notes (amortized cost $62,119,048)				62,119,048
Variable Rate Demand Agency Notes – 46.5%
	1,080,000	A.E. Realty LLC 0.1900%, 10/1/23		1,080,000
	600,000	City of Plymouth WI 0.2000%, 12/1/14		600,000
	1,350,000	Clearwater Solutions LLC 0.2500%, 9/1/21		1,350,000
	9,000,000	Cypress Bend Real Estate Development Co. LLC 0.1900%, 4/1/33		9,000,000
	3,000,000	Florida Food Products, Inc. 0.1900%, 12/1/22		3,000,000
	5,960,000	Florida Housing Finance Corp. 0.0700%, 7/15/36		5,960,000
	3,000,000	Greer Family LLC 0.1900%, 8/1/31		3,000,000
	2,065,000	Housing Development Corp., New York 0.0600%, 6/15/37		2,065,000
	410,000	Illinois Housing Development Authority 0.2100%, 5/1/37		410,000
	2,805,000	Indian Hills Country Club 0.1900%, 3/1/30		2,805,000
	2,500,000	Irrevocable Trust Agreement John A. Thomas & Elizabeth F. Thomas 0.1900%, 12/1/20		2,500,000
	3,745,000	Johnson Capital Management LLC 0.2500%, 6/1/47		3,745,000
	155,000	Lakeshore Professional Properties LLC 0.3000%, 7/1/45		155,000
	700,000	Maryland Community Development Administration 0.0600%, 2/1/41		700,000
	22,605,000	Mesivta Yeshiva Rabbi Chaim Berlin 0.1953%, 11/1/35		22,605,000
	3,835,000	Mississippi Business Finance Corp. 0.2300%, 1/1/34		3,835,000
	4,010,000	Mississippi Business Finance Corp. – Series A 0.2300%, 3/1/29		4,010,000
	3,730,000	Mississippi Business Finance Corp. – Series B 0.2300%, 3/1/29		3,730,000
	4,310,000	Phenix City Downtown Redevelopment Authority 0.1900%, 2/1/33		4,310,000
	500,000	Sacramento Housing & Redevelopment Agency 0.2000%, 1/15/36		500,000
	1,685,000	Shepherd Capital LLC 0.3000%, 10/1/53		1,685,000
	4,500,000	Thomas H. Turner Family Irrevocable Trust 0.1900%, 6/1/20		4,500,000
	2,210,000	Tyler Enterprises LLC 0.1900%, 10/1/22		2,210,000
	760,000	VOC-RE I LLC 0.1900%, 2/1/43		760,000
Total Variable Rate Demand Agency Notes (amortized cost $84,515,000)				84,515,000
Total Investments (total amortized cost $181,934,048) – 100.1%				181,934,048
Liabilities, net of Cash, Receivables and Other Assets– (0.1)%				(185,973)
Net Assets – 100%			$	181,748,075

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

Janus Fixed Income & Money Market Funds | 57

Janus Money Market Fund

Schedule of Investments

As of June 30, 2013

Principal Amount			Value
Certificates Of Deposit – 17.3%
	$30,000,000	Bank of Montreal, Chicago 0.1500%, 8/27/13	$	30,000,000
	22,300,000	Mizuho Corporate Bank, Ltd. 0.1100%, 7/3/13		22,300,000
	25,000,000	Mizuho Corporate Bank, Ltd. 0.1200%, 7/5/13		25,000,000
	25,000,000	Sumitomo Mitsui Banking Corp. 0.0700%, 7/5/13		25,000,000
	30,000,000	Sumitomo Mitsui Banking Corp. 0.1000%, 7/10/13		30,000,000
	25,000,000	Svenska Handelsbanken A.B. 0.1950%, 7/23/13		25,000,076
	19,300,000	Toronto Dominion Bank, New York 0.1400%, 7/10/13		19,300,000
	25,000,000	Toronto Dominion Bank, New York 0.1600%, 7/18/13		25,000,000
	17,700,000	Toronto Dominion Bank, New York 0.1500%, 8/19/13		17,700,000
Total Certificates Of Deposit (amortized cost $219,300,076)				219,300,076
Commercial Paper – 13.2%
	25,000,000	BNP Paribas Finance, Inc. 0.0913%, 7/2/13		24,999,938
	35,000,000	BNP Paribas Finance, Inc. 0.0913%, 7/5/13		34,999,650
	10,000,000	JPMorgan Chase & Co. 0.2030%, 7/29/13		9,998,444
	20,000,000	JPMorgan Chase & Co. 0.1624%, 7/31/13		19,997,333
	15,000,000	JPMorgan Chase & Co. 0.1624%, 8/2/13		14,997,866
	20,000,000	Nieuw Amsterdam Receivables Corp. 0.1725%, 7/11/13 (Section 4(2))		19,999,056
	10,000,000	Nieuw Amsterdam Receivables Corp. 0.1725%, 7/15/13 (Section 4(2))		9,999,339
	12,000,000	Nieuw Amsterdam Receivables Corp. 0.1624%, 7/18/13 (Section 4(2))		11,999,093
	20,000,000	Nieuw Amsterdam Receivables Corp. 0.1522%, 7/25/13 (Section 4(2))		19,998,000
Total Commercial Paper (amortized cost $166,988,719)				166,988,719
Repurchase Agreements – 43.6%
	100,000,000	Goldman Sachs & Co., 0.1400%, dated 6/28/13, maturing 7/1/13 to be repurchased at $100,001,167 collateralized by $99,187,602 in U.S. Government Agencies 2.5370%-4.0000%, 6/1/42-6/1/43 with a value of $102,000,001		100,000,000
	100,000,000	HSBC Securities (USA), Inc., 0.1500%, dated 6/28/13, maturing 7/1/13 to be repurchased at $100,001,250 collateralized by $102,731,473 in U.S. Government Agencies 0.4416%-2.0000%, 2/20/38-1/20/43 with a value of $102,003,982		100,000,000
	100,000,000	JPMorgan Chase & Co., 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $100,000,833 collateralized by $608,801,194 in U.S. Government Agencies 0.0500%-6.5570%, 11/25/26-12/25/42 with a value of $102,000,135		100,000,000
	253,000,000	RBC Capital Markets Corp., 0.1300%, dated 6/28/13, maturing 7/1/13 to be repurchased at $253,002,741 collateralized by $248,027,514 in U.S. Government Agencies 3.0000%-10.0000%, 3/1/19-5/15/55 with a value of $258,060,000		253,000,000
Total Repurchase Agreements (amortized cost $553,000,000)				553,000,000
U.S. Government Agency Notes – 11.5%
		Fannie Mae:
	10,000,000	0.1101%, 7/31/13		9,999,083
	20,000,000	0.1502%, 8/1/13		19,997,415
	10,000,000	0.1401%, 12/26/13		9,993,078
		Federal Home Loan Bank System:
	10,000,000	0.1351%, 7/3/13		9,999,925
	10,000,000	0.1065%, 7/24/13		9,999,320
	10,000,000	0.1151%, 7/26/13		9,999,201
		Freddie Mac:
	10,000,000	0.1301%, 7/1/13		10,000,000
	10,000,000	0.1151%, 7/8/13		9,999,776
	10,000,000	0.1382%, 8/13/13		9,998,351
	13,000,000	0.1251%, 11/25/13		12,993,364
	10,000,000	0.1402%, 2/3/14		9,991,560
	5,900,000	0.1201%, 2/11/14		5,895,575
	6,100,000	0.1101%, 2/24/14		6,095,564
	10,000,000	0.1352%, 4/21/14		9,988,974
Total U.S. Government Agency Notes (amortized cost $144,951,186)				144,951,186
Variable Rate Demand Agency Notes – 14.5%
	5,060,000	Auburn Industrial Development Board 0.1900%, 7/1/26		5,060,000
	4,000,000	Breckenridge Terrace LLC 0.2100%, 5/1/39		4,000,000
	14,980,000	Breckenridge Terrace LLC 0.2100%, 5/1/39		14,980,000
	7,985,000	Brevard County Health Facilities Authority 0.0500%, 9/1/25		7,985,000
	800,000	California Infrastructure & Economic Development Bank 0.1400%, 7/1/33		800,000
	1,020,000	Capital Markets Access Co. LC 0.1900%, 7/1/25		1,020,000
	9,100,000	County of Eagle CO 0.2600%, 6/1/27		9,100,000
	8,000,000	County of Eagle CO 0.2600%, 5/1/39		8,000,000
	8,965,000	County of Franklin OH – Series A 0.0600%, 11/1/22		8,965,000
	6,850,000	County of Franklin OH – Series B 0.0600%, 11/1/34		6,850,000

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

58 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Principal Amount			Value
	$5,595,000	Danville-Pittsylvania Regional Facility Authority 0.2000%, 1/1/26	$	5,595,000
	11,470,000	Eskaton Properties, Inc. 0.4000%, 12/1/37		11,470,000
	3,795,000	FJM Properties of Willmar LLC 0.2300%, 10/1/24		3,795,000
	7,000,000	Florissant Industrial Development Authority 0.0500%, 9/1/28		7,000,000
	5,620,000	Hunter’s Ridge, Southpointe 0.2300%, 6/1/25		5,620,000
	3,760,000	J-Jay Properties LLC 0.1800%, 7/1/35		3,760,000
	530,000	Kentucky Economic Development Finance Authority 1.0000%, 11/1/15		530,000
	1,080,000	Lone Tree Building Authority 0.4000%, 12/1/17		1,080,000
	9,000,000	Louisiana Public Facilities Authority 0.0500%, 7/1/47		9,000,000
	10,000,000	Massachusetts Health & Educational Facilities Authority – Series N2 0.0600%, 10/1/42		10,000,000
	4,415,000	Mesivta Yeshiva Rabbi Chaim Berlin 0.1953%, 11/1/35		4,415,000
	5,000,000	Phenix City Downtown Redevelopment Authority 0.1900%, 2/1/33		5,000,000
	160,000	Phoenix Realty Special Account 0.2700%, 4/1/20		160,000
	10,865,000	RBS Insurance Trust 0.1900%, 11/1/31		10,865,000
	3,650,000	Riley Family Eagle Lake L.P. & Riley Family Lexington Heights L.P. 0.2000%, 9/1/33		3,650,000
	5,700,000	Tenderfoot Seasonal Housing LLC 0.2600%, 7/1/35		5,700,000
	2,600,000	Tift County Development Authority 0.2500%, 2/1/18		2,600,000
	4,350,000	Triple Crown Investments LLC 0.1900%, 8/1/25		4,350,000
	1,620,000	Volunteers of America of Alabama, Inc. 0.2500%, 9/1/23		1,620,000
	21,080,000	Washington Higher Education Facilities Authority 0.0600%, 10/1/30		21,080,000
Total Variable Rate Demand Agency Notes (amortized cost $184,050,000)				184,050,000
Total Investments (total amortized cost $1,268,289,981) – 100.1%				1,268,289,981
Liabilities, net of Cash, Receivables and Other Assets– (0.1)%				(671,773)
Net Assets – 100%			$	1,267,618,208

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

Janus Fixed Income & Money Market Funds | 59

Notes to Schedules of Investments and Other Information

Barclays 1-3 Year U.S. Government/Credit Index	Composed of all bonds of investment grade with a maturity between one and three years.
Barclays Global Aggregate Bond Index	Provides a broad-based measure of the global investment grade fixed-rate debt markets. It is comprised of the U.S. Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. It also includes a wide range of standard and customized subindices by liquidity constraint, sector, quality and maturity.
Barclays Global Aggregate Corporate Bond Index	The corporate component of the Barclays Global Aggregate Bond Index.
Barclays U.S. Aggregate Bond Index	Made up of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.
Barclays U.S. Corporate High-Yield Bond Index	Composed of fixed-rate, publicly issued, non-investment grade debt.
A.B.	Aktiebolag: Swedish stock company.
A.G.	Aktiengesellschaft: German term for Public Limited Company.
B.V.	Besloten Vennootschap: Dutch term for private Limited Liability Company.
L.P.	Limited Partnership
LLC	Limited Liability Company
N.A.	National Association
N.V.	Naamloze Vennootschap: Dutch term for Public Limited Liability Company.
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S.A.	Sociedad Anonima: Spanish term for publicly-traded company.
S.A.P.I.B. de C.V.	Sociedad Anonima Promotora de Inversion Bursatil de Capital Variable: Spanish term for Variable Capital Company.
SAU	Sociedad Anonima Unipersonal: Spanish term for Single Shareholder Corporation.
Section 4(2)	Securities subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the Securities Act of 1933, as amended.
SpA	Societa per Azioni: Italian term for Public Limited Company.

Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to “put” back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.

Repurchase agreements held by a Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2013 is indicated in the table below:

			Value as a %
Fund	Value		of Net Assets
Fixed Income
Janus Flexible Bond Fund	$	795,913,919		12.9	%
Janus Global Bond Fund		32,852,013		12.7	%
Janus High-Yield Fund		812,838,577		35.0	%
Janus Short-Term Bond Fund		520,499,547		17.3	%

60 | JUNE 30, 2013

(a)	All or a portion of this position has not settled, or is not funded. Upon settlement or funding date, interest rates for unsettled or unfunded amounts will be determined. Interest and dividends will not be accrued until time of settlement or funding.
**	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of June 30, 2013, is noted below.

Fund	Aggregate Value
Fixed Income
Janus Flexible Bond Fund	$	49,921,900
Janus Global Bond Fund		85,519,126
Janus High-Yield Fund		48,775,000
Janus Short-Term Bond Fund		40,029,680

‡	The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rate in the security description is as of year end.
ß	Security is illiquid.

§  Schedule of Restricted and Illiquid Securities (as of June 30, 2013)

	Acquisition	Acquisition				Value as a
	Date	Cost		Value		% of Net Assets
Janus Flexible Bond Fund
A&E Communications – Private Placement, 3.6300%, 8/22/22	8/7/12	$	16,000,000	$	16,108,640	0.3%
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20	4/29/13		17,103,103		16,629,234	0.3%
		$	33,103,103	$	32,737,874	0.6%
Janus Global Bond Fund
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20	4/29/13	$	730,446	$	710,208	0.3%
Janus High-Yield Fund
ADS Tactical, Inc., 11.0000%, 4/1/18	3/22/11 – 11/5/12	$	42,657,288	$	40,546,405	1.8%

The Funds have registration rights for certain restricted securities held as of June 30, 2013. The issuer incurs all registration costs.

£  The Funds 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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended June 30, 2013. Except for the value at year end, all other information in the table is for the year ended June 30, 2013.

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
Janus Flexible Bond Fund
Janus Cash Liquidity Fund LLC	3,883,958,105	$	3,883,958,105	(3,960,874,000)	$	(3,960,874,000)	$	–	$	273,458	$	40,073,406
Janus Global Bond Fund
Janus Cash Liquidity Fund LLC	205,724,404		205,724,404	(192,290,404)		(192,290,404)		–		6,381		13,731,000
Janus High-Yield Fund
Janus Cash Liquidity Fund LLC	1,366,377,273		1,366,377,273	(1,428,526,000)		(1,428,526,000)		–		196,292		104,382,849
Janus Short-Term Bond Fund
Janus Cash Liquidity Fund LLC	2,111,219,872		2,111,219,872	(2,153,951,080)		(2,153,951,080)		–		134,514		39,010,000

Janus Fixed Income & Money Market Funds | 61

Notes to Schedules of Investments and Other Information (continued)

The following is a summary of the inputs that were used to value the Funds’ investments in securities and other financial instruments as of June 30, 2013. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of June 30, 2013)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Janus Flexible Bond Fund
Asset-Backed/Commercial Mortgage-Backed Securities	$	–	$	196,146,440	$	–
Bank Loans		–		115,465,802		–
Corporate Bonds		–		2,921,579,623		–
Mortgage-Backed Securities		–		1,463,492,533		–
Preferred Stock		–		30,578,295		–
U.S. Treasury Notes/Bonds		–		1,385,745,032		–
Money Market		–		40,073,406		–
Total Investments in Securities	$	–	$	6,153,081,131	$	–
Investments in Securities:
Janus Global Bond Fund
Asset-Backed/Commercial Mortgage-Backed Securities	$	–	$	17,828,155	$	–
Bank Loans		–		2,699,072		–
Corporate Bonds		–		113,243,959		–
Foreign Government Bonds		–		41,250,296		–
Mortgage-Backed Securities		–		35,300,805		–
Preferred Stock		–		1,039,140		–
U.S. Treasury Notes/Bonds		–		34,953,098		–
Money Market		–		13,731,000		–
Total Investments in Securities	$	–	$	260,045,525	$	–
Other Financial Instruments(a) – Assets:
Forward currency contracts	$	–	$	454,158	$	–
Other Financial Instruments(a) – Liabilities:
Forward currency contracts	$	–	$	287,488	$	–
Investments in Securities:
Janus High-Yield Fund
Bank Loans	$	–	$	180,446,214	$	–
Commercial Mortgage-Backed Security		–		8,059,253		–
Corporate Bonds		–		1,991,325,703		–
Preferred Stock		–		9,545,483		–
Money Market		–		104,382,849		–
Total Investments in Securities	$	–	$	2,293,759,502	$	–

62 | JUNE 30, 2013

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Janus Short-Term Bond Fund
Asset-Backed/Commercial Mortgage-Backed Securities	$	–	$	129,015,131	$	–
Bank Loan		–		4,745,787		–
Corporate Bonds		–		2,149,927,237		–
Short-Term Taxable Variable Rate Demand Note		–		940,000		–
U.S. Treasury Notes/Bonds		–		680,454,535		–
Money Market		–		39,010,000		–
Total Investments in Securities	$	–	$	3,004,092,690	$	–
Investments in Securities:
Janus Government Money Market Fund
Repurchase Agreements	$	–	$	35,300,000	$	–
U.S. Government Agency Notes		–		62,119,048		–
Variable Rate Demand Agency Notes		–		84,515,000		–
Total Investments in Securities	$	–	$	181,934,048	$	–
Investments in Securities:
Janus Money Market Fund
Certificates of Deposit	$	–	$	219,300,076	$	–
Commercial Paper		–		166,988,719		–
Repurchase Agreements		–		553,000,000		–
U.S. Government Agency Notes		–		144,951,186		–
Variable Rate Demand Agency Notes		–		184,050,000		–
Total Investments in Securities	$	–	$	1,268,289,981	$	–

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

Janus Fixed Income & Money Market Funds | 63

Statements of Assets and Liabilities - Fixed Income Funds

As of June 30, 2013
(all numbers in thousands except net asset value per share)	Janus Flexible Bond Fund		Janus Global Bond Fund		Janus High-Yield Fund		Janus Short-Term Bond Fund
Assets:
Investments at cost	$	6,146,393	$	263,847	$	2,272,396	$	3,003,117
Unaffiliated investments at value	$	6,113,008	$	246,315	$	2,189,377	$	2,965,083
Affiliated investments at value		40,073		13,731		104,383		39,010
Cash		28,912		–		2,701		18,847
Restricted cash (Note 1)		–		–		15,000		–
Receivables:
Investments sold		59,953		853		36,711		–
Closed foreign currency contracts		–		1		–		–
Fund shares sold		23,658		100		1,690		5,175
Dividends		10		1		199		–
Interest		40,193		2,319		39,130		21,163
Non-interested Trustees’ deferred compensation		107		4		40		52
Other assets		14		19		7		20
Forward currency contracts		–		454		–		–
Total Assets		6,305,928		263,797		2,389,238		3,049,350
Liabilities:
Payables:
Due to custodian		–		283		–		–
Investments purchased		129,024		4,542		57,030		31,994
Fund shares repurchased		14,629		274		5,163		7,130
Dividends		1,134		1		613		184
Advisory fees		2,116		148		1,133		1,250
Fund administration fees		50		2		20		26
Internal servicing cost		31		–		7		9
Administrative services fees		350		3		316		488
Distribution fees and shareholder servicing fees		554		3		138		97
Administrative, networking and omnibus fees		128		–		15		112
Non-interested Trustees’ fees and expenses		51		–		21		26
Non-interested Trustees’ deferred compensation fees		107		4		40		52
Accrued expenses and other payables		325		66		227		305
Forward currency contracts		–		287		–		–
Total Liabilities		148,499		5,613		64,723		41,673
Net Assets	$	6,157,429	$	258,184	$	2,324,515	$	3,007,677

See footnotes at the end of the Statements.

See Notes to Financial Statements.

64 | JUNE 30, 2013

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65

Statements of Assets and Liabilities - Fixed Income Funds  (continued)

As of June 30, 2013
(all numbers in thousands except net asset value per share)	Janus Flexible Bond Fund		Janus Global Bond Fund		Janus High-Yield Fund		Janus Short-Term Bond Fund
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	6,128,569	$	268,461	$	2,248,227	$	2,998,926
Undistributed net investment income/(loss)*		96		(288)		320		(9)
Undistributed net realized gain/(loss) from investment and foreign currency transactions*		22,068		(6,374)		54,602		7,781
Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		6,696		(3,615)		21,366		979
Total Net Assets	$	6,157,429	$	258,184	$	2,324,515	$	3,007,677
Net Assets - Class A Shares	$	719,932	$	4,649	$	321,554	$	153,132
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		68,584		472		35,176		50,224
Net Asset Value Per Share(1)	$	10.50	$	9.85	$	9.14	$	3.05
Maximum Offering Price Per Share(2)	$	11.02	$	10.34	$	9.60	$	3.13
Net Assets - Class C Shares	$	432,713	$	1,654	$	79,726	$	78,276
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,220		168		8,718		25,694
Net Asset Value Per Share(1)	$	10.50	$	9.86	$	9.14	$	3.05
Net Assets - Class D Shares	$	750,690	$	9,875	$	360,924	$	208,522
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		71,515		1,003		39,479		68,291
Net Asset Value Per Share	$	10.50	$	9.85	$	9.14	$	3.05
Net Assets - Class I Shares	$	2,918,160	$	234,166	$	236,426	$	315,482
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		278,012		23,799		25,852		103,470
Net Asset Value Per Share	$	10.50	$	9.84	$	9.15	$	3.05
Net Assets - Class N Shares	$	64,760		N/A	$	6,738	$	37,619
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,170		N/A		737		12,324
Net Asset Value Per Share	$	10.50		N/A	$	9.14	$	3.05
Net Assets - Class R Shares	$	30,080		N/A	$	1,666		N/A
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,866		N/A		182		N/A
Net Asset Value Per Share	$	10.50		N/A	$	9.14		N/A
Net Assets - Class S Shares	$	75,202	$	905	$	6,901	$	5,149
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,163		92		753		1,690
Net Asset Value Per Share	$	10.50	$	9.87	$	9.16	$	3.05
Net Assets - Class T Shares	$	1,165,892	$	6,935	$	1,310,580	$	2,209,497
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		111,093		704		143,332		723,339
Net Asset Value Per Share	$	10.49	$	9.86	$	9.14	$	3.05

*	See Note 5 in Notes to Financial Statements.
(1)	Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(2)	Maximum offering price is computed at 100/95.25 of net asset value for Janus Flexible Bond Fund, Janus Global Bond Fund, and Janus High-Yield Fund and 100/97.50 of net asset value for Janus Short-Term Bond Fund.

See Notes to Financial Statements.

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67

Statements of Operations - Fixed Income Funds

For the year ended June 30, 2013
(all numbers in thousands)	Janus Flexible Bond Fund		Janus Global Bond Fund		Janus High-Yield Fund		Janus Short-Term Bond Fund
Investment Income:
Interest	$	164,892	$	2,969	$	169,258	$	66,599
Dividends		1,542		23		570		–
Dividends from affiliates		273		6		196		135
Fee income		13		–		638		23
Other Income		1,671		38		2,457		2,605
Foreign tax withheld		–		(1)		–		–
Total Investment Income		168,391		3,035		173,119		69,362
Expenses:
Advisory fees		23,979		574		13,767		16,670
Internal servicing expense - Class A Shares		89		1		34		55
Internal servicing expense - Class C Shares		157		1		30		29
Internal servicing expense - Class I Shares		111		1		16		20
Shareholder reports expense		874		7		406		561
Transfer agent fees and expenses		252		5		96		103
Registration fees		314		67		255		282
Custodian fees		39		9		14		17
Professional fees		121		81		101		99
Non-interested Trustees’ fees and expenses		216		3		80		92
Fund administration fees		592		10		245		303
Administrative services fees - Class D Shares		990		14		434		252
Administrative services fees - Class R Shares		74		N/A		4		N/A
Administrative services fees - Class S Shares		196		2		17		13
Administrative services fees - Class T Shares		3,335		10		3,505		5,500
Distribution fees and shareholder servicing fees - Class A Shares		1,966		12		747		482
Distribution fees and shareholder servicing fees - Class C Shares		4,703		20		842		784
Distribution fees and shareholder servicing fees - Class R Shares		140		N/A		7		N/A
Distribution fees and shareholder servicing fees - Class S Shares		196		2		17		12
Administrative, networking and omnibus fees - Class A Shares		378		1		264		355
Administrative, networking and omnibus fees - Class C Shares		339		–		56		45
Administrative, networking and omnibus fees - Class I Shares		2,352		–		172		149
Other expenses		241		26		228		164
Total Expenses		41,654		846		21,337		25,987
Expense and Fee Offset		(3)		–		(3)		(2)
Less: Excess Expense Reimbursement		(239)		(43)		(65)		(2,249)
Net Expenses after Waivers and Expense Offsets		41,412		803		21,269		23,736
Net Investment Income		126,979		2,232		151,850		45,626
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain/(loss) from investment and foreign currency transactions		114,855		(7,271)		87,166		19,320
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(170,235)		(4,006)		(50,488)		(30,660)
Net Gain/(Loss) on Investments		(55,380)		(11,277)		36,678		(11,340)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	71,599	$	(9,045)	$	188,528	$	34,286

See Notes to Financial Statements.

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69

Statements of Changes in Net Assets - Fixed Income Funds

	Janus Flexible				Janus Global				Janus				Janus Short-Term
For each year ended June 30	Bond Fund				Bond Fund				High-Yield Fund				Bond Fund
(all numbers in thousands)	2013		2012(1)		2013		2012		2013		2012(1)		2013		2012(1)
Operations:
Net investment income	$	126,979	$	135,612	$	2,232	$	877	$	151,850	$	136,441	$	45,626	$	58,928
Net realized gain/(loss) from investment and foreign currency transactions		114,855		99,550		(7,271)		529		87,166		(16,082)		19,320		10,662
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(170,235)		99,405		(4,006)		122		(50,488)		(2,788)		(30,660)		(9,628)
Net Increase/(Decrease) in Net Assets Resulting from Operations		71,599		334,567		(9,045)		1,528		188,528		117,571		34,286		59,962
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		(21,719)		(17,781)		(54)		(96)		(18,233)		(14,849)		(2,876)		(7,560)
Class C Shares		(9,246)		(8,471)		(16)		(34)		(4,511)		(4,617)		(576)		(923)
Class D Shares		(24,080)		(26,145)		(131)		(311)		(22,771)		(22,442)		(3,355)		(4,308)
Class I Shares		(64,518)		(55,239)		(814)		(383)		(18,236)		(16,574)		(5,331)		(8,595)
Class N Shares		(6,493)		(542)		N/A		N/A		(568)		(20)		(655)		(41)
Class R Shares		(690)		(391)		N/A		N/A		(83)		(72)		N/A		N/A
Class S Shares		(2,018)		(2,094)		(10)		(23)		(411)		(409)		(66)		(98)
Class T Shares		(37,752)		(34,910)		(44)		(127)		(87,051)		(78,752)		(32,748)		(37,408)
Net Realized Gain/(Loss) from Investment Transactions*
Class A Shares		(16,132)		(7,683)		(108)		(29)		(426)		–		(1,192)		(729)
Class C Shares		(9,469)		(4,783)		(49)		(11)		(126)		–		(558)		(150)
Class D Shares		(16,438)		(10,736)		(293)		(84)		(534)		–		(1,498)		(403)
Class I Shares		(41,813)		(22,886)		(346)		(85)		(410)		–		(2,276)		(724)
Class N Shares		(5,266)		–		N/A		N/A		(17)		–		(290)		–
Class R Shares		(612)		(173)		N/A		N/A		(2)		–		N/A		N/A
Class S Shares		(1,538)		(946)		(22)		(6)		(10)		–		(36)		(11)
Class T Shares		(26,922)		(14,600)		(78)		(21)		(2,091)		–		(15,842)		(3,655)
Return of Capital
Class A Shares		N/A		N/A		(87)		N/A		N/A		N/A		N/A		N/A
Class C Shares		N/A		N/A		(26)		N/A		N/A		N/A		N/A		N/A
Class D Shares		N/A		N/A		(209)		N/A		N/A		N/A		N/A		N/A
Class I Shares		N/A		N/A		(1,299)		N/A		N/A		N/A		N/A		N/A
Class S Shares		N/A		N/A		(15)		N/A		N/A		N/A		N/A		N/A
Class T Shares		N/A		N/A		(70)		N/A		N/A		N/A		N/A		N/A
Net Decrease from Dividends and Distributions		(284,706)		(207,380)		(3,671)		(1,210)		(155,480)		(137,735)		(67,299)		(64,605)

See footnotes at the end of the Statements.

See Notes to Financial Statements.

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71

Statements of Changes in Net Assets - Fixed Income Funds  (continued)

	Janus Flexible				Janus Global				Janus				Janus Short-Term
For each year ended June 30	Bond Fund				Bond Fund				High-Yield Fund				Bond Fund
(all numbers in thousands)	2013		2012(1)		2013		2012		2013		2012(1)		2013		2012(1)
Capital Share Transactions:
Shares Sold
Class A Shares		325,805		402,803		1,880		4,436		147,203		173,224		89,588		204,991
Class C Shares		154,241		202,079		324		968		18,370		19,046		28,566		32,420
Class D Shares		125,852		188,338		5,809		13,949		87,790		58,469		53,023		44,440
Class I Shares		2,020,700		1,044,312		236,075		5,457		215,586		262,973		244,920		217,482
Class N Shares		63,380		255,838		N/A		N/A		8,989		4,347		18,989		35,186
Class R Shares		17,378		22,585		N/A		N/A		1,008		676		N/A		N/A
Class S Shares		32,577		39,308		–		–		1,733		1,751		3,957		1,135
Class T Shares		444,129		699,607		7,780		1,936		430,791		509,052		1,124,277		781,742
Redemption Fees
Class D Shares		N/A		N/A		N/A		N/A		N/A		26		N/A		N/A
Class I Shares		N/A		N/A		N/A		N/A		N/A		7		N/A		N/A
Class T Shares		N/A		N/A		N/A		N/A		N/A		184		N/A		N/A
Reinvested Dividends and Distributions
Class A Shares		35,258		23,185		246		124		17,962		14,093		3,667		7,919
Class C Shares		13,850		9,078		90		45		3,905		3,784		865		789
Class D Shares		38,141		34,443		614		385		19,895		19,038		4,740		4,595
Class I Shares		87,663		65,998		2,459		467		16,133		14,190		4,722		6,606
Class N Shares		11,484		542		N/A		N/A		566		20		941		41
Class R Shares		1,128		482		N/A		N/A		58		56		N/A		N/A
Class S Shares		3,542		3,027		47		29		420		404		101		109
Class T Shares		64,071		48,984		191		148		87,855		77,538		47,910		40,603
Shares Repurchased(2)
Class A Shares		(311,972)		(145,182)		(2,287)		(699)		(112,424)		(92,406)		(362,528)		(164,394)
Class C Shares		(145,032)		(63,898)		(528)		(435)		(22,244)		(21,627)		(26,128)		(27,869)
Class D Shares		(189,101)		(128,131)		(6,039)		(8,959)		(80,110)		(61,284)		(54,413)		(51,923)
Class I Shares		(789,285)		(693,944)		(8,137)		(1,748)		(239,341)		(210,920)		(205,881)		(491,109)
Class N Shares		(260,681)		(3,931)		N/A		N/A		(7,314)		(48)		(16,271)		(924)
Class R Shares		(13,544)		(6,907)		N/A		N/A		(490)		(721)		N/A		N/A
Class S Shares		(32,442)		(27,933)		–		–		(1,560)		(2,794)		(3,981)		(1,800)
Class T Shares		(585,650)		(286,735)		(2,903)		(8,648)		(498,467)		(364,985)		(959,865)		(750,571)
Net Increase/(Decrease) from Capital Share Transactions		1,111,492		1,683,948		235,621		7,455		96,314		404,093		(2,801)		(110,532)
Net Increase/(Decrease) in Net Assets		898,385		1,811,135		222,905		7,773		129,362		383,929		(35,814)		(115,175)
Net Assets:
Beginning of period		5,259,044		3,447,909		35,279		27,506		2,195,153		1,811,224		3,043,491		3,158,666
End of period	$	6,157,429	$	5,259,044	$	258,184	$	35,279	$	2,324,515	$	2,195,153	$	3,007,677	$	3,043,491
Undistributed Net Investment Income/(Loss)*	$	96	$	32	$	(288)	$	(1)	$	320	$	42	$	(9)	$	(89)

*	See Note 5 in Notes to Financial Statements.
(1)	Period from May 31, 2012 (inception date) through June 30, 2012 for Class N Shares.
(2)	During the fiscal year ended June 30, 2012, Janus Flexible Bond Fund disbursed to a redeeming shareholder portfolio securities and cash valued at $13,879,817 and $2,616,353, respectively, at the date of redemption.

See Notes to Financial Statements.

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73

Financial Highlights - Fixed Income Funds

Class A Shares

For a share outstanding during each year or period ended June 30 and	Janus Flexible Bond Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$10.85		$10.54		$10.70		$10.41		$9.97
Income from Investment Operations:
Net investment income		0.30		0.35		0.37		0.28		0.14
Net gain/(loss) on investments (both realized and unrealized)		(0.14)		0.46		0.19		0.35		0.44
Total from Investment Operations		0.16		0.81		0.56		0.63		0.58
Less Distributions:
Dividends (from net investment income)*		(0.30)		(0.35)		(0.38)		(0.28)		(0.14)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		(0.06)		–
Total Distributions		(0.51)		(0.50)		(0.72)		(0.34)		(0.14)
Net Asset Value, End of Period		$10.50		$10.85		$10.54		$10.70		$10.41
Total Return**		1.45%		7.97%		5.41%		6.16%		5.87%
Net Assets, End of Period (in thousands)		$719,932		$697,880		$400,706		$324,085		$231,112
Average Net Assets for the Period (in thousands)		$786,291		$539,788		$371,462		$265,798		$218,408
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.75%		0.77%		0.76%		0.76%		0.80%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.75%		0.77%		0.76%		0.76%		0.80%
Ratio of Net Investment Income to Average Net Assets***		2.09%		3.06%		3.51%		4.04%		4.28%
Portfolio Turnover Rate		118%		126%		147%		86%^		215%

Class A Shares

	Janus Global Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(3)
Net Asset Value, Beginning of Period		$10.48		$10.35		$10.00
Income from Investment Operations:
Net investment income		0.27		0.23		0.19
Net gain/(loss) on investments (both realized and unrealized)		(0.35)		0.27		0.31
Total from Investment Operations		(0.08)		0.50		0.50
Less Distributions and Other:
Dividends (from net investment income)*		(0.12)		(0.29)		(0.15)
Distributions (from capital gains)*		(0.25)		(0.08)		–
Return of capital		(0.18)		N/A		N/A
Total Distributions and Other		(0.55)		(0.37)		(0.15)
Net Asset Value, End of Period		$9.85		$10.48		$10.35
Total Return**		(1.04)%		4.89%		4.99%
Net Assets, End of Period (in thousands)		$4,649		$5,113		$1,190
Average Net Assets for the Period (in thousands)		$5,017		$3,309		$958
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.28%		1.46%		3.50%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.01%		1.02%		0.79%
Ratio of Net Investment Income to Average Net Assets***		2.32%		2.48%		3.03%
Portfolio Turnover Rate		182%		222%		173%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Period from December 28, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

74 | JUNE 30, 2013

Class A Shares

For a share outstanding during each year or period ended June 30 and	Janus High-Yield Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$9.00		$9.13		$8.45		$8.29		$7.61
Income from Investment Operations:
Net investment income		0.57		0.62		0.65		0.47		0.27
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.13)		0.68		0.16		0.68
Total from Investment Operations		0.72		0.49		1.33		0.63		0.95
Less Distributions:
Dividends (from net investment income)*		(0.57)		(0.62)		(0.65)		(0.47)		(0.27)
Distributions (from capital gains)*		(0.01)		–		–		–		–
Total Distributions		(0.58)		(0.62)		(0.65)		(0.47)		(0.27)
Net Asset Value, End of Period		$9.14		$9.00		$9.13		$8.45		$8.29
Total Return**		8.12%		5.71%		16.09%(3)		7.66%		12.63%
Net Assets, End of Period (in thousands)		$321,554		$265,944		$171,976		$109,096		$84,972
Average Net Assets for the Period (in thousands)		$298,736		$212,564		$143,277		$98,784		$75,369
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.97%		0.99%		0.92%		0.92%		0.96%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.97%		0.99%		0.92%		0.92%		0.96%
Ratio of Net Investment Income to Average Net Assets***		6.10%		6.91%		7.23%		8.30%		10.07%
Portfolio Turnover Rate		93%		61%		92%		61%^		97%

Class A Shares

For a share outstanding during each year or period ended June 30 and	Janus Short-Term Bond Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$3.08		$3.08		$3.09		$3.06		$3.01
Income from Investment Operations:
Net investment income		0.05		0.06		0.07		0.05		0.04
Net gain/(loss) on investments (both realized and unrealized)		(0.01)		0.01		0.01		0.03		0.05
Total from Investment Operations		0.04		0.07		0.08		0.08		0.09
Less Distributions:
Dividends (from net investment income)*		(0.05)		(0.06)		(0.07)		(0.05)		(0.04)
Distributions (from capital gains)*		(0.02)		(0.01)		(0.02)		–		–
Total Distributions		(0.07)		(0.07)		(0.09)		(0.05)		(0.04)
Net Asset Value, End of Period		$3.05		$3.08		$3.08		$3.09		$3.06
Total Return**		1.24%		2.18%		2.65%		2.65%		3.05%
Net Assets, End of Period (in thousands)		$153,132		$423,210		$374,981		$121,254		$43,636
Average Net Assets for the Period (in thousands)		$192,733		$387,633		$164,464		$82,728		$18,271
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.07%		1.40%		0.88%		0.84%		0.88%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.81%		0.80%		0.80%		0.80%		0.81%
Ratio of Net Investment Income to Average Net Assets***		1.49%		1.95%		2.12%		2.39%		2.78%
Portfolio Turnover Rate		100%		93%		100%		33%^		57%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Impact on performance due to reimbursement from advisor was 0.51%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 75

Financial Highlights - Fixed Income Funds  (continued)

Class C Shares

For a share outstanding during each year or period ended June 30 and	Janus Flexible Bond Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$10.85		$10.54		$10.70		$10.41		$9.97
Income from Investment Operations:
Net investment income		0.21		0.27		0.29		0.23		0.12
Net gain/(loss) on investments (both realized and unrealized)		(0.14)		0.46		0.19		0.35		0.44
Total from Investment Operations		0.07		0.73		0.48		0.58		0.56
Less Distributions:
Dividends (from net investment income)*		(0.21)		(0.27)		(0.30)		(0.23)		(0.12)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		(0.06)		–
Total Distributions		(0.42)		(0.42)		(0.64)		(0.29)		(0.12)
Net Asset Value, End of Period		$10.50		$10.85		$10.54		$10.70		$10.41
Total Return**		0.65%		7.14%		4.62%		5.63%		5.61%
Net Assets, End of Period (in thousands)		$432,713		$425,830		$268,575		$236,850		$161,218
Average Net Assets for the Period (in thousands)		$470,325		$336,150		$264,522		$195,825		$137,244
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.55%		1.55%		1.51%		1.51%		1.58%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.55%		1.55%		1.51%		1.51%		1.57%
Ratio of Net Investment Income to Average Net Assets***		1.30%		2.29%		2.75%		3.29%		3.51%
Portfolio Turnover Rate		118%		126%		147%		86%^		215%

Class C Shares

	Janus Global Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(3)
Net Asset Value, Beginning of Period		$10.49		$10.36		$10.00
Income from Investment Operations:
Net investment income		0.19		0.18		0.16
Net gain/(loss) on investments (both realized and unrealized)		(0.35)		0.24		0.31
Total from Investment Operations		(0.16)		0.42		0.47
Less Distributions and Other:
Dividends (from net investment income)*		(0.08)		(0.21)		(0.11)
Distributions (from capital gains)*		(0.25)		(0.08)		–
Return of capital		(0.14)		N/A		N/A
Total Distributions and Other		(0.47)		(0.29)		(0.11)
Net Asset Value, End of Period		$9.86		$10.49		$10.36
Total Return**		(1.78)%		4.10%		4.70%
Net Assets, End of Period (in thousands)		$1,654		$1,884		$1,293
Average Net Assets for the Period (in thousands)		$2,016		$1,634		$908
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.05%		2.21%		4.22%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.76%		1.76%		1.36%(4)
Ratio of Net Investment Income to Average Net Assets***		1.58%		1.77%		2.45%
Portfolio Turnover Rate		182%		222%		173%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Period from December 28, 2010 (inception date) through June 30, 2011.
(4)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would be 1.77% without the waiver of these fees and expenses.

See Notes to Financial Statements.

76 | JUNE 30, 2013

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Janus High-Yield Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$9.00		$9.13		$8.45		$8.29		$7.61
Income from Investment Operations:
Net investment income		0.50		0.55		0.59		0.43		0.27
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.12)		0.68		0.16		0.68
Total from Investment Operations		0.65		0.43		1.27		0.59		0.95
Less Distributions:
Dividends (from net investment income)*		(0.50)		(0.56)		(0.59)		(0.43)		(0.27)
Distributions (from capital gains)*		(0.01)		–		–		–		–
Total Distributions		(0.51)		(0.56)		(0.59)		(0.43)		(0.27)
Net Asset Value, End of Period		$9.14		$9.00		$9.13		$8.45		$8.29
Total Return**		7.31%		4.93%		15.30%(3)		7.14%		12.36%
Net Assets, End of Period (in thousands)		$79,726		$78,392		$78,456		$68,485		$61,744
Average Net Assets for the Period (in thousands)		$84,174		$73,801		$76,507		$67,693		$51,080
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.72%		1.72%		1.61%		1.65%		1.71%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.72%		1.72%		1.61%		1.65%		1.71%
Ratio of Net Investment Income to Average Net Assets***		5.36%		6.19%		6.57%		7.59%		9.27%
Portfolio Turnover Rate		93%		61%		92%		61%^		97%

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Janus Short-Term Bond Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$3.08		$3.08		$3.08		$3.06		$3.01
Income from Investment Operations:
Net investment income		0.02		0.04		0.04		0.03		0.05
Net gain/(loss) on investments (both realized and unrealized)		(0.01)		0.01		0.02		0.02		0.05
Total from Investment Operations		0.01		0.05		0.06		0.05		0.10
Less Distributions:
Dividends (from net investment income)*		(0.02)		(0.04)		(0.04)		(0.03)		(0.05)
Distributions (from capital gains)*		(0.02)		(0.01)		(0.02)		–		–
Total Distributions		(0.04)		(0.05)		(0.06)		(0.03)		(0.05)
Net Asset Value, End of Period		$3.05		$3.08		$3.08		$3.08		$3.06
Total Return**		0.46%		1.44%		2.24%		1.82%		3.31%
Net Assets, End of Period (in thousands)		$78,276		$75,789		$70,507		$63,030		$23,567
Average Net Assets for the Period (in thousands)		$78,430		$74,993		$69,983		$42,824		$8,848
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.69%		1.66%		1.64%		1.59%		1.63%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.55%		1.53%		1.53%		1.55%		1.56%
Ratio of Net Investment Income to Average Net Assets***		0.74%		1.23%		1.40%		1.64%		2.01%
Portfolio Turnover Rate		100%		93%		100%		33%^		57%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Impact on performance due to reimbursement from advisor was 0.51%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 77

Financial Highlights - Fixed Income Funds  (continued)

Class D Shares

	Janus Flexible Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$10.85		$10.54		$10.70		$10.43
Income from Investment Operations:
Net investment income		0.32		0.37		0.39		0.16
Net gain/(loss) on investments (both realized and unrealized)		(0.14)		0.46		0.18		0.27
Total from Investment Operations		0.18		0.83		0.57		0.43
Less Distributions:
Dividends (from net investment income)*		(0.32)		(0.37)		(0.39)		(0.16)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		–
Total Distributions		(0.53)		(0.52)		(0.73)		(0.16)
Net Asset Value, End of Period		$10.50		$10.85		$10.54		$10.70
Total Return**		1.61%		8.17%		5.59%		4.13%
Net Assets, End of Period (in thousands)		$750,690		$802,674		$686,500		$665,736
Average Net Assets for the Period (in thousands)		$825,062		$747,701		$691,039		$632,441
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.60%		0.59%		0.59%		0.60%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.60%		0.59%		0.59%		0.60%
Ratio of Net Investment Income to Average Net Assets***		2.25%		3.28%		3.68%		4.09%
Portfolio Turnover Rate		118%		126%		147%		86%^

Class D Shares

	Janus Global Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$10.47		$10.35		$10.00
Income from Investment Operations:
Net investment income		0.28		0.26		0.18
Net gain/(loss) on investments (both realized and unrealized)		(0.34)		0.24		0.32
Total from Investment Operations		(0.06)		0.50		0.50
Less Distributions and Other:
Dividends (from net investment income)*		(0.12)		(0.30)		(0.15)
Distributions (from capital gains)*		(0.25)		(0.08)		–
Return of capital		(0.19)		N/A		N/A
Total Distributions and Other		(0.56)		(0.38)		(0.15)
Net Asset Value, End of Period		$9.85		$10.47		$10.35
Total Return**		(0.84)%		4.90%		5.06%
Net Assets, End of Period (in thousands)		$9,875		$10,240		$4,876
Average Net Assets for the Period (in thousands)		$11,610		$10,566		$2,296
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.16%		1.31%		2.92%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.90%		0.91%		0.72%
Ratio of Net Investment Income to Average Net Assets***		2.43%		2.64%		3.08%
Portfolio Turnover Rate		182%		222%		173%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from February 16, 2010 (inception date) through June 30, 2010.
(2)	Period from December 28, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

78 | JUNE 30, 2013

Class D Shares

	Janus High-Yield Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$9.00		$9.13		$8.45		$8.27
Income from Investment Operations:
Net investment income		0.59		0.64		0.67		0.26
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.13)		0.68		0.18
Total from Investment Operations		0.74		0.51		1.35		0.44
Less Distributions and Other:
Dividends (from net investment income)*		(0.59)		(0.64)		(0.67)		(0.26)
Distributions (from capital gains)*		(0.01)		–		–		–
Redemption fees		N/A		–(2)		–(2)		–(2)
Total Distributions and Other		(0.60)		(0.64)		(0.67)		(0.26)
Net Asset Value, End of Period		$9.14		$9.00		$9.13		$8.45
Total Return**		8.33%		5.94%		16.28%(3)		5.31%
Net Assets, End of Period (in thousands)		$360,924		$328,700		$317,038		$247,945
Average Net Assets for the Period (in thousands)		$361,587		$310,872		$292,765		$245,710
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.76%		0.76%		0.77%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.77%		0.76%		0.76%		0.77%
Ratio of Net Investment Income to Average Net Assets***		6.30%		7.15%		7.41%		8.27%
Portfolio Turnover Rate		93%		61%		92%		61%^

Class D Shares

	Janus Short-Term Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$3.09		$3.09		$3.09		$3.08
Income from Investment Operations:
Net investment income		0.05		0.06		0.07		0.03
Net gain/(loss) on investments (both realized and unrealized)		(0.02)		0.01		0.02		0.01
Total from Investment Operations		0.03		0.07		0.09		0.04
Less Distributions:
Dividends (from net investment income)*		(0.05)		(0.06)		(0.07)		(0.03)
Distributions (from capital gains)*		(0.02)		(0.01)		(0.02)		–
Total Distributions		(0.07)		(0.07)		(0.09)		(0.03)
Net Asset Value, End of Period		$3.05		$3.09		$3.09		$3.09
Total Return**		1.01%		2.30%		3.12%		1.21%
Net Assets, End of Period (in thousands)		$208,522		$207,395		$210,532		$227,147
Average Net Assets for the Period (in thousands)		$210,423		$207,647		$221,970		$221,604
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.74%		0.72%		0.74%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.69%		0.69%		0.67%		0.67%
Ratio of Net Investment Income to Average Net Assets***		1.60%		2.07%		2.25%		2.42%
Portfolio Turnover Rate		100%		93%		100%		33%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from February 16, 2010 (inception date) through June 30, 2010.
(2)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)	Impact on performance due to reimbursement from advisor was 0.51%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 79

Financial Highlights - Fixed Income Funds  (continued)

Class I Shares

For a share outstanding during each year or period ended June 30	Janus Flexible Bond Fund
and the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$10.85		$10.54		$10.70		$10.41		$9.97
Income from Investment Operations:
Net investment income		0.32		0.38		0.40		0.30		0.15
Net gain/(loss) on investments (both realized and unrealized)		(0.14)		0.46		0.18		0.35		0.44
Total from Investment Operations		0.18		0.84		0.58		0.65		0.59
Less Distributions:
Dividends (from net investment income)*		(0.32)		(0.38)		(0.40)		(0.30)		(0.15)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		(0.06)		–
Total Distributions		(0.53)		(0.53)		(0.74)		(0.36)		(0.15)
Net Asset Value, End of Period		$10.50		$10.85		$10.54		$10.70		$10.41
Total Return**		1.66%		8.21%		5.62%		6.32%		5.96%
Net Assets, End of Period (in thousands)		$2,918,160		$1,691,809		$1,230,115		$767,784		$453,037
Average Net Assets for the Period (in thousands)		$2,181,783		$1,567,379		$1,067,665		$609,814		$202,602
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.56%		0.55%		0.58%		0.59%		0.48%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.55%		0.55%		0.56%		0.55%		0.48%
Ratio of Net Investment Income to Average Net Assets***		2.28%		3.29%		3.72%		4.24%		4.55%
Portfolio Turnover Rate		118%		126%		147%		86%^		215%

Class I Shares

	Janus Global Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(3)
Net Asset Value, Beginning of Period		$10.47		$10.34		$10.00
Income from Investment Operations:
Net investment income		0.31		0.29		0.19
Net gain/(loss) on investments (both realized and unrealized)		(0.37)		0.24		0.31
Total from Investment Operations		(0.06)		0.53		0.50
Less Distributions and Other:
Dividends (from net investment income)*		(0.12)		(0.32)		(0.16)
Distributions (from capital gains)*		(0.25)		(0.08)		–
Return of capital		(0.20)		N/A		N/A
Total Distributions and Other		(0.57)		(0.40)		(0.16)
Net Asset Value, End of Period		$9.84		$10.47		$10.34
Total Return**		(0.79)%		5.15%		5.02%
Net Assets, End of Period (in thousands)		$234,166		$14,810		$10,464
Average Net Assets for the Period (in thousands)		$74,492		$12,500		$7,863
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.75%		1.13%		3.13%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.75%		0.76%		0.77%
Ratio of Net Investment Income to Average Net Assets***		2.27%		2.77%		3.06%
Portfolio Turnover Rate		182%		222%		173%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Period from December 28, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

80 | JUNE 30, 2013

Class I Shares

For a share outstanding during each year or period ended June 30 and	Janus High-Yield Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$9.01		$9.13		$8.45		$8.28		$7.61
Income from Investment Operations:
Net investment income		0.60		0.64		0.67		0.48		0.28
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.11)		0.68		0.17		0.67
Total from Investment Operations		0.75		0.53		1.35		0.65		0.95
Less Distributions and Other:
Dividends (from net investment income)*		(0.60)		(0.65)		(0.67)		(0.48)		(0.28)
Distributions (from capital gains)*		(0.01)		–		–		–		–
Redemption fees		N/A		–(3)		–(3)		–(3)		–
Total Distributions and Other		(0.61)		(0.65)		(0.67)		(0.48)		(0.28)
Net Asset Value, End of Period		$9.15		$9.01		$9.13		$8.45		$8.28
Total Return**		8.43%		6.13%		16.35%(4)		7.98%		12.60%
Net Assets, End of Period (in thousands)		$236,426		$241,339		$174,961		$73,042		$22,052
Average Net Assets for the Period (in thousands)		$285,515		$226,809		$178,564		$43,060		$14,845
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.68%		0.68%		0.70%		0.64%		0.66%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.68%		0.68%		0.70%		0.64%		0.66%
Ratio of Net Investment Income to Average Net Assets***		6.38%		7.23%		7.43%		8.50%		10.33%
Portfolio Turnover Rate		93%		61%		92%		61%^		97%

Class I Shares

For a share outstanding during each year or period ended June 30 and	Janus Short-Term Bond Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$3.08		$3.08		$3.09		$3.06		$3.01
Income from Investment Operations:
Net investment income		0.05		0.07		0.07		0.06		0.03
Net gain/(loss) on investments (both realized and unrealized)		(0.01)		0.01		0.01		0.02		0.05
Total from Investment Operations		0.04		0.08		0.08		0.08		0.08
Less Distributions:
Dividends (from net investment income)*		(0.05)		(0.07)		(0.07)		(0.05)		(0.03)
Distributions (from capital gains)*		(0.02)		(0.01)		(0.02)		–		–
Total Distributions		(0.07)		(0.08)		(0.09)		(0.05)		(0.03)
Net Asset Value, End of Period		$3.05		$3.08		$3.08		$3.09		$3.06
Total Return**		1.48%		2.43%		2.91%		2.82%		2.75%
Net Assets, End of Period (in thousands)		$315,482		$275,345		$543,799		$171,201		$69,785
Average Net Assets for the Period (in thousands)		$307,611		$387,327		$350,062		$115,010		$8,399
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.66%		0.64%		0.63%		0.59%		0.79%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.55%		0.55%		0.56%		0.55%		0.57%
Ratio of Net Investment Income to Average Net Assets***		1.73%		2.22%		2.39%		2.64%		2.85%
Portfolio Turnover Rate		100%		93%		100%		33%^		57%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)	Impact on performance due to reimbursement from advisor was 0.51%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 81

Financial Highlights - Fixed Income Funds  (continued)

Class N Shares

	Janus Flexible Bond Fund				Janus High-Yield Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)		2013		2012(1)
Net Asset Value, Beginning of Period		$10.85		$10.82		$9.01		$8.92
Income from Investment Operations:
Net investment income		0.39		0.05		0.60		0.06
Net gain/(loss) on investments (both realized and unrealized)		(0.19)		0.01		0.14		0.08
Total from Investment Operations		0.20		0.06		0.74		0.14
Less Distributions:
Dividends (from net investment income)*		(0.34)		(0.03)		(0.60)		(0.05)
Distributions (from capital gains)*		(0.21)		–		(0.01)		–
Total Distributions		(0.55)		(0.03)		(0.61)		(0.05)
Net Asset Value, End of Period		$10.50		$10.85		$9.14		$9.01
Total Return**		1.77%		0.57%		8.38%		1.63%
Net Assets, End of Period (in thousands)		$64,760		$253,638		$6,738		$4,392
Average Net Assets for the Period (in thousands)		$210,599		$196,727		$8,788		$3,390
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.44%		0.46%		0.61%		0.61%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.44%		0.46%		0.61%		0.61%
Ratio of Net Investment Income to Average Net Assets***		2.45%		2.78%		6.47%		6.86%
Portfolio Turnover Rate		118%		126%		93%		61%

Class N Shares

	Janus Short-Term Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$3.08		$3.08
Income from Investment Operations:
Net investment income		0.05		–
Net gain/(loss) on investments (both realized and unrealized)		(0.01)		–
Total from Investment Operations		0.04		–
Less Distributions:
Dividends (from net investment income)*		(0.05)		–
Distributions (from capital gains)*		(0.02)		–
Total Distributions		(0.07)		–
Net Asset Value, End of Period		$3.05		$3.08
Total Return**		1.48%		0.17%
Net Assets, End of Period (in thousands)		$37,619		$34,342
Average Net Assets for the Period (in thousands)		$37,659		$26,909
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.60%		0.61%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.55%		0.56%
Ratio of Net Investment Income to Average Net Assets***		1.74%		1.80%
Portfolio Turnover Rate		100%		93%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from May 31, 2012 (inception date) through June 30, 2012.

See Notes to Financial Statements.

82 | JUNE 30, 2013

Class R Shares

For a share outstanding during each year or period ended June 30 and the	Janus Flexible Bond Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$10.85		$10.54		$10.70		$10.42		$9.97
Income from Investment Operations:
Net investment income		0.26		0.31		0.33		0.25		0.13
Net gain/(loss) on investments (both realized and unrealized)		(0.14)		0.46		0.18		0.34		0.45
Total from Investment Operations		0.12		0.77		0.51		0.59		0.58
Less Distributions:
Dividends (from net investment income)*		(0.26)		(0.31)		(0.33)		(0.25)		(0.13)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		(0.06)		–
Total Distributions		(0.47)		(0.46)		(0.67)		(0.31)		(0.13)
Net Asset Value, End of Period		$10.50		$10.85		$10.54		$10.70		$10.42
Total Return**		1.02%		7.54%		4.94%		5.76%		5.81%
Net Assets, End of Period (in thousands)		$30,080		$26,212		$9,585		$5,582		$3,120
Average Net Assets for the Period (in thousands)		$29,460		$13,660		$7,906		$4,675		$2,700
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.17%		1.18%		1.20%		1.20%		1.25%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.17%		1.18%		1.20%		1.20%		1.24%
Ratio of Net Investment Income to Average Net Assets***		1.67%		2.63%		3.06%		3.59%		3.83%
Portfolio Turnover Rate		118%		126%		147%		86%^		215%

Class R Shares

For a share outstanding during each year or period ended June 30 and the	Janus High-Yield Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$9.00		$9.13		$8.45		$8.28		$7.61
Income from Investment Operations:
Net investment income		0.53		0.59		0.61		0.45		0.26
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.13)		0.68		0.17		0.67
Total from Investment Operations		0.68		0.46		1.29		0.62		0.93
Less Distributions and Other:
Dividends (from net investment income)*		(0.53)		(0.59)		(0.61)		(0.45)		(0.26)
Distributions (from capital gains)*		(0.01)		–		–		–		–
Redemption fees		N/A		–(3)		–(3)		–		–
Total Distributions and Other		(0.54)		(0.59)		(0.61)		(0.45)		(0.26)
Net Asset Value, End of Period		$9.14		$9.00		$9.13		$8.45		$8.28
Total Return**		7.68%		5.38%		15.62%(4)		7.46%		12.33%
Net Assets, End of Period (in thousands)		$1,666		$1,082		$1,100		$876		$959
Average Net Assets for the Period (in thousands)		$1,459		$1,081		$997		$1,095		$885
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.37%		1.29%		1.33%		1.37%		1.41%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.37%		1.29%		1.33%		1.37%		1.41%
Ratio of Net Investment Income to Average Net Assets***		5.67%		6.64%		6.85%		7.88%		9.83%
Portfolio Turnover Rate		93%		61%		92%		61%^		97%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)	Impact on performance due to reimbursement from advisor was 0.50%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 83

Financial Highlights - Fixed Income Funds  (continued)

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Janus Flexible Bond Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$10.85		$10.55		$10.71		$10.42		$9.97
Income from Investment Operations:
Net investment income		0.28		0.34		0.35		0.27		0.14
Net gain/(loss) on investments (both realized and unrealized)		(0.14)		0.45		0.19		0.35		0.45
Total from Investment Operations		0.14		0.79		0.54		0.62		0.59
Less Distributions:
Dividends (from net investment income)*		(0.28)		(0.34)		(0.36)		(0.27)		(0.14)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		(0.06)		–
Total Distributions		(0.49)		(0.49)		(0.70)		(0.33)		(0.14)
Net Asset Value, End of Period		$10.50		$10.85		$10.55		$10.71		$10.42
Total Return**		1.26%		7.69%		5.21%		6.04%		5.89%
Net Assets, End of Period (in thousands)		$75,202		$74,154		$57,799		$61,541		$70,553
Average Net Assets for the Period (in thousands)		$78,304		$66,641		$60,614		$66,480		$67,591
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.95%		0.95%		0.95%		0.95%		0.99%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.94%		0.94%		0.95%		0.95%		0.99%
Ratio of Net Investment Income to Average Net Assets***		1.91%		2.92%		3.31%		3.87%		4.10%
Portfolio Turnover Rate		118%		126%		147%		86%^		215%

Class S Shares

	Janus Global Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(3)
Net Asset Value, Beginning of Period		$10.49		$10.36		$10.00
Income from Investment Operations:
Net investment income		0.26		0.25		0.20
Net gain/(loss) on investments (both realized and unrealized)		(0.35)		0.23		0.29
Total from Investment Operations		(0.09)		0.48		0.49
Less Distributions and Other:
Dividends (from net investment income)*		(0.11)		(0.27)		(0.13)
Distributions (from capital gains)*		(0.25)		(0.08)		–
Return of capital		(0.17)		N/A		N/A
Total Distributions and Other		(0.53)		(0.35)		(0.13)
Net Asset Value, End of Period		$9.87		$10.49		$10.36
Total Return**		(1.06)%		4.69%		4.96%
Net Assets, End of Period (in thousands)		$905		$915		$875
Average Net Assets for the Period (in thousands)		$943		$895		$851
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.49%		1.62%		3.84%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.13%		1.20%		0.86%(4)
Ratio of Net Investment Income to Average Net Assets***		2.20%		2.33%		2.97%
Portfolio Turnover Rate		182%		222%		173%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Period from December 28, 2010 (inception date) through June 30, 2011.
(4)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would be 1.27% without the waiver of these fees and expenses.

See Notes to Financial Statements.

84 | JUNE 30, 2013

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Janus High-Yield Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$9.02		$9.15		$8.47		$8.29		$7.61
Income from Investment Operations:
Net investment income		0.56		0.61		0.63		0.46		0.27
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.13)		0.68		0.17		0.67
Total from Investment Operations		0.71		0.48		1.31		0.63		0.94
Less Distributions and Other:
Dividends (from net investment income)*		(0.56)		(0.61)		(0.63)		(0.45)		(0.27)
Distributions (from capital gains)*		(0.01)		–		–		–		–
Redemption fees		N/A		–(3)		–(3)		–(3)		0.01
Total Distributions and Other		(0.57)		(0.61)		(0.63)		(0.45)		(0.26)
Net Asset Value, End of Period		$9.16		$9.02		$9.15		$8.47		$8.29
Total Return**		7.95%		5.57%		15.83%(4)		7.77%		12.55%
Net Assets, End of Period (in thousands)		$6,901		$6,213		$7,015		$6,354		$5,841
Average Net Assets for the Period (in thousands)		$6,893		$5,959		$7,079		$6,774		$5,037
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.12%		1.11%		1.13%		1.12%		1.18%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.12%		1.11%		1.13%		1.12%		1.18%
Ratio of Net Investment Income to Average Net Assets***		5.96%		6.80%		7.05%		8.12%		9.82%
Portfolio Turnover Rate		93%		61%		92%		61%^		97%

Class S Shares

For a share outstanding during each year or period ended June 30 and the period	Janus Short-Term Bond Fund
ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$3.08		$3.08		$3.08		$3.06		$3.01
Income from Investment Operations:
Net investment income		0.04		0.05		0.06		0.04		0.03
Net gain/(loss) on investments (both realized and unrealized)		(0.01)		0.01		0.02		0.03		0.05
Total from Investment Operations		0.03		0.06		0.08		0.07		0.08
Less Distributions:
Dividends (from net investment income)*		(0.04)		(0.05)		(0.06)		(0.05)		(0.03)
Distributions (from capital gains)*		(0.02)		(0.01)		(0.02)		–		–
Total Distributions		(0.06)		(0.06)		(0.08)		(0.05)		(0.03)
Net Asset Value, End of Period		$3.05		$3.08		$3.08		$3.08		$3.06
Total Return**		1.03%		1.98%		2.74%		2.16%		2.62%
Net Assets, End of Period (in thousands)		$5,149		$5,127		$5,692		$5,145		$4,549
Average Net Assets for the Period (in thousands)		$5,117		$5,547		$5,172		$4,928		$2,543
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.09%		1.06%		1.08%		1.09%		1.13%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.99%		1.00%		1.03%		1.05%		1.06%
Ratio of Net Investment Income to Average Net Assets***		1.29%		1.77%		1.90%		2.20%		2.59%
Portfolio Turnover Rate		100%		93%		100%		33%^		57%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)	Impact on performance due to reimbursement from advisor was 0.50%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 85

Financial Highlights - Fixed Income Funds  (continued)

Class T Shares

For a share outstanding during each year or period	Janus Flexible Bond Fund
ended June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$10.85		$10.54		$10.70		$10.42		$9.09		$9.45
Income from Investment Operations:
Net investment income		0.31		0.36		0.38		0.29		0.43		0.42
Net gain/(loss) on investments (both realized and unrealized)		(0.15)		0.46		0.18		0.34		1.33		(0.36)
Total from Investment Operations		0.16		0.82		0.56		0.63		1.76		0.06
Less Distributions:
Dividends (from net investment income)*		(0.31)		(0.36)		(0.38)		(0.29)		(0.43)		(0.42)
Distributions (from capital gains)*		(0.21)		(0.15)		(0.34)		(0.06)		–		–
Total Distributions		(0.52)		(0.51)		(0.72)		(0.35)		(0.43)		(0.42)
Net Asset Value, End of Period		$10.49		$10.85		$10.54		$10.70		$10.42		$9.09
Total Return**		1.42%		8.06%		5.47%		6.13%		19.74%		0.50%
Net Assets, End of Period (in thousands)		$1,165,892		$1,286,847		$794,629		$641,811		$1,086,604		$740,543
Average Net Assets for the Period (in thousands)		$1,333,891		$1,033,338		$727,010		$831,851		$915,900		$855,399
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.70%		0.70%		0.70%		0.66%		0.73%		0.78%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.69%		0.69%		0.70%		0.66%		0.73%		0.77%
Ratio of Net Investment Income to Average Net Assets***		2.16%		3.14%		3.56%		4.19%		4.34%		4.32%
Portfolio Turnover Rate		118%		126%		147%		86%^		215%		185%

Class T Shares

	Janus Global Bond Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(2)
Net Asset Value, Beginning of Period		$10.48		$10.35		$10.00
Income from Investment Operations:
Net investment income		0.27		0.31		0.16
Net gain/(loss) on investments (both realized and unrealized)		(0.34)		0.19		0.34
Total from Investment Operations		(0.07)		0.50		0.50
Less Distributions and Other:
Dividends (from net investment income)*		(0.12)		(0.29)		(0.15)
Distributions (from capital gains)*		(0.25)		(0.08)		–
Return of capital		(0.18)		N/A		N/A
Total Distributions and Other		(0.55)		(0.37)		(0.15)
Net Asset Value, End of Period		$9.86		$10.48		$10.35
Total Return**		(0.91)%		4.90%		4.99%
Net Assets, End of Period (in thousands)		$6,935		$2,317		$8,808
Average Net Assets for the Period (in thousands)		$4,055		$4,904		$1,739
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.19%		1.38%		2.33%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.98%		1.00%		0.68%(3)
Ratio of Net Investment Income to Average Net Assets***		2.29%		2.44%		2.92%
Portfolio Turnover Rate		182%		222%		173%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from December 28, 2010 (inception date) through June 30, 2011.
(3)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would be 1.01% without the waiver of these fees and expenses.

See Notes to Financial Statements.

86 | JUNE 30, 2013

Class T Shares

For a share outstanding during each year or period	Janus High-Yield Fund
ended June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$9.00		$9.13		$8.45		$8.28		$6.94		$9.53
Income from Investment Operations:
Net investment income		0.58		0.63		0.65		0.47		0.93		0.73
Net gain/(loss) on investments (both realized and unrealized)		0.15		(0.13)		0.69		0.17		1.34		(2.59)
Total from Investment Operations		0.73		0.50		1.34		0.64		2.27		(1.86)
Less Distributions and Other:
Dividends (from net investment income)*		(0.58)		(0.63)		(0.66)		(0.47)		(0.93)		(0.73)
Distributions (from capital gains)*		(0.01)		–		–		–		–		–
Redemption fees		N/A		–(2)		–(2)		–(2)		–(2)		–(2)
Total Distributions and Other		(0.59)		(0.63)		(0.66)		(0.47)		(0.93)		(0.73)
Net Asset Value, End of Period		$9.14		$9.00		$9.13		$8.45		$8.28		$6.94
Total Return**		8.23%		5.83%		16.14%(3)		7.83%		35.34%		(20.74)%
Net Assets, End of Period (in thousands)		$1,310,580		$1,269,091		$1,060,678		$707,010		$881,347		$381,290
Average Net Assets for the Period (in thousands)		$1,401,785		$1,107,108		$875,192		$819,927		$574,291		$510,868
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.87%		0.86%		0.88%		0.86%		0.89%		0.90%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.86%		0.86%		0.88%		0.86%		0.89%		0.89%
Ratio of Net Investment Income to Average Net Assets***		6.21%		7.05%		7.28%		8.42%		12.44%		8.26%
Portfolio Turnover Rate		93%		61%		92%		61%^		97%		109%

Class T Shares

For a share outstanding during each year or period	Janus Short-Term Bond Fund
ended June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$3.09		$3.09		$3.09		$3.06		$2.87		$2.88
Income from Investment Operations:
Net investment income		0.05		0.06		0.07		0.05		0.10		0.10
Net gain/(loss) on investments (both realized and unrealized)		(0.02)		0.01		0.02		0.03		0.19		(0.01)
Total from Investment Operations		0.03		0.07		0.09		0.08		0.29		0.09
Less Distributions:
Dividends (from net investment income)*		(0.05)		(0.06)		(0.07)		(0.05)		(0.10)		(0.10)
Distributions (from capital gains)*		(0.02)		(0.01)		(0.02)		–		–		–
Total Distributions		(0.07)		(0.07)		(0.09)		(0.05)		(0.10)		(0.10)
Net Asset Value, End of Period		$3.05		$3.09		$3.09		$3.09		$3.06		$2.87
Total Return**		0.90%		2.18%		2.99%		2.68%		10.35%		3.24%
Net Assets, End of Period (in thousands)		$2,209,497		$2,022,283		$1,953,155		$1,956,871		$1,212,465		$231,823
Average Net Assets for the Period (in thousands)		$2,200,413		$1,915,783		$1,950,013		$1,637,559		$588,441		$193,360
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.85%		0.84%		0.84%		0.83%		0.87%		0.98%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.80%		0.80%		0.80%		0.79%		0.72%		0.64%
Ratio of Net Investment Income to Average Net Assets***		1.49%		1.95%		2.16%		2.44%		3.46%		3.51%
Portfolio Turnover Rate		100%		93%		100%		33%^		57%		127%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)	Impact on performance due to reimbursement from advisor was 0.51%.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 87

Statements of Assets and Liabilities - Money Market Funds

As of June 30, 2013	Janus Government		Janus Money
(all numbers in thousands except net asset value per share)	Money Market Fund		Market Fund
Assets:
Investments at cost(1)	$	181,934	$	1,268,290
Investments at value	$	146,634	$	715,290
Repurchase agreements		35,300		553,000
Cash		97		–
Receivables:
Fund shares sold		27		1,396
Interest		15		89
Non-interested Trustees’ deferred compensation		3		22
Other assets		–		–
Total Assets		182,076		1,269,797
Liabilities:
Payables:
Due to custodian		–		50
Fund shares repurchased		270		1,945
Dividends		–		1
Advisory fees		14		96
Administrative services fees		2		10
Non-interested Trustees’ fees and expenses		3		17
Non-interested Trustees’ deferred compensation fees		3		22
Accrued expenses and other payables		36		38
Total Liabilities		328		2,179
Net Assets	$	181,748	$	1,267,618
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	181,763	$	1,267,649
Undistributed net investment loss*		(15)		(33)
Undistributed net realized gain from investment and foreign currency transactions*		–		–
Unrealized net appreciation of investments, foreign currency translations and non-interested Trustees’ deferred compensation		–		2
Total Net Assets	$	181,748	$	1,267,618
Net Assets - Class D Shares	$	175,179	$	1,077,369
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		175,194		1,077,392
Net Asset Value Per Share	$	1.00	$	1.00
Net Assets - Class T Shares	$	6,569	$	190,249
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,569		190,258
Net Asset Value Per Share	$	1.00	$	1.00

*	See Note 5 in Notes to Financial Statements.
(1)	Includes cost of repurchase agreements of $35,300,000 and $553,000,000 for Janus Government Money Market Fund and Janus Money Market Fund, respectively.

See Notes to Financial Statements.

88 | JUNE 30, 2013

Statements of Operations - Money Market Funds

For the year ended June 30, 2013	Janus Government		Janus
(all numbers in thousands)	Money Market Fund		Money Market Fund
Investment Income:
Interest	$	349	$	2,175
Total Investment Income		349		2,175
Expenses:
Advisory fees		365		2,488
Professional fees		56		67
Non-interested Trustees’ fees and expenses		3		69
Administrative services fees - Class D Shares		820		4,918
Administrative services fees - Class T Shares		27		855
Other expenses		1		–
Total Expenses		1,272		8,397
Less: Excess Expense Reimbursement		(932)		(6,279)
Net Expenses after Waivers and Expense Offsets		340		2,118
Net Investment Income		9		57
Net Realized and Unrealized Gain/(Loss) on Investments:
Change in unrealized net appreciation/(depreciation) of non-interested Trustees’ deferred compensation		–		2
Net Gain on Investments		–		2
Net Increase in Net Assets Resulting from Operations	$	9	$	59

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 89

Statements of Changes in Net Assets - Money Market Funds

	Janus Government				Janus Money
For each year ended June 30	Money Market Fund				Market Fund
(all numbers in thousands)	2013		2012		2013		2012
Operations:
Net investment income	$	9	$	6	$	57	$	59
Net realized gain from investment and foreign currency transactions		–		–		–		–
Change in unrealized net appreciation/(depreciation) of non-interested Trustees’ deferred compensation		–		–		2		(2)
Net Increase in Net Assets Resulting from Operations		9		6		59		57
Dividends and Distributions to Shareholders:
Net Investment Income*
Class D Shares		(9)		(6)		(51)		(50)
Class T Shares		–		–		(9)		(7)
Net Realized Gain/(Loss) from Investment Transactions*
Class D Shares		–		(2)		–		(6)
Class T Shares		–		–		–		(1)
Net Decrease from Dividends and Distributions		(9)		(8)		(60)		(64)
Capital Share Transactions:
Shares Sold
Class D Shares		74,214		79,886		574,480		623,381
Class T Shares		4,552		5,053		109,753		103,157
Reinvested Dividends and Distributions
Class D Shares		8		7		40		52
Class T Shares		–		–		4		4
Shares Repurchased
Class D Shares		(81,354)		(86,828)		(586,410)		(639,464)
Class T Shares		(3,302)		(5,466)		(87,185)		(100,027)
Net Increase/(Decrease) from Capital Share Transactions		(5,882)		(7,348)		10,682		(12,897)
Net Increase/(Decrease) in Net Assets		(5,882)		(7,350)		10,681		(12,904)
Net Assets:
Beginning of period		187,630		194,980		1,256,937		1,269,841
End of period	$	181,748	$	187,630	$	1,267,618	$	1,256,937
Undistributed Net Investment Loss*	$	(15)	$	(15)	$	(33)	$	(36)

* See Note 5 in Notes to Financial Statements.

See Notes to Financial Statements.

90 | JUNE 30, 2013

Financial Highlights - Money Market Funds

Class D Shares

	Janus Government Money Market Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$1.00		$1.00		$1.00		$1.00
Income from Investment Operations:
Net investment income		–		–		–		–
Net gain on investments (both realized and unrealized)		–		–		–		–
Total from Investment Operations		–		–		–		–
Less Distributions:
Dividends (from net investment income)*		–		–		–		–
Distributions (from capital gains)*		–		–		–		–
Total Distributions		–		–		–		–
Net Asset Value, End of Period		$1.00		$1.00		$1.00		$1.00
Total Return**		0.01%		0.00%		0.00%		0.01%
Net Assets, End of Period (in thousands)		$175,179		$182,311		$189,249		$211,746
Average Net Assets for the Period (in thousands)		$178,560		$190,180		$199,694		$209,798
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.69%		0.69%		0.71%		0.68%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.18%		0.18%		0.23%		0.26%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.00%		0.00%		0.00%		(0.03)%

Class D Shares

	Janus Money Market Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$1.00		$1.00		$1.00		$1.00
Income from Investment Operations:
Net investment income		–		–		–		–
Net gain on investments (both realized and unrealized)		–		–		–		–
Total from Investment Operations		–		–		–		–
Less Distributions:
Dividends (from net investment income)*		–		–		–		–
Distributions (from capital gains)*		–		–		–		–
Total Distributions		–		–		–		–
Net Asset Value, End of Period		$1.00		$1.00		$1.00		$1.00
Total Return**		0.00%		0.00%		0.01%		0.00%
Net Assets, End of Period (in thousands)		$1,077,369		$1,089,252		$1,105,288		$1,236,987
Average Net Assets for the Period (in thousands)		$1,070,220		$1,131,399		$1,148,654		$1,244,263
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.67%		0.67%		0.67%		0.67%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.17%		0.14%		0.22%		0.24%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.00%		0.00%		0.00%		0.01%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from February 16, 2010 (inception date) through June 30, 2010.

See Notes to Financial Statements.

Janus Fixed Income & Money Market Funds | 91

Financial Highlights - Money Market Funds  (continued)

Class T Shares

For a share outstanding during each year or period ended June 30	Janus Government Money Market Fund
and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from Investment Operations:
Net investment income		–		–		–		0.01(2)		–		0.02
Net gain/(loss) on investments (both realized and unrealized)		–		–		–		(0.01)(2)		–		–
Total from Investment Operations		–		–		–		–		–		0.02
Less Distributions:
Dividends (from net investment income)*		–		–		–		–		–		(0.02)
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		–		–		–		–		–		(0.02)
Net Asset Value, End of Period		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total Return**		0.01%		0.00%		0.00%		0.02%		0.08%		2.46%
Net Assets, End of Period (in thousands)		$6,569		$5,319		$5,731		$4,446		$228,531		$312,248
Average Net Assets for the Period (in thousands)		$5,526		$5,267		$4,596		$100,419		$273,901		$225,293
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.73%		0.71%		0.74%		0.72%		0.73%		0.72%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.18%		0.18%		0.22%		0.24%		0.55%		0.62%
Ratio of Net Investment Income to Average Net Assets***		0.00%		0.00%		0.00%		0.05%		0.10%		2.33%

Class T Shares

For a share outstanding during each year or period	Janus Money Market Fund
ended June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from Investment Operations:
Net investment income		–		–		–		–		–		0.03
Net gain/(loss) on investments (both realized and unrealized)		–		–		–		–		–		–
Total from Investment Operations		–		–		–		–		–		0.03
Less Distributions:
Dividends (from net investment income)*		–		–		–		–		–		(0.03)
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		–		–		–		–		–		(0.03)
Net Asset Value, End of Period		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total Return**		0.00%		0.00%		0.01%		0.00%		0.18%		2.76%
Net Assets, End of Period (in thousands)		$190,249		$167,685		$164,553		$166,308		$1,517,715		$1,983,438
Average Net Assets for the Period (in thousands)		$178,310		$162,966		$163,660		$741,343		$1,785,483		$1,931,685
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.69%		0.69%		0.69%		0.71%		0.73%		0.71%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.17%		0.14%		0.22%		0.25%		0.54%		0.61%
Ratio of Net Investment Income to Average Net Assets***		0.00%		0.00%		0.00%		0.00%		0.20%		2.68%

*	See Note 5 in Notes to Financial Statements.
**	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 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Due to decreased shares outstanding during the period, amounts shown for a share outstanding do not correspond with the aggregate net investment income and net gain/(loss) on investments.

See Notes to Financial Statements.

92 | JUNE 30, 2013

Notes to Financial Statements

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.

1.  Organization and Significant Accounting Policies

Janus Flexible Bond Fund, Janus Global Bond Fund, Janus High-Yield Fund and Janus Short-Term Bond Fund (collectively, the “Fixed Income Funds”) and Janus Government Money Market Fund and Janus Money Market Fund (collectively, the “Money Market Funds”) are series funds. The Fixed Income Funds and the Money Market Funds (individually, a “Fund” and collectively, the “Funds”) are part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The financial statements include information for the fiscal year ended June 30, 2013. The Trust offers forty-four funds which include multiple series of shares, with differing investment objectives and policies. The Fixed Income Funds invest primarily in income-producing securities. The Money Market Funds invest primarily in short-term money market securities. Each Fixed Income Fund in this report is classified as diversified, as defined in the 1940 Act.

Each Fixed Income Fund in this report offers multiple classes of shares in order to meet the needs of various types of investors. Each Money Market Fund offers Class D Shares and Class T Shares. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors. The Shares are available only to investors who hold accounts directly with the Janus funds and to immediate family members or members of the same household of an eligible individual investor. The Shares are not offered through financial intermediaries.

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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

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

Class 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 Management LLC (“Janus Capital”) or its affiliates to offer Class S Shares on their supermarket platforms.

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

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

Investment Valuation

Securities are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter (“OTC”) markets and listed securities for which no sales are reported are 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 Funds’ Trustees. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Investments held by the Money Market Funds are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium. Debt

Janus Fixed Income & Money Market Funds | 93

Notes to Financial Statements (continued)

securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Funds are identified between the closing of their principal markets and the time the net asset value (“NAV”) is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds’ Trustees. 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 non-valued security and a restricted or non-public security. The Funds use 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. Restricted and illiquid securities are valued in accordance with procedures established by the Funds’ Trustees.

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 Trust 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

Each Fund bears expenses incurred specifically on its behalf, as well as a portion of general expenses, which may be allocated pro rata to each Fund. Each class of shares bears expenses incurred specifically on its behalf and, in addition, each class 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.

Foreign Currency Translations

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

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

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

Dividend Distributions

Dividends are declared daily and distributed monthly for the Funds. Realized capital gains, if any, are declared and distributed in December.

94 | JUNE 30, 2013

The Fixed Income Funds 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 Funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

Each Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed each 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 Funds’ financial statements.

Restricted Cash

As of June 30, 2013, Janus High-Yield Fund had restricted cash in the amount of $15,000,000. The restricted cash is held at the Fund’s custodian, State Street Bank and Trust Company. The carrying value of the restricted cash approximates fair value.

Valuation Inputs Summary

In accordance with FASB guidance, the Funds utilize the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Funds’ investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are 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 Funds’ Trustees and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), warrants, swaps, investments in mutual funds, OTC options, and forward contracts. The Funds use 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. These are generally categorized as Level 2 in the hierarchy.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the FASB Guidance. These are categorized as Level 3 in the hierarchy.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2013 to value the Funds’ investments in securities and other financial instruments is included in

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Notes to Financial Statements (continued)

the “Valuation Inputs Summary” in the Notes to Schedules of Investments and Other Information.

FASB Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Funds shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. To meet the objective of the quantitative disclosure, the Funds may need to further disaggregate to provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

The Funds are not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Funds when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, the Funds cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Funds.

In addition, the Accounting Standards Update requires the Funds to provide a narrative sensitivity disclosure of the fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no transfers in or out of Level 1, Level 2 and Level 3 during the year.

The Funds recognize transfers between the levels as of the beginning of the fiscal year.

2.  Derivative Instruments

The Fixed Income Funds 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 Fixed Income Funds may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by one or more of the Fixed Income Funds during the year ended June 30, 2013 is discussed in further detail below. A summary of derivative activity by Fund is reflected in the tables at the end of this section.

The Fixed Income Funds may use derivative instruments for hedging (to offset risks associated with an investment, currency exposure, or market conditions) or for speculative (to seek to enhance returns) purposes. When the Fixed Income Funds invest in a derivative for speculative purposes, the Fixed Income Funds will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fixed Income Funds may not use any derivative to gain exposure to an asset or class of assets in which they would be prohibited by their respective investment restrictions from purchasing directly. The Fixed Income Funds’ ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fixed Income Funds to additional risks that they would not be subject to if they 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, including, but not limited to, counterparty risk, credit risk, currency risk, equity risk, index risk, interest rate risk, leverage risk, and liquidity risk, as described below.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC, such as options and structured notes, 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 Fixed Income Funds may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, a Fixed Income Fund may require the counterparty to post collateral if the Fixed Income Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

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

•  Counterparty Risk – Counterparty risk is 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 a Fixed Income Fund.

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

•  Currency Risk – Currency risk is 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 – Equity risk relates 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, a Fixed Income Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fixed Income 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 – Interest rate risk is the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause a Fixed Income Fund’s NAV to likewise decrease, and vice versa.

•  Leverage Risk – Leverage risk is 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. A Fixed Income Fund creates leverage by using borrowed capital to increase the amount invested, or investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

•  Liquidity Risk – Liquidity risk is 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.

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 Fixed Income Funds 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 Fixed Income Funds may also invest in forward currency contracts for nonhedging purposes such as seeking to enhance returns. The Fixed Income Funds are subject to currency risk in the normal course of pursuing their investment objectives through their investments in forward currency contracts.

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 contract is included in “Net realized gain/(loss) from investment and foreign currency transactions” on the Statements of Operations (if applicable).

The Fixed Income Funds do not require the counterparty to post collateral for forward currency contracts; however, the Fixed Income Funds will segregate cash or high-grade securities with their custodian in an amount at all times equal to or greater than the Fixed Income Funds’ commitment with respect to these contracts. Such segregated assets are denoted on the accompanying Schedules of Investments and are evaluated daily to ensure their market value equals or exceeds the current market value of the Fixed Income Funds’ corresponding forward currency contracts.

The following tables, grouped by derivative type, provide information about the fair value and location of derivatives within the Statements of Assets and Liabilities as of June 30, 2013.

Fair Value of Derivative Instruments as of June 30, 2013

Derivatives not accounted for as	Asset Derivatives			Liability Derivatives
hedging instruments	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Janus Global Bond Fund
Foreign Exchange Contracts	Forward currency contracts	$	454,158	Forward currency contracts	$	287,488
Total		$	454,158		$	287,488

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Notes to Financial Statements (continued)

The following tables provide information about the effect of derivatives and hedging activities on the Funds’ Statements of Operations for the year ended June 30, 2013.

The effect of Derivative Instruments on the Statement of Operations for the year ended June 30, 2013

Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
							Forward Currency
Derivatives not accounted for as hedging instruments	Futures		Swaps		Options		Contracts			Total
Janus Global Bond Fund
Foreign Exchange Contracts	$	–	$	–	$	–	$	(5,452,959	)	$	(5,452,959	)
Total	$	–	$	–	$	–	$	(5,452,959	)	$	(5,452,959	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
							Forward Currency
Derivatives not accounted for as hedging instruments	Futures		Swaps		Options		Contracts		Total
Janus Global Bond Fund
Foreign Exchange Contracts	$	–	$	–	$	–	$	148,352	$	148,352
Total	$	–	$	–	$	–	$	148,352	$	148,352

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

The value of derivative instruments at period end and the effect of derivatives on the Statements of Operations are indicative of the Fund’s volumes throughout the period.

3.  Other investments and strategies

Additional Investment Risk

The Fixed Income Funds may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer.

The financial crisis that began in 2008 has caused 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 have taken steps to support the financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding each could also 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 are impacting many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including a Fund, may not be fully known for some time. Because the situation is unprecedented and widespread, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude a 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 Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in July 2010 is dramatically changing the way in which the U.S. financial system is supervised and regulated. The Dodd-Frank Act provides for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expands federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act, on the Funds and the investment management industry as a whole, is not yet certain.

A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As a result, financial markets in the EU have been subject to 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 restructuring by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.

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,

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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 a 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.

Bank Loans

The Fixed Income Funds may invest in bank loans, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some bank loans may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Fixed Income Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fixed Income Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. Assignments and participations involve credit, interest rate, and liquidity risk. Janus Global Bond Fund’s non-U.S. bank loan investments are subject to the risks of foreign investment, including Eurozone risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to a Fixed Income Fund. The interest rates paid on a floating rate security in which the Fixed Income Funds invest generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year London Interbank Offered Rate (“LIBOR”). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates.

The Fixed Income Funds may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fixed Income Funds may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fixed Income Funds utilize an independent third party to value individual bank loans on a daily basis.

The average monthly value of borrowings outstanding under bank loan arrangements and the related rate range during the year ended June 30, 2013 is indicated in the table below:

	Average Monthly
Fund	Value		Rates
Fixed Income
Janus Flexible Bond Fund	$	43,150,194		0.0000% - 5.2500%
Janus Global Bond Fund		756,239		3.5000% - 4.5000%
Janus High-Yield Fund		141,604,236		0.0000% - 12.5000%
Janus Short-Term Bond Fund		16,868,228		1.4620% - 5.2500%

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to a 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 a Fund. A 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 a Fund’s exposure to counterparty risk in respect to financial assets approximates its carrying value as recorded on the Fund’s Statement of Assets and Liabilities.

A 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 a 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. A 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 a Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Floating Rate Loans

The Fixed Income Funds may invest in secured and unsecured 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 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

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Notes to Financial Statements (continued)

traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (“borrowers”) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fixed Income Funds may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fixed Income Funds generally expect to invest in fully funded term loans, certain of the loans in which the Fixed Income Funds 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 Fixed Income Funds may receive fees such as covenant waiver fees or prepayment penalty fees. A Fixed Income Fund may pay fees such as facility fees. Such fees may affect the Fixed Income Fund’s return.

Mortgage- and Asset-Backed Securities

The Funds may purchase fixed or variable rate 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. Historically, Fannie Maes and Freddie Macs were not backed by the full faith and credit of the U.S. Government, and may not be in the future. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Under the conservatorship, the management of Fannie Mae and Freddie Mac was replaced. Since 2008, 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 Funds may 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 automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying assets fail to perform, these investment vehicles could be forced to sell the assets and recognize losses on such assets, which could impact the Funds’ yield and your return.

Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Prepayment risk, which results from prepayments of the principal of underlying loans at a faster pace than expected, may shorten the effective maturities of these securities and may result in a Fund having to reinvest proceeds at a lower interest rate.

In addition to prepayment risk, investments in mortgage-backed securities, including those comprised of subprime mortgages, and investments in other asset-backed securities comprised of under-performing assets may be subject to a higher degree of credit risk, valuation risk, and liquidity risk. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Mortgage- and asset-backed securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying these securities to be paid more slowly than expected, increasing the Funds’ sensitivity to interest rate changes and causing its price to decline.

Real Estate Investing

The Fixed Income Funds 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 corporate bonds, preferred stocks, and other 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.

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Restricted Security Transactions

Restricted securities held by the Funds 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 Funds 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

A Fund may invest in U.S. and foreign government debt securities (“sovereign debt”). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors, including its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. A 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.

When-Issued Securities

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

4.  Investment Advisory Agreements and Other Transactions with Affiliates

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

			Contractual
			Investment
	Average		Advisory
	Daily Net Assets		Fee (%)
Fund	of the Fund		(annual rate)
Fixed Income
Janus Flexible Bond Fund	First $	300 Million		0.50
	Over $	300 Million		0.40
Janus Global Bond Fund	First $	1 Billion		0.60
	Next $	1 Billion		0.55
	Over $	2 Billion		0.50
Janus High-Yield Fund	First $	300 Million		0.65
	Over $	300 Million		0.55
Janus Short-Term Bond Fund	First $	300 Million		0.64
	Over $	300 Million		0.54
Money Market
Janus Government Money Market Fund		All Asset Levels		0.20
Janus Money Market Fund		All Asset Levels		0.20

Class D Shares and Class T Shares of each Money Market Fund compensate Janus Capital an administration fee at an annual rate of 0.46% and 0.48%, respectively, of average daily net assets. Janus Capital may voluntarily waive and/or reimburse administration fees to the extent necessary to assist the Money Market Funds in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of Janus Capital. There is no guarantee that the Money Market Funds will maintain a positive yield.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Funds’ 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 Funds.

Certain, but not all, intermediaries charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares of the Fixed Income Funds for administrative services provided on behalf of such

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Notes to Financial Statements (continued)

investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Funds to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Funds, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Funds. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships.

Class D Shares pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class R Shares, Class S Shares and Class T Shares of the Fixed Income Funds for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Funds. 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 each 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.

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

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services incurs for serving as transfer agent and providing servicing to shareholders.

Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, is the distributor of the Funds. The Funds have adopted a Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Fixed Income Funds to intermediaries at an annual rate, as determined from time to time by the Board of Trustees, 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. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Funds. If any of a Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statements of Operations.

Janus Capital has contractually agreed to waive the advisory fee payable by each Fixed Income Fund listed below in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rates shown below. Janus Capital has agreed to continue each waiver until at least November 1, 2013. If applicable, amounts reimbursed to the Funds by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statements of Operations.

	Expense
Fund	Limit (%)
Fixed Income
Janus Flexible Bond Fund		0.55
Janus Global Bond Fund		0.75
Janus High-Yield Fund		0.78
Janus Short-Term Bond Fund		0.55

For a period of three years subsequent to Janus Global Bond Fund’s commencement of operations or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. The recoupment of such reimbursements expires December 28, 2013. For the year ended June 30, 2013, total reimbursement by Janus Capital was $40,750, which includes a $17,351 recoupment for Class I Shares of the

102 | JUNE 30, 2013

Fund. As of June 30, 2013, the aggregate amount of recoupment that may potentially be made to Janus Capital is $345,576.

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 Funds. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Funds as unrealized appreciation/(depreciation) and is shown as of June 30, 2013 on the Statements of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a 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” for the Fixed Income Funds, and “Unrealized net appreciation/(depreciation) of investments for non-interested Trustees’ deferred compensation” for the Money Market Funds on the Statements of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2013 are included in “Non-interested Trustees’ fees and expenses” on the Statements 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 $243,941 were paid by the Trust to a Trustee under the Deferred Plan during the year ended June 30, 2013.

Certain officers of the Funds may also be officers and/or directors of Janus Capital. Each Fund pays for the salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Funds. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to each Fund. Some expenses related to compensation payable to the Funds’ Chief Compliance Officer and compliance staff are shared with the Funds. Total compensation of $487,826 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2013. Each Fund’s portion is reported as part of “Other Expenses” on the Statements of Operations.

Class A Shares of Janus Flexible Bond Fund, Janus Global Bond Fund and Janus High-Yield Fund include a 4.75% upfront sales charge of the offering price. Class A Shares of Janus Short-Term Bond Fund include a 2.50% upfront sales charge of the offering price. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended June 30, 2013, Janus Distributors retained the following upfront sales charges:

	Upfront
Fund (Class A Shares)	Sales Charge
Fixed Income
Janus Flexible Bond Fund	$	75,594
Janus Global Bond Fund		321
Janus High-Yield Fund		22,942
Janus Short-Term Bond Fund		16,895

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, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended June 30, 2013, redeeming shareholders of Class A Shares paid the following CDSCs to Janus Distributors:

Fund (Class A Shares)	CDSC
Fixed Income
Janus Flexible Bond Fund	$	10,745
Janus High-Yield Fund		1,700
Janus Short-Term Bond Fund		9,000

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. During the year ended June 30, 2013, redeeming shareholders of Class C Shares paid the following CDSCs:

Fund (Class C Shares)	CDSC
Fixed Income
Janus Flexible Bond Fund	$	96,964
Janus Global Bond Fund		107
Janus High-Yield Fund		10,991
Janus Short-Term Bond Fund		15,362

The Fixed Income Funds’ expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statements of Operations (if applicable). The Funds could have employed the assets used by the custodian and/or transfer agent to

Janus Fixed Income & Money Market Funds | 103

Notes to Financial Statements (continued)

produce income if they had not entered into an expense offset arrangement.

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

During the year ended June 30, 2013, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Schedules of Investments and Other Information.

Janus Capital or an affiliate invested and/or redeemed initial seed capital during the year ended June 30, 2013, as indicated in the following table.

Seed

Seed

Capital at

Date of

Date of

Capital at

Fund

6/30/12

Purchases

Purchases

Redemptions

Redemptions

6/30/13

Fixed Income

Janus Flexible Bond Fund - Class N Shares

$

10,000

$

–

–

$

(10,000)

9/20/12

$

–

Janus Global Bond Fund - Class A Shares

833,333

–

–

–

–

833,333

Janus Global Bond Fund - Class C Shares

833,334

–

–

–

–

833,334

Janus Global Bond Fund - Class D Shares

833,333

–

–

–

–

833,333

Janus Global Bond Fund - Class I Shares

833,333

–

–

–

–

833,333

Janus Global Bond Fund - Class S Shares

833,334

–

–

–

–

833,334

Janus Global Bond Fund - Class T Shares

833,333

–

–

–

–

833,333

Janus High-Yield Fund - Class N Shares

50,000

–

–

(50,000)

9/20/12

–

Janus Short-Term Bond Fund - Class N Shares

10,000

–

–

(10,000)

9/20/12

–

5.  Federal Income Tax

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

Other book to tax differences may consist of deferred compensation, derivatives and foreign currency contract adjustments. The Funds have 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.

104 | JUNE 30, 2013

The Funds have elected to defer post-October losses and qualified late-year losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.

Undistributed

Undistributed

Loss Deferrals

Other Book

Net Tax

Ordinary

Long-Term

Accumulated

Late-Year

Post-October

to Tax

Appreciation/

Fund

Income

Gains

Capital Losses

Ordinary Loss

Capital Loss

Differences

(Depreciation)

Fixed Income

Janus Flexible Bond Fund

$

202,985

$

65,122,462

$

–

$

–

$

(37,348,756)

$

(99,330)

$

982,175

Janus Global Bond Fund

–

–

–

–

(5,907,478)

58,951

(4,428,337)

Janus High-Yield Fund

1,952,217

53,915,439

–

–

–

(37,470)

20,457,834

Janus Short-Term Bond Fund

760,011

6,978,385

–

–

–

(48,614)

1,061,701

Money Market

–

Janus Government Money Market Fund

–

–

–

–

–

–

–

Janus Money Market Fund

–

–

–

–

–

–

–

During the year ended June 30, 2013, the following capital loss carryovers were utilized by the Funds as indicated in the table:

	Capital Loss
Fund	Carryover Utilized
Fixed Income
Janus High-Yield Fund	$	21,279,803

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2013 are noted below.

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

	Federal Tax		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)
Fixed Income
Janus Flexible Bond Fund	$	6,152,098,956	$	79,865,429	$	(78,883,254)
Janus Global Bond Fund		264,473,862		510,281		(4,938,618)
Janus High-Yield Fund		2,273,301,668		56,652,817		(36,194,983)
Janus Short-Term Bond Fund		3,003,030,989		18,125,740		(17,064,039)
Money Market
Janus Government Money Market Fund		181,934,048		–		–
Janus Money Market Fund		1,268,289,981		–		–

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

For the year ended June 30, 2013

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Fixed Income
Janus Flexible Bond Fund	$	230,953,981	$	53,752,539	$	–	$	–
Janus Global Bond Fund		1,704,541		259,818		1,705,596		–
Janus High-Yield Fund		151,863,944		3,616,537		–		–
Janus Short-Term Bond Fund		53,934,259		13,365,749		–		–
Money Market
Janus Government Money Market Fund		9,603		–		–		–
Janus Money Market Fund		59,731		–		–		–

Janus Fixed Income & Money Market Funds | 105

Notes to Financial Statements (continued)

For the year ended June 30, 2012

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Fixed Income
Janus Flexible Bond Fund	$	158,841,026	$	48,540,213	$	–	$	–
Janus Global Bond Fund		1,179,595		29,065		–		–
Janus High-Yield Fund		137,735,074		–		–		–
Janus Short-Term Bond Fund		59,025,940		5,577,239		–		–
Money Market
Janus Government Money Market Fund		7,991		–		–		–
Janus Money Market Fund		63,586		–		–		–

6.  Capital Share Transactions

	Janus Flexible				Janus Global
For each year ended June 30 (all numbers in thousands)	Bond Fund				Bond Fund
Fixed Income	2013		2012(1)		2013		2012
Transactions in Fund Shares – Class A Shares:
Shares sold		29,877		37,728		179		428
Reinvested dividends and distributions		3,251		2,180		23		12
Shares repurchased		(28,864)		(13,593)		(218)		(67)
Net Increase/(Decrease) in Fund Shares		4,264		26,315		(16)		373
Shares Outstanding, Beginning of Period		64,320		38,005		488		115
Shares Outstanding, End of Period		68,584		64,320		472		488
Transactions in Fund Shares – Class C Shares:
Shares sold		14,138		18,903		30		93
Reinvested dividends and distributions		1,277		855		9		4
Shares repurchased		(13,440)		(5,984)		(51)		(42)
Net Increase/(Decrease) in Fund Shares		1,975		13,774		(12)		55
Shares Outstanding, Beginning of Period		39,245		25,471		180		125
Shares Outstanding, End of Period		41,220		39,245		168		180
Transactions in Fund Shares – Class D Shares:
Shares sold		11,530		17,640		547		1,331
Reinvested dividends and distributions		3,516		3,239		58		37
Shares repurchased		(17,510)		(12,010)		(580)		(861)
Net Increase/(Decrease) in Fund Shares		(2,464)		8,869		25		507
Shares Outstanding, Beginning of Period		73,979		65,110		978		471
Shares Outstanding, End of Period		71,515		73,979		1,003		978
Transactions in Fund Shares – Class I Shares:
Shares sold		187,123		97,752		22,938		526
Reinvested dividends and distributions		8,092		6,208		240		45
Shares repurchased		(73,140)		(64,699)		(794)		(168)
Net Increase/(Decrease) in Fund Shares		122,075		39,261		22,384		403
Shares Outstanding, Beginning of Period		155,937		116,676		1,415		1,012
Shares Outstanding, End of Period		278,012		155,937		23,799		1,415
Transactions in Fund Shares – Class N Shares:
Shares sold		5,881		23,688		N/A		N/A
Reinvested dividends and distributions		1,056		50		N/A		N/A
Shares repurchased		(24,143)		(362)		N/A		N/A
Net Increase/(Decrease) in Fund Shares		(17,206)		23,376		N/A		N/A
Shares Outstanding, Beginning of Period		23,376		N/A		N/A		N/A
Shares Outstanding, End of Period		6,170		23,376		N/A		N/A

106 | JUNE 30, 2013

	Janus Flexible				Janus Global
For each year ended June 30 (all numbers in thousands)	Bond Fund				Bond Fund
Fixed Income	2013		2012(1)		2013		2012
Transactions in Fund Shares – Class R Shares:
Shares sold		1,595		2,108		N/A		N/A
Reinvested dividends and distributions		104		45		N/A		N/A
Shares repurchased		(1,249)		(646)		N/A		N/A
Net Increase/(Decrease) in Fund Shares		450		1,507		N/A		N/A
Shares Outstanding, Beginning of Period		2,416		909		N/A		N/A
Shares Outstanding, End of Period		2,866		2,416		N/A		N/A
Transactions in Fund Shares – Class S Shares:
Shares sold		2,988		3,686		–		–
Reinvested dividends and distributions		327		285		5		3
Shares repurchased		(2,985)		(2,619)		–		–
Net Increase/(Decrease) in Fund Shares		330		1,352		5		3
Shares Outstanding, Beginning of Period		6,833		5,481		87		84
Shares Outstanding, End of Period		7,163		6,833		92		87
Transactions in Fund Shares – Class T Shares:
Shares sold		40,745		65,547		743		185
Reinvested dividends and distributions		5,907		4,605		18		14
Shares repurchased		(54,187)		(26,888)		(278)		(829)
Net Increase/(Decrease) in Fund Shares		(7,535)		43,264		483		(630)
Shares Outstanding, Beginning of Period		118,628		75,364		221		851
Shares Outstanding, End of Period		111,093		118,628		704		221

(1) Period from May 31, 2012 (inception date) through June 30, 2012 for Class N Shares.

Janus Fixed Income & Money Market Funds | 107

Notes to Financial Statements (continued)

	Janus				Janus
	High-Yield				Short-Term
For each year ended June 30 (all numbers in thousands)	Fund				Bond Fund
Fixed Income	2013		2012(1)		2012		2012(1)
Transactions in Fund Shares – Class A Shares:
Shares sold		15,841		19,541		29,022		66,759
Reinvested dividends and distributions		1,935		1,588		1,189		2,582
Shares repurchased		(12,143)		(10,422)		(117,361)		(53,557)
Net Increase/(Decrease) in Fund Shares		5,633		10,707		(87,150)		15,784
Shares Outstanding, Beginning of Period		29,543		18,836		137,374		121,590
Shares Outstanding, End of Period		35,176		29,543		50,224		137,374
Transactions in Fund Shares – Class C Shares:
Shares sold		1,981		2,141		9,264		10,564
Reinvested dividends and distributions		421		426		281		258
Shares repurchased		(2,389)		(2,452)		(8,471)		(9,082)
Net Increase/(Decrease) in Fund Shares		13		115		1,074		1,740
Shares Outstanding, Beginning of Period		8,705		8,590		24,620		22,880
Shares Outstanding, End of Period		8,718		8,705		25,694		24,620
Transactions in Fund Shares – Class D Shares:
Shares sold		9,428		6,578		17,147		14,440
Reinvested dividends and distributions		2,143		2,147		1,535		1,495
Shares repurchased		(8,603)		(6,940)		(17,608)		(16,877)
Net Increase/(Decrease) in Fund Shares		2,968		1,785		1,074		(942)
Shares Outstanding, Beginning of Period		36,511		34,726		67,217		68,159
Shares Outstanding, End of Period		39,479		36,511		68,291		67,217
Transactions in Fund Shares – Class I Shares:
Shares sold		23,178		29,871		79,357		70,814
Reinvested dividends and distributions		1,738		1,594		1,531		2,153
Shares repurchased		(25,863)		(23,821)		(66,792)		(159,874)
Net Increase/(Decrease) in Fund Shares		(947)		7,644		14,096		(86,907)
Shares Outstanding, Beginning of Period		26,799		19,155		89,374		176,281
Shares Outstanding, End of Period		25,852		26,799		103,470		89,374
Transactions in Fund Shares – Class N Shares:
Shares sold		970		490		6,161		11,424
Reinvested dividends and distributions		61		2		305		13
Shares repurchased		(781)		(5)		(5,279)		(300)
Net Increase/(Decrease) in Fund Shares		250		487		1,187		11,137
Shares Outstanding, Beginning of Period		487		–		11,137		–
Shares Outstanding, End of Period		737		487		12,324		11,137
Transactions in Fund Shares – Class R Shares:
Shares sold		108		76		N/A		N/A
Reinvested dividends and distributions		6		6		N/A		N/A
Shares repurchased		(52)		(83)		N/A		N/A
Net Increase/(Decrease) in Fund Shares		62		(1)		N/A		N/A
Shares Outstanding, Beginning of Period		120		121		N/A		N/A
Shares Outstanding, End of Period		182		120		N/A		N/A
Transactions in Fund Shares – Class S Shares:
Shares sold		187		197		1,282		369
Reinvested dividends and distributions		45		45		33		36
Shares repurchased		(168)		(320)		(1,291)		(586)
Net Increase/(Decrease) in Fund Shares		64		(78)		24		(181)
Shares Outstanding, Beginning of Period		689		767		1,666		1,847
Shares Outstanding, End of Period		753		689		1,690		1,666

108 | JUNE 30, 2013

	Janus				Janus
	High-Yield				Short-Term
For each year ended June 30 (all numbers in thousands)	Fund				Bond Fund
Fixed Income	2013		2012(1)		2012		2012(1)
Transactions in Fund Shares – Class T Shares:
Shares sold		46,510		57,266		363,510		254,050
Reinvested dividends and distributions		9,463		8,737		15,520		13,207
Shares repurchased		(53,586)		(41,223)		(310,882)		(244,131)
Net Increase/(Decrease) in Fund Shares		2,387		24,780		68,148		23,126
Shares Outstanding, Beginning of Period		140,945		116,165		655,191		632,065
Shares Outstanding, End of Period		143,332		140,945		723,339		655,191

(1) Period from May 31, 2012 (inception date) through June 30, 2012 for Class N Shares.

Janus Fixed Income & Money Market Funds | 109

Notes to Financial Statements (continued)

	Janus Government
For each year ended June 30 (all numbers in thousands)	Money Market Fund				Janus Money Market Fund
Money Market	2013		2012		2013		2012
Transactions in Fund Shares – Class D Shares:
Shares sold		74,214		79,885		574,480		623,381
Reinvested dividends and distributions		8		7		40		53
Shares repurchased		(81,354)		(86,828)		(586,411)		(639,464)
Net Increase/(Decrease) in Fund Shares		(7,132)		(6,936)		(11,891)		(16,030)
Shares Outstanding, Beginning of Period		182,326		189,262		1,089,283		1,105,313
Shares Outstanding, End of Period		175,194		182,326		1,077,392		1,089,283
Transactions in Fund Shares – Class T Shares:
Shares sold		4,552		5,053		109,753		103,157
Reinvested dividends and distributions		–		–		4		4
Shares repurchased		(3,302)		(5,466)		(87,186)		(100,027)
Net Increase/(Decrease) in Fund Shares		1,250		(413)		22,571		3,134
Shares Outstanding, Beginning of Period		5,319		5,732		167,687		164,553
Shares Outstanding, End of Period		6,569		5,319		190,258		167,687

7.  Purchases and Sales of Investment Securities

For the year ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:

					Purchases of Long-		Proceeds from Sales
	Purchases of		Proceeds from Sales		Term U.S. Government		of Long-Term U.S.
Fund	Securities		of Securities		Obligations		Government Obligations
Fixed Income
Janus Flexible Bond Fund	$	4,713,826,891	$	3,990,775,556	$	3,232,948,714	$	2,805,969,287
Janus Global Bond Fund		340,146,228		156,214,547		68,677,552		33,570,733
Janus High-Yield Fund		2,270,895,172		2,133,600,476		–		–
Janus Short-Term Bond Fund		2,390,464,780		2,224,388,615		614,156,128		717,146,853

8.  New Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” This update creates disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of the new Statements of Assets and Liabilities offsetting disclosures to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact these updates may have on the Funds’ financial statements.

9.  Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2013 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders

of Janus Investment Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Flexible Bond Fund, Janus Global Bond Fund, Janus High-Yield Fund, Janus Short-Term Bond Fund, Janus Government Money Market Fund, and Janus Money Market Fund (six of the funds constituting Janus Investment Fund, hereafter referred to as the “Funds”) at June 30, 2013 and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

August 19, 2013

Janus Fixed Income & Money Market Funds | 111

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

Approval of Advisory Agreements During the Period

The Trustees of Janus Investment Fund, none of whom has ever been affiliated with Janus Capital and each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund and, as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the nine Funds that utilize subadvisers.

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

At a meeting held on December 7, 2012, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2013 through February 1, 2014, 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.

Nature, Extent and Quality of Services

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

112 | JUNE 30, 2013

procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds of Janus Investment Fund and the Portfolios of Janus Aspen Series (such Funds and Portfolios, together the “Janus Funds”) and Janus Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the Janus Funds have had some recent performance challenges, but performance has improved recently, and for the 36 months ended September 30, 2012, approximately 47% of the Janus Funds were in the top two quartiles of performance and for the 12 months ended September 30, 2012, approximately 54% of the Janus Funds were in the top two quartiles of performance. The Trustees concluded that the performance of certain Funds was good under current market conditions. Although the performance of other Funds lagged that of their peers for certain periods, the Trustees also concluded that Janus Capital had taken or was taking appropriate steps to address those instances of under-performance.

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for most of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by the independent data providers.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found (1) the total expenses and management fees of the Janus Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 16% below the mean total expenses of their respective Lipper Expense Group peers and 23% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Janus Funds, on average, were 9% below the mean management fees for their Expense Groups and 12% below the mean for their Expense Universes; and (4) Janus Funds expenses at the functional level for each asset and share class category were reasonable. The independent fee consultant concluded that based on its strategic review of expenses at the complex, category and individual fund level, Janus Funds expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/ performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories and existence of performance fees on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent and the competitive market for mutual funds in different distribution channels. They concluded that the compensation methodology provided a good alignment of the interests of the portfolio managers with the interests of Fund shareholders.

Janus Fixed Income & Money Market Funds | 113

Additional Information (unaudited) (continued)

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to their separate account clients and to non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks that it does not assume in servicing its other clients. Moreover, they noted the research conducted and conclusions reached by their independent fee consultant.

In this regard, the independent fee consultant found that (1) the management fees Janus Capital charges to the Janus Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; and (3) the average spread between management fees charged to the Janus Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

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

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the actual management fee rate paid by most of the Funds, after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused or will cause the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and the five Funds that have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted

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that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Janus Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

After full consideration of the above factors, as well as other factors, the Trustees, each of whom is an independent Trustee, concluded at their December 7, 2012 meeting that the proposed continuation of the investment advisory agreement and, if applicable, the subadvisory agreement for each Fund for another year was in the best interest of the respective Funds and their shareholders.

Janus Fixed Income & Money Market Funds | 115

Useful Information About Your Fund Report (unaudited)

1.  Management Commentary

The Management Commentary in this report includes valuable insight from each of the Fund’s managers 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. The Fund’s managers may allocate a company 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 by the Chief Investment Officer(s) in the Market Perspective and by the Fund’s managers in the Management Commentary are just that: opinions. They are a reflection of the Chief Investment Officer(s) and managers’ best judgment at the time this report was compiled, which was June 30, 2013. As the investing environment changes, so could their opinions. These views are unique to them and aren’t necessarily shared by fellow employees or by Janus in general.

2.  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. The hypothetical example does not represent the returns of any particular investment.

When comparing the performance of the Fund with an index, keep in mind that market indices do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.

3.  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’s 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 Bloomberg L.P. and/or MSCI Inc.

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

4.  Statement of Assets and Liabilities

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

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased

116 | JUNE 30, 2013

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.

5.  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.

6.  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.

7.  Financial Highlights

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

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

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. Don’t

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Useful Information About Your Fund Report (unaudited) (continued)

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 doesn’t 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 managers. 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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Designation Requirements (unaudited)

For federal income tax purposes, the Funds designated the following for the year ended June 30, 2013:

Capital Gain Distributions

Fund
Fixed Income
Janus Flexible Bond Fund	$	53,752,539
Janus Global Bond Fund		259,818
Janus High-Yield Fund		3,616,537
Janus Short-Term Bond Fund		13,365,749

Return of Capital Distributions

Fund
Fixed Income
Janus Global Bond Fund	$	1,705,596

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Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Pursuant to the Funds’ Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Funds’ Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds.

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

TRUSTEES

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds); and Director of the F.B. Heron Foundation (a private grantmaking foundation).
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Director of MotiveQuest LLC (strategic social market research company) (since 2003); and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

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TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company (1987-1994).	56	Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (since 2005). Formerly, Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	56	Director of Red Robin Gourmet Burgers, Inc. (RRGB) (since 2004).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	56	None

Janus Fixed Income & Money Market Funds | 121

Trustees and Officers (unaudited) (continued)

TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Convention & Tourism Bureau, Chicago Council on Global Affairs, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Wal-Mart, and Wrapports, LLC (digital communications company).

122 | JUNE 30, 2013

OFFICERS

	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years
Christopher H. Diaz 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Global Bond Fund	5/11-Present	Formerly, Portfolio Manager for ING (2000-2011).
Gibson Smith 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President and Co-Portfolio Manager Janus High-Yield Fund Executive Vice President and Co-Portfolio Manager Janus Flexible Bond Fund Executive Vice President and Co-Portfolio Manager Janus Short-Term Bond Fund Executive Vice President and Co-Portfolio Manager Janus Global Bond Fund	12/03-Present 5/07-Present 7/10-Present 12/10-Present	Co-Chief Investment Officer and Executive Vice President of Janus Capital; Executive Vice President of Janus Distributors LLC and Janus Services LLC; Director of Perkins Investment Management LLC; and Portfolio Manager for other Janus accounts.
J. Eric Thorderson 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Portfolio Manager Janus Government Money Market Fund Executive Vice President and Portfolio Manager Janus Money Market Fund	2/99-Present 2/04-Present	Vice President of Janus Capital and Portfolio Manager for other Janus accounts.
Darrell Watters 151 Detroit Street Denver, CO 80206 DOB: 1963	Executive Vice President and Co-Portfolio Manager Janus Flexible Bond Fund Executive Vice President and Co-Portfolio Manager Janus Short-Term Bond Fund Executive Vice President and Co-Portfolio Manager Janus High-Yield Fund Executive Vice President and Co-Portfolio Manager Janus Global Bond Fund	5/07-Present 5/07-Present 7/08-Present 12/10-Present	Vice President of Janus Capital and Portfolio Manager for other Janus accounts.
Robin C. Beery 151 Detroit Street Denver, CO 80206 DOB: 1967	President and Chief Executive Officer	4/08-Present	Executive Vice President and Head of U.S. Distribution of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC; Director of The Janus Foundation; Director of Perkins Investment Management LLC; and Working Director of INTECH Investment Management LLC. Formerly, Head of Intermediary Distribution, Global Marketing and Product of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC (2009-2010); and Chief Marketing Officer of Janus Capital Group Inc. and Janus Capital (2002-2009).

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Fixed Income & Money Market Funds | 123

Trustees and Officers (unaudited) (continued)

OFFICERS (continued)

	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years
Stephanie Grauerholz-Lofton 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital, and Vice President and Assistant Secretary of Janus Distributors LLC.
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; and Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC. Formerly, Chief Compliance Officer of Bay Isle Financial LLC (2003-2008).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

124 | JUNE 30, 2013

Notes

Janus Fixed Income & Money Market Funds | 125

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (08/13)

Investment products offered are: NOT FDIC-INSURED MAY LOSE VALUE NO BANK GUARANTEE

C-0813-42879 125-02-93004 08-13

ANNUAL REPORT

June 30, 2013

Janus Mathematical Funds

INTECH Global Dividend Fund

INTECH International Fund

INTECH U.S. Core Fund

INTECH U.S. Growth Fund

INTECH U.S. Value Fund

HIGHLIGHTS

•  Portfolio management perspective

•  Investment strategy behind your fund

•  Fund performance, characteristics and holdings

Table of Contents

            Janus Mathematical Funds

Management Commentaries and Schedules of Investments
INTECH Global Dividend Fund	1
INTECH International Fund	11
INTECH U.S. Core Fund	22
INTECH U.S. Growth Fund	33
INTECH U.S. Value Fund	45
Notes to Schedules of Investments and Other Information	58
Statements of Assets and Liabilities	62
Statements of Operations	66
Statements of Changes in Net Assets	68
Financial Highlights	72
Notes to Financial Statements	88
Report of Independent Registered Public Accounting Firm	100
Additional Information	101
Useful Information About Your Fund Report	105
Designation Requirements	108
Trustees and Officers	109

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

INTECH Global Dividend Fund (unaudited)

Fund Snapshot
INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.
Managed by
INTECH Investment Management LLC

Performance Overview

For the 12-month period ended June 30, 2013, INTECH Global Dividend Fund’s Class I Shares returned 15.77%. This compares to the 18.58% return posted by the MSCI World Index, the Fund’s primary benchmark, for the same time period. The Fund’s secondary benchmark, the MSCI World High Dividend Yield Index, returned 16.26%.

Investment Strategy

INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.

Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.

Performance Review

As stock prices moved naturally throughout the period, we continued to implement our mathematical process in a disciplined manner in an effort to maintain a more efficient portfolio than the benchmark, without increasing relative risk. While other factors may influence performance over the short term, we believe that the consistent application of our process will help the Fund perform well over the long term.

In INTECH’s history, which spans more than 26 years, we have experienced periods of both underperformance and outperformance relative to the benchmark. From our perspective, the key is to keep periods of underperformance both short in duration and mild in scope. INTECH aims to achieve excess returns over the long term and we believe the Fund remains well positioned for long-term growth of capital and income.

Investment Strategy and Outlook

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we aim to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.

Thank you for your investment in INTECH Global Dividend Fund.

Janus Mathematical Funds | 1

INTECH Global Dividend Fund (unaudited)

INTECH Global Dividend Fund At A Glance

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Roche Holding A.G. Medical – Drugs	2.1%
Bristol-Myers Squibb Co. Medical – Drugs	2.0%
Hewlett-Packard Co. Computers	2.0%
Telstra Corp., Ltd. Telephone – Integrated	1.9%
Kellogg Co. Food – Miscellaneous/Diversified	1.8%
	9.8%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

2 | JUNE 30, 2013

(unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013			Expense Ratios – per the October 26, 2012 prospectuses
	One	Since	Total Annual Fund	Net Annual Fund
	Year	Inception*	Operating Expenses	Operating Expenses
INTECH Global Dividend Fund – Class A Shares
NAV	15.41%	13.75%	5.58%	0.77%
MOP	8.82%	9.47%
INTECH Global Dividend Fund- Class C Shares
NAV	14.50%	12.93%	6.33%	1.52%
CDSC	13.50%	12.93%
INTECH Global Dividend Fund – Class D Shares(1)	15.49%	13.74%	6.15%	0.81%
INTECH Global Dividend Fund – Class I Shares	15.77%	14.05%	5.07%	0.52%
INTECH Global Dividend Fund – Class S Shares	15.40%	13.68%	5.84%	1.02%
INTECH Global Dividend Fund – Class T Shares	15.55%	13.84%	5.53%	0.77%
Morgan Stanley Capital International World IndexSM	18.58%	18.56%
Morgan Stanley Capital International World High Dividend Yield Index	16.26%	15.41%
Morningstar Quartile – Class I Shares	3rd	4th
Morningstar Ranking – based on total returns for World Stock Funds	697/1,034	766/934
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

Janus Mathematical Funds | 3

INTECH Global Dividend Fund (unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The proprietary mathematical process used by INTECH Investment Management LLC (“INTECH”) may not achieve the desired results. The rebalancing techniques used by the Fund may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a “buy and hold” or index fund strategy.

The Fund’s performance may be affected by risks that include those associated with investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. These risks are magnified in emerging markets. The prices of foreign securities held by the Fund, and therefore the Fund’s performance, may decline in response to such risks.

For a period of three years subsequent to the effective date, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

The weighting of securities within the portfolio may differ significantly from the weightings within the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – December 15, 2011
(1)	Closed to new investors.

4 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,055.90	$	3.87	$	1,000.00	$	1,021.03	$	3.81		0.76%
Class C Shares	$	1,000.00	$	1,052.40	$	7.68	$	1,000.00	$	1,017.31	$	7.55		1.51%
Class D Shares	$	1,000.00	$	1,057.00	$	3.37	$	1,000.00	$	1,021.52	$	3.31		0.66%
Class I Shares	$	1,000.00	$	1,057.20	$	2.60	$	1,000.00	$	1,022.27	$	2.56		0.51%
Class S Shares	$	1,000.00	$	1,057.70	$	2.96	$	1,000.00	$	1,021.92	$	2.91		0.58%
Class T Shares	$	1,000.00	$	1,057.20	$	3.06	$	1,000.00	$	1,021.82	$	3.01		0.60%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 Mathematical Funds | 5

INTECH Global Dividend Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Common Stock – 98.7%
Aerospace and Defense – 1.0%
	4,355	BAE Systems PLC	$	25,365
	200	Lockheed Martin Corp.		21,692
	200	Northrop Grumman Corp.		16,560
	400	Raytheon Co.		26,448
				90,065
Aerospace and Defense – Equipment – 0.3%
	6,956	Cobham PLC		27,725
Airport Development – Maintenance – 0.2%
	9,555	Auckland International Airport, Ltd.		21,985
Apparel Manufacturers – 0.1%
	117	Hugo Boss A.G.		12,883
Appliances – 0.2%
	551	Electrolux A.B.		13,928
Athletic Footwear – 0.2%
	8,000	Yue Yuen Industrial Holdings, Ltd.		20,733
Automotive – Cars and Light Trucks – 0.4%
	1,000	Daihatsu Motor Co., Ltd.		18,959
	273	Daimler A.G.		16,517
				35,476
Automotive – Medium and Heavy Duty Trucks – 0.1%
	663	Scania A.B. – Class B		13,287
Beverages – Non-Alcoholic – 0.1%
	1,094	Coca-Cola Amatil, Ltd.		12,713
Building – Heavy Construction – 1.0%
	677	ACS Actividades de Construccion y Servicios S.A.		17,931
	836	Aker Solutions A.S.A.		11,379
	3,000	Cheung Kong Infrastructure Holdings, Ltd.		19,998
	954	Skanska A.B. – Class B		15,844
	534	Vinci S.A.		26,796
				91,948
Building and Construction – Miscellaneous – 1.4%
	910	Bouygues S.A.		23,226
	5,777	Ferrovial S.A.		92,331
	291	Koninklijke Boskalis Westminster N.V.		10,610
				126,167
Building and Construction Products – Miscellaneous – 0.3%
	347	Cie de Saint-Gobain		14,045
	39	Geberit A.G.		9,677
				23,722
Building Products – Cement and Aggregate – 0.3%
	720	CRH PLC		14,572
	1,743	James Hardie Industries PLC (CDI)		14,964
				29,536
Cable/Satellite Television – 0.6%
	1,309	British Sky Broadcasting Group PLC		15,765
	1,000	Cablevision Systems Corp. – Class A		16,820
	1,100	Shaw Communications, Inc. – Class B		26,407
				58,992
Casino Hotels – 0.4%
	3,600	Sands China, Ltd.		16,965
	6,582	SKYCITY Entertainment Group, Ltd.		22,232
				39,197
Casino Services – 0.2%
	300	Sankyo Co., Ltd.		14,174
Cellular Telecommunications – 0.6%
	365	Millicom International Cellular S.A. (SDR)		26,312
	300	Rogers Communications, Inc. – Class B		11,756
	7,731	Vodafone Group PLC		22,085
				60,153
Chemicals – Diversified – 0.8%
	133	BASF S.E.		11,880
	300	E.I. du Pont de Nemours & Co.		15,750
	276	K+S A.G.		10,204
	544	Koninklijke DSM N.V.		35,443
				73,277
Chemicals – Specialty – 0.6%
	734	Lonza Group A.G.		55,305
Commercial Banks – 2.7%
	679	Australia & New Zealand Banking Group, Ltd.		17,743
	200	Bank of Montreal		11,604
	300	Bank of Nova Scotia		16,041
	6,089	Bendigo and Adelaide Bank, Ltd.		56,061
	6,000	BOC Hong Kong Holdings, Ltd.		18,451
	200	Canadian Imperial Bank of Commerce		14,198
	1,000	DBS Group Holdings, Ltd.		12,233
	2,900	Hang Seng Bank, Ltd.		42,888
	2,000	Oversea-Chinese Banking Corp., Ltd.		15,784
	200	Royal Bank of Canada		11,657
	200	Toronto-Dominion Bank		16,068
	1,000	United Overseas Bank, Ltd.		15,674
				248,402
Commercial Services – Finance – 1.5%
	3,800	H&R Block, Inc.		105,450
	700	Paychex, Inc.		25,564
	600	Western Union Co.		10,266
				141,280
Computers – 2.0%
	7,300	Hewlett-Packard Co.		181,040
Computers – Memory Devices – 0.5%
	1,000	Seagate Technology PLC		44,830
Consumer Products – Miscellaneous – 1.8%
	800	Clorox Co.		66,512
	2,600	Husqvarna A.B. – Class B		13,730
	900	Kimberly-Clark Corp.		87,426
				167,668
Containers – Paper and Plastic – 0.8%
	8,325	Amcor, Ltd.		77,181
Distribution/Wholesale – 1.2%
	1,400	Genuine Parts Co.		109,298
Diversified Financial Services – 0.2%
	2,326	Investec PLC		14,633
Diversified Minerals – 0.3%
	556	Anglo American PLC		10,704
	511	BHP Billiton PLC		13,071
				23,775
Diversified Operations – 2.4%
	1,866	ALS, Ltd.		16,344
	1,017	Industrivarden A.B. – Class C		16,997

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

6 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Diversified Operations – (continued)
	2,000	Keppel Corp., Ltd.	$	16,415
	2,300	Leggett & Platt, Inc.		71,507
	18,000	NWS Holdings, Ltd.		27,711
	1,913	Orkla A.S.A.		15,677
	118	Siemens A.G.		11,925
	1,000	Swire Pacific, Ltd. – Class A		12,107
	755	Wartsila Oyj Abp		32,850
				221,533
Diversified Operations – Commercial Services – 1.0%
	11,123	Brambles, Ltd.		94,986
Electric – Integrated – 7.2%
	300	Alliant Energy Corp.		15,126
	1,200	American Electric Power Co., Inc.		53,736
	2,000	CLP Holdings, Ltd.		16,181
	1,000	CMS Energy Corp.		27,170
	300	Consolidated Edison, Inc.		17,493
	300	DTE Energy Co.		20,103
	266	Duke Energy Corp.		17,955
	8,452	Energias de Portugal S.A.		27,226
	300	Entergy Corp.		20,904
	500	FirstEnergy Corp.		18,670
	400	Fortis, Inc.		12,247
	894	Fortum Oyj		16,755
	300	Integrys Energy Group, Inc.		17,559
	400	NextEra Energy, Inc.		32,592
	362	Northeast Utilities		15,211
	6,905	Origin Energy, Ltd.		79,358
	1,100	Pepco Holdings, Inc.		22,176
	500	PG&E Corp.		22,865
	300	Pinnacle West Capital Corp.		16,641
	9,000	Power Assets Holdings, Ltd.		77,632
	700	PPL Corp.		21,182
	700	Public Service Enterprise Group, Inc.		22,862
	300	SCANA Corp.		14,730
	300	Southern Co.		13,239
	791	SSE PLC		18,320
	300	Wisconsin Energy Corp.		12,297
	600	Xcel Energy, Inc.		17,004
				667,234
Electric – Transmission – 0.5%
	357	Red Electrica Corp. S.A.		19,631
	7,137	Terna Rete Elettrica Nazionale SpA		29,650
				49,281
Electronic Components – Miscellaneous – 0.5%
	600	Garmin, Ltd.		21,696
	600	Hoya Corp.		12,398
	497	Koninklijke Philips N.V.		13,548
				47,642
Electronic Components – Semiconductors – 1.1%
	600	Intel Corp.		14,532
	400	Microchip Technology, Inc.		14,900
	8,454	STMicroelectronics N.V.		76,151
				105,583
Electronic Parts Distributors – 0.2%
	756	Rexel S.A.		17,002
Engineering – Research and Development Services – 0.3%
	343	ABB, Ltd.		7,450
	3,000	SembCorp Industries, Ltd.		11,719
	612	WorleyParsons, Ltd.		10,906
				30,075
Enterprise Software/Services – 0.2%
	800	CA, Inc.		22,904
Finance – Investment Bankers/Brokers – 0.3%
	4,291	ICAP PLC		23,720
Finance – Other Services – 1.2%
	2,400	NYSE Euronext		99,360
	2,000	Singapore Exchange, Ltd.		11,096
				110,456
Food – Miscellaneous/Diversified – 6.8%
	2,600	Campbell Soup Co.		116,454
	4,600	ConAgra Foods, Inc.		160,678
	2,800	General Mills, Inc.		135,884
	2,600	Kellogg Co.		166,998
	500	Kraft Foods Group, Inc.		27,935
	103	Nestle S.A.		6,757
	217	Unilever N.V.		8,545
	301	Unilever PLC		12,185
				635,436
Food – Retail – 4.6%
	192	Casino Guichard Perrachon S.A.		17,985
	1,492	Delhaize Group S.A.		92,218
	2,910	J. Sainsbury PLC		15,723
	605	Kesko Oyj – Class B		16,819
	3,231	Koninklijke Ahold N.V.		48,086
	3,500	Safeway, Inc.		82,810
	2,445	Tesco PLC		12,322
	2,921	WM Morrison Supermarkets PLC		11,629
	4,417	Woolworths, Ltd.		132,502
				430,094
Food – Wholesale/Distribution – 0.7%
	15,710	Metcash, Ltd.		50,560
	400	Sysco Corp.		13,664
				64,224
Gas – Distribution – 3.3%
	900	CenterPoint Energy, Inc.		21,141
	2,950	Centrica PLC		16,159
	1,740	Enagas S.A.		42,994
	4,268	Gas Natural SDG S.A.		86,044
	2,276	National Grid PLC		25,820
	900	NiSource, Inc.		25,776
	1,100	Sempra Energy		89,936
				307,870
Gas – Transportation – 0.3%
	6,024	Snam SpA		27,441
Gold Mining – 0.1%
	400	Newmont Mining Corp.		11,980
Human Resources – 0.5%
	296	Adecco S.A.		16,880
	828	Randstad Holding N.V.		33,946
				50,826

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

Janus Mathematical Funds | 7

INTECH Global Dividend Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Import/Export – 2.0%
	9,700	ITOCHU Corp.	$	112,006
	6,000	Marubeni Corp.		40,117
	500	Mitsubishi Corp.		8,567
	1,000	Mitsui & Co., Ltd.		12,566
	1,100	Sumitomo Corp.		13,722
				186,978
Investment Management and Advisory Services – 0.5%
	700	CI Financial Corp.		20,153
	300	IGM Financial, Inc.		12,866
	5,137	Old Mutual PLC		14,116
				47,135
Life and Health Insurance – 1.7%
	8,471	Legal & General Group PLC		22,080
	400	Power Corp. of Canada		10,736
	500	Power Financial Corp.		14,543
	18,127	Standard Life PLC		95,295
	78	Swiss Life Holding A.G.		12,687
				155,341
Lottery Services – 0.3%
	9,573	Tatts Group, Ltd.		27,746
Machinery – Construction and Mining – 0.1%
	618	Atlas Copco A.B. – Class B		13,261
Machinery – General Industrial – 0.3%
	410	Metso Oyj		13,938
	997	Zardoya Otis S.A.		14,131
				28,069
Medical – Drugs – 10.8%
	1,800	AbbVie, Inc.		74,412
	422	AstraZeneca PLC		19,990
	4,200	Bristol-Myers Squibb Co.		187,698
	500	Eisai Co., Ltd.		20,396
	2,600	Eli Lilly & Co.		127,712
	765	GlaxoSmithKline PLC		19,172
	200	Johnson & Johnson		17,172
	300	Merck & Co., Inc.		13,935
	278	Novartis A.G.		19,754
	500	Ono Pharmaceutical Co., Ltd.		33,935
	736	Orion Oyj – Class B		17,261
	3,000	Pfizer, Inc.		84,030
	797	Roche Holding A.G.		198,343
	425	Sanofi		44,041
	2,800	Takeda Pharmaceutical Co., Ltd.		126,503
				1,004,354
Medical Products – 0.2%
	263	Cochlear, Ltd.		14,839
Metal – Copper – 0.3%
	377	Antofagasta PLC		4,558
	900	Freeport-McMoRan Copper & Gold, Inc.		24,849
				29,407
Metal – Diversified – 0.3%
	873	Boliden A.B.		10,832
	324	Rio Tinto PLC		13,219
				24,051
Metal Processors and Fabricators – 0.2%
	633	SKF A.B. – Class B		14,839
Mining Services – 0.1%
	613	Orica, Ltd.		11,574
MRI and Medical Diagnostic Imaging Center – 0.1%
	764	Sonic Healthcare, Ltd.		10,345
Multi-Line Insurance – 3.2%
	76	Allianz S.E.		11,103
	1,300	Cincinnati Financial Corp.		59,670
	3,239	CNP Assurances		46,477
	9,009	Mapfre S.A.		29,337
	3,308	Sampo Oyj – Class A		128,903
	80	Zurich Insurance Group A.G.		20,756
				296,246
Multimedia – 0.9%
	1,429	Lagardere S.C.A.		39,801
	751	Pearson PLC		13,373
	1,000	Thomson Reuters Corp.		32,642
				85,816
Non-Hazardous Waste Disposal – 0.4%
	1,000	Waste Management, Inc.		40,330
Oil – Field Services – 0.3%
	990	AMEC PLC		15,130
	254	Fugro N.V.		13,769
				28,899
Oil and Gas Drilling – 0.3%
	624	Seadrill, Ltd.		25,198
Oil Companies – Exploration and Production – 0.6%
	600	Baytex Energy Trust		21,628
	300	ConocoPhillips		18,150
	300	Vermilion Energy, Inc.		14,669
				54,447
Oil Companies – Integrated – 1.8%
	100	Chevron Corp.		11,834
	600	Husky Energy, Inc.		15,990
	1,166	OMV A.G.		52,659
	777	Repsol S.A.		16,393
	484	Royal Dutch Shell PLC – Class A		15,456
	570	Royal Dutch Shell PLC – Class B		18,862
	639	Statoil A.S.A.		13,186
	486	Total S.A.		23,723
				168,103
Paper and Related Products – 0.1%
	400	MeadWestvaco Corp.		13,644
Pipelines – 0.5%
	500	Spectra Energy Corp.		17,230
	300	TransCanada Corp.		12,920
	500	Williams Cos., Inc.		16,235
				46,385
Property and Casualty Insurance – 0.7%
	1,278	Admiral Group PLC		25,790
	1,666	Gjensidige Forsikring A.S.A.		24,515
	208	Tryg A/S		17,146
				67,451

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

8 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Public Thoroughfares – 0.5%
	1,427	Abertis Infraestucturas S.A.	$	24,887
	1,157	Atlantia SpA		18,868
				43,755
Publishing – Books – 0.2%
	1,051	Reed Elsevier N.V.		17,509
Publishing – Newspapers – 0.3%
	8,000	Singapore Press Holdings, Ltd.		26,328
Publishing – Periodicals – 0.6%
	365	Axel Springer A.G.		15,570
	2,562	Reed Elsevier PLC		29,103
	616	Wolters Kluwer N.V.		13,032
				57,705
Real Estate Management/Services – 0.1%
	176	Swiss Prime Site A.G.		12,944
Real Estate Operating/Development – 0.8%
	400	Brookfield Office Properties, Inc.		6,654
	200	Daito Trust Construction Co., Ltd.		18,858
	4,500	Hopewell Holdings, Ltd.		14,999
	6,000	Keppel Land, Ltd.		15,863
	10,000	Sino Land Co., Ltd.		14,080
				70,454
Regional Banks – 0.2%
	37	Banque Cantonale Vaudoise		18,377
Reinsurance – 0.9%
	409	Hannover Rueckversicherung S.E.		29,448
	101	Muenchener Rueckversicherungs A.G.		18,587
	617	SCOR S.E.		18,931
	226	Swiss Re A.G.		16,825
				83,791
Retail – Apparel and Shoe – 0.2%
	463	Hennes & Mauritz A.B. – Class B		15,227
Retail – Convenience Stores – 0.1%
	100	Lawson, Inc.		7,634
Retail – Major Department Stores – 0.1%
	2,013	Marks & Spencer Group PLC		13,185
Retail – Miscellaneous/Diversified – 0.8%
	2,080	Wesfarmers, Ltd.		75,309
Retail – Office Supplies – 0.3%
	2,000	Staples, Inc.		31,720
Retail – Restaurants – 0.3%
	400	Darden Restaurants, Inc.		20,192
	100	McDonald’s Corp.		9,900
		��		30,092
Rubber – Tires – 0.3%
	145	Cie Generale des Etablissements Michelin		12,965
	290	Nokian Renkaat Oyj		11,818
				24,783
Satellite Telecommunications – 0.7%
	390	Eutelsat Communications S.A.		11,070
	2,143	Inmarsat PLC		21,948
	980	SES S.A. (FDR)		28,061
				61,079
Savings/Loan/Thrifts – 0.2%
	1,300	People’s United Financial, Inc.		19,370
Security Services – 0.4%
	4,023	G4S PLC		14,095
	2,282	Securitas A.B. – Class B		19,972
				34,067
Semiconductor Components/Integrated Circuits – 0.2%
	400	Linear Technology Corp.		14,736
Shipbuilding – 0.2%
	25,000	Yangzijiang Shipbuilding Holdings, Ltd.		16,376
Silver Mining – 0.1%
	719	Fresnillo PLC		9,644
Soap and Cleaning Preparations – 1.5%
	1,974	Reckitt Benckiser Group PLC		139,527
Steel – Producers – 0.2%
	500	Nucor Corp.		21,660
Telecommunication Services – 1.6%
	500	BCE, Inc.		20,506
	1,000	Bell Aliant, Inc.		26,879
	37,000	PCCW, Ltd.		17,317
	6,000	Singapore Telecommunications, Ltd.		17,852
	9,000	StarHub, Ltd.		29,690
	1,848	Tele2 A.B. – Class B		21,716
	792	Telenor A.S.A.		15,704
				149,664
Telephone – Integrated – 4.9%
	900	AT&T, Inc.		31,860
	1,585	Belgacom S.A.		35,554
	38,409	Bezeq Israeli Telecommunication Corp., Ltd.		51,351
	1,303	Elisa Oyj		25,455
	400	Nippon Telegraph & Telephone Corp.		20,734
	45	Swisscom A.G.		19,710
	8,611	TDC A/S		69,798
	3,578	TeliaSonera A.B.		23,348
	40,357	Telstra Corp., Ltd.		176,006
				453,816
Tobacco – 1.5%
	600	Altria Group, Inc.		20,994
	293	British American Tobacco PLC		15,004
	452	Imperial Tobacco Group PLC		15,672
	400	Lorillard, Inc.		17,472
	200	Philip Morris International, Inc.		17,324
	1,000	Reynolds American, Inc.		48,370
				134,836
Toys – 1.4%
	1,300	Hasbro, Inc.		58,279
	1,600	Mattel, Inc.		72,496
				130,775
Transportation – Services – 1.0%
	24,000	ComfortDelGro Corp., Ltd.		34,757
	110	Kuehne + Nagel International A.G.		12,080
	9,805	Toll Holdings, Ltd.		47,692
				94,529

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

Janus Mathematical Funds | 9

INTECH Global Dividend Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Travel Services – 0.6%
	767	Flight Centre, Ltd.	$	27,581
	5,852	TUI Travel PLC		31,761
				59,342
Water – 0.5%
	954	Severn Trent PLC		24,141
	1,487	Suez Environment Co.		19,206
				43,347
Wireless Equipment – 1.3%
	10,736	Telefonaktiebolaget L.M. Ericsson – Class B		121,674
Total Common Stock (cost $8,828,749)				9,175,373
Preferred Stock – 0.5%
Television – 0.5%
	1,053	ProSiebenSat.1 Media A.G. (cost $35,690)		45,253
Right – 0%
Oil Companies – Integrated – 0%
	777	Repsol S.A. (cost $459)		433
Money Market – 2.2%
	205,000	Janus Cash Liquidity Fund LLC, 0%£ (cost $205,000)		205,000
Total Investments (total cost $9,069,898) – 101.4%				9,426,059
Liabilities, net of Cash, Receivables and Other Assets– (1.4)%				(133,576)
Net Assets – 100%			$	9,292,483

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

			% of Investment
Country	Value		Securities
Australia	$	954,410		10.1%
Austria		52,659		0.6%
Belgium		127,772		1.4%
Canada		330,164		3.5%
Denmark		86,944		0.9%
Finland		263,799		2.8%
France		419,480		4.4%
Germany		183,370		1.9%
Hong Kong		299,062		3.2%
Ireland		14,572		0.2%
Israel		51,351		0.5%
Italy		75,959		0.8%
Japan		460,569		4.9%
Netherlands		194,488		2.1%
New Zealand		44,217		0.5%
Norway		105,659		1.1%
Portugal		27,226		0.3%
Singapore		223,787		2.4%
Spain		344,112		3.6%
Sweden		340,967		3.6%
Switzerland		427,545		4.5%
United Kingdom		856,347		9.1%
United States††		3,541,600		37.6%
Total	$	9,426,059		100.0%

†† Includes Cash Equivalents of 2.2%.

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

10 | JUNE 30, 2013

INTECH International Fund (unaudited)

Fund Snapshot
INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.
Managed by
INTECH Investment Management LLC

Performance Overview

For the 12-month period ended June 30, 2013, INTECH International Fund’s Class I Shares returned 21.78%. This compares to the 18.62% return posted by the MSCI EAFE Index, the Fund’s benchmark.

Investment Strategy

INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.

Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.

Performance Review

As stock prices moved naturally throughout the period, we continued to implement our mathematical process in a disciplined manner in an effort to maintain a more efficient portfolio than the benchmark, without increasing relative risk. While other factors may influence performance over the short term, we believe that the consistent application of our process will help the Fund perform well over the long term.

In INTECH’s history, which spans more than 26 years, we have experienced periods of both underperformance and outperformance relative to the benchmark. From our perspective, the key is to keep periods of underperformance both short in duration and mild in scope. INTECH aims to achieve excess returns over the long term and we believe the Fund remains well positioned for long-term capital growth.

Investment Strategy and Outlook

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we aim to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.

Thank you for your investment in INTECH International Fund.

Janus Mathematical Funds | 11

INTECH International Fund (unaudited)

INTECH International Fund At A Glance

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Fuji Heavy Industries, Ltd. Automotive – Cars and Light Trucks	2.2%
CSL, Ltd. Medical – Biomedical and Genetic	2.2%
Nomura Holdings, Inc. Finance – Investment Bankers/Brokers	1.9%
Galaxy Entertainment Group, Ltd. Casino Hotels	1.5%
Insurance Australia Group, Ltd. Property and Casualty Insurance	1.4%
	9.2%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

12 | JUNE 30, 2013

(unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013				Expense Ratios – per the October 26, 2012 prospectus
	One	Five	Since	Total Annual Fund	Net Annual Fund
	Year	Year	Inception*	Operating Expenses	Operating Expenses
INTECH International Fund – Class A Shares
NAV	21.27%	–1.01%	–1.65%	1.42%	1.26%
MOP	14.37%	–2.17%	–2.59%
INTECH International Fund – Class C Shares
NAV	22.79%	–0.85%	–1.66%	2.25%	2.01%
CDSC	21.79%	–0.85%	–1.66%
INTECH International Fund – Class I Shares	21.78%	–0.96%	–1.57%	1.13%	1.01%
INTECH International Fund – Class S Shares	21.48%	–1.00%	–1.68%	1.66%	1.51%
INTECH International Fund – Class T Shares	21.30%	–1.66%	–2.81%	1.41%	1.26%
Morgan Stanley Capital International EAFE® Index	18.62%	–0.63%	–2.02%
Morningstar Quartile – Class I Shares	1st	3rd	2nd
Morningstar Ranking – based on total returns for Foreign Large Blend Funds	59/816	385/716	271/654
Visit janus.com/advisor/mutual-funds to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

Janus Mathematical Funds | 13

INTECH International Fund (unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The proprietary mathematical process used by INTECH Investment Management LLC (“INTECH”) may not achieve the desired results. The rebalancing techniques used by the Fund may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a “buy and hold” or index fund strategy.

The Fund’s performance may be affected by risks that include those associated with investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectus or janus.com/info for more information about risks, portfolio holdings and other details.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. These risks are magnified in emerging markets. The prices of foreign securities held by the Fund, and therefore the Fund’s performance, may decline in response to such risks.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of each respective share class of the predecessor fund, calculated using the fees and expenses of each respective share class accounting for, when applicable and permitted, any fee and expense limitations or waivers.

Class T Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares without the effect of any 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 prospectus 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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

* The predecessor Fund’s inception date – May 2, 2007

14 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,068.90	$	5.90	$	1,000.00	$	1,019.09	$	5.76		1.15%
Class C Shares	$	1,000.00	$	1,085.30	$	10.65	$	1,000.00	$	1,014.58	$	10.29		2.06%
Class I Shares	$	1,000.00	$	1,070.70	$	4.36	$	1,000.00	$	1,020.58	$	4.26		0.85%
Class S Shares	$	1,000.00	$	1,072.90	$	4.21	$	1,000.00	$	1,020.73	$	4.11		0.82%
Class T Shares	$	1,000.00	$	1,068.00	$	6.10	$	1,000.00	$	1,018.89	$	5.96		1.19%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 prospectus for more information regarding waivers and/or reimbursements.

Janus Mathematical Funds | 15

INTECH International Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Common Stock – 99.1%
Advertising Agencies – 0.3%
	9,697	WPP PLC	$	165,453
Advertising Services – 0.1%
	590	Hakuhodo DY Holdings, Inc.		41,352
	636	Publicis Groupe S.A.		45,279
				86,631
Aerospace and Defense – 0.2%
	8,185	Meggitt PLC		64,413
	3,633	Rolls-Royce Holdings PLC		62,650
				127,063
Aerospace and Defense – Equipment – 1.3%
	8,998	Cobham PLC		35,864
	13,961	European Aeronautic Defence and Space Co. N.V.		746,165
	228	Zodiac Aerospace		30,179
				812,208
Airlines – 1.2%
	24,325	Deutsche Lufthansa A.G.		493,725
	6,569	easyJet PLC		129,464
	23,070	International Consolidated Airlines Group S.A.*		92,659
	100	Japan Airlines Co., Ltd.		5,143
				720,991
Apparel Manufacturers – 0.4%
	339	Christian Dior S.A.		54,710
	1,601	Hugo Boss A.G.		176,282
				230,992
Audio and Video Products – 0.7%
	75,000	Sharp Corp.		302,541
	7,200	Sony Corp.		150,884
				453,425
Automotive – Cars and Light Trucks – 4.2%
	3,000	Daihatsu Motor Co., Ltd.		56,878
	3,295	Fiat SpA		23,029
	55,000	Fuji Heavy Industries, Ltd.		1,356,142
	184,000	Mazda Motor Corp.*		725,535
	3,046	Renault S.A.		204,959
	2,800	Suzuki Motor Corp.		64,578
	2,200	Toyota Motor Corp.		132,896
				2,564,017
Automotive – Medium and Heavy Duty Trucks – 0.9%
	36,000	Hino Motors, Ltd.		528,600
Automotive – Truck Parts and Equipment – Original – 1.0%
	1,800	Aisin Seiki Co., Ltd.		68,889
	3,100	Denso Corp.		145,840
	7,000	Koito Manufacturing Co., Ltd.		133,774
	4,000	NGK Spark Plug Co., Ltd.		80,113
	6,200	NHK Spring Co., Ltd.		71,904
	1,900	Stanley Electric Co., Ltd.		37,019
	1,800	Sumitomo Electric Industries, Ltd.		21,529
	900	Toyoda Gosei Co., Ltd.		22,064
	600	Toyota Industries Corp.		24,566
				605,698
Beverages – Non-Alcoholic – 0.2%
	4,044	Coca-Cola HBC A.G.		94,644
Beverages – Wine and Spirits – 0.7%
	14,988	Diageo PLC		428,496
	238	Pernod-Ricard S.A.		26,388
				454,884
Bicycle Manufacturing – 0.1%
	600	Shimano, Inc.		50,948
Brewery – 0.9%
	4,081	Anheuser-Busch InBev N.V.		363,250
	931	Heineken Holding N.V.		52,231
	934	Heineken N.V.		59,504
	3,000	Kirin Holdings Co., Ltd.		47,015
	902	SABMiller PLC		43,242
				565,242
Building – Heavy Construction – 0.1%
	6,000	Cheung Kong Infrastructure Holdings, Ltd.		39,996
Building – Residential and Commercial – 2.0%
	24,000	Daiwa House Industry Co., Ltd.		448,003
	8,903	Persimmon PLC		159,894
	23,000	Sekisui Chemical Co., Ltd.		244,242
	24,000	Sekisui House, Ltd.		347,075
				1,199,214
Building and Construction – Miscellaneous – 1.0%
	29,497	Ferrovial S.A.		471,436
	940	Hochtief A.G.		61,452
	20,000	Obayashi Corp.		103,873
				636,761
Building and Construction Products – Miscellaneous – 1.3%
	78,542	Fletcher Building, Ltd.		512,937
	69	Sika A.G.		178,729
	9,000	TOTO, Ltd.		91,579
				783,245
Building Products – Air and Heating – 0.6%
	9,200	Daikin Industries, Ltd.		372,045
Building Products – Cement and Aggregate – 1.5%
	48,696	Boral, Ltd.		187,441
	855	HeidelbergCement A.G.		57,498
	4,593	James Hardie Industries PLC (CDI)		39,432
	10,140	Lafarge S.A.		623,440
				907,811
Cable/Satellite Television – 0.8%
	4,453	Kabel Deutschland Holding A.G.		489,034
Casino Hotels – 2.2%
	29,418	Crown, Ltd.		325,722
	183,000	Galaxy Entertainment Group, Ltd.*		896,619
	32,800	MGM China Holdings, Ltd.		87,542
	23,000	SJM Holdings, Ltd.		55,930
				1,365,813
Chemicals – Diversified – 0.6%
	2,000	Asahi Kasei Corp.		13,231
	588	Croda International PLC		22,149
	473	Koninklijke DSM N.V.		30,818
	15,000	Mitsubishi Gas Chemical Co., Inc.		110,276
	1,000	Nitto Denko Corp.		64,340
	727	Solvay S.A.		95,282
				336,096

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

16 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Chemicals – Plastics – 0.1%
	302	EMS-Chemie Holding A.G.	$	89,388
Chemicals – Specialty – 0.7%
	379	Brenntag A.G.		57,565
	9,000	Daicel Corp.		78,872
	42	Givaudan S.A.		54,218
	1,617	Lonza Group A.G.		121,836
	3,172	Novozymes A/S – Class B		101,539
				414,030
Collectibles – 0.1%
	1,900	Sanrio Co., Ltd.		88,428
Commercial Banks – 7.0%
	100,117	Bank Hapoalim BM		453,613
	34,395	Bank Leumi Le-Israel BM		114,489
	661,941	Bank of Ireland*		135,259
	30,421	Bendigo and Adelaide Bank, Ltd.		280,087
	5,000	Chiba Bank, Ltd.		34,086
	683	Commonwealth Bank of Australia		43,201
	15,264	Erste Group Bank A.G.		407,357
	16,000	Fukuoka Financial Group, Inc.		68,092
	6,000	Gunma Bank, Ltd.		33,159
	13,000	Hachijuni Bank, Ltd.		76,039
	9,000	Hiroshima Bank, Ltd.		38,392
	73,000	Hokuhoku Financial Group, Inc.		149,445
	11,000	Iyo Bank, Ltd.		105,163
	4,780	KBC Groep N.V.		177,958
	8,961	Mediobanca SpA		46,651
	117,900	Mizuho Financial Group, Inc.		244,931
	4,015	National Australia Bank, Ltd.		108,953
	9,000	Nishi-Nippon City Bank, Ltd.		23,507
	12,041	Nordea Bank A.B.		134,757
	16,124	Pohjola Bank PLC – Class A		236,926
	2,000	Shizuoka Bank, Ltd.		21,561
	10,815	Skandinaviska Enskilda Banken A.B. – Class A		103,446
	1,600	Sumitomo Mitsui Financial Group, Inc.		73,417
	63,000	Sumitomo Mitsui Trust Holdings, Inc.		294,161
	5,000	Suruga Bank, Ltd.		90,863
	1,581	Svenska Handelsbanken A.B. – Class A		63,509
	6,844	Swedbank A.B. – Class A		157,070
	20,900	Westpac Banking Corp.		551,866
				4,267,958
Commercial Services – 0.1%
	830	Intertek Group PLC		36,893
	23	SGS S.A.		49,420
				86,313
Computer Services – 0%
	2,913	Computershare, Ltd.		27,353
Computers – Integrated Systems – 0.1%
	500	Otsuka Corp.		55,567
Consulting Services – 0.6%
	14,636	Bereau Veritas S.A.		378,977
Containers – Paper and Plastic – 0.3%
	20,529	Amcor, Ltd.		190,325
Cosmetics and Toiletries – 0.3%
	525	Beiersdorf A.G.		45,780
	800	Kao Corp.		27,229
	710	L’Oreal S.A.		116,664
				189,673
Distribution/Wholesale – 0.1%
	1,281	Wolseley PLC		59,084
Diversified Banking Institutions – 3.6%
	121,271	Barclays PLC		513,510
	451	BNP Paribas S.A.		24,639
	66,081	Credit Agricole S.A.		567,890
	18,212	Credit Suisse Group A.G.		483,121
	225,890	Lloyds Banking Group PLC*		216,962
	12,000	Mitsubishi UFJ Financial Group, Inc.		74,062
	4,642	Societe Generale S.A.		159,498
	7,232	UBS A.G.		123,150
				2,162,832
Diversified Financial Services – 0.1%
	10,363	Investec PLC		65,195
Diversified Operations – 1.7%
	1,531	Exor SpA		45,272
	2,633	IMI PLC		49,650
	2,099	Industrivarden A.B. – Class C		35,080
	1,500	Keppel Corp., Ltd.		12,311
	3,785	Smiths Group PLC		75,287
	516	Wartsila Oyj Abp		22,451
	366	Wendel S.A.		37,703
	91,000	Wharf Holdings, Ltd.		765,002
				1,042,756
Diversified Operations – Commercial Services – 0.5%
	20,598	Brambles, Ltd.		175,898
	2,622	Bunzl PLC		51,037
	1,119	Sodexo		93,209
				320,144
E-Commerce/Products – 0.1%
	4,000	Rakuten, Inc.		47,318
Electric – Generation – 0.1%
	1,700	Electric Power Development Co., Ltd.		53,146
Electric – Integrated – 0.5%
	2,745	Electricite de France S.A.		63,718
	3,600	Hokuriku Electric Power Co.		56,563
	4,100	Kansai Electric Power Co., Inc.		56,191
	1,400	Kyushu Electric Power Co., Inc.		21,121
	5,434	Origin Energy, Ltd.		62,452
	5,500	Power Assets Holdings, Ltd.		47,442
				307,487
Electric Products – Miscellaneous – 0.2%
	1,361	Legrand S.A.		63,131
	3,000	Mitsubishi Electric Corp.		28,106
				91,237
Electronic Components – Miscellaneous – 1.0%
	21,500	AAC Technologies Holdings, Inc.		121,419
	2,249	Koninklijke Philips N.V.		61,308
	1,100	Murata Manufacturing Co., Ltd.		83,754
	300	Omron Corp.		8,931
	57,000	Toshiba Corp.		274,193
	5,000	Yaskawa Electric Corp.		60,861
				610,466

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

Janus Mathematical Funds | 17

INTECH International Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Electronic Components – Semiconductors – 1.4%
	54,370	ARM Holdings PLC	$	657,311
	19,516	STMicroelectronics N.V.		175,795
				833,106
Engineering – Research and Development Services – 0.6%
	102,000	Singapore Technologies Engineering, Ltd.		337,290
Enterprise Software/Services – 0.1%
	1,400	Nomura Research Institute, Ltd.		45,603
Entertainment Software – 0.4%
	210	GungHo Online Entertainment, Inc.*		228,721
Filtration and Separations Products – 0%
	1,228	Alfa Laval A.B.		25,104
Finance – Consumer Loans – 0%
	680	Acom Co., Ltd.*		21,636
Finance – Credit Card – 0.2%
	3,800	AEON Financial Service Co., Ltd.		107,646
Finance – Investment Bankers/Brokers – 3.9%
	82,000	Daiwa Securities Group, Inc.		688,846
	13,492	Macquarie Group, Ltd.		516,499
	155,100	Nomura Holdings, Inc.		1,143,385
				2,348,730
Finance – Leasing Companies – 0.1%
	6,500	Mitsubishi UFJ Lease & Finance Co., Ltd.		30,809
Finance – Other Services – 0.5%
	552	ASX, Ltd.		16,690
	1,800	Japan Exchange Group, Inc.		181,888
	4,283	London Stock Exchange Group PLC		87,081
				285,659
Fisheries – 0.4%
	8,000	Toyo Suisan Kaisha, Ltd.		266,236
Food – Baking – 0.1%
	639	Aryzta A.G.		35,932
Food – Confectionary – 0.2%
	1	Lindt & Spruengli A.G.		43,588
	14	Lindt & Spruengli A.G.		52,602
				96,190
Food – Miscellaneous/Diversified – 2.1%
	26,735	Associated British Foods PLC		705,382
	46,000	First Pacific Co., Ltd.		49,287
	316	Kerry Group PLC – Class A		17,438
	2,000	Kikkoman Corp.		33,280
	277	Nestle S.A.		18,172
	36,164	Tate & Lyle PLC		453,432
				1,276,991
Food – Retail – 1.7%
	598	Carrefour S.A.		16,446
	198	Casino Guichard Perrachon S.A.		18,547
	2,409	Delhaize Group S.A.		148,897
	65,064	Distribuidora Internacional de Alimentacion S.A.		491,998
	10,508	Jeronimo Martins SGPS S.A.		221,418
	1,258	Koninklijke Ahold N.V.		18,722
	3,229	Woolworths, Ltd.		96,864
				1,012,892
Food – Wholesale/Distribution – 0.1%
	21,470	Metcash, Ltd.		69,098
Gambling – Non-Hotel – 0.4%
	18,069	OPAP S.A.		151,214
	7,468	Tabcorp Holdings, Ltd.		20,825
	9,469	William Hill PLC		63,488
				235,527
Gas – Distribution – 1.0%
	9,181	Enagas S.A.		226,854
	17,745	Gas Natural SDG S.A.		357,745
	2,048	National Grid PLC		23,234
	5,000	Osaka Gas Co., Ltd.		21,128
				628,961
Gas – Transportation – 1.2%
	279,950	Hong Kong & China Gas Co., Ltd.		684,372
	5,000	Tokyo Gas Co., Ltd.		27,632
				712,004
Hotels and Motels – 0.1%
	2,234	InterContinental Hotels Group PLC		61,422
Human Resources – 0.1%
	2,117	Randstad Holding N.V.		86,792
Import/Export – 0.8%
	5,300	ITOCHU Corp.		61,199
	16,400	Toyota Tsusho Corp.		422,900
				484,099
Industrial Gases – 0.1%
	11,000	Taiyo Nippon Sanso Corp.		75,988
Internet Content – Information/News – 0.1%
	9,135	Seek, Ltd.		75,754
Internet Financial Services – 0.1%
	7,600	SBI Holdings, Inc.		83,925
Investment Companies – 0.6%
	12,750	Investor A.B. – Class B		343,031
Investment Management and Advisory Services – 1.7%
	90,655	Aberdeen Asset Management PLC		527,726
	1,585	Hargreaves Lansdown PLC		21,404
	91,048	Old Mutual PLC		250,192
	329	Partners Group Holdings A.G.		89,105
	3,759	Schroders PLC		124,787
				1,013,214
Leisure & Recreation Products – 0.1%
	2,900	Sega Sammy Holdings, Inc.		72,617
Life and Health Insurance – 3.0%
	41,418	AMP, Ltd.		160,941
	17,349	Legal & General Group PLC		45,220
	142,212	Standard Life PLC		747,619
	70,650	Suncorp Group, Ltd.		769,978
	528	Swiss Life Holding A.G.		85,885
				1,809,643
Lottery Services – 0.3%
	66,653	Tatts Group, Ltd.		193,183
Machinery – Construction and Mining – 0.4%
	3,600	Hitachi Construction Machinery Co., Ltd.		72,791
	7,700	Komatsu, Ltd.		178,057
				250,848
Machinery – Electrical – 0.1%
	200	SMC Corp.		40,178

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

18 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Machinery – Farm – 0.2%
	9,000	Kubota Corp.	$	131,424
Machinery – General Industrial – 1.5%
	20,000	Amada Co., Ltd.		132,110
	2,942	Hexagon A.B. – Class B		78,714
	90,000	IHI Corp.		341,267
	88,000	Kawasaki Heavy Industries, Ltd.		270,674
	567	Kone Oyj – Class B		45,052
	6,000	Mitsubishi Heavy Industries, Ltd.		33,340
	487	Zardoya Otis S.A.		6,902
				908,059
Machinery – Pumps – 0%
	587	Weir Group PLC		19,201
Medical – Biomedical and Genetic – 2.2%
	23,328	CSL, Ltd.		1,313,430
Medical – Drugs – 4.9%				��
	977	Actelion, Ltd.		58,870
	6,805	Bayer A.G.		725,634
	900	Chugai Pharmaceutical Co., Ltd.		18,661
	5,200	Daiichi Sankyo Co., Ltd.		86,841
	4,200	Dainippon Sumitomo Pharma Co., Ltd.		55,528
	1,349	GlaxoSmithKline PLC		33,808
	1,734	Grifols S.A.		63,642
	3,000	Kyowa Hakko Kirin Co., Ltd.		33,945
	3,593	Merck KGaA		547,363
	422	Novartis A.G.		29,986
	3,207	Novo Nordisk A/S – Class B		499,861
	1,100	Ono Pharmaceutical Co., Ltd.		74,657
	1,003	Orion Oyj – Class B		23,524
	577	Roche Holding A.G.		143,593
	792	Sanofi		82,072
	23,600	Shionogi & Co., Ltd.		492,658
	600	Takeda Pharmaceutical Co., Ltd.		27,108
				2,997,751
Medical – Hospitals – 0.6%
	11,601	Ramsay Health Care, Ltd.		379,830
Medical – Wholesale Drug Distributors – 0.2%
	600	Alfresa Holdings Corp.		32,130
	2,900	Medipal Holdings Corp.		39,306
	1,200	Suzuken Co., Ltd.		40,420
				111,856
Medical Instruments – 0.3%
	2,500	Sysmex Corp.		163,624
Medical Products – 1.2%
	480	Cochlear, Ltd.		27,082
	11,369	Coloplast A/S – Class B		637,575
	185	Fresenius S.E. & Co. KGaA		22,804
	800	Terumo Corp.		39,815
				727,276
Metal – Aluminum – 0.1%
	65,756	Alumina, Ltd.		59,219
Metal Processors and Fabricators – 0.1%
	8,000	NSK, Ltd.		76,563
Motion Pictures and Services – 0%
	1,100	Toho Co., Ltd.		22,652
Multi-Line Insurance – 1.4%
	14,865	Ageas		521,883
	1,474	Baloise Holding A.G.		143,373
	568	CNP Assurances		8,150
	4,400	Direct Line Insurance Group PLC		15,590
	15,027	Mapfre S.A.		48,934
	3,397	Sampo Oyj – Class A		132,371
	213	Vienna Insurance Group A.G.		9,893
				880,194
Multimedia – 0%
	508	Lagardere S.C.A.		14,149
Office Automation and Equipment – 0%
	2,000	Ricoh Co., Ltd.		23,800
Oil Companies – Exploration and Production – 0%
	1,829	Santos, Ltd.		20,953
Oil Companies – Integrated – 0.1%
	1,306	OMV A.G.		58,982
Oil Refining and Marketing – 0.4%
	12,540	Caltex Australia, Ltd.		206,950
	1,800	Neste Oil Oyj		26,332
				233,282
Optical Supplies – 0.2%
	1,802	Luxottica Group SpA		91,092
Paper and Related Products – 0.1%
	2,279	Svenska Cellulosa A.B. – Class B		57,234
Photo Equipment and Supplies – 0.1%
	1,000	Olympus Corp.		30,405
Pipelines – 0.7%
	82,108	APA Group		449,679
Printing – Commercial – 0.2%
	14,000	Dai Nippon Printing Co., Ltd.		128,056
Property and Casualty Insurance – 1.7%
	2,229	Gjensidige Forsikring A.S.A.		32,800
	175,366	Insurance Australia Group, Ltd.		872,236
	2,200	MS&AD Insurance Group Holdings		55,954
	2,015	QBE Insurance Group, Ltd.		27,801
	448	Tryg A/S		36,931
				1,025,722
Public Thoroughfares – 0%
	1,122	Abertis Infraestucturas S.A.		19,568
Publishing – Books – 0%
	1,588	Reed Elsevier N.V.		26,455
Publishing – Periodicals – 0.1%
	4,044	Reed Elsevier PLC		45,939
Real Estate Management/Services – 0.9%
	7,745	IMMOFINANZ A.G.		28,930
	41,863	Lend Lease Group		319,600
	6,000	Mitsubishi Estate Co., Ltd.		159,802
	2,200	Nomura Real Estate Holdings, Inc.		48,677
				557,009
Real Estate Operating/Development – 4.7%
	101,000	CapitaLand, Ltd.		245,506
	18,700	Henderson Land Development Co., Ltd.		111,634
	1,500	Hopewell Holdings, Ltd.		5,000
	10,000	Hulic Co., Ltd.		107,301

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

Janus Mathematical Funds | 19

INTECH International Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Real Estate Operating/Development – (continued)
	57,000	Keppel Land, Ltd.	$	150,699
	4,000	Mitsui Fudosan Co., Ltd.		117,668
	323,000	New World Development Co., Ltd.		447,281
	28	NTT Urban Development Corp.		34,393
	4,000	Sumitomo Realty & Development Co., Ltd.		159,540
	29,000	Sun Hung Kai Properties, Ltd.		374,288
	60,200	Swire Properties, Ltd.		178,136
	21,000	Tokyo Tatemono Co., Ltd.		174,929
	26,000	Tokyu Land Corp.		238,604
	3,000	UOL Group, Ltd.		15,910
	102,000	Wheelock & Co., Ltd.		511,591
				2,872,480
Recreational Vehicles – 0.5%
	22,600	Yamaha Motor Co., Ltd.		292,870
Reinsurance – 0.6%
	3,772	Hannover Rueckversicherung S.E.		271,582
	502	Muenchener Rueckversicherungs A.G.		92,384
				363,966
REIT – Diversified – 1.1%
	220,000	CapitaCommercial Trust		254,360
	51,360	Dexus Property Group		50,246
	202	Gecina S.A.		22,342
	57,331	Goodman Group		255,799
	520	Klepierre		20,493
	11,284	Stockland		35,903
	26	United Urban Investment Corp.		35,161
				674,304
REIT – Office Property – 0.4%
	15	Japan Real Estate Investment Corp.		167,457
	6	Nippon Building Fund, Inc.		69,463
				236,920
REIT – Shopping Centers – 0.7%
	49	Japan Retail Fund Investment Corp.		102,388
	14,655	Westfield Group		153,286
	61,201	Westfield Retail Trust		173,464
				429,138
Resorts and Theme Parks – 0.1%
	300	Oriental Land Co., Ltd.		46,410
Retail – Apparel and Shoe – 1.0%
	800	Fast Retailing Co., Ltd.		269,867
	4,193	Next PLC		290,633
	400	Shimamura Co., Ltd.		48,608
				609,108
Retail – Building Products – 0.2%
	3,468	Kingfisher PLC		18,089
	4,147	Travis Perkins PLC		91,821
				109,910
Retail – Consumer Electronics – 0%
	670	Yamada Denki Co., Ltd.		27,196
Retail – Discount – 0.1%
	1,000	Don Quijote Co., Ltd.		48,659
Retail – Jewelry – 0.1%
	51	Swatch Group A.G.		27,922
	305	Swatch Group A.G.		28,746
				56,668
Retail – Major Department Stores – 1.4%
	199	Kering		40,443
	30,700	Marui Group Co., Ltd.		306,195
	47,000	Takashimaya Co., Ltd.		476,351
				822,989
Retail – Miscellaneous/Diversified – 0.9%
	15,570	Wesfarmers, Ltd.		563,733
Retail – Regional Department Stores – 0.8%
	15,700	Isetan Mitsukoshi Holdings, Ltd.		208,521
	35,000	J. Front Retailing Co., Ltd.		279,195
				487,716
Rubber – Tires – 0.4%
	1,800	Bridgestone Corp.		61,355
	4,400	Sumitomo Rubber Industries, Ltd.		71,973
	12,000	Yokohama Rubber Co., Ltd.		120,653
				253,981
Semiconductor Equipment – 0.2%
	1,177	ASML Holding N.V.		92,862
Soap and Cleaning Preparations – 0.1%
	410	Henkel A.G. & Co. KGaA		32,150
	766	Reckitt Benckiser Group PLC		54,143
				86,293
Steel – Producers – 0.6%
	10,900	JFE Holdings, Inc.		239,303
	97,000	Kobe Steel, Ltd.		120,321
				359,624
Steel – Specialty – 0.1%
	3,000	Hitachi Metals, Ltd.		33,764
Storage and Warehousing – 0.1%
	3,000	Mitsubishi Logistics Corp.		41,902
Sugar – 0.3%
	5,931	Suedzucker A.G.		183,679
Telecommunication Services – 0%
	11,338	Telecom Corp. of New Zealand, Ltd.		19,763
Telephone – Integrated – 1.9%
	39,533	Bezeq Israeli Telecommunication Corp., Ltd.		52,854
	2,800	KDDI Corp.		145,704
	2,000	Softbank Corp.		116,781
	4,012	TDC A/S		32,520
	182,609	Telstra Corp., Ltd.		796,399
				1,144,258
Television – 0.3%
	80,519	ITV PLC		171,546
Tools – Hand Held – 0.1%
	600	Makita Corp.		32,432
Toys – 0.1%
	2,600	Namco Bandai Holdings, Inc.		42,215
Transactional Software – 0.1%
	1,864	Amadeus IT Holding S.A. – Class A		59,571
Transportation – Marine – 0.5%
	35,000	Mitsui O.S.K. Lines, Ltd.		136,598
	69,000	Nippon Yusen K.K.		183,007
				319,605

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

20 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Transportation – Railroad – 0.7%
	500	Central Japan Railway Co.	$	61,164
	900	East Japan Railway Co.		69,978
	3,000	Keisei Electric Railway Co., Ltd.		28,106
	44,000	Tokyu Corp.		287,979
				447,227
Transportation – Services – 1.1%
	4,046	Asciano, Ltd.		18,570
	80,000	ComfortDelGro Corp., Ltd.		115,855
	18,060	Deutsche Post A.G.		448,832
	16,625	Toll Holdings, Ltd.		80,866
				664,123
Transportation – Truck – 0.2%
	22,000	Nippon Express Co., Ltd.		104,498
	2,100	Yamato Holdings Co., Ltd.		44,283
				148,781
Travel Services – 0.3%
	5,451	Flight Centre, Ltd.		196,015
Venture Capital – 0.3%
	31,552	3i Group PLC		161,985
Water – 0%
	1,585	Suez Environment Co.		20,472
Web Portals/Internet Service Providers – 0.2%
	385	Iliad S.A.		83,255
	1,028	United Internet A.G.		29,013
	49	Yahoo! Japan Corp.		24,164
				136,432
Wireless Equipment – 0.3%
	16,492	Telefonaktiebolaget L.M. Ericsson – Class B		186,909
Total Common Stock (cost $56,577,315)				60,346,227
Preferred Stock – 0.4%
Automotive – Cars and Light Trucks – 0.1%
	737	Bayerische Motoren Werke A.G.		50,387
Soap and Cleaning Preparations – 0.2%
	927	Henkel A.G. & Co. KGaA		87,170
Television – 0.1%
	1,895	ProSiebenSat.1 Media A.G.		81,439
Total Preferred Stock (cost $212,470)				218,996
Rights – 0%
Finance – Other Services – 0%
	58	ASX, Ltd.		165
Retail – Miscellaneous/Diversified – 0%
	199	Groupe Fnac		519
Total Rights (cost $460)				684
Total Investments (total cost $56,790,245) – 99.5%				60,565,907
Cash, Receivables and Other Assets, net of Liabilities – 0.5%				320,971
Net Assets – 100%			$	60,886,878

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

			% of Investment
Country	Value		Securities
Australia	$	9,913,788		16.4%
Austria		505,162		0.8%
Belgium		1,307,270		2.2%
Denmark		1,308,426		2.2%
Finland		486,656		0.8%
France		3,739,232		6.2%
Germany		3,953,773		6.5%
Greece		151,214		0.2%
Hong Kong		4,375,539		7.2%
Ireland		152,697		0.2%
Israel		620,956		1.0%
Italy		206,044		0.3%
Japan		19,670,870		32.5%
Netherlands		428,692		0.7%
New Zealand		532,700		0.9%
Norway		32,800		0.1%
Portugal		221,418		0.4%
Singapore		1,131,931		1.9%
Spain		1,839,309		3.0%
Sweden		1,184,854		1.9%
Switzerland		1,857,636		3.1%
United Kingdom		6,944,940		11.5%
Total	$	60,565,907		100.0%

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

Janus Mathematical Funds | 21

INTECH U.S. Core Fund (unaudited)

Fund Snapshot
INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.
Managed by
INTECH Investment Management LLC

Performance Overview

For the 12-month period ended June 30, 2013, INTECH U.S. Core Fund’s Class T Shares returned 21.58%. This compares to the 20.60% return posted by the S&P 500 Index, the Fund’s benchmark.

Investment Strategy

INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.

Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.

Performance Review

As stock prices moved naturally throughout the period, we continued to implement our mathematical process in a disciplined manner in an effort to maintain a more efficient portfolio than the benchmark, without increasing relative risk. While other factors may influence performance over the short term, we believe that the consistent application of our process will help the Fund perform well over the long term.

In INTECH’s history, which spans more than 26 years, we have experienced periods of both underperformance and outperformance relative to the benchmark. From our perspective, the key is to keep periods of underperformance both short in duration and mild in scope. INTECH aims to achieve excess returns over the long term and we believe the Fund remains well positioned for long-term capital growth.

Investment Strategy and Outlook

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we aim to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.

Thank you for your investment in INTECH U.S. Core Fund.

22 | JUNE 30, 2013

(unaudited)

INTECH U.S. Core Fund At A Glance

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Home Depot, Inc. Retail – Building Products	3.6%
TJX Cos., Inc. Retail – Major Department Stores	2.9%
Comcast Corp. – Class A Cable/Satellite Television	2.7%
Apple, Inc. Computers	2.2%
Sherwin-Williams Co. Coatings and Paint Products	1.9%
	13.3%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

Janus Mathematical Funds | 23

INTECH U.S. Core Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013					Expense Ratios – per the October 26, 2012 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses
INTECH U.S. Core Fund – Class A Shares
NAV	21.48%	7.10%	8.18%	9.19%	0.99%
MOP	14.48%	5.84%	7.55%	8.57%
INTECH U.S. Core Fund – Class C Shares
NAV	20.51%	6.36%	7.37%	8.37%	1.83%
CDSC	19.51%	6.36%	7.37%	8.37%
INTECH U.S. Core Fund – Class D Shares(1)	21.62%	7.30%	8.47%	9.48%	0.84%
INTECH U.S. Core Fund – Class I Shares	21.75%	7.25%	8.44%	9.46%	0.72%
INTECH U.S. Core Fund – Class S Shares	21.20%	6.96%	8.00%	9.00%	1.16%
INTECH U.S. Core Fund – Class T Shares	21.58%	7.25%	8.44%	9.46%	0.91%
S&P 500® Index	20.60%	7.01%	7.30%	8.65%
Morningstar Quartile – Class T Shares	1st	1st	1st	1st
Morningstar Ranking – based on total returns for Large Growth Funds	269/1,764	373/1,568	210/1,315	309/1,302
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

24 | JUNE 30, 2013

(unaudited)

The Fund has a performance-based management fee that adjusts up or down based on the Fund’s performance relative to an approved benchmark index over a performance measurement period. See the Fund’s prospectuses or Statement of Additional Information for more details.

The proprietary mathematical process used by INTECH Investment Management LLC (“INTECH”) may not achieve the desired results. The rebalancing techniques used by the Fund may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a “buy and hold” or index fund strategy.

The Fund’s performance may be affected by risks that include those associated with investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund.

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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – February 28, 2003
(1)	Closed to new investors.

Janus Mathematical Funds | 25

INTECH U.S. Core 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,143.00	$	5.15	$	1,000.00	$	1,019.98	$	4.86		0.97%
Class C Shares	$	1,000.00	$	1,138.50	$	9.33	$	1,000.00	$	1,016.07	$	8.80		1.76%
Class D Shares	$	1,000.00	$	1,143.70	$	4.46	$	1,000.00	$	1,020.63	$	4.21		0.84%
Class I Shares	$	1,000.00	$	1,144.30	$	3.83	$	1,000.00	$	1,021.22	$	3.61		0.72%
Class S Shares	$	1,000.00	$	1,142.30	$	6.21	$	1,000.00	$	1,018.99	$	5.86		1.17%
Class T Shares	$	1,000.00	$	1,143.70	$	4.84	$	1,000.00	$	1,020.28	$	4.56		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 the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

26 | JUNE 30, 2013

INTECH U.S. Core Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Common Stock – 98.6%
Advertising Agencies – 0.1%
	6,900	Interpublic Group of Cos., Inc.	$	100,395
	3,300	Omnicom Group, Inc.		207,471
				307,866
Aerospace and Defense – 0.2%
	900	Lockheed Martin Corp.		97,614
	1,000	Northrop Grumman Corp.		82,800
	700	Raytheon Co.		46,284
	7,000	Rockwell Collins, Inc.		443,870
				670,568
Aerospace and Defense – Equipment – 0%
	1,400	United Technologies Corp.		130,116
Agricultural Operations – 0%
	5,900	Archer-Daniels-Midland Co.		200,069
Airlines – 0.1%
	38,200	Southwest Airlines Co.		492,398
Apparel Manufacturers – 0.1%
	3,200	VF Corp.		617,792
Appliances – 0.7%
	26,800	Whirlpool Corp.		3,064,848
Applications Software – 0.1%
	6,500	Intuit, Inc.		396,695
Athletic Footwear – 0.1%
	6,700	NIKE, Inc. – Class B		426,656
Automotive – Cars and Light Trucks – 0.5%
	90,300	Ford Motor Co.		1,396,941
	28,000	General Motors Co.*		932,680
				2,329,621
Automotive – Truck Parts and Equipment – Original – 0.5%
	39,100	Delphi Automotive PLC		1,981,979
	8,400	Johnson Controls, Inc.		300,636
				2,282,615
Beverages – Non-Alcoholic – 0.5%
	16,200	Coca-Cola Co.		649,782
	4,200	Coca-Cola Enterprises, Inc.		147,672
	10,000	Dr. Pepper Snapple Group, Inc.		459,300
	5,800	Monster Beverage Corp.*		352,466
	5,400	PepsiCo, Inc.		441,666
				2,050,886
Beverages – Wine and Spirits – 1.4%
	11,600	Beam, Inc.		732,076
	12,900	Brown-Forman Corp. – Class B		871,395
	82,700	Constellation Brands, Inc. – Class A*		4,310,324
				5,913,795
Broadcast Services and Programming – 0.6%
	16,700	Discovery Communications, Inc. – Class A*		1,289,407
	22,300	Scripps Networks Interactive, Inc. – Class A		1,488,748
				2,778,155
Cable/Satellite Television – 3.8%
	62,100	Cablevision Systems Corp. – Class A		1,044,522
	279,700	Comcast Corp. – Class A		11,713,836
	13,800	DIRECTV*		850,356
	26,100	Time Warner Cable, Inc.		2,935,728
				16,544,442
Casino Services – 0%
	8,400	International Game Technology		140,364
Cellular Telecommunications – 0.8%
	484,300	Sprint Nextel Corp.*		3,399,786
Chemicals – Diversified – 1.5%
	22,400	FMC Corp.		1,367,744
	19,800	LyondellBasell Industries N.V. – Class A		1,311,948
	26,500	PPG Industries, Inc.		3,879,865
				6,559,557
Chemicals – Specialty – 0.7%
	34,100	Eastman Chemical Co.		2,387,341
	7,000	International Flavors & Fragrances, Inc.		526,120
				2,913,461
Coal – 0.1%
	3,900	CONSOL Energy, Inc.		105,690
	29,600	Peabody Energy Corp.		433,344
				539,034
Coatings and Paint Products – 1.9%
	47,100	Sherwin-Williams Co.		8,317,860
Commercial Banks – 0.9%
	77,100	BB&T Corp.		2,612,148
	11,400	M&T Bank Corp.		1,273,950
				3,886,098
Commercial Services – 0.1%
	15,100	Iron Mountain, Inc.		401,811
	5,000	Quanta Services, Inc.*		132,300
				534,111
Commercial Services – Finance – 2.1%
	40,000	Equifax, Inc.		2,357,200
	67,300	H&R Block, Inc.		1,867,575
	700	MasterCard, Inc. – Class A		402,150
	42,400	McGraw-Hill Cos., Inc.		2,255,256
	37,000	Moody’s Corp.		2,254,410
	1,000	Paychex, Inc.		36,520
				9,173,111
Computer Services – 2.1%
	17,900	Accenture PLC – Class A (U.S. Shares)		1,288,084
	14,900	Cognizant Technology Solutions Corp. – Class A*		932,889
	76,800	Computer Sciences Corp.		3,361,536
	17,300	International Business Machines Corp.		3,306,203
				8,888,712
Computers – 2.5%
	23,800	Apple, Inc.		9,426,704
	111,900	Dell, Inc.		1,493,865
				10,920,569
Computers – Memory Devices – 0.2%
	10,200	Western Digital Corp.		633,318

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

Janus Mathematical Funds | 27

INTECH U.S. Core Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Consumer Products – Miscellaneous – 0.2%
	1,900	Clorox Co.	$	157,966
	9,300	Kimberly-Clark Corp.		903,402
				1,061,368
Containers – Metal and Glass – 0.1%
	11,300	Owens-Illinois, Inc.*		314,027
Containers – Paper and Plastic – 0.2%
	14,000	Bemis Co., Inc.		547,960
	18,900	Sealed Air Corp.		452,655
				1,000,615
Cosmetics and Toiletries – 0.4%
	15,600	Colgate-Palmolive Co.		893,724
	3,600	Estee Lauder Cos., Inc. – Class A		236,772
	6,900	Procter & Gamble Co.		531,231
				1,661,727
Cruise Lines – 0%
	2,400	Carnival Corp. (U.S. Shares)		82,296
Data Processing and Management – 0.8%
	18,400	Dun & Bradstreet Corp.		1,793,080
	38,000	Fidelity National Information Services, Inc.		1,627,920
				3,421,000
Dialysis Centers – 0.5%
	18,000	DaVita HealthCare Partners, Inc.*		2,174,400
Distribution/Wholesale – 1.9%
	62,000	Fastenal Co.		2,842,700
	4,600	Genuine Parts Co.		359,122
	20,400	W.W. Grainger, Inc.		5,144,472
				8,346,294
Diversified Banking Institutions – 1.7%
	73,300	Bank of America Corp.		942,638
	22,400	Citigroup, Inc.		1,074,528
	19,000	Goldman Sachs Group, Inc.		2,873,750
	24,326	JPMorgan Chase & Co.		1,284,170
	48,300	Morgan Stanley		1,179,969
				7,355,055
Diversified Operations – 2.4%
	1,400	3M Co.		153,090
	2,300	Danaher Corp.		145,590
	31,300	Dover Corp.		2,430,758
	51,683	Eaton Corp. PLC		3,401,258
	19,000	General Electric Co.		440,610
	6,300	Illinois Tool Works, Inc.		435,771
	7,200	Ingersoll-Rand PLC		399,744
	43,000	Leggett & Platt, Inc.		1,336,870
	37,300	Leucadia National Corp.		978,006
	800	Parker Hannifin Corp.		76,320
	1,800	Pentair, Ltd.		103,842
	12,900	Textron, Inc.		336,045
				10,237,904
E-Commerce/Products – 0.6%
	49,700	eBay, Inc.*		2,570,484
E-Commerce/Services – 0.6%
	37,800	Expedia, Inc.		2,273,670
	2,000	Netflix, Inc.*		422,180
				2,695,850
Electric – Integrated – 2.7%
	4,300	American Electric Power Co., Inc.		192,554
	37,400	CMS Energy Corp.		1,016,158
	2,100	Consolidated Edison, Inc.		122,451
	23,500	Dominion Resources, Inc.		1,335,270
	4,100	DTE Energy Co.		274,741
	55,412	Duke Energy Corp.		3,740,310
	14,200	NextEra Energy, Inc.		1,157,016
	33,400	Pinnacle West Capital Corp.		1,852,698
	3,400	PPL Corp.		102,884
	3,900	Public Service Enterprise Group, Inc.		127,374
	3,800	SCANA Corp.		186,580
	5,000	TECO Energy, Inc.		85,950
	33,000	Wisconsin Energy Corp.		1,352,670
				11,546,656
Electric Products – Miscellaneous – 0.1%
	8,100	Emerson Electric Co.		441,774
Electronic Components – Miscellaneous – 0.1%
	13,500	TE Connectivity, Ltd. (U.S. Shares)		614,790
Electronic Components – Semiconductors – 0.3%
	3,500	Altera Corp.		115,465
	15,900	First Solar, Inc.*		711,207
	5,800	Microchip Technology, Inc.		216,050
	8,100	Texas Instruments, Inc.		282,447
	2,600	Xilinx, Inc.		102,986
				1,428,155
Electronic Connectors – 0.1%
	5,600	Amphenol Corp. – Class A		436,464
Electronic Forms – 0.2%
	20,700	Adobe Systems, Inc.*		943,092
Electronic Measuring Instruments – 0.4%
	2,100	Agilent Technologies, Inc.		89,796
	56,900	FLIR Systems, Inc.		1,534,593
				1,624,389
Electronic Security Devices – 0%
	4,800	Tyco International, Ltd. (U.S. Shares)		158,160
Engineering – Research and Development Services – 0.2%
	1,800	Fluor Corp.		106,758
	13,300	Jacobs Engineering Group, Inc.*		733,229
				839,987
Engines – Internal Combustion – 0.1%
	1,900	Cummins, Inc.		206,074
Enterprise Software/Services – 0.4%
	46,100	CA, Inc.		1,319,843
	15,000	Oracle Corp.		460,800
				1,780,643
Entertainment Software – 0.2%
	30,800	Electronic Arts, Inc.*		707,476
Fiduciary Banks – 0.8%
	14,000	Bank of New York Mellon Corp.		392,700
	44,600	State Street Corp.		2,908,366
				3,301,066
Filtration and Separations Products – 0.2%
	13,100	Pall Corp.		870,233

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

28 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Finance – Credit Card – 1.5%
	94,500	Discover Financial Services	$	4,501,980
	10,000	Visa, Inc. – Class A		1,827,500
				6,329,480
Finance – Investment Bankers/Brokers – 0.4%
	65,500	Charles Schwab Corp.		1,390,565
	8,800	E*TRADE Financial Corp.*		111,408
				1,501,973
Finance – Other Services – 0.6%
	37,700	NASDAQ OMX Group, Inc.		1,236,183
	33,900	NYSE Euronext		1,403,460
				2,639,643
Food – Confectionary – 0.7%
	21,200	Hershey Co.		1,892,736
	10,300	J.M. Smucker Co.		1,062,445
				2,955,181
Food – Meat Products – 0.8%
	52,200	Hormel Foods Corp.		2,013,876
	49,700	Tyson Foods, Inc. – Class A		1,276,296
				3,290,172
Food – Miscellaneous/Diversified – 1.7%
	13,800	Campbell Soup Co.		618,102
	107,800	ConAgra Foods, Inc.		3,765,454
	8,300	General Mills, Inc.		402,799
	15,700	Kellogg Co.		1,008,411
	21,100	McCormick & Co., Inc.		1,484,596
				7,279,362
Food – Retail – 0.4%
	38,800	Kroger Co.		1,340,152
	8,300	Safeway, Inc.		196,378
				1,536,530
Gas – Distribution – 1.1%
	45,300	NiSource, Inc.		1,297,392
	42,400	Sempra Energy		3,466,624
				4,764,016
Home Decoration Products – 0.5%
	83,500	Newell Rubbermaid, Inc.		2,191,875
Hotels and Motels – 0.5%
	2,000	Marriott International, Inc. – Class A		80,740
	33,800	Wyndham Worldwide Corp.		1,934,374
				2,015,114
Human Resources – 0.4%
	45,500	Robert Half International, Inc.		1,511,965
Independent Power Producer – 0.8%
	129,600	NRG Energy, Inc.		3,460,320
Industrial Automation and Robotics – 0.2%
	12,400	Rockwell Automation, Inc.		1,030,936
Industrial Gases – 0.1%
	2,100	Airgas, Inc.		200,466
	3,600	Praxair, Inc.		414,576
				615,042
Instruments – Controls – 0.1%
	2,800	Honeywell International, Inc.		222,152
Instruments – Scientific – 0.9%
	55,500	PerkinElmer, Inc.		1,803,750
	24,400	Thermo Fisher Scientific, Inc.		2,064,972
	1,700	Waters Corp.*		170,085
				4,038,807
Insurance Brokers – 0.4%
	25,300	Aon PLC		1,628,055
	1,500	Marsh & McLennan Cos., Inc.		59,880
				1,687,935
Internet Infrastructure Software – 0%
	1,600	F5 Networks, Inc.*		110,080
Internet Security – 0.3%
	58,300	Symantec Corp.		1,310,001
	2,800	VeriSign, Inc.		125,048
				1,435,049
Investment Management and Advisory Services – 1.2%
	19,400	Ameriprise Financial, Inc.		1,569,072
	11,800	BlackRock, Inc.		3,030,830
	3,400	Franklin Resources, Inc.		462,468
				5,062,370
Life and Health Insurance – 0.9%
	42,200	AFLAC, Inc.		2,452,664
	5,900	Torchmark Corp.		384,326
	40,000	Unum Group		1,174,800
				4,011,790
Linen Supply & Related Items – 0.4%
	36,300	Cintas Corp.		1,653,102
Machinery – Farm – 0.1%
	3,600	Deere & Co.		292,500
Machinery – General Industrial – 0.2%
	7,600	Roper Industries, Inc.		944,072
Machinery – Pumps – 0.9%
	75,000	Flowserve Corp.		4,050,750
Medical – Biomedical and Genetic – 2.7%
	6,100	Alexion Pharmaceuticals, Inc.*		562,664
	38,400	Amgen, Inc.		3,788,544
	19,100	Biogen Idec, Inc.*		4,110,320
	9,500	Celgene Corp.*		1,110,645
	29,400	Gilead Sciences, Inc.*		1,505,574
	4,900	Life Technologies Corp.*		362,649
	1,400	Regeneron Pharmaceuticals, Inc.*		314,832
				11,755,228
Medical – Drugs – 1.7%					��
	19,800	Abbott Laboratories		690,624
	10,300	AbbVie, Inc.		425,802
	3,600	Allergan, Inc.		303,264
	39,600	Bristol-Myers Squibb Co.		1,769,724
	32,800	Eli Lilly & Co.		1,611,136
	1,500	Johnson & Johnson		128,790
	50,386	Merck & Co., Inc.		2,340,430
	2,900	Pfizer, Inc.		81,229
				7,350,999

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

Janus Mathematical Funds | 29

INTECH U.S. Core Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Medical – Generic Drugs – 1.8%
	31,900	Actavis, Inc.*	$	4,026,418
	115,200	Mylan, Inc.*		3,574,656
				7,601,074
Medical – HMO – 1.0%
	20,163	Aetna, Inc.		1,281,157
	33,200	Cigna Corp.		2,406,668
	4,500	Humana, Inc.		379,710
	2,200	UnitedHealth Group, Inc.		144,056
				4,211,591
Medical – Hospitals – 0%
	3,100	Tenet Healthcare Corp.*		142,910
Medical – Wholesale Drug Distributors – 0.4%
	18,200	AmerisourceBergen Corp.		1,016,106
	7,000	Cardinal Health, Inc.		330,400
	3,600	McKesson Corp.		412,200
				1,758,706
Medical Instruments – 0.8%
	113,300	Boston Scientific Corp.*		1,050,291
	1,900	Edwards Lifesciences Corp.*		127,680
	3,300	Intuitive Surgical, Inc.*		1,671,714
	9,400	St. Jude Medical, Inc.		428,922
				3,278,607
Medical Labs and Testing Services – 0%
	1,400	Laboratory Corp. of America Holdings*		140,140
Medical Products – 0.6%
	9,500	Baxter International, Inc.		658,065
	7,200	Becton, Dickinson and Co.		711,576
	11,900	CareFusion Corp.*		438,515
	5,200	Stryker Corp.		336,336
	5,500	Varian Medical Systems, Inc.*		370,975
	1,300	Zimmer Holdings, Inc.		97,422
				2,612,889
Metal – Iron – 0%
	7,000	Cliffs Natural Resources, Inc.		113,750
Metal Processors and Fabricators – 0%
	400	Precision Castparts Corp.		90,404
Multi-Line Insurance – 3.5%
	134,600	Allstate Corp.		6,476,952
	6,100	Assurant, Inc.		310,551
	96,900	Cincinnati Financial Corp.		4,447,710
	11,800	Genworth Financial, Inc. – Class A*		134,638
	50,700	Hartford Financial Services Group, Inc.		1,567,644
	73,400	XL Group PLC		2,225,488
				15,162,983
Multimedia – 3.8%
	124,400	News Corp. – Class A		4,055,440
	121,000	Time Warner, Inc.		6,996,220
	2,300	Viacom, Inc. – Class B		156,515
	82,100	Walt Disney Co.		5,184,615
				16,392,790
Networking Products – 0%
	6,800	Cisco Systems, Inc.		165,308
Non-Hazardous Waste Disposal – 0.1%
	5,500	Republic Services, Inc.		186,670
	2,500	Waste Management, Inc.		100,825
				287,495
Office Supplies and Forms – 0.3%
	30,600	Avery Dennison Corp.		1,308,456
Oil – Field Services – 0.2%
	9,600	Halliburton Co.		400,512
	7,947	Schlumberger, Ltd. (U.S. Shares)		569,482
				969,994
Oil and Gas Drilling – 0.3%
	9,200	Ensco PLC – Class A		534,704
	15,300	Helmerich & Payne, Inc.		955,485
				1,490,189
Oil Companies – Exploration and Production – 1.0%
	19,800	Cabot Oil & Gas Corp.		1,406,196
	2,700	ConocoPhillips		163,350
	4,300	EOG Resources, Inc.		566,224
	3,100	EQT Corp.		246,047
	14,000	Noble Energy, Inc.		840,560
	1,200	Occidental Petroleum Corp.		107,076
	5,900	Pioneer Natural Resources Co.		854,025
				4,183,478
Oil Companies – Integrated – 1.1%
	5,430	Chevron Corp.		642,586
	21,900	Exxon Mobil Corp.		1,978,665
	5,000	Hess Corp.		332,450
	20,900	Marathon Oil Corp.		722,722
	13,400	Murphy Oil Corp.		815,926
	7,200	Phillips 66		424,152
				4,916,501
Oil Field Machinery and Equipment – 0%
	500	Cameron International Corp.*		30,580
Oil Refining and Marketing – 2.5%
	69,200	Marathon Petroleum Corp.		4,917,352
	67,700	Tesoro Corp.		3,542,064
	63,600	Valero Energy Corp.		2,211,372
				10,670,788
Paper and Related Products – 0.2%
	18,900	International Paper Co.		837,459
	6,500	MeadWestvaco Corp.		221,715
				1,059,174
Pipelines – 0.9%
	31,100	ONEOK, Inc.		1,284,741
	28,800	Spectra Energy Corp.		992,448
	46,000	Williams Cos., Inc.		1,493,620
				3,770,809
Property and Casualty Insurance – 0.4%
	12,700	Progressive Corp.		322,834
	16,600	Travelers Cos., Inc.		1,326,672
				1,649,506
Publishing – Newspapers – 0.2%
	39,800	Gannett Co., Inc.		973,508
Real Estate Management/Services – 0.1%
	9,900	CBRE Group, Inc. – Class A*		231,264

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

30 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

			��
Shares			Value
REIT – Apartments – 0.1%
	9,800	Apartment Investment & Management Co. – Class A	$	294,392
REIT – Diversified – 1.5%
	13,300	American Tower Corp.		973,161
	1,600	Vornado Realty Trust		132,560
	189,300	Weyerhaeuser Co.		5,393,157
				6,498,878
REIT – Health Care – 0.4%
	15,700	HCP, Inc.		713,408
	2,600	Heath Care REIT, Inc.		174,278
	12,600	Ventas, Inc.		875,196
				1,762,882
REIT – Regional Malls – 0.4%
	4,800	Macerich Co.		292,656
	9,000	Simon Property Group, Inc.		1,421,280
				1,713,936
REIT – Storage – 0.3%
	9,100	Public Storage		1,395,303
Retail – Apparel and Shoe – 1.8%
	105,100	Gap, Inc.		4,385,823
	2,100	PVH Corp.		262,605
	44,500	Ross Stores, Inc.		2,884,045
	11,100	Urban Outfitters, Inc.*		446,442
				7,978,915
Retail – Auto Parts – 0.1%
	700	AutoZone, Inc.*		296,583
	2,700	O’Reilly Automotive, Inc.*		304,074
				600,657
Retail – Automobile – 0.2%
	15,000	CarMax, Inc.*		692,400
Retail – Building Products – 4.4%
	198,500	Home Depot, Inc.		15,377,795
	89,400	Lowe’s Cos., Inc.		3,656,460
				19,034,255
Retail – Computer Equipment – 0.1%
	7,500	GameStop Corp. – Class A		315,225
Retail – Consumer Electronics – 0%
	5,700	Best Buy Co., Inc.		155,781
Retail – Discount – 0.8%
	1,200	Costco Wholesale Corp.		132,684
	43,300	Wal-Mart Stores, Inc.		3,225,417
				3,358,101
Retail – Drug Store – 0.1%
	12,400	Walgreen Co.		548,080
Retail – Major Department Stores – 3.1%
	42,900	JC Penney Co., Inc.*		732,732
	250,700	TJX Cos., Inc.		12,550,042
				13,282,774
Retail – Pet Food and Supplies – 0.1%
	4,800	PetSmart, Inc.		321,552
Retail – Regional Department Stores – 0.1%
	6,800	Macy’s, Inc.		326,400
Retail – Restaurants – 0.3%
	200	Chipotle Mexican Grill, Inc.*		72,870
	8,400	McDonald’s Corp.		831,600
	7,600	Yum! Brands, Inc.		526,984
				1,431,454
Savings/Loan/Thrifts – 0.2%
	106,600	Hudson City Bancorp, Inc.		976,456
Security Services – 0.6%
	63,200	ADT Corp.		2,518,520
Semiconductor Components/Integrated Circuits – 0.1%
	2,000	Analog Devices, Inc.		90,120
	9,000	Linear Technology Corp.	��	331,560
				421,680
Semiconductor Equipment – 0.1%
	25,500	Applied Materials, Inc.		380,205
	5,000	Lam Research Corp.*		221,700
				601,905
Steel – Producers – 0.1%
	7,400	Nucor Corp.		320,568
Super-Regional Banks – 0.4%
	11,300	U.S. Bancorp		408,495
	27,980	Wells Fargo & Co.		1,154,735
				1,563,230
Telecommunication Equipment – 0.4%
	17,200	Harris Corp.		847,100
	45,600	Juniper Networks, Inc.*		880,536
				1,727,636
Telecommunication Equipment – Fiber Optics – 0%
	10,700	JDS Uniphase Corp.*		153,866
Telephone – Integrated – 1.1%
	81,458	AT&T, Inc.		2,883,613
	29,985	CenturyLink, Inc.		1,059,970
	18,100	Verizon Communications, Inc.		911,154
				4,854,737
Television – 0.2%
	14,000	CBS Corp. – Class B		684,180
Tobacco – 1.5%
	58,200	Altria Group, Inc.		2,036,418
	6,100	Lorillard, Inc.		266,448
	31,200	Philip Morris International, Inc.		2,702,544
	32,000	Reynolds American, Inc.		1,547,840
				6,553,250
Tools – Hand Held – 0.6%
	28,600	Snap-on, Inc.		2,556,268
Transportation – Railroad – 0.2%
	4,000	Kansas City Southern		423,840
	4,100	Union Pacific Corp.		632,548
				1,056,388
Transportation – Services – 0.4%
	5,900	Expeditors International of Washington, Inc.		224,259
	4,700	FedEx Corp.		463,326
	12,200	Ryder System, Inc.		741,638
	1,000	United Parcel Service, Inc. – Class B		86,480
				1,515,703

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

Janus Mathematical Funds | 31

INTECH U.S. Core Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Vitamins and Nutrition Products – 0%
	1,400	Mead Johnson Nutrition Co.	$	110,922
Web Portals/Internet Service Providers – 1.7%
	7,000	Google, Inc. – Class A*		6,162,590
	54,700	Yahoo!, Inc.*		1,373,517
				7,536,107
Wireless Equipment – 1.7%
	91,800	Crown Castle International Corp.*		6,645,402
	8,600	Motorola Solutions, Inc.		496,478
				7,141,880
Total Common Stock (cost $345,649,022)				426,886,100
Money Market – 0.7%
	3,093,665	Janus Cash Liquidity Fund LLC, 0%£ (cost $3,093,665)		3,093,665
Total Investments (total cost $348,742,687) – 99.3%				429,979,765
Cash, Receivables and Other Assets, net of Liabilities – 0.7%				2,960,376
Net Assets – 100%			$	432,940,141

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

			% of Investment
Country	Value		Securities
United States††	$	429,979,765		100.0%
Total	$	429,979,765		100.0%

†† Includes Cash Equivalents of 0.7%.

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

32 | JUNE 30, 2013

INTECH U.S. Growth Fund (unaudited)

Fund Snapshot
INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.
Managed by
INTECH Investment
Management LLC

Performance Overview

For the 12-month period ended June 30, 2013, INTECH U.S. Growth Fund’s Class S Shares returned 17.36%. This compares to the 17.07% return posted by the Russell 1000 Growth Index, the Fund’s benchmark.

Investment Strategy

INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.

Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.

Performance Review

As stock prices moved naturally throughout the period, we continued to implement our mathematical process in a disciplined manner in an effort to maintain a more efficient portfolio than the benchmark, without increasing relative risk. While other factors may influence performance over the short term, we believe that the consistent application of our process will help the Fund perform well over the long term.

In INTECH’s history, which spans more than 26 years, we have experienced periods of both underperformance and outperformance relative to the benchmark. From our perspective, the key is to keep periods of underperformance both short in duration and mild in scope. INTECH aims to achieve excess returns over the long term and we believe the Fund remains well positioned for long-term capital growth.

Investment Strategy and Outlook

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we aim to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.

Thank you for your investment in INTECH U.S. Growth Fund.

Janus Mathematical Funds | 33

INTECH U.S. Growth Fund (unaudited)

INTECH U.S. Growth Fund At A Glance

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Apple, Inc. Computers	2.2%
International Business Machines Corp. Computer Services	2.1%
Comcast Corp. – Class A Cable/Satellite Television	1.6%
Sherwin-Williams Co. Coatings and Paint Products	1.5%
Google, Inc. – Class A Web Portals/Internet Service Providers	1.4%
	8.8%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

34 | JUNE 30, 2013

(unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013					Expense Ratios – per the October 26, 2012 prospectus
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses
INTECH U.S. Growth Fund – Class A Shares
NAV	17.57%	6.08%	6.69%	7.24%	0.92%
MOP	10.81%	4.83%	6.28%	6.84%
INTECH U.S. Growth Fund – Class C Shares
NAV	16.70%	5.20%	6.07%	6.62%	1.71%
CDSC	15.70%	5.20%	6.07%	6.62%
INTECH U.S. Growth Fund – Class I Shares	17.89%	6.35%	6.69%	7.24%	0.62%
INTECH U.S. Growth Fund – Class S Shares	17.36%	5.88%	6.69%	7.24%	1.07%
INTECH U.S. Growth Fund – Class T Shares	17.61%	5.88%	6.69%	7.24%	0.83%
Russell 1000® Growth Index	17.07%	7.47%	7.40%	7.96%
Morningstar Quartile – Class S Shares	2nd	2nd	3rd	3rd
Morningstar Ranking – based on total returns for Large Growth Funds	804/1,764	720/1,568	762/1,315	736/1,291
Visit janus.com/advisor/mutual-funds to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

Janus Mathematical Funds | 35

INTECH U.S. Growth Fund (unaudited)

The proprietary mathematical process used by INTECH Investment Management LLC (“INTECH”) may not achieve the desired results. The rebalancing techniques used by the Fund may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a “buy and hold” or index fund strategy.

The Fund’s performance may be affected by risks that include those associated with investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectus or janus.com/info for more information about risks, portfolio holdings and other details.

The Fund invests in REITs which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of one or more share classes of the predecessor fund, calculated using the fees and expenses of one or more share classes accounting for, when applicable and permitted, any fee and expense limitations or waivers.

Class T Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of the predecessor fund’s Class S Shares.

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 prospectus 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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

* The predecessor Fund’s inception date – January 2, 2003

36 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,123.00	$	4.74	$	1,000.00	$	1,020.33	$	4.51		0.90%
Class C Shares	$	1,000.00	$	1,118.90	$	8.30	$	1,000.00	$	1,016.96	$	7.90		1.58%
Class I Shares	$	1,000.00	$	1,124.70	$	3.00	$	1,000.00	$	1,021.97	$	2.86		0.57%
Class S Shares	$	1,000.00	$	1,122.10	$	5.47	$	1,000.00	$	1,019.64	$	5.21		1.04%
Class T Shares	$	1,000.00	$	1,123.00	$	4.21	$	1,000.00	$	1,020.83	$	4.01		0.80%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 prospectus for more information regarding waivers and/or reimbursements.

Janus Mathematical Funds | 37

INTECH U.S. Growth Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Common Stock – 99.5%
Advertising Agencies – 0.2%
	4,900	Interpublic Group of Cos., Inc.	$	71,295
	6,200	Omnicom Group, Inc.		389,794
				461,089
Advertising Sales – 0.3%
	21,100	Lamar Advertising Co. – Class A*		915,740
Aerospace and Defense – 1.5%
	800	Boeing Co.		81,952
	4,300	Lockheed Martin Corp.		466,378
	12,900	Rockwell Collins, Inc.		817,989
	15,700	TransDigm Group, Inc.		2,461,289
				3,827,608
Aerospace and Defense – Equipment – 0.8%
	14,900	B/E Aerospace, Inc.*		939,892
	2,900	Triumph Group, Inc.		229,535
	8,600	United Technologies Corp.		799,284
				1,968,711
Agricultural Chemicals – 0.4%
	10,600	Monsanto Co.		1,047,280
Airlines – 1.0%
	6,500	Copa Holdings S.A. – Class A		852,280
	42,700	Delta Air Lines, Inc.		798,917
	38,200	Southwest Airlines Co.		492,398
	19,300	United Continental Holdings, Inc.*		603,897
				2,747,492
Apparel Manufacturers – 0.2%
	2,500	Carter’s, Inc.		185,175
	6,200	Hanesbrands, Inc.		318,804
	300	Ralph Lauren Corp.		52,122
	400	VF Corp.		77,224
				633,325
Applications Software – 0.7%
	800	Citrix Systems, Inc.*		48,264
	6,000	Compuware Corp.		62,100
	27,600	Microsoft Corp.		953,028
	5,900	NetSuite, Inc.*		541,266
	9,900	Nuance Communications, Inc.*		181,962
	700	Salesforce.com, Inc.*		26,726
				1,813,346
Athletic Footwear – 0.1%
	5,100	NIKE, Inc. – Class B		324,768
Automotive – Cars and Light Trucks – 0.1%
	3,000	Tesla Motors, Inc.*		322,290
Automotive – Medium and Heavy Duty Trucks – 0%
	2,400	PACCAR, Inc.		128,784
Automotive – Truck Parts and Equipment – Original – 0.6%
	25,500	Delphi Automotive PLC		1,292,595
	1,700	Visteon Corp.*		107,304
	700	WABCO Holdings, Inc.*		52,283
				1,452,182
Beverages – Non-Alcoholic – 1.5%
	37,500	Coca-Cola Co.		1,504,125
	18,400	Coca-Cola Enterprises, Inc.		646,944
	20,100	Dr. Pepper Snapple Group, Inc.		923,193
	3,400	Monster Beverage Corp.*		206,618
	7,700	PepsiCo, Inc.		629,783
				3,910,663
Beverages – Wine and Spirits – 0.3%
	13,200	Brown-Forman Corp. – Class B		891,660
Broadcast Services and Programming – 0.5%
	11,700	Discovery Communications, Inc. – Class A*		903,357
	3,200	Scripps Networks Interactive, Inc. – Class A		213,632
	4,200	Starz – Class A*		92,820
				1,209,809
Building – Heavy Construction – 0.1%
	6,400	Chicago Bridge & Iron Co. N.V.		381,824
Building – Residential and Commercial – 0.4%
	1,000	NVR, Inc.*		922,000
Building and Construction Products – Miscellaneous – 0.1%
	4,700	Fortune Brands Home & Security, Inc.		182,078
Building Products – Air and Heating – 0.2%
	8,200	Lennox International, Inc.		529,228
Building Products – Cement and Aggregate – 0.1%
	3,800	Martin Marietta Materials, Inc.		373,996
Building Products – Wood – 0.1%
	8,800	Masco Corp.		171,512
Cable/Satellite Television – 4.2%
	7,100	Charter Communications, Inc. – Class A*		879,335
	98,300	Comcast Corp. – Class A		4,116,804
	11,000	DIRECTV*		677,820
	14,500	DISH Network Corp. – Class A		616,540
	2	Liberty Global PLC*		136
	30,335	Liberty Global PLC – Class A*		2,247,217
	22,200	Time Warner Cable, Inc.		2,497,056
				11,034,908
Casino Hotels – 0.4%
	9,800	Las Vegas Sands Corp.		518,714
	5,100	Wynn Resorts, Ltd.		652,800
				1,171,514
Casino Services – 0.2%
	29,400	International Game Technology		491,274
Chemicals – Diversified – 0.3%
	6,000	Celanese Corp.		268,800
	2,100	E.I. du Pont de Nemours & Co.		110,250
	3,000	FMC Corp.		183,180
	2,900	LyondellBasell Industries N.V. – Class A		192,154
	400	PPG Industries, Inc.		58,564
	1,400	Rockwood Holdings, Inc.		89,642
				902,590
Chemicals – Specialty – 0.9%
	5,300	Albemarle Corp.		330,137
	3,652	Eastman Chemical Co.		255,676
	11,014	Ecolab, Inc.		938,283
	3,700	International Flavors & Fragrances, Inc.		278,092
	800	NewMarket Corp.		210,048
	2,800	WR Grace & Co.*		235,312
				2,247,548

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

38 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Coatings and Paint Products – 1.8%
	700	RPM International, Inc.	$	22,358
	21,800	Sherwin-Williams Co.		3,849,880
	12,600	Valspar Corp.		814,842
				4,687,080
Coffee – 0.3%
	10,600	Green Mountain Coffee Roasters, Inc.*		795,636
Commercial Banks – 0%
	600	Signature Bank*		49,812
Commercial Services – 0.1%
	6,457	Iron Mountain, Inc.		171,821
Commercial Services – Finance – 4.9%
	11,700	Alliance Data Systems Corp.*		2,118,051
	27,900	Automatic Data Processing, Inc.		1,921,194
	7,500	Equifax, Inc.		441,975
	14,600	FleetCor Technologies, Inc.*		1,186,980
	6,700	Global Payments, Inc.		310,344
	61,100	H&R Block, Inc.		1,695,525
	1,300	MasterCard, Inc. – Class A		746,850
	27,900	McGraw-Hill Cos., Inc.		1,484,001
	14,900	Moody’s Corp.		907,857
	3,200	Morningstar, Inc.		248,256
	25,900	Paychex, Inc.		945,868
	26,300	SEI Investments Co.		747,709
	6,600	Western Union Co.		112,926
				12,867,536
Computer Aided Design – 0.2%
	3,700	ANSYS, Inc.*		270,470
	10,500	Autodesk, Inc.*		356,370
				626,840
Computer Data Security – 0.1%
	8,600	Fortinet, Inc.*		150,500
Computer Services – 3.2%
	29,100	Accenture PLC – Class A (U.S. Shares)		2,094,036
	5,600	Cognizant Technology Solutions Corp. – Class A*		350,616
	3,200	DST Systems, Inc.		209,056
	2,100	IHS, Inc. – Class A*		219,198
	28,800	International Business Machines Corp.		5,503,968
				8,376,874
Computers – 2.2%
	14,500	Apple, Inc.		5,743,160
Computers – Integrated Systems – 0.3%
	13,600	Jack Henry & Associates, Inc.		640,968
	7,100	NCR Corp.*		234,229
				875,197
Consulting Services – 0.3%
	3,600	Gartner, Inc.*		205,164
	6,100	Genpact, Ltd.		117,364
	11,700	SAIC, Inc.		162,981
	5,200	Verisk Analytics, Inc. – Class A*		310,440
				795,949
Consumer Products – Miscellaneous – 1.6%
	4,900	Clorox Co.		407,386
	9,200	Jarden Corp.*		402,500
	21,500	Kimberly-Clark Corp.		2,088,510
	15,500	Tupperware Brands Corp.		1,204,195
				4,102,591
Containers – Metal and Glass – 0.4%
	9,900	Ball Corp.		411,246
	3,700	Crown Holdings, Inc.*		152,181
	14,700	Owens-Illinois, Inc.*		408,513
	2,600	Silgan Holdings, Inc.		122,096
				1,094,036
Containers – Paper and Plastic – 0.7%
	34,200	Packaging Corp. of America		1,674,432
	2,900	Rock-Tenn Co. – Class A		289,652
				1,964,084
Cosmetics and Toiletries – 0.9%
	30,400	Colgate-Palmolive Co.		1,741,616
	9,034	Procter & Gamble Co.		695,528
				2,437,144
Data Processing and Management – 0.4%
	4,800	Dun & Bradstreet Corp.		467,760
	5,900	Fiserv, Inc.*		515,719
				983,479
Decision Support Software – 0.2%
	14,100	MSCI, Inc.*		469,107
Dental Supplies and Equipment – 0.1%
	2,300	DENTSPLY International, Inc.		94,208
	5,500	Patterson Cos., Inc.		206,800
				301,008
Diagnostic Kits – 0.1%
	1,800	IDEXX Laboratories, Inc.*		161,604
Dialysis Centers – 0.4%
	8,800	DaVita HealthCare Partners, Inc.*		1,063,040
Distribution/Wholesale – 0.8%
	8,900	Fastenal Co.		408,065
	900	Fossil Group, Inc.*		92,979
	2,600	Genuine Parts Co.		202,982
	53,700	LKQ Corp.*		1,382,775
	400	W.W. Grainger, Inc.		100,872
				2,187,673
Diversified Operations – 2.4%
	14,700	3M Co.		1,607,445
	4,400	Carlisle Cos., Inc.		274,164
	5,400	Colfax Corp.*		281,394
	3,800	Danaher Corp.		240,540
	10,300	Eaton Corp. PLC		677,843
	5,400	Illinois Tool Works, Inc.		373,518
	22,300	Ingersoll-Rand PLC		1,238,096
	6,800	ITT Corp.		199,988
	22,800	Leucadia National Corp.		597,816
	2,300	Parker Hannifin Corp.		219,420
	6,100	SPX Corp.		439,078
	7,900	Textron, Inc.		205,795
				6,355,097

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

Janus Mathematical Funds | 39

INTECH U.S. Growth Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
E-Commerce/Products – 1.0%
	2,500	Amazon.com, Inc.*	$	694,225
	35,100	eBay, Inc.*		1,815,372
				2,509,597
E-Commerce/Services – 1.0%
	6,950	Expedia, Inc.		418,042
	37,500	Liberty Interactive Corp. – Class A*		862,875
	3,200	Liberty Ventures		272,032
	3,400	Netflix, Inc.*		717,706
	200	priceline.com, Inc.*		165,426
	3,300	TripAdvisor, Inc.		200,871
				2,636,952
Electric Products – Miscellaneous – 0.6%
	17,650	AMETEK, Inc.		746,595
	15,400	Emerson Electric Co.		839,916
				1,586,511
Electric – Transmission – 0.2%
	5,100	ITC Holdings Corp.		465,630
Electronic Components – Miscellaneous – 0.1%
	11,900	Gentex Corp.		274,295
Electronic Components – Semiconductors – 0.6%
	5,700	Altera Corp.		188,043
	1,600	Broadcom Corp. – Class A		54,016
	10,700	Intel Corp.		259,154
	6,300	Microchip Technology, Inc.		234,675
	3,300	Rovi Corp.*		75,372
	7,200	Texas Instruments, Inc.		251,064
	12,800	Xilinx, Inc.		507,008
				1,569,332
Electronic Connectors – 0.1%
	2,900	Amphenol Corp. – Class A		226,026
Electronic Design Automation – 0.7%
	107,100	Cadence Design Systems, Inc.*		1,550,808
	6,000	Synopsys, Inc.*		214,500
				1,765,308
Electronic Forms – 0.2%
	11,900	Adobe Systems, Inc.*		542,164
Electronic Measuring Instruments – 0.6%
	8,100	Agilent Technologies, Inc.		346,356
	18,600	FLIR Systems, Inc.		501,642
	9,800	National Instruments Corp.		273,812
	17,600	Trimble Navigation, Ltd.*		457,776
				1,579,586
Engineering – Research and Development Services – 0.1%
	3,700	Fluor Corp.		219,447
Engines – Internal Combustion – 0.1%
	1,900	Cummins, Inc.		206,074
Enterprise Software/Services – 0.9%
	3,900	CA, Inc.		111,657
	5,200	Concur Technologies, Inc.*		423,176
	13,100	Informatica Corp.*		458,238
	43,000	Oracle Corp.		1,320,960
				2,314,031
Filtration and Separations Products – 0.2%
	6,500	Pall Corp.		431,795
Finance – Credit Card – 1.4%
	2,600	American Express Co.		194,376
	19,600	Visa, Inc. – Class A		3,581,900
				3,776,276
Finance – Investment Bankers/Brokers – 0.2%
	14,900	Lazard, Ltd. – Class A		479,035
Finance – Other Services – 0.8%
	37,700	CBOE Holdings, Inc.		1,758,328
	1,900	IntercontinentalExchange, Inc.*		337,744
				2,096,072
Food – Baking – 0.2%
	25,350	Flowers Foods, Inc.		558,968
Food – Confectionary – 0.4%
	13,200	Hershey Co.		1,178,496
Food – Meat Products – 0.5%
	21,700	Hillshire Brands Co.		717,836
	16,800	Hormel Foods Corp.		648,144
				1,365,980
Food – Miscellaneous/Diversified – 2.1%
	19,800	Campbell Soup Co.		886,842
	9,100	General Mills, Inc.		441,623
	7,100	Ingredion, Inc.		465,902
	17,200	Kellogg Co.		1,104,756
	5,300	Kraft Foods Group, Inc.		296,111
	31,000	McCormick & Co., Inc.		2,181,160
	6,300	Mondelez International, Inc. – Class A		179,739
				5,556,133
Food – Retail – 0.3%
	13,400	Kroger Co.		462,836
	9,200	Safeway, Inc.		217,672
				680,508
Food – Wholesale/Distribution – 0.3%
	19,600	Sysco Corp.		669,536
Footwear and Related Apparel – 0.1%
	6,100	Deckers Outdoor Corp.*		308,111
Garden Products – 0%
	1,400	Toro Co.		63,574
Gas – Transportation – 0.2%
	19,500	Questar Corp.		465,075
Gold Mining – 0%
	1,100	Royal Gold, Inc.		46,288
Hazardous Waste Disposal – 0.1%
	1,200	Stericycle, Inc.*		132,516
Home Furnishings – 0.1%
	6,400	Tempur Sealy International, Inc.*		280,960
Hotels and Motels – 0.1%
	5,600	Marriott International, Inc. – Class A		226,072
	2,100	Wyndham Worldwide Corp.		120,183
				346,255
Human Resources – 0.2%
	12,400	Robert Half International, Inc.		412,052
Industrial Automation and Robotics – 0.3%
	10,600	Rockwell Automation, Inc.		881,284

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

40 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Industrial Gases – 0.2%
	2,000	Airgas, Inc.	$	190,920
	2,000	Praxair, Inc.		230,320
				421,240
Instruments – Controls – 0.5%
	3,800	Honeywell International, Inc.		301,492
	4,500	Mettler-Toledo International, Inc.*		905,400
				1,206,892
Instruments – Scientific – 0.1%
	3,200	Waters Corp.*		320,160
Insurance Brokers – 0.6%
	7,600	Aon PLC		489,060
	3,200	Arthur J. Gallagher & Co.		139,808
	2,600	Brown & Brown, Inc.		83,824
	3,200	Erie Indemnity Co. – Class A		255,008
	18,200	Marsh & McLennan Cos., Inc.		726,544
				1,694,244
Internet Content – Entertainment – 0.2%
	18,100	Facebook, Inc. – Class A*		449,966
Internet Content – Information/News – 0.3%
	4,200	LinkedIn Corp. – Class A*		748,860
Internet Security – 0.3%
	19,500	Symantec Corp.		438,165
	6,600	VeriSign, Inc.		294,756
				732,921
Investment Management and Advisory Services – 1.4%
	6,700	Affiliated Managers Group, Inc.*		1,098,398
	2,700	BlackRock, Inc.		693,495
	15,800	Eaton Vance Corp.		593,922
	2,100	Federated Investors, Inc. – Class B		57,561
	3,900	Franklin Resources, Inc.		530,478
	16,300	Waddell & Reed Financial, Inc. – Class A		709,050
				3,682,904
Linen Supply & Related Items – 0.1%
	7,600	Cintas Corp.		346,104
Machine Tools and Related Products – 0.2%
	11,100	Lincoln Electric Holdings, Inc.		635,697
Machinery – Construction and Mining – 0%
	1,900	Joy Global, Inc.		92,207
Machinery – Farm – 0.2%
	6,400	Deere & Co.		520,000
Machinery – General Industrial – 0.9%
	5,000	Babcock & Wilcox Co.		150,150
	6,600	IDEX Corp.		355,146
	18,700	Manitowoc Co., Inc.		334,917
	8,200	Roper Industries, Inc.		1,018,604
	4,600	Wabtec Corp.		245,778
	5,600	Zebra Technologies Corp. – Class A*		243,264
				2,347,859
Machinery – Pumps – 0.7%
	30,300	Flowserve Corp.		1,636,503
	2,800	Graco, Inc.		176,988
	5,600	Xylem, Inc.		150,864
				1,964,355
Medical – Biomedical and Genetic – 5.1%
	8,500	Alexion Pharmaceuticals, Inc.*		784,040
	34,700	Amgen, Inc.		3,423,502
	120,300	Ariad Pharmaceuticals, Inc.*		2,104,047
	8,400	Biogen Idec, Inc.*		1,807,680
	7,100	Celgene Corp.*		830,061
	4,200	Charles River Laboratories International, Inc.*		172,326
	29,600	Gilead Sciences, Inc.*		1,515,816
	7,500	Illumina, Inc.*		561,300
	2,700	Incyte Corp., Ltd.*		59,400
	3,200	Life Technologies Corp.*		236,832
	1,400	Regeneron Pharmaceuticals, Inc.*		314,832
	19,900	United Therapeutics Corp.*		1,309,818
	1,500	Vertex Pharmaceuticals, Inc.*		119,805
				13,239,459
Medical – Drugs – 2.4%
	38,200	Abbott Laboratories		1,332,416
	30,600	AbbVie, Inc.		1,265,004
	4,200	Allergan, Inc.		353,808
	24,600	Bristol-Myers Squibb Co.		1,099,374
	22,600	Eli Lilly & Co.		1,110,112
	7,500	Endo Health Solutions, Inc.*		275,925
	8,700	Johnson & Johnson		746,982
	1,700	Salix Pharmaceuticals, Ltd.*		112,455
	2,500	Zoetis, Inc.		77,225
				6,373,301
Medical – Generic Drugs – 1.1%
	5,100	Actavis, Inc.*		643,722
	55,100	Mylan, Inc.*		1,709,753
	3,300	Perrigo Co.		399,300
				2,752,775
Medical – HMO – 0.1%
	1,800	WellPoint, Inc.		147,312
Medical – Hospitals – 0.4%
	20,200	HCA Holdings, Inc.		728,412
	3,400	Tenet Healthcare Corp.*		156,740
	1,400	Universal Health Services, Inc. – Class B		93,744
				978,896
Medical – Wholesale Drug Distributors – 0.4%
	10,300	AmerisourceBergen Corp.		575,049
	5,900	Cardinal Health, Inc.		278,480
	2,100	McKesson Corp.		240,450
				1,093,979
Medical Information Systems – 0%
	800	Cerner Corp.*		76,872
Medical Instruments – 0.5%
	1,900	Edwards Lifesciences Corp.*		127,680
	400	Intuitive Surgical, Inc.*		202,632
	9,200	Medtronic, Inc.		473,524
	10,800	St. Jude Medical, Inc.		492,804
	3,500	Thoratec Corp.*		109,585
				1,406,225
Medical Labs and Testing Services – 0.1%
	1,800	Covance, Inc.*		137,052
	900	Laboratory Corp. of America Holdings*		90,090
				227,142

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

Janus Mathematical Funds | 41

INTECH U.S. Growth Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Medical Products – 1.5%
	10,700	Baxter International, Inc.	$	741,189
	4,400	Becton, Dickinson and Co.		434,852
	6,100	Cooper Cos., Inc.		726,205
	6,700	Covidien PLC (U.S. Shares)		421,028
	2,400	Henry Schein, Inc.*		229,800
	8,100	Sirona Dental Systems, Inc.*		533,628
	5,100	Stryker Corp.		329,868
	5,200	Zimmer Holdings, Inc.		389,688
				3,806,258
Metal – Copper – 0.1%
	11,700	Southern Copper Corp.		323,154
Metal Processors and Fabricators – 0.1%
	800	Precision Castparts Corp.		180,808
	2,100	Timken Co.		118,188
				298,996
Multimedia – 1.9%
	1,600	FactSet Research Systems, Inc.		163,104
	30,400	News Corp. – Class A		991,040
	19,700	Viacom, Inc. – Class B		1,340,585
	37,500	Walt Disney Co.		2,368,125
				4,862,854
Non-Hazardous Waste Disposal – 0%
	4,200	Covanta Holding Corp.		84,084
Office Automation and Equipment – 0.1%
	17,300	Pitney Bowes, Inc.		253,964
Oil – Field Services – 1.0%
	600	CARBO Ceramics, Inc.		40,458
	20,400	Halliburton Co.		851,088
	9,000	Oceaneering International, Inc.		649,800
	14,000	Schlumberger, Ltd. (U.S. Shares)		1,003,240
				2,544,586
Oil and Gas Drilling – 0.2%
	700	Atwood Oceanics, Inc.*		36,435
	7,900	Helmerich & Payne, Inc.		493,355
				529,790
Oil Companies – Exploration and Production – 1.1%
	12,600	Cabot Oil & Gas Corp.		894,852
	300	Concho Resources, Inc.*		25,116
	1,100	Continental Resources, Inc.*		94,666
	900	EOG Resources, Inc.		118,512
	10,400	Noble Energy, Inc.		624,416
	6,300	Pioneer Natural Resources Co.		911,925
	1,800	Range Resources Corp.		139,176
	1,600	SM Energy Co.		95,968
				2,904,631
Oil Field Machinery and Equipment – 0.4%
	3,800	Cameron International Corp.*		232,408
	9,100	Dresser-Rand Group, Inc.*		545,818
	3,600	FMC Technologies, Inc.*		200,448
				978,674
Oil Refining and Marketing – 0.3%
	25,100	Cheniere Energy, Inc.*		696,776
Other Specialty Retail – Discretionary – 0.1%
	8,300	GNC Holdings, Inc. – Class A		366,943
Pharmacy Services – 0.1%
	3,700	Catamaran Corp. (U.S. Shares)*		180,264
	1,935	Express Scripts Holding Co.*		119,370
				299,634
Pipelines – 0.8%
	27,347	Kinder Morgan, Inc.		1,043,288
	4,000	ONEOK, Inc.		165,240
	24,500	Williams Cos., Inc.		795,515
				2,004,043
Power Converters and Power Supply Equipment – 0.1%
	2,700	Hubbell, Inc. – Class B		267,300
Professional Sports – 0.1%
	2,600	Madison Square Garden Co. – Class A*		154,050
Property and Casualty Insurance – 0.6%
	5,700	Arch Capital Group, Ltd.*		293,037
	5,900	Hanover Insurance Group, Inc.		288,687
	11,400	Travelers Cos., Inc.		911,088
				1,492,812
Publishing – Periodicals – 0.1%
	8,800	Nielsen Holdings N.V.		295,592
Quarrying – 0%
	1,000	Compass Minerals International, Inc.		84,530
Racetracks – 0%
	1,000	Penn National Gaming, Inc.*		52,860
Real Estate Management/Services – 0.2%
	20,900	CBRE Group, Inc. – Class A*		488,224
Reinsurance – 0.4%
	7,000	Allied World Assurance Co. Holdings A.G.		640,570
	1,700	Endurance Specialty Holdings, Ltd.		87,465
	11,700	Validus Holdings, Ltd.		422,604
				1,150,639
REIT – Apartments – 0.9%
	5,000	American Campus Communities, Inc.		203,300
	20,500	Apartment Investment & Management Co. – Class A		615,820
	6,400	BRE Properties, Inc.		320,128
	2,800	Camden Property Trust		193,592
	1,100	Equity Residential		63,866
	1,100	Essex Property Trust, Inc.		174,812
	4,900	Home Properties, Inc.		320,313
	7,400	Mid-America Apartment Communities, Inc.		501,498
				2,393,329
REIT – Diversified – 1.8%
	1,700	American Tower Corp.		124,389
	900	Digital Realty Trust, Inc.		54,900
	26,000	Plum Creek Timber Co., Inc.		1,213,420
	27,350	Rayonier, Inc.		1,514,916
	63,300	Weyerhaeuser Co.		1,803,417
				4,711,042
REIT – Health Care – 0.1%
	5,700	HCP, Inc.		259,008
REIT – Multi-Housing – 0.1%
	4,600	Equity Lifestyle Properties, Inc.		361,514

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

42 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
REIT – Office Property – 0.1%
	500	Boston Properties, Inc.	$	52,735
	2,300	Kilroy Realty Corp.		121,923
				174,658
REIT – Regional Malls – 0.5%
	6,400	Simon Property Group, Inc.		1,010,688
	9,400	Tanger Factory Outlet Centers		314,524
				1,325,212
REIT – Shopping Centers – 0.2%
	3,000	Federal Realty Investment Trust		311,040
	4,000	Regency Centers Corp.		203,240
				514,280
REIT – Storage – 0.8%
	36,300	Extra Space Storage, Inc.		1,522,059
	3,000	Public Storage		459,990
				1,982,049
Rental Auto/Equipment – 0.1%
	11,500	Hertz Global Holdings, Inc.*		285,200
	2,000	United Rentals, Inc.*		99,820
				385,020
Respiratory Products – 0.5%
	30,200	ResMed, Inc.		1,362,926
Retail – Apparel and Shoe – 1.0%
	3,000	DSW, Inc. – Class A		220,410
	19,100	Gap, Inc.		797,043
	1,700	Limited Brands, Inc.		83,725
	14,200	Ross Stores, Inc.		920,302
	15,900	Urban Outfitters, Inc.*		639,498
				2,660,978
Retail – Auto Parts – 0.3%
	1,500	Advance Auto Parts, Inc.		121,755
	600	AutoZone, Inc.*		254,214
	4,400	O’Reilly Automotive, Inc.*		495,528
				871,497
Retail – Automobile – 0.3%
	3,500	CarMax, Inc.*		161,560
	16,700	Copart, Inc.*		514,360
				675,920
Retail – Bedding – 0.1%
	1,900	Bed Bath & Beyond, Inc.*		134,710
Retail – Building Products – 1.5%
	36,400	Home Depot, Inc.		2,819,908
	25,700	Lowe’s Cos., Inc.		1,051,130
				3,871,038
Retail – Catalog Shopping – 0.1%
	2,800	MSC Industrial Direct Co., Inc. – Class A		216,888
Retail – Discount – 1.1%
	4,800	Big Lots, Inc.*		151,344
	10,200	Costco Wholesale Corp.		1,127,814
	1,700	Dollar General Corp.*		85,731
	11,100	Target Corp.		764,346
	10,500	Wal-Mart Stores, Inc.		782,145
				2,911,380
Retail – Drug Store – 0.1%
	5,100	CVS Caremark Corp.		291,618
Retail – Jewelry – 0%
	1,500	Tiffany & Co.		109,260
Retail – Mail Order – 0.1%
	4,700	Williams-Sonoma, Inc.		262,683
Retail – Major Department Stores – 0.7%
	35,300	TJX Cos., Inc.		1,767,118
Retail – Miscellaneous/Diversified – 0.2%
	12,900	Sally Beauty Holdings, Inc.*		401,190
Retail – Petroleum Products – 0%
	1,400	World Fuel Services Corp.		55,972
Retail – Regional Department Stores – 0%
	1,600	Macy’s, Inc.		76,800
Retail – Restaurants – 0.8%
	3,000	Brinker International, Inc.		118,290
	700	Chipotle Mexican Grill, Inc.*		255,045
	2,200	Darden Restaurants, Inc.		111,056
	14,800	Dunkin’ Brands Group, Inc.		633,736
	7,700	McDonald’s Corp.		762,300
	2,800	Yum! Brands, Inc.		194,152
				2,074,579
Rubber – Tires – 0.2%
	27,500	Goodyear Tire & Rubber Co.*		420,475
Savings/Loan/Thrifts – 0.1%
	13,200	People’s United Financial, Inc.		196,680
Semiconductor Components/Integrated Circuits – 0.9%
	9,100	Analog Devices, Inc.		410,046
	22,200	Atmel Corp.*		163,170
	9,900	Linear Technology Corp.		364,716
	7,000	Maxim Integrated Products, Inc.		194,460
	21,700	QUALCOMM, Inc.		1,325,436
				2,457,828
Semiconductor Equipment – 0%
	1,500	Lam Research Corp.*		66,510
Soap and Cleaning Preparations – 0.4%
	15,800	Church & Dwight Co., Inc.		975,018
Steel – Producers – 0%
	1,300	Steel Dynamics, Inc.		19,383
Steel Pipe and Tube – 0.5%
	10,000	Valmont Industries, Inc.		1,430,900
Telecommunication Equipment – 0.3%
	16,500	Harris Corp.		812,625
Telecommunication Equipment – Fiber Optics – 0.1%
	5,100	IPG Photonics Corp.		309,723
Telecommunication Services – 0.7%
	3,500	Level 3 Communications, Inc.*		73,780
	22,300	NeuStar, Inc. – Class A*		1,085,564
	21,800	tw telecom, inc.*		613,452
				1,772,796
Telephone – Integrated – 0.2%
	12,000	Verizon Communications, Inc.		604,080

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

Janus Mathematical Funds | 43

INTECH U.S. Growth Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Television – 0.5%
	9,000	AMC Networks, Inc. – Class A*	$	588,690
	14,800	CBS Corp. – Class B		723,276
	300	Liberty Media Corp.		38,028
				1,349,994
Theaters – 0.1%
	13,200	Cinemark Holdings, Inc.		368,544
Therapeutics – 0.3%
	3,600	BioMarin Pharmaceutical, Inc.*		200,844
	2,000	Onyx Pharmaceuticals, Inc.*		173,640
	19,600	Warner Chilcott PLC – Class A		389,648
				764,132
Tobacco – 2.2%
	42,100	Altria Group, Inc.		1,473,079
	3,400	Lorillard, Inc.		148,512
	34,800	Philip Morris International, Inc.		3,014,376
	24,400	Reynolds American, Inc.		1,180,228
				5,816,195
Toys – 0.7%
	6,600	Hasbro, Inc.		295,878
	31,300	Mattel, Inc.		1,418,203
				1,714,081
Transactional Software – 0.4%
	17,000	Solera Holdings, Inc.		946,050
Transportation – Marine – 0.1%
	3,700	Kirby Corp.*		294,298
Transportation – Railroad – 0.7%
	4,600	Kansas City Southern		487,416
	8,100	Union Pacific Corp.		1,249,668
				1,737,084
Transportation – Services – 0.2%
	400	C.H. Robinson Worldwide, Inc.		22,524
	3,200	Expeditors International of Washington, Inc.		121,632
	1,600	FedEx Corp.		157,728
	2,100	United Parcel Service, Inc. – Class B		181,608
				483,492
Transportation – Truck – 0.1%
	5,000	Con-way, Inc.		194,800
	2,000	J.B. Hunt Transport Services, Inc.		144,480
	1,000	Landstar System, Inc.		51,500
				390,780
Water – 0.1%
	7,300	Aqua America, Inc.		228,417
Web Hosting/Design – 0.5%
	5,000	Equinix, Inc.*		923,600
	11,400	Rackspace Hosting, Inc.*		431,946
				1,355,546
Web Portals/Internet Service Providers – 1.4%
	4,100	Google, Inc. – Class A*		3,609,517
Wireless Equipment – 2.1%
	23,800	Crown Castle International Corp.*		1,722,882
	8,400	Motorola Solutions, Inc.		484,932
	44,900	SBA Communications Corp. – Class A*		3,327,988
				5,535,802
Total Common Stock (cost $203,569,631)				260,856,737
Money Market – 0.4%
	1,107,000	Janus Cash Liquidity Fund LLC, 0%£ (cost $1,107,000)		1,107,000
Total Investments (total cost $204,676,631) – 99.9%				261,963,737
Cash, Receivables and Other Assets, net of Liabilities – 0.1%				202,093
Net Assets – 100%			$	262,165,830

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

			% of Investment
Country	Value		Securities
Canada	$	180,264		0.1%
India		117,364		0.0%
Panama		852,280		0.3%
Peru		323,154		0.1%
United Kingdom		2,247,353		0.9%
United States††		258,243,322		98.6%
Total	$	261,963,737		100.0%

†† Includes Cash Equivalents of 0.4%.

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

44 | JUNE 30, 2013

INTECH U.S. Value Fund (unaudited)

Fund Snapshot
INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.
Managed by
INTECH Investment Management LLC

Performance Overview

For the 12-month period ended June 30, 2013, INTECH U.S. Value Fund’s Class I Shares returned 25.23%. This compares to the 25.32% return posted by the Russell 1000 Value Index, the Fund’s benchmark.

Investment Strategy

INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.

Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.

Performance Review

As stock prices moved naturally throughout the period, we continued to implement our mathematical process in a disciplined manner in an effort to maintain a more efficient portfolio than the benchmark, without increasing relative risk. While other factors may influence performance over the short term, we believe that the consistent application of our process will help the Fund perform well over the long term.

In INTECH’s history, which spans more than 26 years, we have experienced periods of both underperformance and outperformance relative to the benchmark. From our perspective, the key is to keep periods of underperformance both short in duration and mild in scope. INTECH aims to achieve excess returns over the long term and we believe the Fund remains well positioned for long-term capital growth.

Investment Strategy and Outlook

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we aim to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.

Thank you for your investment in INTECH U.S. Value Fund.

Janus Mathematical Funds | 45

INTECH U.S. Value Fund (unaudited)

INTECH U.S. Value Fund At A Glance

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Exxon Mobil Corp. Oil Companies – Integrated	3.6%
General Electric Co. Diversified Operations	1.4%
Berkshire Hathaway, Inc. – Class B Reinsurance	1.4%
Chevron Corp. Oil Companies – Integrated	1.3%
Marathon Petroleum Corp. Oil Refining and Marketing	1.2%
	8.9%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

46 | JUNE 30, 2013

(unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013				Expense Ratios – per the October 26, 2012 prospectus
	One	Five	Since	Total Annual Fund	Net Annual Fund
	Year	Year	Inception*	Operating Expenses	Operating Expenses
INTECH U.S. Value Fund – Class A Shares
NAV	24.86%	7.04%	4.91%	0.92%	0.92%
MOP	17.67%	5.79%	4.08%
INTECH U.S. Value Fund – Class C Shares
NAV	23.97%	6.25%	4.13%	1.86%	1.75%
CDSC	22.97%	6.25%	4.13%
INTECH U.S. Value Fund – Class I Shares	25.23%	7.28%	5.15%	0.67%	0.67%
INTECH U.S. Value Fund – Class S Shares	25.12%	6.90%	4.72%	1.15%	1.15%
INTECH U.S. Value Fund – Class T Shares	24.84%	7.00%	4.76%	0.89%	0.89%
Russell 1000® Value Index	25.32%	6.67%	5.14%
Morningstar Quartile – Class I Shares	2nd	2nd	2nd
Morningstar Ranking – based on total returns for Large Value Funds	371/1,237	331/1,111	475/1,044
Visit janus.com/advisor/mutual-funds to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

Janus Mathematical Funds | 47

INTECH U.S. Value Fund (unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The proprietary mathematical process used by INTECH Investment Management LLC (“INTECH”) may not achieve the desired results. The rebalancing techniques used by the Fund may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a “buy and hold” or index fund strategy.

The Fund’s performance may be affected by risks that include those associated with investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectus or janus.com/info for more information about risks, portfolio holdings and other details.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of each respective share class of the predecessor fund, calculated using the fees and expenses of each respective share class accounting for, when applicable and permitted, any fee and expense limitations or waivers.

Class T Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares without the effect of any 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 prospectus 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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

* The predecessor Fund’s inception date – December 30, 2005

48 | JUNE 30, 2013

(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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,160.30	$	5.36	$	1,000.00	$	1,019.84	$	5.01		1.00%
Class C Shares	$	1,000.00	$	1,156.30	$	8.93	$	1,000.00	$	1,016.51	$	8.35		1.67%
Class I Shares	$	1,000.00	$	1,161.60	$	3.48	$	1,000.00	$	1,021.57	$	3.26		0.65%
Class S Shares	$	1,000.00	$	1,163.40	$	3.06	$	1,000.00	$	1,021.97	$	2.86		0.57%
Class T Shares	$	1,000.00	$	1,159.90	$	4.71	$	1,000.00	$	1,020.43	$	4.41		0.88%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 prospectus for more information regarding waivers and/or reimbursements.

Janus Mathematical Funds | 49

INTECH U.S. Value Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Common Stock – 99.6%
Advertising Sales – 0%
	500	Lamar Advertising Co. – Class A*	$	21,700
Aerospace and Defense – 0.5%
	500	Boeing Co.		51,220
	200	Lockheed Martin Corp.		21,692
	1,300	Northrop Grumman Corp.		107,640
	2,800	Raytheon Co.		185,136
	1,100	Spirit Aerosystems Holdings, Inc. – Class A*		23,628
				389,316
Aerospace and Defense – Equipment – 0.4%
	2,800	Alliant Techsystems, Inc.		230,524
	900	Triumph Group, Inc.		71,235
				301,759
Agricultural Chemicals – 0%
	200	Mosaic Co.		10,762
Agricultural Operations – 0.2%
	3,100	Archer-Daniels-Midland Co.		105,121
	1,300	Bunge, Ltd.		92,001
				197,122
Airlines – 0.6%
	700	Copa Holdings S.A. – Class A		91,784
	13,700	Delta Air Lines, Inc.		256,327
	10,600	Southwest Airlines Co.		136,634
				484,745
Appliances – 0.7%
	5,600	Whirlpool Corp.		640,416
Applications Software – 0.2%
	19,900	Compuware Corp.		205,965
Automotive – Cars and Light Trucks – 0.9%
	44,100	Ford Motor Co.		682,227
	2,400	General Motors Co.*		79,944
				762,171
Automotive – Medium and Heavy Duty Trucks – 0.4%
	2,700	Navistar International Corp.*		74,952
	4,400	Oshkosh Corp.*		167,068
	1,300	PACCAR, Inc.		69,758
				311,778
Automotive – Truck Parts and Equipment – Original – 0.7%
	2,400	Johnson Controls, Inc.		85,896
	3,000	Lear Corp.		181,380
	3,200	TRW Automotive Holdings Corp.*		212,608
	1,700	Visteon Corp.*		107,304
				587,188
Batteries & Battery Systems – 0.2%
	2,100	Energizer Holdings, Inc.		211,071
Beverages – Non-Alcoholic – 0.1%
	2,800	Coca-Cola Enterprises, Inc.		98,448
Beverages – Wine and Spirits – 0.4%
	1,400	Beam, Inc.		88,354
	450	Brown-Forman Corp. – Class B		30,397
	5,100	Constellation Brands, Inc. – Class A*		265,812
				384,563
Brewery – 0.1%
	1,100	Molson Coors Brewing Co. – Class B		52,646
Broadcast Services and Programming – 0.2%
	6,374	Starz – Class A*		140,865
Building – Heavy Construction – 0.2%
	2,220	Chicago Bridge & Iron Co. N.V.		132,445
Building – Residential and Commercial – 0.4%
	1,700	D.R. Horton, Inc.		36,176
	3,400	Lennar Corp. – Class A		122,536
	9,200	PulteGroup, Inc.		174,524
				333,236
Building and Construction Products – Miscellaneous – 0.1%
	1,300	Fortune Brands Home & Security, Inc.		50,362
	700	Owens Corning*		27,356
				77,718
Building Products – Cement and Aggregate – 0.2%
	700	Martin Marietta Materials, Inc.		68,894
	2,100	Vulcan Materials Co.		101,661
				170,555
Cable/Satellite Television – 1.0%
	1,900	Cablevision Systems Corp. – Class A		31,958
	18,650	Comcast Corp. – Class A		781,062
	1,600	DISH Network Corp. – Class A		68,032
				881,052
Casino Hotels – 0%
	1,600	MGM Resorts International*		23,648
Casino Services – 0.1%
	3,200	International Game Technology		53,472
Cellular Telecommunications – 0.6%
	68,900	Sprint Nextel Corp.*		483,678
Chemicals – Diversified – 0.7%
	7,700	LyondellBasell Industries N.V. – Class A		510,202
	1,100	Rockwood Holdings, Inc.		70,433
	200	Westlake Chemical Corp.		19,282
				599,917
Chemicals – Specialty – 0.2%
	1,400	Albemarle Corp.		87,206
	1,000	Cytec Industries, Inc.		73,250
	500	Eastman Chemical Co.		35,005
	100	WR Grace & Co.*		8,404
				203,865
Coffee – 0.1%
	1,600	Green Mountain Coffee Roasters, Inc.*		120,096
Commercial Banks – 1.7%
	1,000	Associated Banc-Corp		15,550
	6,200	BB&T Corp.		210,056
	12,400	CapitalSource, Inc.		116,312
	500	CIT Group, Inc.*		23,315
	400	Cullen / Frost Bankers, Inc.		26,708
	3,100	First Horizon National Corp.		34,720
	500	First Republic Bank		19,240
	3,600	M&T Bank Corp.		402,300
	4,600	Popular, Inc.*		139,518
	23,600	Regions Financial Corp.		224,908
	500	Signature Bank*		41,510
	700	SVB Financial Group*		58,324

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

50 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Commercial Banks – (continued)
	7,600	TCF Financial Corp.	$	107,768
	1,900	Zions Bancorp		54,872
				1,475,101
Commercial Services – 0%
	279	Iron Mountain, Inc.		7,424
Commercial Services – Finance – 0.2%
	200	Equifax, Inc.		11,786
	5,400	H&R Block, Inc.		149,850
				161,636
Computer Services – 0.4%
	5,000	Computer Sciences Corp.		218,850
	2,400	DST Systems, Inc.		156,792
				375,642
Computers – 1.2%
	59,000	Dell, Inc.		787,650
	9,800	Hewlett-Packard Co.		243,040
				1,030,690
Computers – Memory Devices – 0.2%
	1,300	SanDisk Corp.		79,430
	1,900	Western Digital Corp.		117,971
				197,401
Consulting Services – 0.3%
	5,100	SAIC, Inc.		71,043
	1,400	Towers Watson & Co. – Class A		114,716
	600	Verisk Analytics, Inc. – Class A*		35,820
				221,579
Consumer Products – Miscellaneous – 0.9%
	2,900	Clorox Co.		241,106
	4,050	Jarden Corp.*		177,187
	3,400	Kimberly-Clark Corp.		330,276
				748,569
Containers – Metal and Glass – 0.2%
	600	Crown Holdings, Inc.*		24,678
	3,800	Owens-Illinois, Inc.*		105,602
				130,280
Containers – Paper and Plastic – 0.6%
	2,900	Bemis Co., Inc.		113,506
	700	Packaging Corp. of America		34,272
	1,700	Rock-Tenn Co. – Class A		169,796
	6,400	Sealed Air Corp.		153,280
				470,854
Cosmetics and Toiletries – 1.3%
	3,300	Avon Products, Inc.		69,399
	600	Colgate-Palmolive Co.		34,374
	13,300	Procter & Gamble Co.		1,023,967
				1,127,740
Cruise Lines – 0.2%
	4,600	Royal Caribbean Cruises, Ltd. (U.S. Shares)		153,364
Data Processing and Management – 0.7%
	11,100	Fidelity National Information Services, Inc.		475,524
	1,300	Fiserv, Inc.*		113,633
				589,157
Dental Supplies and Equipment – 0%
	200	DENTSPLY International, Inc.		8,192
Diagnostic Kits – 0.2%
	2,600	Alere, Inc.*		63,700
	6,700	QIAGEN N.V. (U.S. Shares)*		133,397
				197,097
Distribution/Wholesale – 0.1%
	3,500	Ingram Micro, Inc. – Class A*		66,465
	400	WESCO International, Inc.*		27,184
				93,649
Diversified Banking Institutions – 4.0%
	32,400	Bank of America Corp.		416,664
	7,470	Citigroup, Inc.		358,336
	5,800	Goldman Sachs Group, Inc.		877,250
	19,100	JPMorgan Chase & Co.		1,008,289
	31,400	Morgan Stanley		767,102
				3,427,641
Diversified Operations – 4.8%
	300	3M Co.		32,805
	2,100	Carlisle Cos., Inc.		130,851
	2,900	Colfax Corp.*		151,119
	4,800	Crane Co.		287,616
	1,500	Danaher Corp.		94,950
	4,800	Dover Corp.		372,768
	9,417	Eaton Corp. PLC		619,733
	52,700	General Electric Co.		1,222,113
	1,000	Harsco Corp.		23,190
	1,700	ITT Corp.		49,997
	7,400	Leggett & Platt, Inc.		230,066
	11,832	Leucadia National Corp.		310,235
	4,834	Pentair, Ltd.		278,873
	800	SPX Corp.		57,584
	1,300	Textron, Inc.		33,865
	6,500	Trinity Industries, Inc.		249,860
				4,145,625
E-Commerce/Services – 0.5%
	8,000	Liberty Interactive Corp. – Class A*		184,080
	2,675	Liberty Ventures		227,402
				411,482
Electric – Generation – 0%
	3,400	AES Corp.		40,766
Electric – Integrated – 2.7%
	600	Alliant Energy Corp.		30,252
	1,200	Ameren Corp.		41,328
	1,800	American Electric Power Co., Inc.		80,604
	5,200	CMS Energy Corp.		141,284
	1,400	Dominion Resources, Inc.		79,548
	3,400	DTE Energy Co.		227,834
	2,997	Duke Energy Corp.		202,298
	2,300	Edison International		110,768
	400	Entergy Corp.		27,872
	1,700	Exelon Corp.		52,496
	900	Great Plains Energy, Inc.		20,286
	700	National Fuel Gas Co.		40,565
	3,200	NextEra Energy, Inc.		260,736
	6,961	Northeast Utilities		292,501
	600	NV Energy, Inc.		14,076
	4,000	OGE Energy Corp.		272,800

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

Janus Mathematical Funds | 51

INTECH U.S. Value Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Electric – Integrated – (continued)
	800	PG&E Corp.	$	36,584
	1,500	Pinnacle West Capital Corp.		83,205
	1,300	PPL Corp.		39,338
	1,900	Public Service Enterprise Group, Inc.		62,054
	900	SCANA Corp.		44,190
	1,500	Southern Co.		66,195
	900	Westar Energy, Inc.		28,764
	800	Wisconsin Energy Corp.		32,792
	1,400	Xcel Energy, Inc.		39,676
				2,328,046
Electric Products – Miscellaneous – 0.2%
	3,600	Emerson Electric Co.		196,344
Electronic Components – Miscellaneous – 0.1%
	3,100	Vishay Intertechnology, Inc.*		43,059
Electronic Components – Semiconductors – 1.1%
	5,200	Cree, Inc.*		332,072
	900	Intel Corp.		21,798
	9,400	Micron Technology, Inc.*		134,702
	13,700	ON Semiconductor Corp.*		110,696
	2,700	Rovi Corp.*		61,668
	9,200	Texas Instruments, Inc.		320,804
				981,740
Electronic Design Automation – 0.2%
	3,700	Synopsys, Inc.*		132,275
Electronic Forms – 0.2%
	3,700	Adobe Systems, Inc.*		168,572
Electronic Measuring Instruments – 0.1%
	1,200	FLIR Systems, Inc.		32,364
	600	Itron, Inc.*		25,458
				57,822
Electronic Parts Distributors – 0.2%
	3,800	Avnet, Inc.*		127,680
	1,400	Tech Data Corp.*		65,926
				193,606
Electronic Security Devices – 0.3%
	7,200	Tyco International, Ltd. (U.S. Shares)		237,240
Electronics – Military – 0.1%
	1,000	L-3 Communications Holdings, Inc.		85,740
Engineering – Research and Development Services – 0.4%
	6,100	AECOM Technology Corp.*		193,919
	500	Fluor Corp.		29,655
	1,200	Jacobs Engineering Group, Inc.*		66,156
	1,200	URS Corp.		56,664
				346,394
Enterprise Software/Services – 0%
	1,000	CA, Inc.		28,630
Entertainment Software – 0.7%
	24,300	Activision Blizzard, Inc.		346,518
	10,200	Electronic Arts, Inc.*		234,294
				580,812
Fiduciary Banks – 1.5%
	4,224	Bank of New York Mellon Corp.		118,483
	3,300	Northern Trust Corp.		191,070
	14,500	State Street Corp.		945,545
				1,255,098
Finance – Consumer Loans – 0.1%
	2,700	SLM Corp.		61,722
Finance – Credit Card – 0.6%
	1,500	American Express Co.		112,140
	8,000	Discover Financial Services		381,120
				493,260
Finance – Investment Bankers/Brokers – 0.3%
	2,500	Charles Schwab Corp.		53,075
	3,500	Raymond James Financial, Inc.		150,430
	1,200	TD Ameritrade Holding Corp.		29,148
				232,653
Finance – Leasing Companies – 0.1%
	4,600	Air Lease Corp.		126,914
Finance – Other Services – 0.8%
	500	CBOE Holdings, Inc.		23,320
	3,000	NASDAQ OMX Group, Inc.		98,370
	12,600	NYSE Euronext		521,640
				643,330
Financial Guarantee Insurance – 0%
	1,600	Assured Guaranty, Ltd.		35,296
Food – Confectionary – 0.2%
	1,600	J.M. Smucker Co.		165,040
Food – Dairy Products – 0%
	306	WhiteWave Foods Co. – Class A		4,973
Food – Meat Products – 0.5%
	800	Hillshire Brands Co.		26,464
	4,600	Hormel Foods Corp.		177,468
	9,100	Tyson Foods, Inc. – Class A		233,688
				437,620
Food – Miscellaneous/Diversified – 1.6%
	1,200	Campbell Soup Co.		53,748
	19,400	ConAgra Foods, Inc.		677,642
	4,000	General Mills, Inc.		194,120
	2,500	Ingredion, Inc.		164,050
	1,100	Kellogg Co.		70,653
	2,250	Kraft Foods Group, Inc.		125,707
	3,852	Mondelez International, Inc. – Class A		109,898
				1,395,818
Food – Retail – 0.4%
	14,500	Safeway, Inc.		343,070
Food – Wholesale/Distribution – 0.1%
	3,200	Sysco Corp.		109,312
Footwear and Related Apparel – 0%
	700	Deckers Outdoor Corp.*		35,357
Funeral Services and Related Items – 0.1%
	5,800	Service Corp. International		104,574

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

52 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Gas – Distribution – 1.2%
	2,600	CenterPoint Energy, Inc.	$	61,074
	9,900	NiSource, Inc.		283,536
	8,400	Sempra Energy		686,784
				1,031,394
Gas – Transportation – 0.4%
	1,700	AGL Resources, Inc.		72,862
	2,000	Atmos Energy Corp.		82,120
	2,500	Questar Corp.		59,625
	1,500	UGI Corp.		58,665
	2,100	Vectren Corp.		71,043
				344,315
Home Decoration Products – 0.3%
	11,100	Newell Rubbermaid, Inc.		291,375
Hotels and Motels – 0%
	600	Hyatt Hotels Corp. – Class A*		24,216
Human Resources – 0.3%
	4,600	Manpowergroup, Inc.		252,080
Independent Power Producer – 0.5%
	7,300	Calpine Corp.*		154,979
	10,200	NRG Energy, Inc.		272,340
				427,319
Instruments – Scientific – 0.9%
	2,400	PerkinElmer, Inc.		78,000
	8,500	Thermo Fisher Scientific, Inc.		719,355
				797,355
Insurance Brokers – 0.7%
	9,100	Aon PLC		585,585
	1,300	Brown & Brown, Inc.		41,912
	200	Marsh & McLennan Cos., Inc.		7,984
				635,481
Internet Security – 0.6%
	20,300	Symantec Corp.		456,141
	800	VeriSign, Inc.		35,728
				491,869
Investment Companies – 0.4%
	16,900	American Capital, Ltd.*		214,123
	7,500	Ares Capital Corp.		129,000
				343,123
Investment Management and Advisory Services – 1.2%
	300	Affiliated Managers Group, Inc.*		49,182
	2,900	Ameriprise Financial, Inc.		234,552
	2,200	BlackRock, Inc.		565,070
	400	Franklin Resources, Inc.		54,408
	2,000	Invesco, Ltd.		63,600
	1,000	Legg Mason, Inc.		31,010
				997,822
Life and Health Insurance – 0.7%
	1,400	AFLAC, Inc.		81,368
	1,000	Lincoln National Corp.		36,470
	1,700	Principal Financial Group, Inc.		63,665
	2,000	Protective Life Corp.		76,820
	1,800	StanCorp Financial Group, Inc.		88,938
	3,700	Torchmark Corp.		241,018
	1,700	Unum Group		49,929
				638,208
Linen Supply & Related Items – 0.1%
	1,200	Cintas Corp.		54,648
Machinery – Construction and Mining – 0%
	1,500	Terex Corp.*		39,450
Machinery – Electrical – 0.1%
	800	Regal-Beloit Corp.		51,872
Machinery – General Industrial – 0.5%
	1,100	Gardner Denver, Inc.		82,698
	4,800	IDEX Corp.		258,288
	2,400	Zebra Technologies Corp. – Class A*		104,256
				445,242
Machinery – Pumps – 0%
	600	Flowserve Corp.		32,406
Medical – Biomedical and Genetic – 0.3%
	700	Bio-Rad Laboratories, Inc. – Class A*		78,540
	1,900	Life Technologies Corp.*		140,619
				219,159
Medical – Drugs – 3.0%
	2,200	Abbott Laboratories		76,736
	2,000	AbbVie, Inc.		82,680
	4,800	Bristol-Myers Squibb Co.		214,512
	9,200	Eli Lilly & Co.		451,904
	1,300	Endo Health Solutions, Inc.*		47,827
	1,100	Forest Laboratories, Inc.*		45,100
	3,700	Johnson & Johnson		317,682
	7,675	Merck & Co., Inc.		356,504
	35,771	Pfizer, Inc.		1,001,945
				2,594,890
Medical – Generic Drugs – 0.1%
	1,500	Mylan, Inc.*		46,545
Medical – HMO – 1.3%
	6,690	Aetna, Inc.		425,083
	3,200	Cigna Corp.		231,968
	1,700	Health Net, Inc.*		54,094
	5,600	UnitedHealth Group, Inc.		366,688
	600	WellPoint, Inc.		49,104
				1,126,937
Medical – Hospitals – 1.3%
	5,500	Community Health Systems, Inc.		257,840
	2,800	HCA Holdings, Inc.		100,968
	10,800	Health Management Associates, Inc. – Class A*		169,776
	1,500	LifePoint Hospitals, Inc.*		73,260
	6,200	Tenet Healthcare Corp.*		285,820
	3,500	Universal Health Services, Inc. – Class B		234,360
				1,122,024
Medical – Wholesale Drug Distributors – 0.3%
	4,900	Cardinal Health, Inc.		231,280
Medical Information Systems – 0.1%
	5,300	Allscripts Healthcare Solutions, Inc.*		68,582

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

Janus Mathematical Funds | 53

INTECH U.S. Value Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Medical Instruments – 0.8%
	63,100	Boston Scientific Corp.*	$	584,937
	500	Medtronic, Inc.		25,735
	900	St. Jude Medical, Inc.		41,067
				651,739
Medical Labs and Testing Services – 0.2%
	2,500	Covance, Inc.*		190,350
Medical Products – 1.5%
	2,600	Baxter International, Inc.		180,102
	400	Becton, Dickinson and Co.		39,532
	2,600	CareFusion Corp.*		95,810
	1,300	Cooper Cos., Inc.		154,765
	1,100	Covidien PLC (U.S. Shares)		69,124
	1,200	Henry Schein, Inc.*		114,900
	2,400	Hill-Rom Holdings, Inc.		80,832
	3,400	Sirona Dental Systems, Inc.*		223,992
	1,900	Stryker Corp.		122,892
	1,300	Teleflex, Inc.		100,737
	1,000	Zimmer Holdings, Inc.		74,940
				1,257,626
Metal – Copper – 0.1%
	3,830	Freeport-McMoRan Copper & Gold, Inc.		105,746
Metal Processors and Fabricators – 0.2%
	3,400	Timken Co.		191,352
Multi-Line Insurance – 2.6%
	3,800	ACE, Ltd. (U.S. Shares)		340,024
	8,900	Allstate Corp.		428,268
	2,500	American Financial Group, Inc.		122,275
	3,100	American International Group, Inc.		138,570
	1,900	Assurant, Inc.		96,729
	4,900	Cincinnati Financial Corp.		224,910
	15,300	Genworth Financial, Inc. – Class A*		174,573
	8,500	Hartford Financial Services Group, Inc.		262,820
	1,900	Loews Corp.		84,360
	15,000	Old Republic International Corp.		193,050
	5,600	XL Group PLC		169,792
				2,235,371
Multimedia – 1.6%
	8,400	News Corp. – Class A		273,840
	3,000	Thomson Reuters Corp.		97,710
	11,400	Time Warner, Inc.		659,148
	5,900	Walt Disney Co.		372,585
				1,403,283
Networking Products – 0.7%
	23,100	Cisco Systems, Inc.		561,561
Non-Hazardous Waste Disposal – 0.4%
	6,600	Covanta Holding Corp.		132,132
	3,500	Republic Services, Inc.		118,790
	1,700	Waste Connections, Inc.		69,938
	1,400	Waste Management, Inc.		56,462
				377,322
Office Automation and Equipment – 0.1%
	2,100	Pitney Bowes, Inc.		30,828
	7,500	Xerox Corp.		68,025
				98,853
Office Supplies and Forms – 0.2%
	4,100	Avery Dennison Corp.		175,316
Oil – Field Services – 0.2%
	3,000	Halliburton Co.		125,160
	2,100	Superior Energy Services, Inc.*		54,474
				179,634
Oil and Gas Drilling – 0.4%
	1,900	Diamond Offshore Drilling, Inc.		130,701
	2,200	Helmerich & Payne, Inc.		137,390
	4,300	Patterson-UTI Energy, Inc.		83,227
				351,318
Oil Companies – Exploration and Production – 0.6%
	1,200	Cimarex Energy Co.		77,988
	3,093	ConocoPhillips		187,126
	1,000	EQT Corp.		79,370
	1,800	Noble Energy, Inc.		108,072
	2,500	QEP Resources, Inc.		69,450
	1,100	Ultra Petroleum Corp. (U.S. Shares)*		21,802
				543,808
Oil Companies – Integrated – 6.1%
	9,600	Chevron Corp.		1,136,064
	34,029	Exxon Mobil Corp.		3,074,520
	3,900	Hess Corp.		259,311
	2,500	Marathon Oil Corp.		86,450
	2,200	Murphy Oil Corp.		133,958
	8,896	Phillips 66		524,064
				5,214,367
Oil Field Machinery and Equipment – 0%
	400	Cameron International Corp.*		24,464
Oil Refining and Marketing – 3.1%
	3,000	Cheniere Energy, Inc.*		83,280
	9,800	HollyFrontier Corp.		419,244
	14,950	Marathon Petroleum Corp.		1,062,347
	6,200	Tesoro Corp.		324,384
	21,400	Valero Energy Corp.		744,078
				2,633,333
Paper and Related Products – 0.4%
	3,000	International Paper Co.		132,930
	5,900	MeadWestvaco Corp.		201,249
				334,179
Pharmacy Services – 0.2%
	2,700	Omnicare, Inc.		128,817
Physical Practice Management – 0.2%
	2,200	MEDNAX, Inc.*		201,476
Pipelines – 0.1%
	3,400	Spectra Energy Corp.		117,164
Power Converters and Power Supply Equipment – 0%
	100	Hubbell, Inc. – Class B		9,900
Printing – Commercial – 0.1%
	4,400	R.R. Donnelley & Sons Co.		61,644
Professional Sports – 0.2%
	2,200	Madison Square Garden Co. – Class A*		130,350
Property and Casualty Insurance – 3.3%
	100	Alleghany Corp.*		38,331
	6,500	Arch Capital Group, Ltd.*		334,165
	2,200	Chubb Corp.		186,230
	18,400	Fidelity National Financial, Inc. – Class A		438,104
	1,700	Hanover Insurance Group, Inc.		83,181

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

54 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Property and Casualty Insurance – (continued)
	6,000	HCC Insurance Holdings, Inc.	$	258,660
	200	Markel Corp.*		105,390
	26,600	Progressive Corp.		676,172
	5,800	Travelers Cos., Inc.		463,536
	3,500	W.R. Berkley Corp.		143,010
	200	White Mountains Insurance Group, Ltd.		114,988
				2,841,767
Publishing – Newspapers – 0.2%
	5,000	Gannett Co., Inc.		122,300
	100	Washington Post Co. – Class B		48,377
				170,677
Publishing – Periodicals – 0.1%
	1,800	Nielsen Holdings N.V.		60,462
Racetracks – 0.1%
	1,400	Penn National Gaming, Inc.*		74,004
Real Estate Management/Services – 0.1%
	1,100	Jones Lang LaSalle, Inc.		100,254
	400	Realogy Holdings Corp.		19,216
				119,470
Real Estate Operating/Development – 0.1%
	500	Howard Hughes Corp.*		56,045
Reinsurance – 2.4%
	600	Allied World Assurance Co. Holdings A.G.		54,906
	3,200	Aspen Insurance Holdings, Ltd.		118,688
	1,100	Axis Capital Holdings, Ltd.		50,358
	10,500	Berkshire Hathaway, Inc. – Class B*		1,175,160
	1,100	Endurance Specialty Holdings, Ltd.		56,595
	1,700	Everest Re Group, Ltd.		218,042
	1,900	PartnerRe, Ltd.		172,064
	1,500	RenaissanceRe Holdings, Ltd.		130,185
	1,700	Validus Holdings, Ltd.		61,404
				2,037,402
REIT – Apartments – 0.3%
	2,600	American Campus Communities, Inc.		105,716
	2,700	Apartment Investment & Management Co. – Class A		81,108
	300	BRE Properties, Inc.		15,006
	600	Camden Property Trust		41,484
	500	Home Properties, Inc.		32,685
				275,999
REIT – Diversified – 0.8%
	4,133	Corrections Corp. of America		139,985
	2,700	Duke Realty Corp.		42,093
	1,500	Liberty Property Trust		55,440
	1,100	Rayonier, Inc.		60,929
	14,840	Weyerhaeuser Co.		422,791
				721,238
REIT – Health Care – 1.3%
	13,200	HCP, Inc.		599,808
	1,300	Heath Care REIT, Inc.		87,139
	6,000	Senior Housing Properties Trust		155,580
	3,462	Ventas, Inc.		240,471
				1,082,998
REIT – Hotels – 0.1%
	2,600	Hospitality Properties Trust		68,328
REIT – Mortgage – 0.1%
	300	American Capital Agency Corp.		6,897
	13,900	MFA Financial, Inc.		117,455
				124,352
REIT – Multi-Housing – 0%
	500	Equity Lifestyle Properties, Inc.		39,295
REIT – Office Property – 0.7%
	4,400	BioMed Realty Trust, Inc.		89,012
	3,300	Brandywine Realty Trust		44,616
	8,100	CommonWealth REIT		187,272
	1,900	Corporate Office Properties Trust		48,450
	1,400	Douglas Emmett, Inc.		34,930
	1,400	Kilroy Realty Corp.		74,214
	6,100	Piedmont Office Realty Trust, Inc. – Class A		109,068
	300	SL Green Realty Corp.		26,457
				614,019
REIT – Regional Malls – 0.5%
	2,200	CBL & Associates Properties, Inc.		47,124
	3,900	General Growth Properties, Inc.		77,493
	500	Macerich Co.		30,485
	1,223	Simon Property Group, Inc.		193,136
	700	Taubman Centers, Inc.		52,605
				400,843
REIT – Shopping Centers – 0.2%
	7,000	DDR Corp.		116,550
	1,100	Kimco Realty Corp.		23,573
	1,000	Weingarten Realty Investors		30,770
				170,893
REIT – Single Tenant – 0.4%
	1,900	National Retail Properties, Inc.		65,360
	5,600	Realty Income Corp.		234,752
				300,112
REIT – Storage – 0.1%
	1,500	Extra Space Storage, Inc.		62,895
REIT – Warehouse and Industrial – 0.2%
	4,630	Prologis, Inc.		174,644
Rental Auto/Equipment – 0.1%
	4,900	Hertz Global Holdings, Inc.*		121,520
Retail – Apparel and Shoe – 0.3%
	6,000	Abercrombie & Fitch Co. – Class A		271,500
	200	PVH Corp.		25,010
				296,510
Retail – Automobile – 0.3%
	6,300	CarMax, Inc.*		290,808
Retail – Building Products – 0.4%
	7,700	Lowe’s Cos., Inc.		314,930
Retail – Computer Equipment – 0.1%
	1,200	GameStop Corp. – Class A		50,436
Retail – Consumer Electronics – 0.3%
	9,300	Best Buy Co., Inc.		254,169
Retail – Discount – 0.4%
	500	Target Corp.		34,430
	4,400	Wal-Mart Stores, Inc.		327,756
				362,186

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

Janus Mathematical Funds | 55

INTECH U.S. Value Fund

Schedule of Investments

As of June 30, 2013

Shares			Value
Retail – Drug Store – 0.6%
	2,800	CVS Caremark Corp.	$	160,104
	8,200	Walgreen Co.		362,440
				522,544
Retail – Jewelry – 0.2%
	1,800	Signet Jewelers, Ltd.		121,374
	400	Tiffany & Co.		29,136
				150,510
Retail – Mail Order – 0%
	500	Williams-Sonoma, Inc.		27,945
Retail – Miscellaneous/Diversified – 0.1%
	1,744	CST Brands, Inc.		53,733
Retail – Office Supplies – 0.4%
	19,900	Staples, Inc.		315,614
Retail – Regional Department Stores – 0.1%
	1,300	Macy’s, Inc.		62,400
Savings/Loan/Thrifts – 0.6%
	6,700	Capitol Federal Financial, Inc.		81,338
	21,200	Hudson City Bancorp, Inc.		194,192
	10,300	New York Community Bancorp, Inc.		144,200
	3,300	Washington Federal, Inc.		62,304
				482,034
Schools – 0.1%
	2,000	DeVry, Inc.		62,040
Security Services – 0.6%
	13,900	ADT Corp.		553,915
Semiconductor Components/Integrated Circuits – 0.2%
	2,500	Analog Devices, Inc.		112,650
	4,800	Marvell Technology Group, Ltd.		56,208
				168,858
Semiconductor Equipment – 1.0%
	27,700	Applied Materials, Inc.		413,007
	4,300	KLA-Tencor Corp.		239,639
	3,700	Lam Research Corp.*		164,058
	4,200	Teradyne, Inc.*		73,794
				890,498
Shipbuilding – 0.1%
	2,000	Huntington Ingalls Industries, Inc.		112,960
Soap and Cleaning Preparations – 0.2%
	2,800	Church & Dwight Co., Inc.		172,788
Steel – Producers – 0.1%
	1,200	Reliance Steel & Aluminum Co.		78,672
	3,000	Steel Dynamics, Inc.		44,730
				123,402
Super-Regional Banks – 1.8%
	900	Capital One Financial Corp.		56,529
	8,000	Fifth Third Bancorp		144,400
	2,900	KeyCorp		32,016
	4,300	SunTrust Banks, Inc.		135,751
	14,700	U.S. Bancorp		531,405
	14,961	Wells Fargo & Co.		617,440
				1,517,541
Telecommunication Equipment – 0.4%
	600	Harris Corp.		29,550
	16,200	Juniper Networks, Inc.*		312,822
				342,372
Telecommunication Equipment – Fiber Optics – 0.1%
	7,900	JDS Uniphase Corp.*		113,602
Telecommunication Services – 0.3%
	7,700	Amdocs, Ltd. (U.S. Shares)		285,593
Telephone – Integrated – 1.4%
	23,010	AT&T, Inc.		814,554
	9,462	CenturyLink, Inc.		334,482
	2,700	Frontier Communications Corp.		10,935
				1,159,971
Television – 0.8%
	6,600	CBS Corp. – Class B		322,542
	2,774	Liberty Media Corp.		351,632
				674,174
Textile-Home Furnishings – 0.1%
	1,000	Mohawk Industries, Inc.*		112,490
Tobacco – 0.4%
	4,600	Altria Group, Inc.		160,954
	2,000	Philip Morris International, Inc.		173,240
	600	Reynolds American, Inc.		29,022
				363,216
Tools – Hand Held – 0.2%
	700	Snap-on, Inc.		62,566
	1,155	Stanley Black & Decker, Inc.		89,282
				151,848
Toys – 0.2%
	3,900	Mattel, Inc.		176,709
Transportation – Equipment & Leasing – 0.1%
	1,000	GATX Corp.		47,430
Transportation – Marine – 0.1%
	1,500	Kirby Corp.*		119,310
Transportation – Railroad – 0.2%
	1,100	CSX Corp.		25,509
	800	Kansas City Southern		84,768
	500	Norfolk Southern Corp.		36,325
				146,602
Transportation – Services – 1.0%
	800	Expeditors International of Washington, Inc.		30,408
	6,700	FedEx Corp.		660,486
	2,900	Ryder System, Inc.		176,291
				867,185
Transportation – Truck – 0%
	600	Con-way, Inc.		23,376
Veterinary Diagnostics – 0.1%
	3,000	VCA Antech, Inc.*		78,270
Water – 0.5%
	7,800	American Water Works Co., Inc.		321,594
	2,700	Aqua America, Inc.		84,483
				406,077

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

56 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares			Value
Web Portals/Internet Service Providers – 0.9%
	2,800	AOL, Inc.	$	102,144
	27,300	Yahoo!, Inc.*		685,503
				787,647
X-Ray Equipment – 0.2%
	9,200	Hologic, Inc.*		177,560
Total Common Stock (cost $70,269,638)				85,541,184
Money Market – 0.3%
	289,000	Janus Cash Liquidity Fund LLC, 0%£ (cost $289,000)		289,000
Total Investments (total cost $70,558,638) – 99.9%				85,830,184
Cash, Receivables and Other Assets, net of Liabilities – 0.1%				65,653
Net Assets – 100%			$	85,895,837

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

			% of Investment
Country	Value		Securities
Canada	$	97,710		0.1%
Germany		133,397		0.2%
Panama		91,784		0.1%
United States††		85,507,293		99.6%
Total	$	85,830,184		100.0%

†† Includes Cash Equivalents of 0.3%.

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

Janus Mathematical Funds | 57

Notes to Schedules of Investments and Other Information

Morgan Stanley Capital International EAFE® Index	A free float-adjusted market capitalization weighted index designed to measure developed market equity performance. The MSCI EAFE® Index is composed of companies representative of the market structure of developed market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.
Morgan Stanley Capital International World High Dividend Yield Index	An index designed to reflect the performance of the high dividend yield securities contained within the broader MSCI World IndexSM. The index includes large and mid cap stocks from developed markets across the Americas, Asia-Pacific and Europe.
Morgan Stanley Capital International World IndexSM	A market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.
Russell 1000® Growth Index	Measures the performance of those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000® Value Index	Measures the performance of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.
S&P 500® Index	A commonly recognized, market-capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
A/S	Aktieselskab: Danish term for a stock-based corporation.
A.B.	Aktiebolag: Swedish stock company.
A.G.	Aktiengesellschaft: German term for Public Limited Company.
A.S.A.	Allmennaksjeselskap: Norwegian term for Public Limited Company.
Abp	Publikt Aktiebolag: Finnish term for a Public Company.
BM	Beeravon Mugbal: Hebrew term for Limited Liability Company.
CDI	Clearing House Electronic Subregister System Depositary Interest
FDR	Fixed Depositary Receipt
K.K.	Kabushiki Kaisha: Japanese term for public Limited Liability Company.
KGaA	Kommanditgesellschaft Auf Aktien: German term for Limited Partnership.
LLC	Limited Liability Company
N.V.	Naamloze Vennootschap: Dutch term for Public Limited Liability Company.
Oyj	Osakeyhtio: Finnish term for limited company.
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S.A.	Sociedad Anonima: Spanish term for publicly-traded company.
S.C.A.	Societe en Commandite par Actions: French term for Limited Partnership.
S.E.	Societas Europoea: a public European Company.
SDR	Swedish Depositary Receipt
SGPS	Sociedad Gestora de Participacoes Sociais: Portuguese term for holding corporation.
SpA	Societa per Azioni: Italian term for Public Limited Company.
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.

* Non-income producing security.

£ The Funds 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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year

58 | JUNE 30, 2013

ended June 30, 2013. Except for the value at year end, all other information in the table is for the year ended June 30, 2013.

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
INTECH Global Dividend Fund
Janus Cash Liquidity Fund LLC	6,163,219	$	6,163,219	(6,018,219)	$	(6,018,219)	$	–	$	249	$	205,000
INTECH International Fund
Janus Cash Liquidity Fund LLC	34,674,987		34,674,987	(34,909,056)		(34,909,056)		–		1,034		–
INTECH U.S. Core Fund
Janus Cash Liquidity Fund LLC	61,660,776		61,660,776	(60,326,111)		(60,326,111)		–		3,467		3,093,665
INTECH U.S. Growth Fund
Janus Cash Liquidity Fund LLC	37,996,321		37,996,321	(38,084,321)		(38,084,321)		–		1,858		1,107,000
INTECH U.S. Value Fund
Janus Cash Liquidity Fund LLC	10,732,555		10,732,555	(11,111,555)		(11,111,555)		–		749		289,000

The following is a summary of the inputs that were used to value the Funds’ investments in securities and other financial instruments as of June 30, 2013. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of June 30, 2013)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
INTECH Global Dividend Fund
Common Stock
Building Products – Cement and Aggregate	$	14,572	$	14,964	$	–
Cellular Telecommunications		33,841		26,312		–
Satellite Telecommunications		33,018		28,061		–
All Other		9,024,605		–		–
Preferred Stock		–		45,253		–
Right		433		–		–
Money Market		–		205,000		–
Total Investments in Securities	$	9,106,469	$	319,590	$	–
Investments in Securities:
INTECH International Fund
Common Stock
Building Products – Cement and Aggregate	$	868,379	$	39,432	$	–
All Other		59,438,416		–		–
Preferred Stock		–		218,996		–
Rights		684		–		–
Total Investments in Securities	$	60,307,479	$	258,428	$	–
Investments in Securities:
INTECH U.S. Core Fund
Common Stock	$	426,886,100	$	–	$	–
Money Market		–		3,093,665		–
Total Investments in Securities	$	426,886,100	$	3,093,665	$	–
Investments in Securities:
INTECH U.S. Growth Fund
Common Stock	$	260,856,737	$	–	$	–
Money Market		–		1,107,000		–
Total Investments in Securities	$	260,856,737	$	1,107,000	$	–
Investments in Securities:
INTECH U.S. Value Fund
Common Stock	$	85,541,184	$	–	$	–
Money Market		–		289,000		–

Janus Mathematical Funds | 59

Notes to Schedules of Investments and Other Information (continued)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Total Investments in Securities	$	85,541,184	$	289,000	$	–

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Janus Mathematical Funds | 61

Statements of Assets and Liabilities

As of June 30, 2013
(all numbers in thousands except net asset value per share)	INTECH Global Dividend Fund		INTECH International Fund		INTECH U.S. Core Fund		INTECH U.S. Growth Fund		INTECH U.S. Value Fund
Assets:
Investments at cost	$	9,070	$	56,790	$	348,743	$	204,677	$	70,559
Unaffiliated investments at value	$	9,221	$	60,566	$	426,886	$	260,857	$	85,541
Affiliated investments at value		205		–		3,094		1,107		289
Cash		41		–		354		63		–
Cash denominated in foreign currency(1)		3		9		–		–		–
Receivables:
Investments sold		–		330		–		–		–
Fund shares sold		3		42		2,718		185		110
Dividends		26		118		406		242		95
Foreign dividend tax reclaim		6		40		–		–		–
Due from adviser		11		–		–		–		–
Non-interested Trustees’ deferred compensation		–		1		7		5		1
Other assets		–		–		–		2		–
Total Assets		9,516		61,106		433,465		262,461		86,036
Liabilities:
Payables:
Due to custodian		–		107		–		–		18
Investments purchased		155		–		–		–		–
Fund shares repurchased		1		34		107		48		35
Dividends		–		–		–		–		–
Advisory fees		4		28		212		110		36
Fund administration fees		–		1		3		2		1
Internal servicing cost		–		–		1		1		1
Administrative services fees		1		–		45		7		–
Distribution fees and shareholder servicing fees		1		–		12		8		2
Administrative, networking and omnibus fees		–		–		5		19		3
Non-interested Trustees’ fees and expenses		–		–		3		2		1
Non-interested Trustees’ deferred compensation fees		–		1		7		5		1
Accrued expenses and other payables		62		48		130		93		42
Total Liabilities		224		219		525		295		140
Net Assets	$	9,292	$	60,887	$	432,940	$	262,166	$	85,896

See footnotes at the end of the Statements.

See Notes to Financial Statements.

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63

Statements of Assets and Liabilities  (continued)

As of June 30, 2013
(all numbers in thousands except net asset value per share)	INTECH Global Dividend Fund		INTECH International Fund		INTECH U.S. Core Fund		INTECH U.S. Growth Fund		INTECH U.S. Value Fund
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	8,216	$	59,240	$	362,633	$	393,591	$	61,112
Undistributed net investment income*		50		466		1,387		710		777
Undistributed net realized gain/(loss) from investment and foreign currency transactions*		671		(2,589)		(12,318)		(189,423)		8,735
Unrealized net appreciation of investments, foreign currency translations and non-interested Trustees’ deferred compensation		355		3,770		81,238		57,288		15,272
Total Net Assets	$	9,292	$	60,887	$	432,940	$	262,166	$	85,896
Net Assets - Class A Shares	$	1,625	$	473	$	16,242	$	5,445	$	7,348
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		140		59		920		324		590
Net Asset Value Per Share(2)	$	11.60	$	8.07	$	17.66	$	16.80	$	12.45
Maximum Offering Price Per Share(3)	$	12.31	$	8.56	$	18.74	$	17.82	$	13.21
Net Assets - Class C Shares	$	489	$	113	$	9,154	$	3,232	$	380
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42		14		520		200		31
Net Asset Value Per Share(2)	$	11.56	$	8.14	$	17.59	$	16.18	$	12.43
Net Assets - Class D Shares	$	4,706		N/A	$	220,548		N/A		N/A
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		407		N/A		12,480		N/A		N/A
Net Asset Value Per Share	$	11.58		N/A	$	17.67		N/A		N/A
Net Assets - Class I Shares	$	1,571	$	59,981	$	71,592	$	218,980	$	77,625
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		135		7,471		4,049		13,129		6,204
Net Asset Value Per Share	$	11.62	$	8.03	$	17.68	$	16.68	$	12.51
Net Assets - Class S Shares	$	286	$	118	$	5,996	$	18,867	$	64
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		25		15		339		1,128		5
Net Asset Value Per Share	$	11.58	$	8.09	$	17.66	$	16.73	$	12.53
Net Assets - Class T Shares	$	615	$	202	$	109,408	$	15,642	$	479
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		53		25		6,192		941		38
Net Asset Value Per Share	$	11.60	$	8.01	$	17.67	$	16.62	$	12.48

*	See Note 4 in Notes to Financial Statements.
(1)	Includes cost of $2,904 and $9,416 for INTECH Global Dividend Fund and INTECH International Fund, respectively.
(2)	Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(3)	Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

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65

Statements of Operations

For the year ended June 30, 2013
(all numbers in thousands)	INTECH Global Dividend Fund		INTECH International Fund		INTECH U.S. Core Fund		INTECH U.S. Growth Fund		INTECH U.S. Value Fund
Investment Income:
Interest	$	–	$	–	$	1	$	–	$	–
Dividends		392		1,267		7,447		5,157		2,388
Dividends from affiliates		–		1		3		2		1
Other Income		–		2		–		–		–
Foreign tax withheld		(22)		(65)		(6)		(10)		(5)
Total Investment Income		370		1,205		7,445		5,149		2,384
Expenses:
Advisory fees		49		239		2,209		1,450		501
Internal servicing expense - Class A Shares		–		–		2		1		1
Internal servicing expense - Class C Shares		–		–		2		1		–
Internal servicing expense - Class I Shares		–		2		3		18		6
Shareholder reports expense		8		1		80		5		3
Transfer agent fees and expenses		2		1		61		1		1
Registration fees		86		63		118		72		78
Custodian fees		9		17		2		–		–
Professional fees		49		62		43		42		50
Non-interested Trustees’ fees and expenses		–		1		9		3		2
Fund administration fees		1		4		37		29		10
Administrative services fees - Class D Shares		4		N/A		231		N/A		N/A
Administrative services fees - Class S Shares		2		1		12		44		–
Administrative services fees - Class T Shares		3		–		232		11		1
Distribution fees and shareholder servicing fees - Class A Shares		2		1		34		16		16
Distribution fees and shareholder servicing fees - Class C Shares		8		–		75		30		2
Distribution fees and shareholder servicing fees - Class S Shares		2		1		12		44		–
Administrative, networking and omnibus fees - Class A Shares		–		–		6		5		3
Administrative, networking and omnibus fees - Class C Shares		–		–		5		–		–
Administrative, networking and omnibus fees - Class I Shares		–		–		41		45		8
Other expenses		13		12		28		23		14
Total Expenses		238		405		3,242		1,840		696
Expense and Fee Offset		–		–		–		–		–
Less: Excess Expense Reimbursement		(173)		(1)		(4)		(1)		–
Net Expenses after Waivers and Expense Offsets		65		404		3,238		1,839		696
Net Investment Income		305		801		4,207		3,310		1,688
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain from investment and foreign currency transactions		710		3,288		35,422		41,882		17,715
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		188		3,480		30,498		2,921		3,856
Net Gain on Investments		898		6,768		65,920		44,803		21,571
Net Increase in Net Assets Resulting from Operations	$	1,203	$	7,569	$	70,127	$	48,113	$	23,259

See Notes to Financial Statements.

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67

Statements of Changes in Net Assets

	INTECH Global				INTECH International				INTECH U.S.
For each year or period ended June 30	Dividend Fund				Fund				Core Fund				INTECH U.S. Growth Fund				INTECH U.S. Value Fund
(all numbers in thousands)	2013		2012(1)		2013		2012		2013		2012		2013		2012		2013		2012
Operations:
Net investment income	$	305	$	155	$	801	$	635	$	4,207	$	3,758	$	3,310	$	2,857	$	1,688	$	1,686
Net realized gain/(loss) from investment and foreign currency transactions		710		(21)		3,288		(3,188)		35,422		17,076		41,882		18,604		17,715		2,082
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		188		168		3,480		(290)		30,498		(8,376)		2,921		(10,496)		3,856		(870)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,203		302		7,569		(2,843)		70,127		12,458		48,113		10,965		23,259		2,898
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		(36)		(14)		(6)		(4)		(154)		(130)		(61)		(61)		(109)		(75)
Class C Shares		(22)		(15)		(6)		(5)		(41)		–		(11)		–		(2)		–
Class D Shares		(114)		(30)		N/A		N/A		(2,635)		(1,628)		N/A		N/A		N/A		N/A
Class I Shares		(70)		(28)		(945)		(300)		(853)		(566)		(3,721)		(2,545)		(1,947)		(1,531)
Class S Shares		(24)		(14)		(5)		(4)		(45)		(29)		(156)		(72)		(2)		(2)
Class T Shares		(44)		(18)		(2)		–		(1,228)		(646)		(38)		(1)		(1)		–
Net Realized Gain/(Loss) from Investment Transactions*
Class A Shares		–		–		–		–		–		–		–		–		–		–
Class C Shares		–		–		–		–		–		–		–		–		–		–
Class D Shares		–		–		N/A		N/A		–		–		N/A		N/A		N/A		N/A
Class I Shares		–		–		–		–		–		–		–		–		–		–
Class S Shares		–		–		–		–		–		–		–		–		–		–
Class T Shares		–		–		–		–		–		–		–		–		–		–
Net Decrease from Dividends and Distributions		(310)		(119)		(964)		(313)		(4,956)		(2,999)		(3,987)		(2,679)		(2,061)		(1,608)

See footnotes at the end of the Statements.

See Notes to Financial Statements.

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69

Statements of Changes in Net Assets  (continued)

	INTECH Global				INTECH International				INTECH U.S.
For each year or period ended June 30	Dividend Fund				Fund				Core Fund				INTECH U.S. Growth Fund				INTECH U.S. Value Fund
(all numbers in thousands)	2013		2012(1)		2013		2012		2013		2012		2013		2012		2013		2012
Capital Share Transactions:
Shares Sold
Class A Shares		1,391		882		368		–		6,559		3,096		1,430		1,732		1,387		1,133
Class C Shares		167		897		–		488		2,543		1,060		482		412		200		67
Class D Shares		4,608		2,274		N/A		N/A		35,993		22,664		N/A		N/A		N/A		N/A
Class I Shares		570		1,914		25,143		21,044		30,499		12,645		17,214		20,446		5,633		9,047
Class S Shares		–		833		–		8		2,544		1,503		2,921		8,006		–		–
Class T Shares		587		1,188		189		22		29,253		22,524		16,075		81		421		40
Redemption Fees
Class D Shares		N/A		N/A		N/A		N/A		N/A		10		N/A		N/A		N/A		N/A
Class I Shares		N/A		N/A		N/A		24		N/A		4		N/A		10		N/A		–
Class S Shares		N/A		N/A		N/A		–		N/A		2		N/A		2		N/A		–
Class T Shares		N/A		N/A		N/A		–		N/A		8		N/A		–		N/A		–
Reinvested Dividends and Distributions
Class A Shares		36		14		6		4		149		116		52		55		107		74
Class C Shares		22		15		6		5		18		–		6		–		1		–
Class D Shares		111		30		N/A		N/A		2,600		1,610		N/A		N/A		N/A		N/A
Class I Shares		70		28		945		300		563		395		3,137		2,069		1,903		1,494
Class S Shares		24		14		5		4		45		29		156		72		2		2
Class T Shares		44		18		2		–		1,212		637		38		1		1		–
Shares Repurchased
Class A Shares		(799)		–		(380)		–		(6,263)		(4,716)		(4,360)		(3,940)		(942)		(832)
Class C Shares		(746)		–		(381)		(451)		(1,207)		(1,544)		(447)		(1,397)		(6)		(133)
Class D Shares		(2,356)		(201)		N/A		N/A		(27,474)		(27,638)		N/A		N/A		N/A		N/A
Class I Shares		(1,193)		(75)		(8,175)		(3,664)		(19,232)		(19,545)		(105,457)		(88,878)		(43,493)		(11,586)
Class S Shares		(723)		–		(364)		(7)		(2,092)		(1,908)		(4,136)		(5,580)		(189)		–
Class T Shares		(1,419)		(9)		(48)		–		(21,211)		(16,423)		(907)		(54)		(47)		(1)
Net Increase/(Decrease) from Capital Share Transactions		394		7,822		17,316		17,777		34,499		(5,471)		(73,796)		(66,963)		(35,022)		(695)
Net Increase/(Decrease) in Net Assets		1,287		8,005		23,921		14,621		99,670		3,988		(29,670)		(58,677)		(13,824)		595
Net Assets:
Beginning of period		8,005		–		36,966		22,345		333,270		329,282		291,836		350,513		99,720		99,125
End of period	$	9,292	$	8,005	$	60,887	$	36,966	$	432,940	$	333,270	$	262,166	$	291,836	$	85,896	$	99,720
Undistributed Net Investment Income*	$	50	$	36	$	466	$	508	$	1,387	$	2,133	$	710	$	1,390	$	777	$	1,147

*	See Note 4 in Notes to Financial Statements.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.

See Notes to Financial Statements.

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71

Financial Highlights

Class A Shares

	INTECH Global Dividend Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.40		$10.00
Income from Investment Operations:
Net investment income		0.35		0.22
Net gain/(loss) on investments (both realized and unrealized)		1.24		0.35
Total from Investment Operations		1.59		0.57
Less Distributions:
Dividends (from net investment income)*		(0.39)		(0.17)
Distributions (from capital gains)*		–		–
Total Distributions		(0.39)		(0.17)
Net Asset Value, End of Period		$11.60		$10.40
Total Return**		15.41%		5.70%
Net Assets, End of Period (in thousands)		$1,625		$931
Average Net Assets for the Period (in thousands)		$996		$881
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.69%		5.56%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.76%		1.02%
Ratio of Net Investment Income to Average Net Assets***		3.18%		4.01%
Portfolio Turnover Rate		116%		24%

Class A Shares

For a share outstanding during each year or period ended June 30	INTECH International Fund
and each year ended July 31	2013		2012		2011		2010(2)		2009		2008
Net Asset Value, Beginning of Period		$6.79		$8.10		$6.16		$6.56		$8.97		$9.93
Income from Investment Operations:
Net investment income		0.22		0.12		0.66		0.13		0.16		0.20
Net gain/(loss) on investments (both realized and unrealized)		1.21		(1.36)		1.39		(0.47)		(2.31)		(1.01)
Total from Investment Operations		1.43		(1.24)		2.05		(0.34)		(2.15)		(0.81)
Less Distributions:
Dividends (from net investment income)*		(0.15)		(0.07)		(0.11)		(0.06)		(0.26)		(0.15)
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		(0.15)		(0.07)		(0.11)		(0.06)		(0.26)		(0.15)
Net Asset Value, End of Period		$8.07		$6.79		$8.10		$6.16		$6.56		$8.97
Total Return**		21.27%		(15.33)%		33.42%		(5.32)%		(23.53)%		(8.35)%
Net Assets, End of Period (in thousands)		$473		$445		$526		$1,684		$1,836		$2,326
Average Net Assets for the Period (in thousands)		$317		$452		$1,910		$1,900		$1,632		$2,507
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.22%		1.42%		3.22%		4.61%		6.45%		4.18%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.22%		1.26%		1.07%(3)		0.73%(3)		0.64%(3)		0.90%
Ratio of Net Investment Income to Average Net Assets***		1.26%		1.72%		2.05%		1.87%		2.62%		1.92%
Portfolio Turnover Rate		143%		140%		179%		119%^		115%		105%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(3)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.25% in 2011, 1.25% in 2010 and 0.93% in 2009 without the waiver of these fees and expenses.

See Notes to Financial Statements.

72 | JUNE 30, 2013

Class A Shares

For a share outstanding during each year or period ended June 30 and the	INTECH U.S. Core Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$14.72		$14.31		$10.72		$10.56		$9.26
Income from Investment Operations:
Net investment income		0.18		0.15		0.10		0.07		0.05
Net gain/(loss) on investments (both realized and unrealized)		2.96		0.39		3.58		0.16		1.25
Total from Investment Operations		3.14		0.54		3.68		0.23		1.30
Less Distributions:
Dividends (from net investment income)*		(0.20)		(0.13)		(0.09)		(0.07)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.20)		(0.13)		(0.09)		(0.07)		–
Net Asset Value, End of Period		$17.66		$14.72		$14.31		$10.72		$10.56
Total Return**		21.48%		3.83%		34.44%		2.11%		14.04%
Net Assets, End of Period (in thousands)		$16,242		$13,486		$14,544		$11,026		$13,008
Average Net Assets for the Period (in thousands)		$13,430		$13,834		$13,331		$12,844		$14,686
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.98%		0.99%		0.98%		1.15%		1.25%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.98%		0.99%		0.98%		1.06%		1.08%
Ratio of Net Investment Income to Average Net Assets***		1.05%		1.03%		0.82%		0.85%		1.20%
Portfolio Turnover Rate		67%		73%		93%		80%^		111%

Class A Shares

For a share outstanding during each year or period ended June 30	INTECH U.S. Growth Fund
and each year ended July 31	2013		2012		2011		2010(3)		2009		2008
Net Asset Value, Beginning of Period		$14.43		$14.07		$10.52		$9.80		$12.88		$14.45
Income from Investment Operations:
Net investment income		0.33		0.16		0.23		0.14		0.14		0.09
Net gain/(loss) on investments (both realized and unrealized)		2.19		0.29		3.44		0.64		(3.11)		(0.94)
Total from Investment Operations		2.52		0.45		3.67		0.78		(2.97)		(0.85)
Less Distributions:
Dividends (from net investment income)*		(0.15)		(0.09)		(0.12)		(0.06)		(0.11)		(0.08)
Distributions (from capital gains)*		–		–		–		–		–		(0.64)
Total Distributions		(0.15)		(0.09)		(0.12)		(0.06)		(0.11)		(0.72)
Net Asset Value, End of Period		$16.80		$14.43		$14.07		$10.52		$9.80		$12.88
Total Return**		17.57%		3.26%		35.03%		7.97%		(22.92)%		(6.54)%
Net Assets, End of Period (in thousands)		$5,445		$7,328		$9,208		$11,914		$18,215		$34,231
Average Net Assets for the Period (in thousands)		$6,267		$8,624		$9,550		$17,116		$20,041		$47,093
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.90%		0.92%		0.86%		0.90%		0.82%		0.78%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.90%		0.92%		0.86%		0.90%		0.82%		0.78%
Ratio of Net Investment Income to Average Net Assets***		0.85%		0.65%		0.62%		0.71%		1.01%		0.57%
Portfolio Turnover Rate		81%		84%		96%		117%^		119%		125%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.

See Notes to Financial Statements.

Janus Mathematical Funds | 73

Financial Highlights  (continued)

Class A Shares

For a share outstanding during each year or period ended June 30	INTECH U.S. Value Fund
and each year ended July 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$10.15		$10.03		$7.85		$7.36		$9.88		$11.68
Income from Investment Operations:
Net investment income		0.16		0.15		0.13		0.10		0.15		0.14
Net gain/(loss) on investments (both realized and unrealized)		2.33		0.11		2.16		0.43		(2.35)		(1.58)
Total from Investment Operations		2.49		0.26		2.29		0.53		(2.20)		(1.44)
Less Distributions:
Dividends (from net investment income)*		(0.19)		(0.14)		(0.11)		(0.04)		(0.32)		(0.13)
Distributions (from capital gains)*		–		–		–		–		–		(0.23)
Total Distributions		(0.19)		(0.14)		(0.11)		(0.04)		(0.32)		(0.36)
Net Asset Value, End of Period		$12.45		$10.15		$10.03		$7.85		$7.36		$9.88
Total Return**		24.86%		2.71%		29.23%		7.21%		(22.01)%		(12.78)%
Net Assets, End of Period (in thousands)		$7,348		$5,494		$4,980		$3,694		$3,440		$1,032
Average Net Assets for the Period (in thousands)		$6,373		$5,099		$4,598		$3,815		$1,762		$680
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.97%		0.92%		0.95%		1.05%		1.33%		1.17%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.97%		0.92%		0.95%		1.01%		0.74%		0.85%
Ratio of Net Investment Income to Average Net Assets***		1.37%		1.54%		1.38%		1.26%		2.28%		2.08%
Portfolio Turnover Rate		100%		100%		108%		92%^		100%		78%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.

See Notes to Financial Statements.

74 | JUNE 30, 2013

Class C Shares

	INTECH Global Dividend Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.37		$10.00
Income from Investment Operations:
Net investment income		0.27		0.19
Net gain/(loss) on investments (both realized and unrealized)		1.22		0.35
Total from Investment Operations		1.49		0.54
Less Distributions:
Dividends (from net investment income)*		(0.30)		(0.17)
Distributions (from capital gains)*		–		–
Total Distributions		(0.30)		(0.17)
Net Asset Value, End of Period		$11.56		$10.37
Total Return**		14.50%		5.36%
Net Assets, End of Period (in thousands)		$489		$940
Average Net Assets for the Period (in thousands)		$793		$900
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.50%		6.25%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.51%		1.70%
Ratio of Net Investment Income to Average Net Assets***		2.26%		3.37%
Portfolio Turnover Rate		116%		24%

Class C Shares

For a share outstanding during each year or period ended June 30	INTECH International Fund
and each year ended July 31	2013		2012		2011		2010(2)		2009		2008
Net Asset Value, Beginning of Period		$6.78		$8.11		$6.17		$6.57		$8.93		$9.91
Income from Investment Operations:
Net investment income		2.46		0.17		0.58		0.13		0.16		0.13
Net gain/(loss) on investments (both realized and unrealized)		(0.93)		(1.43)		1.47		(0.47)		(2.30)		(1.01)
Total from Investment Operations		1.53		(1.26)		2.05		(0.34)		(2.14)		(0.88)
Less Distributions:
Dividends (from net investment income)*		(0.17)		(0.07)		(0.11)		(0.06)		(0.22)		(0.10)
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		(0.17)		(0.07)		(0.11)		(0.06)		(0.22)		(0.10)
Net Asset Value, End of Period		$8.14		$6.78		$8.11		$6.17		$6.57		$8.93
Total Return**		22.79%		(15.55)%		33.37%		(5.31)%		(23.61)%		(9.03)%
Net Assets, End of Period (in thousands)		$113		$433		$563		$1,642		$1,737		$2,274
Average Net Assets for the Period (in thousands)		$251		$574		$1,877		$1,827		$1,552		$2,485
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.32%		1.71%		3.96%		5.33%		7.20%		4.93%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.18%		1.47%		1.21%(3)		0.73%(3)		0.69%(3)		1.65%
Ratio of Net Investment Income to Average Net Assets***		1.20%		1.33%		1.92%		1.88%		2.56%		1.17%
Portfolio Turnover Rate		143%		140%		179%		119%^		115%		105%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(3)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.00% in 2011, 2.00% in 2010 and 1.68% in 2009 without the waiver of these fees and expenses.

See Notes to Financial Statements.

Janus Mathematical Funds | 75

Financial Highlights  (continued)

Class C Shares

For a share outstanding during each year or period ended June 30 and the	INTECH U.S. Core Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$14.68		$14.26		$10.71		$10.54		$9.26
Income from Investment Operations:
Net investment income/(loss)		0.04		0.03		–		0.03		0.02
Net gain/(loss) on investments (both realized and unrealized)		2.96		0.39		3.56		0.16		1.26
Total from Investment Operations		3.00		0.42		3.56		0.19		1.28
Less Distributions:
Dividends (from net investment income)*		(0.09)		–		(0.01)		(0.02)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.09)		–		(0.01)		(0.02)		–
Net Asset Value, End of Period		$17.59		$14.68		$14.26		$10.71		$10.54
Total Return**		20.51%		2.95%		33.26%		1.82%		13.82%
Net Assets, End of Period (in thousands)		$9,154		$6,450		$6,755		$6,452		$7,938
Average Net Assets for the Period (in thousands)		$7,536		$6,402		$6,690		$7,678		$8,527
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.77%		1.83%		1.80%		1.56%		2.17%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.77%		1.83%		1.80%		1.56%		1.83%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.25%		0.20%		(0.01)%		0.35%		0.44%
Portfolio Turnover Rate		67%		73%		93%		80%^		111%

Class C Shares

For a share outstanding during each year or period ended June 30	INTECH U.S. Growth Fund
and each year ended July 31	2013		2012		2011		2010(3)		2009		2008
Net Asset Value, Beginning of Period		$13.92		$13.58		$10.15		$9.50		$12.45		$14.03
Income from Investment Operations:
Net investment income/(loss)		0.04		(0.28)		(0.22)		(0.14)		(0.05)		(0.11)
Net gain/(loss) on investments (both realized and unrealized)		2.28		0.62		3.65		0.81		(2.88)		(0.83)
Total from Investment Operations		2.32		0.34		3.43		0.67		(2.93)		(0.94)
Less Distributions and Other:
Dividends (from net investment income)*		(0.06)		–		–		(0.02)		(0.02)		–
Distributions (from capital gains)*		–		–		–		–		–		(0.64)
Redemption fees		N/A		–		–		–(4)		–		–
Total Distributions and Other		(0.06)		–		–		(0.02)		(0.02)		(0.64)
Net Asset Value, End of Period		$16.18		$13.92		$13.58		$10.15		$9.50		$12.45
Total Return**		16.70%		2.50%		33.79%		7.05%		(23.53)%		(7.31)%
Net Assets, End of Period (in thousands)		$3,232		$2,742		$3,717		$3,928		$4,921		$8,767
Average Net Assets for the Period (in thousands)		$2,999		$3,089		$4,005		$4,571		$5,469		$12,982
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.60%		1.71%		1.71%		2.82%		1.67%		1.60%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.60%		1.71%		1.70%		1.93%		1.62%		1.60%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.15%		(0.15)%		(0.25)%		(0.32)%		0.21%		(0.25)%
Portfolio Turnover Rate		81%		84%		96%		117%^		119%		125%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(4)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

76 | JUNE 30, 2013

Class C Shares

For a share outstanding during each year or period ended June 30	INTECH U.S. Value Fund
and each year ended July 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$10.14		$9.94		$7.81		$7.35		$9.78		$11.61
Income from Investment Operations:
Net investment income/(loss)		(0.08)		0.18		0.14		0.03		0.12		0.23
Net gain/(loss) on investments (both realized and unrealized)		2.49		0.02		2.05		0.45		(2.34)		(1.75)
Total from Investment Operations		2.41		0.20		2.19		0.48		(2.22)		(1.52)
Less Distributions:
Dividends (from net investment income)*		(0.12)		–		(0.06)		(0.02)		(0.21)		(0.08)
Distributions (from capital gains)*		–		–		–		–		–		(0.23)
Total Distributions		(0.12)		–		(0.06)		(0.02)		(0.21)		(0.31)
Net Asset Value, End of Period		$12.43		$10.14		$9.94		$7.81		$7.35		$9.78
Total Return**		23.97%		2.01%		28.03%		6.51%		(22.52)%		(13.49)%
Net Assets, End of Period (in thousands)		$380		$147		$217		$330		$281		$342
Average Net Assets for the Period (in thousands)		$206		$164		$432		$324		$266		$860
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.69%		1.72%		1.74%		1.80%		1.99%		1.96%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.69%		1.61%		1.74%		1.76%		1.47%		1.60%
Ratio of Net Investment Income to Average Net Assets***		0.57%		0.81%		0.58%		0.51%		1.94%		1.36%
Portfolio Turnover Rate		100%		100%		108%		92%^		100%		78%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.

See Notes to Financial Statements.

Janus Mathematical Funds | 77

Financial Highlights  (continued)

Class D Shares

	INTECH Global Dividend Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.39		$10.00
Income from Investment Operations:
Net investment income		0.42		0.21
Net gain/(loss) on investments (both realized and unrealized)		1.17		0.35
Total from Investment Operations		1.59		0.56
Less Distributions:
Dividends (from net investment income)*		(0.40)		(0.17)
Distributions (from capital gains)*		–		–
Total Distributions		(0.40)		(0.17)
Net Asset Value, End of Period		$11.58		$10.39
Total Return**		15.49%		5.60%
Net Assets, End of Period (in thousands)		$4,706		$2,124
Average Net Assets for the Period (in thousands)		$3,161		$1,727
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.57%		5.98%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.67%		1.32%
Ratio of Net Investment Income to Average Net Assets***		3.91%		4.09%
Portfolio Turnover Rate		116%		24%

Class D Shares

	INTECH U.S. Core Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(2)
Net Asset Value, Beginning of Period		$14.74		$14.32		$10.74		$10.95
Income from Investment Operations:
Net investment income		0.19		0.17		0.13		0.05
Net gain/(loss) on investments (both realized and unrealized)		2.97		0.39		3.59		(0.26)
Total from Investment Operations		3.16		0.56		3.72		(0.21)
Less Distributions and Other:
Dividends (from net investment income)*		(0.23)		(0.14)		(0.14)		–
Distributions (from capital gains)*		–		–		–		–
Redemption fees		N/A		–(3)		–(3)		–(3)
Total Distributions and Other		(0.23)		(0.14)		(0.14)		–
Net Asset Value, End of Period		$17.67		$14.74		$14.32		$10.74
Total Return**		21.62%		3.96%		34.74%		(1.92)%
Net Assets, End of Period (in thousands)		$220,548		$174,853		$173,097		$135,712
Average Net Assets for the Period (in thousands)		$192,611		$168,338		$156,479		$150,392
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.85%		0.84%		0.82%		0.61%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.85%		0.84%		0.82%		0.60%
Ratio of Net Investment Income to Average Net Assets***		1.17%		1.20%		0.96%		1.22%
Portfolio Turnover Rate		67%		73%		93%		80%^

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from February 16, 2010 (inception date) through June 30, 2010.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

78 | JUNE 30, 2013

Class I Shares

	INTECH Global Dividend Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.42		$10.00
Income from Investment Operations:
Net investment income		0.46		0.23
Net gain/(loss) on investments (both realized and unrealized)		1.15		0.36
Total from Investment Operations		1.61		0.59
Less Distributions:
Dividends (from net investment income)*		(0.41)		(0.17)
Distributions (from capital gains)*		–		–
Total Distributions		(0.41)		(0.17)
Net Asset Value, End of Period		$11.62		$10.42
Total Return**		15.66%		5.90%
Net Assets, End of Period (in thousands)		$1,571		$1,897
Average Net Assets for the Period (in thousands)		$1,927		$1,542
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.45%		5.07%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.51%		0.75%
Ratio of Net Investment Income to Average Net Assets***		3.63%		4.64%
Portfolio Turnover Rate		116%		24%

Class I Shares

						��
For a share outstanding during each year or period ended	INTECH International Fund
June 30 and each year ended July 31	2013		2012		2011		2010(2)		2009		2008
Net Asset Value, Beginning of Period		$6.77		$8.06		$6.14		$6.55		$8.98		$9.93
Income from Investment Operations:
Net investment income		0.18		0.12		0.03		0.13		0.15		0.22
Net gain/(loss) on investments (both realized and unrealized)		1.28		(1.35)		2.00		(0.48)		(2.30)		(1.01)
Total from Investment Operations		1.46		(1.23)		2.03		(0.35)		(2.15)		(0.79)
Less Distributions and Other:
Dividends (from net investment income)*		(0.20)		(0.06)		(0.11)		(0.06)		(0.28)		(0.16)
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		–(3)		–		–(3)		–		–
Total Distributions and Other		(0.20)		(0.06)		(0.11)		(0.06)		(0.28)		(0.16)
Net Asset Value, End of Period		$8.03		$6.77		$8.06		$6.14		$6.55		$8.98
Total Return**		21.78%		(15.18)%		33.20%		(5.48)%		(23.56)%		(8.09)%
Net Assets, End of Period (in thousands)		$59,981		$35,608		$20,713		$1,180		$2,327		$2,571
Average Net Assets for the Period (in thousands)		$42,583		$29,910		$1,393		$2,223		$1,935		$2,694
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.92%		1.13%		3.08%		4.68%		6.34%		3.92%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.92%		1.00%		0.86%		1.00%		0.68%		0.65%
Ratio of Net Investment Income to Average Net Assets***		1.86%		2.05%		2.28%		1.38%		2.65%		2.18%
Portfolio Turnover Rate		143%		140%		179%		119%^		115%		105%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Mathematical Funds | 79

Financial Highlights  (continued)

Class I Shares

For a share outstanding during each year or period ended June 30 and the	INTECH U.S. Core Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$14.75		$14.33		$10.75		$10.57		$9.26
Income from Investment Operations:
Net investment income		0.19		0.20		0.16		0.11		0.05
Net gain/(loss) on investments (both realized and unrealized)		2.99		0.37		3.57		0.16		1.26
Total from Investment Operations		3.18		0.57		3.73		0.27		1.31
Less Distributions and Other:
Dividends (from net investment income)*		(0.25)		(0.15)		(0.15)		(0.09)		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		–(3)		–(3)		–(3)		–
Total Distributions and Other		(0.25)		(0.15)		(0.15)		(0.09)		–
Net Asset Value, End of Period		$17.68		$14.75		$14.33		$10.75		$10.57
Total Return**		21.75%		4.06%		34.84%		2.51%		14.15%
Net Assets, End of Period (in thousands)		$71,592		$50,196		$55,567		$50,382		$45,795
Average Net Assets for the Period (in thousands)		$56,472		$52,297		$53,512		$51,959		$49,319
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.75%		0.72%		0.72%		0.53%		0.80%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.75%		0.72%		0.72%		0.53%		0.78%
Ratio of Net Investment Income to Average Net Assets***		1.27%		1.31%		1.07%		1.37%		1.49%
Portfolio Turnover Rate		67%		73%		93%		80%^		111%

Class I Shares

For a share outstanding during each year or period ended	INTECH U.S. Growth Fund
June 30 and each year ended July 31	2013		2012		2011		2010(4)		2009		2008
Net Asset Value, Beginning of Period		$14.35		$13.97		$10.45		$9.72		$12.84		$14.40
Income from Investment Operations:
Net investment income		0.18		0.13		0.13		0.12		0.12		0.11
Net gain/(loss) on investments (both realized and unrealized)		2.36		0.37		3.55		0.69		(3.07)		(0.93)
Total from Investment Operations		2.54		0.50		3.68		0.81		(2.95)		(0.82)
Less Distributions and Other:
Dividends (from net investment income)*		(0.21)		(0.12)		(0.16)		(0.08)		(0.17)		(0.10)
Distributions (from capital gains)*		–		–		–		–		–		(0.64)
Redemption fees		N/A		–(3)		–(3)		–(3)		–(3)		–
Total Distributions and Other		(0.21)		(0.12)		(0.16)		(0.08)		(0.17)		(0.74)
Net Asset Value, End of Period		$16.68		$14.35		$13.97		$10.45		$9.72		$12.84
Total Return**		17.89%		3.64%		35.31%		8.29%		(22.76)%		(6.33)%
Net Assets, End of Period (in thousands)		$218,980		$264,411		$323,567		$379,401		$807,347		$1,224,054
Average Net Assets for the Period (in thousands)		$258,682		$287,232		$329,686		$768,204		$857,115		$1,288,020
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.58%		0.62%		0.63%		0.62%		0.55%		0.53%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.58%		0.62%		0.63%		0.61%		0.55%		0.53%
Ratio of Net Investment Income to Average Net Assets***		1.20%		0.95%		0.84%		1.00%		1.30%		0.79%
Portfolio Turnover Rate		81%		84%		96%		117%^		119%		125%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.

See Notes to Financial Statements.

80 | JUNE 30, 2013

Class I Shares

For a share outstanding during each year or period ended	INTECH U.S. Value Fund
June 30 and each year ended July 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$10.19		$10.07		$7.89		$7.37		$9.91		$11.70
Income from Investment Operations:
Net investment income		0.22		0.17		0.15		0.11		0.18		0.22
Net gain/(loss) on investments (both realized and unrealized)		2.32		0.12		2.16		0.45		(2.38)		(1.64)
Total from Investment Operations		2.54		0.29		2.31		0.56		(2.20)		(1.42)
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.17)		(0.13)		(0.04)		(0.34)		(0.14)
Distributions (from capital gains)*		–		–		–		–		–		(0.23)
Redemption fees		N/A		–(2)		–		–(2)		–(2)		–(2)
Total Distributions and Other		(0.22)		(0.17)		(0.13)		(0.04)		(0.34)		(0.37)
Net Asset Value, End of Period		$12.51		$10.19		$10.07		$7.89		$7.37		$9.91
Total Return**		25.23%		2.96%		29.38%		7.62%		(21.96)%		(12.54)%
Net Assets, End of Period (in thousands)		$77,625		$93,800		$93,695		$66,137		$59,647		$63,472
Average Net Assets for the Period (in thousands)		$93,335		$89,976		$84,034		$69,502		$53,614		$57,513
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.67%		0.67%		0.68%		0.77%		0.96%		0.90%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.67%		0.67%		0.68%		0.75%		0.61%		0.60%
Ratio of Net Investment Income to Average Net Assets***		1.71%		1.78%		1.64%		1.53%		2.79%		2.34%
Portfolio Turnover Rate		100%		100%		108%		92%^		100%		78%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Mathematical Funds | 81

Financial Highlights  (continued)

Class S Shares

	INTECH Global Dividend Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.39		$10.00
Income from Investment Operations:
Net investment income		0.43		0.21
Net gain/(loss) on investments (both realized and unrealized)		1.15		0.35
Total from Investment Operations		1.58		0.56
Less Distributions:
Dividends (from net investment income)*		(0.39)		(0.17)
Distributions (from capital gains)*		–		–
Total Distributions		(0.39)		(0.17)
Net Asset Value, End of Period		$11.58		$10.39
Total Return**		15.40%		5.60%
Net Assets, End of Period (in thousands)		$286		$880
Average Net Assets for the Period (in thousands)		$726		$872
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.96%		5.82%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.86%		1.26%
Ratio of Net Investment Income to Average Net Assets***		2.86%		3.77%
Portfolio Turnover Rate		116%		24%

Class S Shares

For a share outstanding during each year or period ended June 30	INTECH International Fund
and each year ended July 31	2013		2012		2011		2010(2)		2009		2008
Net Asset Value, Beginning of Period		$6.79		$8.12		$6.16		$6.56		$8.95		$9.92
Income from Investment Operations:
Net investment income		2.47		0.10		0.70		0.13		0.16		0.18
Net gain/(loss) on investments (both realized and unrealized)		(1.02)		(1.36)		1.37		(0.47)		(2.30)		(1.02)
Total from Investment Operations		1.45		(1.26)		2.07		(0.34)		(2.14)		(0.84)
Less Distributions:
Dividends (from net investment income)*		(0.15)		(0.07)		(0.11)		(0.06)		(0.25)		(0.13)
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		(0.15)		(0.07)		(0.11)		(0.06)		(0.25)		(0.13)
Net Asset Value, End of Period		$8.09		$6.79		$8.12		$6.16		$6.56		$8.95
Total Return**		21.48%		(15.54)%		33.75%		(5.32)%		(23.54)%		(8.61)%
Net Assets, End of Period (in thousands)		$118		$421		$498		$1,642		$1,733		$2,268
Average Net Assets for the Period (in thousands)		$254		$432		$1,870		$1,831		$1,551		$2,477
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.48%		1.66%		3.46%		4.83%		6.66%		4.43%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.29%		1.44%		1.07%(3)		0.72%(3)		0.65%(3)		1.15%
Ratio of Net Investment Income to Average Net Assets***		1.09%		1.52%		2.05%		1.89%		2.60%		1.67%
Portfolio Turnover Rate		143%		140%		179%		119%^		115%		105%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(3)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.50% in 2011, 1.50% in 2010 and 1.18% in 2009 without the waiver of these fees and expenses.

See Notes to Financial Statements.

82 | JUNE 30, 2013

Class S Shares

For a share outstanding during each year or period ended June 30 and the		INTECH U.S. Core Fund
period ended October 31, 2009		2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period			$14.73		$14.29		$10.73		$10.55		$9.26
Income from Investment Operations:
Net investment income/(loss)			0.16		0.12		0.08		0.07		0.04
Net gain/(loss) on investments (both realized and unrealized)			2.94		0.40		3.57		0.17		1.25
Total from Investment Operations	��		3.10		0.52		3.65		0.24		1.29
Less Distributions and Other:
Dividends (from net investment income)*			(0.17)		(0.09)		(0.09)		(0.06)		–
Distributions (from capital gains)*			–		–		–		–		–
Redemption fees			N/A		0.01		–(3)		–(3)		–(3)
Total Distributions and Other			(0.17)		(0.08)		(0.09)		(0.06)		–
Net Asset Value, End of Period			$17.66		$14.73		$14.29		$10.73		$10.55
Total Return**			21.20%		3.75%		34.11%		2.26%		13.93%
Net Assets, End of Period (in thousands)			$5,996		$4,645		$4,836		$3,888		$4,558
Average Net Assets for the Period (in thousands)			$4,857		$4,525		$4,423		$4,677		$5,179
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***			1.17%		1.16%		1.18%		1.03%		1.27%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***			1.17%		1.16%		1.18%		1.02%		1.25%
Ratio of Net Investment Income to Average Net Assets***			0.86%		0.88%		0.61%		0.89%		1.02%
Portfolio Turnover Rate			67%		73%		93%		80%^		111%

Class S Shares

For a share outstanding during each year or period ended	INTECH U.S. Growth Fund
June 30 and each year ended July 31	2013		2012		2011		2010(4)		2009		2008
Net Asset Value, Beginning of Period		$14.39		$14.02		$10.48		$9.77		$12.81		$14.36
Income from Investment Operations:
Net investment income/(loss)		0.15		(0.06)		0.33		0.20		0.33		0.11
Net gain/(loss) on investments (both realized and unrealized)		2.33		0.49		3.31		0.56		(3.30)		(0.98)
Total from Investment Operations		2.48		0.43		3.64		0.76		(2.97)		(0.87)
Less Distributions and Other:
Dividends (from net investment income)*		(0.14)		(0.06)		(0.10)		(0.05)		(0.07)		(0.04)
Distributions (from capital gains)*		–		–		–		–		–		(0.64)
Redemption fees		N/A		–(3)		–(3)		–(3)		–(3)		–(3)
Total Distributions and Other		(0.14)		(0.06)		(0.10)		(0.05)		(0.07)		(0.68)
Net Asset Value, End of Period		$16.73		$14.39		$14.02		$10.48		$9.77		$12.81
Total Return**		17.36%		3.14%		34.77%		7.73%		(23.09)%		(6.68)%
Net Assets, End of Period (in thousands)		$18,867		$17,270		$13,963		$15,629		$20,051		$70,963
Average Net Assets for the Period (in thousands)		$17,704		$15,590		$14,606		$18,507		$40,058		$117,236
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.06%		1.07%		1.07%		1.12%		1.04%		1.02%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.06%		1.07%		1.07%		1.12%		1.04%		1.02%
Ratio of Net Investment Income to Average Net Assets***		0.70%		0.52%		0.40%		0.49%		0.77%		0.36%
Portfolio Turnover Rate		81%		84%		96%		117%^		119%		125%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.
(3)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.

See Notes to Financial Statements.

Janus Mathematical Funds | 83

Financial Highlights  (continued)

Class S Shares

For a share outstanding during each year or period ended June 30	INTECH U.S. Value Fund
and each year ended July 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$10.15		$10.02		$7.85		$7.37		$9.86		$11.66
Income from Investment Operations:
Net investment income		0.90		0.13		0.15		0.08		0.17		0.20
Net gain/(loss) on investments (both realized and unrealized)		1.63		0.11		2.11		0.44		(2.38)		(1.67)
Total from Investment Operations		2.53		0.24		2.26		0.52		(2.21)		(1.47)
Less Distributions:
Dividends (from net investment income)*		(0.15)		(0.11)		(0.09)		(0.04)		(0.28)		(0.10)
Distributions (from capital gains)*		–		–		–		–		–		(0.23)
Total Distributions		(0.15)		(0.11)		(0.09)		(0.04)		(0.28)		(0.33)
Net Asset Value, End of Period		$12.53		$10.15		$10.02		$7.85		$7.37		$9.86
Total Return**		25.12%		2.48%		28.81%		7.00%		(22.15)%		(12.98)%
Net Assets, End of Period (in thousands)		$64		$221		$216		$214		$200		$257
Average Net Assets for the Period (in thousands)		$132		$208		$254		$225		$192		$284
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.16%		1.15%		1.17%		1.27%		1.44%		1.41%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.97%		1.09%		1.17%		1.26%		0.97%		1.10%
Ratio of Net Investment Income to Average Net Assets***		1.41%		1.36%		1.16%		1.02%		2.43%		1.84%
Portfolio Turnover Rate		100%		100%		108%		92%^		100%		78%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.

See Notes to Financial Statements.

84 | JUNE 30, 2013

Class T Shares

	INTECH Global Dividend Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.40		$10.00
Income from Investment Operations:
Net investment income		0.46		0.22
Net gain/(loss) on investments (both realized and unrealized)		1.14		0.35
Total from Investment Operations		1.60		0.57
Less Distributions:
Dividends (from net investment income)*		(0.40)		(0.17)
Distributions (from capital gains)*		–		–
Total Distributions		(0.40)		(0.17)
Net Asset Value, End of Period		$11.60		$10.40
Total Return**		15.55%		5.70%
Net Assets, End of Period (in thousands)		$615		$1,233
Average Net Assets for the Period (in thousands)		$1,249		$1,093
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.69%		5.53%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.69%		1.03%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		3.27%		4.09%
Portfolio Turnover Rate		116%		24%

Class T Shares

For a share outstanding during each year or period ended June 30 and the	INTECH International Fund
period ended July 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$6.77		$8.09		$6.16		$6.55		$5.93
Income from Investment Operations:
Net investment income		0.08		0.06		0.17		0.12		–
Net gain/(loss) on investments (both realized and unrealized)		1.35		(1.31)		1.87		(0.45)		0.62
Total from Investment Operations		1.43		(1.25)		2.04		(0.33)		0.62
Less Distributions:
Dividends (from net investment income)*		(0.19)		(0.07)		(0.11)		(0.06)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.19)		(0.07)		(0.11)		(0.06)		–
Net Asset Value, End of Period		$8.01		$6.77		$8.09		$6.16		$6.55
Total Return**		21.30%		(15.47)%		33.26%		(5.17)%		10.46%
Net Assets, End of Period (in thousands)		$202		$59		$45		$10		$1
Average Net Assets for the Period (in thousands)		$70		$40		$29		$8		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.27%		1.41%		2.41%		4.81%		13.96%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.26%		1.25%		0.54%(4)		0.31%(4)		1.25%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.24%		1.80%		3.12%		2.47%		(0.35)%
Portfolio Turnover Rate		143%		140%		179%		119%^		115%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through July 31, 2009.
(4)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.25% in 2011 and 1.25% in 2010 without the waiver of these fees and expenses.

See Notes to Financial Statements.

Janus Mathematical Funds | 85

Financial Highlights  (continued)

Class T Shares

For a share outstanding during each year or period ended	INTECH U.S. Core Fund
June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$14.74		$14.31		$10.74		$10.56		$10.21		$17.38
Income from Investment Operations:
Net investment income		0.18		0.15		0.12		0.12		0.18		0.24
Net gain/(loss) on investments (both realized and unrealized)		2.97		0.40		3.58		0.14		0.46		(5.75)
Total from Investment Operations		3.15		0.55		3.70		0.26		0.64		(5.51)
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.12)		(0.13)		(0.08)		(0.29)		(0.24)
Distributions (from capital gains)*		–		–		–		–		–		(1.42)
Redemption fees		N/A		–(2)		–(2)		–(2)		–(2)		–(2)
Total Distributions and Other		(0.22)		(0.12)		(0.13)		(0.08)		(0.29)		(1.66)
Net Asset Value, End of Period		$17.67		$14.74		$14.31		$10.74		$10.56		$10.21
Total Return**		21.58%		3.93%		34.53%		2.39%		6.70%		(34.82)%
Net Assets, End of Period (in thousands)		$109,408		$83,640		$74,483		$58,922		$222,932		$246,935
Average Net Assets for the Period (in thousands)		$92,764		$75,220		$66,619		$140,726		$215,954		$386,247
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.92%		0.91%		0.92%		0.79%		0.91%		0.75%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.92%		0.91%		0.92%		0.79%		0.91%		0.75%
Ratio of Net Investment Income to Average Net Assets***		1.11%		1.14%		0.87%		1.16%		1.78%		1.55%
Portfolio Turnover Rate		67%		73%		93%		80%^		111%		74%

Class T Shares

For a share outstanding during each year or period ended June 30 and the	INTECH U.S. Growth Fund
period ended July 31, 2009	2013		2012		2011		2010(3)		2009(4)
Net Asset Value, Beginning of Period		$14.33		$13.96		$10.48		$9.76		$8.98
Income from Investment Operations:
Net investment income		0.26		0.12		0.11		0.06		0.01
Net gain/(loss) on investments (both realized and unrealized)		2.24		0.33		3.54		0.73		0.77
Total from Investment Operations		2.50		0.45		3.65		0.79		0.78
Less Distributions and Other:
Dividends (from net investment income)*		(0.21)		(0.10)		(0.17)		(0.07)		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		0.02		–		–		–
Total Distributions and Other		(0.21)		(0.08)		(0.17)		(0.07)		–
Net Asset Value, End of Period		$16.62		$14.33		$13.96		$10.48		$9.76
Total Return**		17.61%		3.45%		34.99%		8.11%		8.69%
Net Assets, End of Period (in thousands)		$15,642		$85		$58		$14		$1
Average Net Assets for the Period (in thousands)		$4,390		$74		$33		$10		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.81%		0.83%		0.76%		0.85%		0.86%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.81%		0.81%		0.76%		0.85%		0.85%
Ratio of Net Investment Income to Average Net Assets***		0.82%		0.79%		0.63%		0.67%		0.72%
Portfolio Turnover Rate		81%		84%		96%		117%^		119%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Redemption fees aggregated less than $0.01 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(4)	Period from July 6, 2009 (inception date) through July 31, 2009.

See Notes to Financial Statements.

86 | JUNE 30, 2013

Class T Shares

For a share outstanding during each year or period ended June 30 and the	INTECH U.S. Value Fund
period ended July 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$10.18		$10.05		$7.87		$7.37		$6.63
Income from Investment Operations:
Net investment income		0.19		0.13		0.15		0.05		0.01
Net gain on investments (both realized and unrealized)		2.31		0.13		2.15		0.49		0.73
Total from Investment Operations		2.50		0.26		2.30		0.54		0.74
Less Distributions:
Dividends (from net investment income)*		(0.20)		(0.13)		(0.12)		(0.04)		–
Distributions (from capital gains)*		–		–		–		–		–
Total Distributions		(0.20)		(0.13)		(0.12)		(0.04)		–
Net Asset Value, End of Period		$12.48		$10.18		$10.05		$7.87		$7.37
Total Return**		24.84%		2.73%		29.29%		7.31%		11.16%
Net Assets, End of Period (in thousands)		$479		$58		$17		$33		$1
Average Net Assets for the Period (in thousands)		$205		$36		$35		$20		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.91%		0.89%		0.95%		0.99%		1.47%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.89%		0.89%		0.95%		1.00%		1.00%
Ratio of Net Investment Income to Average Net Assets***		1.28%		1.54%		1.39%		1.20%		2.08%
Portfolio Turnover Rate		100%		100%		108%		92%^		100%

*	See Note 4 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through July 31, 2009.

See Notes to Financial Statements.

Janus Mathematical Funds | 87

Notes to Financial Statements

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.

1.  Organization and Significant Accounting Policies

INTECH Global Dividend Fund, INTECH International Fund, INTECH U.S. Core Fund, INTECH U.S. Growth Fund and INTECH U.S. Value Fund (individually, a “Fund” and collectively, the “Funds”) are series funds. The Funds are part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The financial statements include information for the year ended June 30, 2013. The Trust offers forty-four funds which include multiple series of shares, with differing investment objectives and policies. Each Fund in this report is classified as diversified, as defined in the 1940 Act.

Each Fund in this report 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 A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors. The Shares are available only to investors who hold accounts directly with the Janus funds and to immediate family members or members of the same household of an eligible individual investor. The Shares are not offered through financial intermediaries.

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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

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

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

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

Investment Valuation

Securities are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter (“OTC”) markets and listed securities for which no sales are reported are 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 Funds’ Trustees. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Funds are identified between the closing of their principal markets and the time the net asset value (“NAV”) is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds’ Trustees. 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

88 | JUNE 30, 2013

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 non-valued security and a restricted or non-public security. The Funds use 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. Restricted and illiquid securities are valued in accordance with procedures established by the Funds’ Trustees.

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 Trust 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

Each Fund bears expenses incurred specifically on its behalf, as well as a portion of general expenses, which may be allocated pro rata to each Fund. Each class of shares bears expenses incurred specifically on its behalf and, in addition, each class 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.

Foreign Currency Translations

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

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

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

Dividend Distributions

Dividends of net investment income for INTECH Global Dividend Fund are normally declared and distributed monthly, and realized capital gains (if any) are distributed annually. The other Funds generally declare and distribute dividends of net investment income and realized capital gains (if any) annually.

The Funds 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 Funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

Each Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed each 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 Funds’ financial statements.

Janus Mathematical Funds | 89

Notes to Financial Statements (continued)

Valuation Inputs Summary

In accordance with FASB guidance, the Funds utilize the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Funds’ investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are 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 Funds’ Trustees and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), warrants, swaps, investments in mutual funds, OTC options, and forward contracts. The Funds use 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. These are generally categorized as Level 2 in the hierarchy.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the FASB Guidance. These are categorized as Level 3 in the hierarchy.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2013 to value the Funds’ investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedules of Investments and Other Information.

FASB Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Funds shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. To meet the objective of the quantitative disclosure, the Funds may need to further disaggregate to provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

The Funds are not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Funds when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, the Funds cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Funds.

In addition, the Accounting Standards Update requires the Funds to provide a narrative sensitivity disclosure of the

90 | JUNE 30, 2013

fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized within Level 3 of the fair value hierarchy.

The following table shows transfers in or out of Level 1, Level 2 and Level 3 of the fair value hierarchy during the year ended June 30, 2013.

	Transfers Out
	of Level 2 to
Fund	Level 1
INTECH Global Dividend Fund	$	3,654,880
INTECH International Fund		18,112,802

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

The Funds recognize transfers between the levels as of the beginning of the fiscal year.

2.  Other investments and strategies

Additional Investment Risk

The financial crisis that began in 2008 has caused 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 have taken steps to support the financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding each could also 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 are impacting many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including a Fund, may not be fully known for some time. Because the situation is unprecedented and widespread, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude a 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 Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in July 2010 is dramatically changing the way in which the U.S. financial system is supervised and regulated. The Dodd-Frank Act provides for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expands federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act, on the Funds and the investment management industry as a whole, is not yet certain.

A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As a result, financial markets in the EU have been subject to 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 restructuring by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.

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 a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests to conduct their businesses as they would under normal conditions. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to a 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 a Fund. A 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 a Fund’s exposure to counterparty risk in respect to financial assets approximates its carrying value as recorded on the Fund’s Statement of Assets and Liabilities.

A Fund may be exposed to counterparty risk through participation in various programs including, but not limited

Janus Mathematical Funds | 91

Notes to Financial Statements (continued)

to, lending its securities to third parties, cash sweep arrangements whereby a 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. A 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 a Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Real Estate Investing

To the extent that real estate-related securities may be included in a Fund’s named benchmark index, INTECH’s mathematical investment process may select equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, 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.

3.  Investment Advisory Agreements and Other Transactions with Affiliates

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

			Contractual
			Investment
			Advisory Fee/
	Average Daily Net		Base Fee Rate (%)
Fund	Assets of the Fund		(annual rate)
INTECH Global Dividend Fund		All Asset Levels		0.55
INTECH International Fund		All Asset Levels		0.55
INTECH U.S. Core Fund		N/A		0.50
INTECH U.S. Growth Fund		All Asset Levels		0.50
INTECH U.S. Value Fund		All Asset Levels		0.50

For INTECH U.S. Core Fund, 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 shown in the table above. The performance adjustment either increases or decreases the base fee depending on how well the Fund has performed relative to its benchmark index, as shown below:

Fund	Benchmark Index
INTECH U.S. Core Fund		S&P 500® Index

The calculation of the performance adjustment applies as follows:

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

The investment advisory fee rate paid to Janus Capital by INTECH U.S. Core Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable performance measurement period. The Performance Adjustment is based on a rolling 36-month performance measurement period. Any applicable Performance Adjustments began January 2007 for the Fund.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index. Because the Performance Adjustment is tied to the Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase Janus Capital’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease Janus Capital’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses, whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of the Fund and the Fund’s benchmark

92 | JUNE 30, 2013

index. The Base Fee Rate is calculated and accrued daily. The Performance Adjustment is calculated monthly in arrears and is accrued throughout the month. The investment fee is paid monthly in arrears. Under extreme circumstances involving underperformance by a rapidly shrinking Fund, the dollar amount of the Performance Adjustment could be more than the dollar amount of the Base Fee Rate. In such circumstances, Janus Capital would reimburse the Fund.

The application of an expense limit, if any, will have a positive effect upon the Fund’s performance and may result in an increase in the Performance Adjustment. It is possible that the cumulative dollar amount of additional compensation ultimately payable to Janus Capital may, under some circumstances, exceed the cumulative dollar amount of management fees waived by Janus Capital.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. After Janus Capital determines whether the Fund’s performance was above or below its benchmark index by comparing the investment performance of the Fund’s load-waived Class A Shares against the cumulative investment record of the Fund’s benchmark index, Janus Capital applies the same Performance Adjustment (positive or negative) across each other class of shares of the Fund, as applicable.

It is not possible to predict the effect of the Performance Adjustment on future overall compensation to Janus Capital since it depends on the performance of INTECH U.S. Core Fund relative to the record of the Fund’s benchmark index and future changes to the size of INTECH U.S. Core Fund.

INTECH U.S. Core Fund’s prospectuses and statement of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statements of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment, if applicable.

During the year ended June 30, 2013, INTECH U.S. Core Fund recorded a Performance Adjustment as indicated in the table below:

	Performance
Fund	Adjustment
INTECH U.S. Core Fund	$	370,651

INTECH Investment Management LLC (“INTECH”) serves as subadviser to each Fund. Janus Capital owns approximately 97% of INTECH.

Janus Capital pays INTECH a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Funds to Janus Capital (calculated after any applicable performance fee adjustment for INTECH U.S. Core Fund, and after any fee waivers and expense reimbursements for INTECH Global Dividend Fund, INTECH International Fund and INTECH U.S. Value Fund). The subadvisory fee paid by Janus Capital to INTECH on behalf of INTECH U.S. Core Fund adjusts up or down based on the Fund’s performance relative to its benchmark index over the performance measurement period.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Funds’ 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 Funds.

Certain, but not all, intermediaries charge administrative fees 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 Funds to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Funds, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Funds. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships.

Class D Shares pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class S Shares and Class T Shares of the Funds for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Funds. 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 each 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.

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order

Janus Mathematical Funds | 93

Notes to Financial Statements (continued)

confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital.

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services incurs for serving as transfer agent and providing servicing to shareholders.

Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, is the distributor of the Funds. The Funds have adopted a Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Funds to intermediaries at an annual rate, as determined from time to time by the Board of Trustees, 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. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Funds. If any of a Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statements of Operations.

Janus Capital has contractually agreed to waive the advisory fee payable by each Fund listed below in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding any performance adjustments to management fees, the distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rates shown below. Janus Capital has agreed to continue each waiver until at least November 1, 2013. If applicable, amounts reimbursed to the Funds by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statements of Operations.

	Expense
Fund	Limit (%)
INTECH Global Dividend Fund		0.50
INTECH International Fund		1.00
INTECH U.S. Core Fund		0.89
INTECH U.S. Growth Fund		0.90
INTECH U.S. Value Fund		0.75

For a period of three years subsequent to INTECH Global Dividend Fund’s commencement of operations, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could be then considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. The recoupment of such reimbursements expires December 15, 2014. For the year ended June 30, 2013, total reimbursement by Janus Capital was $170,590 for the Fund. As of June 30, 2013, the aggregate amount of recoupment that may potentially be made to Janus Capital is $342,832.

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 Funds. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Funds as unrealized appreciation/(depreciation) and is shown as of June 30, 2013 on the Statements of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a 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 Statements of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2013 are included in “Non-interested Trustees’ fees and expenses” on the Statements 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 $243,941 were paid by the Trust to a Trustee under the Deferred Plan during the year ended June 30, 2013.

Certain officers of the Funds may also be officers and/or directors of Janus Capital. Each Fund pays for the salaries, fees, and expenses of certain Janus Capital

94 | JUNE 30, 2013

employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Funds. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or the subadviser) provides to each Fund. Some expenses related to compensation payable to the Funds’ Chief Compliance Officer and compliance staff are shared with the Funds. Total compensation of $487,826 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2013. Each Fund’s portion is reported as part of “Other Expenses” on the Statements of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Funds. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended June 30, 2013, Janus Distributors retained the following upfront sales charges:

	Upfront
Fund (Class A Shares)	Sales Charge
INTECH Global Dividend Fund	$	1,937
INTECH International Fund		511
INTECH U.S. Core Fund		3,965
INTECH U.S. Growth Fund		536
INTECH U.S. Value Fund		588

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, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the year ended June 30, 2013.

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. During the year ended June 30, 2013, redeeming shareholders of Class C Shares paid the following CDSCs:

Fund (Class C Shares)	CDSC
INTECH Global Dividend Fund	$	118
INTECH U.S. Core Fund		413
INTECH U.S. Growth Fund		45

The Funds’ expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statements of Operations (if applicable). The Funds could have employed the assets used by the custodian and/or transfer agent to produce income if they had not entered into an expense offset arrangement.

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

During the year ended June 30, 2013, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Schedules of Investments and Other Information.

Janus Mathematical Funds | 95

Notes to Financial Statements (continued)

Janus Capital or an affiliate invested and/or redeemed initial seed capital during the year ended June 30, 2013, as indicated in the following table.

Seed Capital

Date of

Date of

Seed Capital

Fund

at 6/30/12

Purchases

Purchases

Redemptions

Redemptions

at 6/30/13

INTECH Global Dividend Fund - Class A Shares

$

833,333

$

–

–

$

(650,522)

2/25/13, 5/1/13

$

182,811

INTECH Global Dividend Fund - Class C Shares

833,333

–

–

(631,190)

2/25/13, 5/1/13

202,143

INTECH Global Dividend Fund - Class D Shares

833,334

–

–

(833,334)

2/25/13, 5/1/13

–

INTECH Global Dividend Fund - Class I Shares

833,333

–

–

(802,050)

2/25/13, 5/1/13

31,283

INTECH Global Dividend Fund - Class S Shares

833,333

–

–

(621,559)

2/25/13, 5/1/13

211,774

INTECH Global Dividend Fund - Class T Shares

833,334

–

–

(694,375)

2/25/13, 5/1/13

138,959

INTECH International Fund - Class A Shares

411,445

–

–

(411,445)

9/20/12, 2/25/13

–

INTECH International Fund - Class C Shares

411,445

–

–

(411,445)

9/20/12, 2/25/13

–

INTECH International Fund - Class I Shares

686,890

–

–

(686,890)

9/20/12

–

INTECH International Fund - Class S Shares

411,445

–

–

(411,445)

9/20/12, 2/25/13

–

INTECH International Fund - Class T Shares

11,000

–

–

(11,000)

2/25/13

–

INTECH U.S. Value Fund - Class S Shares

190,524

–

–

(168,977)

9/20/12, 2/25/13

21,547

4.  Federal Income Tax

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

Other book to tax differences may consist of deferred compensation, derivatives and foreign currency contract adjustments. The Funds have 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.

	Undistributed		Undistributed				Loss Deferrals				Other Book
	Ordinary		Long-Term		Accumulated		Late-Year		Post-October		to Tax		Net Tax
Fund	Income		Gains		Capital Losses		Ordinary Loss		Capital Loss		Differences		Appreciation
INTECH Global Dividend Fund	$	278,582	$	455,383	$	–	$	–	$	–	$	(562)	$	342,915
INTECH International Fund		558,154		–		(2,583,629)		–		–		(5,067)		3,677,746
INTECH U.S. Core Fund		1,394,779		–		(12,191,995)		–		–		(6,958)		81,111,483
INTECH U.S. Growth Fund		714,989		–		(188,178,781)		–		–		(4,237)		56,042,795
INTECH U.S. Value Fund		778,595		8,988,186		–		–		–		(1,388)		15,018,713

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2013, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The following table shows these capital loss carryovers.

Capital Loss Carryover Expiration Schedule
For the year ended June 30, 2013

							No Expiration				Accumulated
Fund	June 30, 2016		June 30, 2017		June 30, 2018		Short-Term		Long-Term		Capital Losses
INTECH International Fund(1)	$	–	$	(477,452)	$	(2,035,662)	$	(70,515)	$	–	$	(2,583,629)
INTECH U.S. Core Fund(1)		(10,191,816)		(2,000,179)		–		–		–		(12,191,995)
INTECH U.S. Growth Fund		–		(7,077,037)		(181,101,744)		–		–		(188,178,781)

(1) Capital loss carryovers subject to annual limitations.

96 | JUNE 30, 2013

During the year ended June 30, 2013, the following capital loss carryovers were utilized by the Funds as indicated in the table:

	Capital Loss
	Carryover
Fund	Utilized
INTECH International Fund	$	2,418,149
INTECH U.S. Core Fund		28,983,400
INTECH U.S. Growth Fund		38,462,586
INTECH U.S. Value Fund		7,398,674

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2013 are noted below.

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

	Federal Tax		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)
INTECH Global Dividend Fund	$	9,083,144	$	547,902	$	(204,987)
INTECH International Fund		56,888,161		5,321,997		(1,644,251)
INTECH U.S. Core Fund		348,868,282		82,903,822		(1,792,339)
INTECH U.S. Growth Fund		205,920,942		58,275,677		(2,232,882)
INTECH U.S. Value Fund		70,811,471		15,503,819		(485,106)

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

For the year ended June 30, 2013

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
INTECH Global Dividend Fund	$	308,551	$	–	$	–	$	–
INTECH International Fund		963,306		–		–		–
INTECH U.S. Core Fund		4,956,769		–		–		–
INTECH U.S. Growth Fund		3,987,618		–		–		–
INTECH U.S. Value Fund		2,060,998		–		–		–

For the year or period ended June 30, 2012

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
INTECH Global Dividend Fund(1)	$	119,576	$	–	$	–	$	–
INTECH International Fund		313,259		–		–		–
INTECH U.S. Core Fund		2,999,640		–		–		–
INTECH U.S. Growth Fund		2,678,829		–		–		–
INTECH U.S. Value Fund		1,608,528		–		–		–

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

Janus Mathematical Funds | 97

Notes to Financial Statements (continued)

5.  Capital Share Transactions

	INTECH				INTECH				INTECH				INTECH				INTECH
	Global Dividend				International				U.S. Core				U.S. Growth				U.S. Value
For each year or period ended June 30	Fund				Fund				Fund				Fund				Fund
(all numbers in thousands)	2013		2012(1)		2013		2012		2013		2012		2013		2012		2013		2012
Transactions in Fund Shares – Class A Shares:
Shares sold		116		88		42		–		388		223		92		130		121		122
Reinvested dividends and distributions		3		1		1		1		10		8		3		4		10		7
Shares repurchased		(68)		–		(50)		–		(394)		(331)		(279)		(281)		(82)		(85)
Net Increase/(Decrease) in Fund Shares		51		89		(7)		1		4		(100)		(184)		(147)		49		44
Shares Outstanding, Beginning of Period		89		–		66		65		916		1,016		508		655		541		497
Shares Outstanding, End of Period		140		89		59		66		920		916		324		508		590		541
Transactions in Fund Shares – Class C Shares:
Shares sold		14		89		–		60		154		74		33		32		16		7
Reinvested dividends and distributions		2		2		1		1		1		–		–		–		–		–
Shares repurchased		(65)		–		(51)		(66)		(74)		(109)		(30)		(109)		–		(14)
Net Increase/(Decrease) in Fund Shares		(49)		91		(50)		(5)		81		(35)		3		(77)		16		(7)
Shares Outstanding, Beginning of Period		91		–		64		69		439		474		197		274		15		22
Shares Outstanding, End of Period		42		91		14		64		520		439		200		197		31		15
Transactions in Fund Shares – Class D Shares:
Shares sold		393		221		N/A		N/A		2,156		1,621		N/A		N/A		N/A		N/A
Reinvested dividends and distributions		10		3		N/A		N/A		167		118		N/A		N/A		N/A		N/A
Shares repurchased		(201)		(19)		N/A		N/A		(1,704)		(1,968)		N/A		N/A		N/A		N/A
Net Increase/(Decrease) in Fund Shares		202		205		N/A		N/A		619		(229)		N/A		N/A		N/A		N/A
Shares Outstanding, Beginning of Period		205		–		N/A		N/A		11,861		12,090		N/A		N/A		N/A		N/A
Shares Outstanding, End of Period		407		205		N/A		N/A		12,480		11,861		N/A		N/A		N/A		N/A
Transactions in Fund Shares – Class I Shares:
Shares sold		49		186		3,168		3,172		1,802		871		1,103		1,531		493		925
Reinvested dividends and distributions		6		3		125		46		36		29		210		160		174		157
Shares repurchased		(102)		(7)		(1,080)		(531)		(1,191)		(1,377)		(6,609)		(6,422)		(3,665)		(1,181)
Net Increase/(Decrease) in Fund Shares		(47)		182		2,213		2,687		647		(477)		(5,296)		(4,731)		(2,998)		(99)
Shares Outstanding, Beginning of Period		182		–		5,258		2,571		3,402		3,879		18,425		23,156		9,202		9,301
Shares Outstanding, End of Period		135		182		7,471		5,258		4,049		3,402		13,129		18,425		6,204		9,202
Transactions in Fund Shares – Class S Shares:
Shares sold		–		83		–		1		150		108		185		608		–		–
Reinvested dividends and distributions		2		2		1		1		3		2		10		6		–		–
Shares repurchased		(62)		–		(48)		(1)		(129)		(133)		(267)		(410)		(17)		–
Net Increase/(Decrease) in Fund Shares		(60)		85		(47)		1		24		(23)		(72)		204		(17)		–
Shares Outstanding, Beginning of Period		85		–		62		61		315		338		1,200		996		22		22
Shares Outstanding, End of Period		25		85		15		62		339		315		1,128		1,200		5		22
Transactions in Fund Shares – Class T Shares:
Shares sold		52		118		22		3		1,736		1,604		988		6		36		4
Reinvested dividends and distributions		4		2		–		–		78		46		3		–		–		–
Shares repurchased		(122)		(1)		(6)		–		(1,295)		(1,181)		(56)		(4)		(4)		–
Net Increase/(Decrease) in Fund Shares		(66)		119		16		3		519		469		935		2		32		4
Shares Outstanding, Beginning of Period		119		–		9		6		5,673		5,204		6		4		6		2
Shares Outstanding, End of Period		53		119		25		9		6,192		5,673		941		6		38		6

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

98 | JUNE 30, 2013

6.  Purchases and Sales of Investment Securities

For the year ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:

					Purchases of Long-		Proceeds from Sales
	Purchases of		Proceeds from Sales		Term U.S. Government		of Long-Term U.S.
Fund	Securities		of Securities		Obligations		Government Obligations
INTECH Global Dividend Fund	$	10,447,818	$	10,089,368	$	–	$	–
INTECH International Fund		80,434,491		63,309,667		–		–
INTECH U.S. Core Fund		276,070,040		245,994,682		–		–
INTECH U.S. Growth Fund		233,621,083		307,361,789		–		–
INTECH U.S. Value Fund		98,036,933		132,922,439		–		–

7.  New Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” This update creates disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of the new Statements of Assets and Liabilities offsetting disclosures to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact these updates may have on the Funds’ financial statements.

8.  Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2013 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

Janus Mathematical Funds | 99

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of INTECH Global Dividend Fund, INTECH International Fund, INTECH U.S. Core Fund, INTECH U.S. Growth Fund, and INTECH U.S. Value Fund (five of the funds constituting Janus Investment Fund, hereafter referred to as the “Funds”) at June 30, 2013 and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as ‘financial statements‘) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado
August 19, 2013

100 | JUNE 30, 2013

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

Approval of Advisory Agreements During the Period

The Trustees of Janus Investment Fund, none of whom has ever been affiliated with Janus Capital and each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund and, as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the nine Funds that utilize subadvisers.

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

At a meeting held on December 7, 2012, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2013 through February 1, 2014, 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.

Nature, Extent and Quality of Services

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

Janus Mathematical Funds | 101

Additional Information (unaudited) (continued)

procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds of Janus Investment Fund and the Portfolios of Janus Aspen Series (such Funds and Portfolios, together the “Janus Funds”) and Janus Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the Janus Funds have had some recent performance challenges, but performance has improved recently, and for the 36 months ended September 30, 2012, approximately 47% of the Janus Funds were in the top two quartiles of performance and for the 12 months ended September 30, 2012, approximately 54% of the Janus Funds were in the top two quartiles of performance. The Trustees concluded that the performance of certain Funds was good under current market conditions. Although the performance of other Funds lagged that of their peers for certain periods, the Trustees also concluded that Janus Capital had taken or was taking appropriate steps to address those instances of under-performance.

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for most of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by the independent data providers.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found (1) the total expenses and management fees of the Janus Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 16% below the mean total expenses of their respective Lipper Expense Group peers and 23% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Janus Funds, on average, were 9% below the mean management fees for their Expense Groups and 12% below the mean for their Expense Universes; and (4) Janus Funds expenses at the functional level for each asset and share class category were reasonable. The independent fee consultant concluded that based on its strategic review of expenses at the complex, category and individual fund level, Janus Funds expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/ performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories and existence of performance fees on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent and the competitive market for mutual funds in different distribution channels. They concluded that the compensation methodology provided a good alignment of the interests of the portfolio managers with the interests of Fund shareholders.

102 | JUNE 30, 2013

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to their separate account clients and to non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks that it does not assume in servicing its other clients. Moreover, they noted the research conducted and conclusions reached by their independent fee consultant.

In this regard, the independent fee consultant found that (1) the management fees Janus Capital charges to the Janus Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; and (3) the average spread between management fees charged to the Janus Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

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

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the actual management fee rate paid by most of the Funds, after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused or will cause the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and the five Funds that have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted

Janus Mathematical Funds | 103

Additional Information (unaudited) (continued)

that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Janus Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

After full consideration of the above factors, as well as other factors, the Trustees, each of whom is an independent Trustee, concluded at their December 7, 2012 meeting that the proposed continuation of the investment advisory agreement and, if applicable, the subadvisory agreement for each Fund for another year was in the best interest of the respective Funds and their shareholders.

104 | JUNE 30, 2013

Useful Information About Your Fund Report (unaudited)

1.  Management Commentary

The Management Commentary in this report includes valuable insight from each of the Fund’s investment personnel 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. The Fund’s investment personnel may allocate a company 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 by the Fund’s investment personnel in the Management Commentary are just that: opinions. They are a reflection of the investment personnel’s best judgment at the time this report was compiled, which was June 30, 2013. As the investing environment changes, so could their opinions. These views are unique to them and aren’t necessarily shared by fellow employees or by Janus in general.

2.  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. The hypothetical example does not represent the returns of any particular investment.

When comparing the performance of the Fund with an index, keep in mind that market indices do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.

3.  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’s 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 Bloomberg L.P. and/or MSCI Inc.

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

4.  Statement of Assets and Liabilities

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

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased

Janus Mathematical Funds | 105

Useful Information About Your Fund Report (unaudited) (continued)

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.

5.  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.

6.  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.

7.  Financial Highlights

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

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

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. Don’t

106 | JUNE 30, 2013

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 doesn’t 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 investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Mathematical Funds | 107

Designation Requirements (unaudited)

For federal income tax purposes, the Funds designated the following for the year ended June 30, 2013:

Foreign Taxes Paid and Foreign Source Income

Fund	Foreign Taxes Paid		Foreign Source Income
INTECH Global Dividend Fund	$	21,933	$	286,804
INTECH International Fund		64,314		1,267,214

Dividends Received Deduction Percentage

Fund
INTECH Global Dividend Fund	25%
INTECH International Fund	0%
INTECH U.S. Core Fund	100%
INTECH U.S. Growth Fund	100%
INTECH U.S. Value Fund	100%

Qualified Dividend Income

Fund
INTECH Global Dividend Fund	81%
INTECH International Fund	100%
INTECH U.S. Core Fund	100%
INTECH U.S. Growth Fund	100%
INTECH U.S. Value Fund	100%

Janus Mathematical Funds | 108

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Pursuant to the Funds’ Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Funds’ Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds.

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

TRUSTEES

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds); and Director of the F.B. Heron Foundation (a private grantmaking foundation).
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Director of MotiveQuest LLC (strategic social market research company) (since 2003); and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

Janus Mathematical Funds | 109

Trustees and Officers (unaudited) (continued)

TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company (1987-1994).	56	Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (since 2005). Formerly, Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	56	Director of Red Robin Gourmet Burgers, Inc. (RRGB) (since 2004).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	56	None

110 | JUNE 30, 2013

TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Convention & Tourism Bureau, Chicago Council on Global Affairs, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Wal-Mart, and Wrapports, LLC (digital communications company).

Janus Mathematical Funds | 111

OFFICERS

	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years
Robin C. Beery 151 Detroit Street Denver, CO 80206 DOB: 1967	President and Chief Executive Officer	4/08-Present	Executive Vice President and Head of U.S. Distribution of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC; Director of The Janus Foundation; Director of Perkins Investment Management LLC; and Working Director of INTECH Investment Management LLC. Formerly, Head of Intermediary Distribution, Global Marketing and Product of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC (2009-2010); and Chief Marketing Officer of Janus Capital Group Inc. and Janus Capital (2002-2009).
Stephanie Grauerholz-Lofton 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital, and Vice President and Assistant Secretary of Janus Distributors LLC.
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; and Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC. Formerly, Chief Compliance Officer of Bay Isle Financial LLC (2003-2008).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Mathematical Funds | 112

Notes

Janus Mathematical Funds | 113

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (08/13)

Investment products offered are: NOT FDIC-INSURED MAY LOSE VALUE NO BANK GUARANTEE

C-0813-42993 125-02-93006 08-13

ANNUAL REPORT

June 30, 2013

Janus Value Funds

Perkins Large Cap Value Fund

Perkins Mid Cap Value Fund

Perkins Select Value Fund

Perkins Small Cap Value Fund

Perkins Value Plus Income Fund

HIGHLIGHTS

•  Portfolio management perspective

•  Investment strategy behind your fund

•  Fund performance, characteristics and holdings

Table of Contents

            Janus Value Funds

Chief Investment Officer’s Market Perspective	1
Management Commentaries and Schedules of Investments
Perkins Large Cap Value Fund	3
Perkins Mid Cap Value Fund	14
Perkins Select Value Fund	25
Perkins Small Cap Value Fund	35
Perkins Value Plus Income Fund	46
Notes to Schedules of Investments and Other Information	65
Statements of Assets and Liabilities	70
Statements of Operations	74
Statements of Changes in Net Assets	76
Financial Highlights	80
Notes to Financial Statements	101
Report of Independent Registered Public Accounting Firm	120
Additional Information	121
Useful Information About Your Fund Report	125
Designation Requirements	128
Trustees and Officers	129

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Chief Investment Officer’s Market Perspective (unaudited)

Jeff Kautz

Chief Investment Officer

Strong gains end with spike in volatility

U.S. stocks climbed higher during the period, but it took a volatile path late, with the Chicago Board of Options Exchange (CBOE) Volatility Index spiking over 40% off its recent lows. Overall, the S&P 500 Index delivered an impressive 20.6% increase in the past year and a whopping 158% since bottoming out in March 2009 during the financial crisis.

Still, the late-period stumble seems like a precursor for what may lie ahead. The sell-off was largely prompted by the Federal Reserve’s (Fed) mere mention that it might start scaling back its economic stimulus program later this year. The sharp declines in stock, bond and commodity prices worldwide show just how reliant markets have become on the Fed’s loose monetary policies, but investors cannot expect the central banks – either here or abroad – to hold the global economy together forever.

On the plus side, there is now some degree of clarity around future tapering action, but the Fed is also caught in a bit of a tight spot, given its self-stated dual goals of targeting both inflation and unemployment. It remains our belief that the Fed is reaching its limit in terms of how much support monetary policy can lend to the U.S. economy. The Fed has been trying to buy time until the economy can get on more solid footing, but at some point there needs to be a fiscal response to put the U.S. firmly back on a path toward normalized growth.

Marked improvements in housing and employment markets notwithstanding, the truth is that the U.S. economy is far from being in strong growth mode and still remains extremely susceptible to external shocks. For example, continued economic slowdowns from across the globe could easily dampen U.S. projections. China, in particular, remains a concern. While the country completed its leadership transition in November, economic growth continues to be a wild card. The world has come to rely on China as a core growth engine, and any slowdown, even marginal, is likely to have reverberations worldwide.

Best house on a bad block

This is not to say that stocks appear to be a poor investment choice at the moment, despite the elevated potential downside risk we continue to see in the market. Equities generally remain fairly valued, with the S&P 500 trading around 14.6 times 2013 earnings estimates. However, it is worth reminding our investors that the market is fairly valued only if profit margins are sustainable at current levels. Should margins revert toward the long-term average, there could be a meaningful pullback in equities.

With the thin trading levels that have driven equity markets during the past few quarters, it would not take much in bad economic news to prompt a negative short-term sell-off. As such, we expect an increase in volatility as these macro issues, such as Fed tapering, continue to rise to the forefront. In our view, however, a little volatility can be a good thing, offering us the opportunity to put money to work at attractive reward/risk ratios. Currently, our cash levels across strategies are generally in line with our long-term averages, but we may become more fully invested as temporary pricing dislocations present the chance to buy high-quality companies on sale.

Focus on long-term quality

Our risk-disciplined investment methodology focuses on identifying attractively priced companies with healthy balance sheets and solid, recurring free cash flows, competitively positioned for long-term success. These types of high-quality firms have historically helped us limit downside portfolio exposure in weak periods, while participating in market rallies.

The key to this research-intensive approach is keeping a long-term perspective and remembering that markets tend to revert to the mean. It can be easy for investors to slip into a trader mentality during high-beta momentum markets, when all stocks seem to keep rising. When markets turn, however, the importance of carefully researched quality can quickly become apparent. This bias toward quality extends beyond a simply defensive measure. Our research has shown high-quality stocks have delivered higher risk-adjusted return potential over the long term as well.

Janus Value Funds | 1

(unaudited) (continued)

Looking ahead, we believe our portfolios continue to be well positioned to navigate the current market climate, in terms of both risk exposure and long-term upside potential. Our investment team spends a significant amount of time carefully researching each and every stock, and we remain confident that this focus on finding investment value without sacrificing absolute risk will continue to serve our clients well, especially if volatility returns to the markets.

Thank you for the trust and confidence you have placed in Perkins Investment Management. We remain firmly committed to our value discipline, and our investment team continues to be heavily invested in our strategies right alongside you. We look forward to finding compelling investment opportunities on all of our behalf for many years to come.

Sincerely,

Jeff Kautz

Chief Investment Officer

Past performance is no guarantee of future results.

2 | JUNE 30, 2013

Perkins Large Cap Value Fund (unaudited)

Fund Snapshot
The Fund seeks to invest in what we believe are fundamentally and financially strong large-capitalization companies exhibiting favorable reward to risk characteristics. We believe in the timeless adage of the power of compounding and in doing so our focus is on mitigating losses in difficult markets. We invest in securities we believe have favorable reward to risk ratios by focusing first on rigorous downside analysis prior to determining upside potential. We seek to outperform both our benchmark and peers over a full market cycle by building a diversified portfolio of high-quality, undervalued stocks.

Tom Perkins
co-portfolio manager
Kevin Preloger
co-portfolio manager

Performance Overview

During the 12 months ended June 30, 2013, Perkins Large Cap Value Fund’s Class I Shares returned 20.43% while its benchmark, the Russell 1000 Value Index, returned 25.32%. Our average 11.22% cash weighting weighed the most on performance followed by our holdings in information technology and materials. Relative contributors included our underweights in utilities and energy and our holdings in health care and financials.

Market Environment

Equity markets rallied hard early in the period given the continued flood of liquidity supplied by central banks on a global basis. While market participants continued to focus on the plight of the euro zone, indications by the European Central Bank (ECB) that monetary policy would become much more aggressive was met with a positive response. In addition, in September the U.S. Federal Reserve (Fed) announced that it would keep Fed funds interest rates at 0 to 0.25% well into 2015 and that it would embark upon a more open-ended quantitative easing policy of purchasing nearly $85 billion of securities on a monthly basis.

The rally was more modestly extended in the fourth quarter of 2012. U.S. gross domestic product (GDP) was up a surprising 3%, and the Fed stated it would not raise rates until unemployment falls to 6.5% and inflation does not rise above 2.5%. European markets were firm as the ECB’s promise “to do whatever it takes” and small steps toward political cooperation have had a calming effect. This was despite signs that GDP in Europe was heading to negative territory. China’s political transition appeared orderly and, with signs the economy was stabilizing in the area of 7% growth, its stock market rallied off its three-year bottom. However, early in 2013 it became apparent that the central planners in China decided that growth needed to slow and policy actions adopted to date seemed to have the desired effect. The question for investors is the repercussions on other economies given China’s slower growth.

The strong rally in 2012’s second half extended into the first quarter of 2013. U.S. GDP was essentially flat as government, business and consumer spending were impacted by year-end government policy uncertainty and inventories were drawn down. At year end, Washington came to agreement to push out the debt ceiling debate and tax rate reductions for all but the top brackets were extended; however, payroll taxes increased for all. This clarity on tax policy relieved some of the year-end anxiety.

U.S. stocks continued to climb higher in the second quarter, but they took a volatile path as the second quarter drew to a close. The CBOE VIX Index, a general measure of market volatility, spiked over 40% off its recent lows, which created some opportunities to purchase high-quality companies on sale. As a result, our cash position ended lower than our average for the period. Equities generally remain fairly valued, with the S&P 500 Index trading around 14.6 times 2013 earnings estimates. The index’s 6.85% forward earnings yield also remained attractive compared with the 10-year U.S. Treasury note’s roughly 2.50% yield, even after the recent run-up in interest rates. Corporate balance sheets remain on solid footing, which bodes well for future dividend increases and greater merger activity, both factors that we view as supportive of equity prices.

Holdings That Detracted

Goldcorp was our largest individual detractor. Shares of this high-quality, low-cost gold producer declined 33%, as the underlying spot gold price declined 24% during the period. Goldcorp has among the lowest production costs and the best production growth outlook of any major gold miner as four major projects are expected to enter production in the next few years. Goldcorp also has a net

Janus Value Funds | 3

Perkins Large Cap Value Fund (unaudited)

debt-free balance sheet, and high-quality assets that are unlikely to need a write-down in value, unlike the actions its competitors have recently taken. With valuations based on tangible book value near multiyear lows, and spot prices below the all-in production costs of higher-cost competitors, we maintain a position.

Staying in materials, Canadian metallurgical coal and copper producer Teck Resources also weighed on performance. The shares were hit due to significant oversupply of coal as well as lagging demand from China given the slowing economy there. Those supply additions, in combination with increased domestic Chinese metallurgical coal production forced us to re-evaluate our downside and upside cases for the stock. As a result of our lower proprietary reward to risk ratio, we eliminated our position.

Integrated utility Exelon was another detractor. The shares were weak as the company slashed its dividend early in the year due to continued weak demand for power. In addition, power auction results were significantly below previous forecasts that resulted in earnings estimates being reduced. Furthermore, many utility stocks fared poorly as interest rates rose significantly on fears that the Fed would slow its quantitative easing monetary policy. We think Exelon remains well positioned longer term to benefit from improving power prices driven by federal regulation and retirement of old, inefficient coal plants.

Holdings that Contributed

Berkshire Hathaway led the strong relative performance of our financial holdings. The conglomerate continued to put its large cash position to work through accretive acquisitions. Additionally, Berkshire’s investment portfolio appreciated with the market rally, helping to raise its book value. The fundamentals are strong across Berkshire’s business lines, including manufacturing, insurance and railroads. This continues to be our largest holding in the Fund, given what we consider its fortress-like balance sheet and the shares trading at 1.5 times book value, a discount to its historical price-to-book average.

Staying in financials, American International Group (AIG) was also a key contributor. AIG is among the most infamous names from the financial crisis. It took a large bailout from the government to stay alive after making leveraged collateralized debt obligation (CDO) investments and having a poor risk architecture. AIG is now a simple property and casualty and life insurance company. On the P&C side, AIG is making significant progress in increasing efficiency and risk controls while at the same time reducing costs. This has shown through with positive results in late 2012 and early 2013. In addition, AIG is using excess capital to retire expensive debt securities, and potentially later in 2013, the company will initiate a modest dividend and buy back common stock. We believe AIG is in the early innings of its turnaround. Selling at over a 30% discount to book value, 11 times estimated 2013 earnings, and less than 8 times normalized earnings, we maintained our relatively large position.

Ameriprise Financial, another top contributor, also had strong gains during the period. The stock rose after the financial planning and wealth management company reported good earnings driven by cost controls. Ameriprise also boosted its dividend and continued to buy back stock and is returning a significant portion of its earnings to shareholders. We trimmed our position as we felt the stock’s risk/reward profile became less attractive. While Ameriprise’s valuation has risen, we believe the company is well positioned for growth and well capitalized, generates strong free cash flow and has been disciplined in returning capital to shareholders; therefore, it warranted holding a position.

Market Outlook

Despite some confusion over recent Fed statements concerning its quantitative easing bond buying program, some of the bullish arguments for equity prices still hold: Fed liquidity will continue for the time being with rate hikes not on tap until 2015, equity valuations appear fair, and the U.S. remains the “best house on a bad block” as the world muddles through this anemic growth environment. Conversely, the negative market factors have not gone away and would indicate that caution is still warranted as various issues such as fiscal policy, debt issues, and the promotion of effective growth measures have not been addressed in a serious manner. Given slow economic growth, corporate earnings comparisons could also be disappointing. The new near-term risk factor is the uncertainty regarding the impact of higher interest rates on a fragile economy.

Marked improvements in housing and employment markets notwithstanding, the truth is that the U.S. economy is far from being in a strong growth mode and still remains extremely susceptible to external shocks. GDP expanded at an annual rate of 1.8% in the first quarter, notably higher than the 0.4% gain from fourth quarter 2012, but well below the 2.4% pace estimated in March. The Fed still expects GDP growth to pick up steam ahead, given diminished downside risks for the labor market and economic activity, with a 2.3% to 2.6% forecast range for 2013 and an upgraded outlook to 3.0% to 3.5% in 2014. However, the Fed’s forecasts have been

4 | JUNE 30, 2013

(unaudited)

overly optimistic in the past and it remains to be seen if any of the ongoing macroeconomic uncertainties suddenly flare up and shift this positive view. Various threats from across the globe could easily dampen U.S. projections.

In the case of Europe, economic weakness is more and more apparent in the peripheral countries with concern that it has spread to the core. Related issues in Europe are the degree of policy coordination, more levered balance sheets and political instability. The unknown will be the contagion impact, not only in Europe, but to the U.S. and rest of the world as well.

Concerning China, while the country completed its leadership transition in November, economic growth continues to be a wild card. The government lowered its 2013 growth projections from 8% to 7.5%, though weaker global GDP could make this expansion more difficult to achieve. Dislocations in the economy and possibly in the financial system could be problematic. The world has come to rely on China as a core growth engine, and any slowdown, even marginal, is likely to have reverberations worldwide.

In the Fund, our largest weights continue to be in the financial services sector, where we have preference for regional banks, and we remain underweight in the utilities sector. With stocks fairly valued and an uncertain macroeconomic backdrop, we continue to remain cautious on the equity market. However, market pullbacks could provide opportunities to take advantage of price dislocations. As an example, in the most recent quarter we added to real estate investment trusts (REITs), as they were unusually weak as the market focused on interest rate increases.

The key to our research-intensive approach is keeping a long-term perspective and remembering that markets tend to revert to the mean. It can be easy for investors to slip into a complacent mentality during highly volatile momentum markets, when all stocks seem to keep rising. When markets turn, however, the importance of carefully researched quality can quickly become apparent.

Our risk-disciplined investment methodology focuses on identifying attractively priced companies with healthy balance sheets and solid recurring free cash flows that are competitively positioned for long-term success. These types of high-quality firms have historically helped us limit downside portfolio exposure in weak periods, while participating in market rallies. This bias toward quality extends beyond a simply defensive measure. Our research has shown high-quality stocks have delivered higher risk-adjusted return potential over the long term as well.

Looking ahead, we believe our Fund is well positioned to navigate the current market climate, in terms of both risk exposure and long-term upside potential. Our investment team spends a significant amount of time carefully researching each and every stock, and we remain confident that this focus on finding investment value while mitigating absolute risk exposure will serve our clients well, especially if markets experience heightened volatility.

Thank you for your investment with us in Perkins Large Cap Value Fund.

Janus Value Funds | 5

Perkins Large Cap Value Fund (unaudited)

Perkins Large Cap Value Fund At A Glance

5 Top Performers – Holdings

	Contribution
Berkshire Hathaway, Inc. – Class B		0.79%
American International Group, Inc.		0.62%
Ameriprise Financial, Inc.		0.54%
Novartis A.G. (ADR)		0.54%
State Street Corp.		0.50%

5 Bottom Performers – Holdings

	Contribution
Goldcorp, Inc. (U.S. Shares)		–0.31%
Teck Resources, Ltd. – Class B		–0.20%
SPDR Gold Trust (ETF)		–0.15%
Exelon Corp.		–0.13%
Freeport-McMoRan Copper & Gold, Inc.		–0.13%

5 Top Performers – Sectors*

			Fund Weighting		Russell 1000® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Utilities		0.62%		2.38%		6.67%
Energy		0.46%		10.94%		16.19%
Health Care		0.38%		16.19%		11.74%
Financials		0.34%		20.59%		27.24%
Industrials		0.31%		8.45%		9.06%

5 Bottom Performers – Sectors*

			Fund Weighting		Russell 1000® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Other**		–3.44%		11.93%		0.00%
Information Technology		–0.99%		9.08%		6.51%
Materials		–0.90%		3.29%		3.74%
Consumer Discretionary		–0.51%		5.94%		8.16%
Telecommunication Services		–0.17%		3.81%		3.42%

	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.

6 | JUNE 30, 2013

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Berkshire Hathaway, Inc. – Class B Reinsurance	2.6%
American International Group, Inc. Multi-Line Insurance	2.3%
Royal Dutch Shell PLC (ADR) Oil Companies – Integrated	2.1%
Vodafone Group PLC (ADR) Cellular Telecommunications	2.0%
Novartis A.G. (ADR) Medical – Drugs	2.0%
	11.0%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

Janus Value Funds | 7

Perkins Large Cap Value Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013			Expense Ratios – per the October 26, 2012 prospectuses
	One	Since	Total Annual Fund
	Year	Inception*	Operating Expenses
Perkins Large Cap Value Fund – Class A Shares
NAV	19.88%	13.59%	1.13%
MOP	12.99%	12.11%
Perkins Large Cap Value Fund – Class C Shares
NAV	19.17%	12.75%	1.92%
CDSC	18.17%	12.75%
Perkins Large Cap Value Fund – Class D Shares(1)	20.25%	13.50%	0.95%
Perkins Large Cap Value Fund – Class I Shares	20.43%	13.97%	0.77%
Perkins Large Cap Value Fund – Class N Shares	20.39%	13.97%	0.76%
Perkins Large Cap Value Fund – Class S Shares	19.84%	13.44%	1.25%
Perkins Large Cap Value Fund – Class T Shares	20.21%	13.61%	1.00%
Russell 1000® Value Index	25.32%	15.21%
Morningstar Quartile – Class I Shares	3rd	3rd
Morningstar Ranking – based on total returns for Large Value Funds	897/1,237	738/1,136
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

8 | JUNE 30, 2013

(unaudited)

The expense ratios for Class N Shares are estimated.

The Fund has a performance-based management fee that adjusts up or down based on the Fund’s performance relative to an approved benchmark index over a performance measurement period. See the Fund’s prospectuses or Statement of Additional Information for more details.

The Fund’s performance may be affected by risks that include those associated with undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of each respective share class of the predecessor fund, calculated using the fees and expenses of each respective share class accounting for, when applicable and permitted, any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s and predecessor fund’s Class I Shares, calculated using the fees and expenses of Class D Shares without the effect of any fee and expense limitations or waivers.

Class N Shares of the Fund commenced operations on May 31, 2012. The performance shown for periods prior to May 31, 2012 reflects the historical performance of a similar share class of the Fund and predecessor fund.

Class T Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares without the effect of any 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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

*	The predecessor Fund’s inception date – December 31, 2008
(1)	Closed to new investors.

Janus Value Funds | 9

Perkins Large Cap Value 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,130.20	$	6.44	$	1,000.00	$	1,018.74	$	6.11		1.22%
Class C Shares	$	1,000.00	$	1,127.00	$	9.18	$	1,000.00	$	1,016.17	$	8.70		1.74%
Class D Shares	$	1,000.00	$	1,133.20	$	4.07	$	1,000.00	$	1,020.98	$	3.86		0.77%
Class I Shares	$	1,000.00	$	1,133.50	$	3.44	$	1,000.00	$	1,021.57	$	3.26		0.65%
Class N Shares	$	1,000.00	$	1,133.60	$	3.33	$	1,000.00	$	1,021.67	$	3.16		0.63%
Class S Shares	$	1,000.00	$	1,130.20	$	6.02	$	1,000.00	$	1,019.14	$	5.71		1.14%
Class T Shares	$	1,000.00	$	1,132.60	$	4.65	$	1,000.00	$	1,020.43	$	4.41		0.88%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

10 | JUNE 30, 2013

Perkins Large Cap Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Common Stock – 89.8%
Aerospace and Defense – 1.9%
	22,500	General Dynamics Corp.	$	1,762,425
	11,200	Rockwell Collins, Inc.		710,192
				2,472,617
Aerospace and Defense – Equipment – 0.6%
	8,000	United Technologies Corp.		743,520
Agricultural Chemicals – 0.7%
	16,800	Mosaic Co.		904,008
Applications Software – 2.3%
	23,000	Check Point Software Technologies, Ltd.*		1,142,640
	56,800	Microsoft Corp.		1,961,304
				3,103,944
Automotive – Truck Parts and Equipment – Original – 0.5%
	18,400	Johnson Controls, Inc.		658,536
Beverages – Non-Alcoholic – 1.3%
	21,300	PepsiCo, Inc.		1,742,127
Brewery – 0.5%
	12,600	Molson Coors Brewing Co. – Class B		603,036
Cable/Satellite Television – 0.8%
	25,600	Comcast Corp. – Class A		1,072,128
Cellular Telecommunications – 2.0%
	93,000	Vodafone Group PLC (ADR)		2,672,820
Commercial Banks – 0.8%
	32,000	BB&T Corp.		1,084,160
Commercial Services – Finance – 0.5%
	42,000	Western Union Co.		718,620
Computer Services – 0.7%
	5,700	Accenture PLC – Class A (U.S. Shares)		410,172
	2,400	International Business Machines Corp.		458,664
				868,836
Computers – Memory Devices – 0.7%
	40,000	EMC Corp.		944,800
Cosmetics and Toiletries – 1.4%
	24,000	Procter & Gamble Co.		1,847,760
Diversified Banking Institutions – 3.0%
	34,400	Citigroup, Inc.		1,650,168
	4,400	Goldman Sachs Group, Inc.		665,500
	22,000	JPMorgan Chase & Co.		1,161,380
	20,000	Morgan Stanley		488,600
				3,965,648
Diversified Operations – 1.0%
	54,400	General Electric Co.		1,261,536
Electric – Integrated – 2.6%
	10,000	Entergy Corp.		696,800
	28,000	Exelon Corp.		864,640
	61,000	PPL Corp.		1,845,860
				3,407,300
Electronic Components – Semiconductors – 1.5%
	36,000	Altera Corp.		1,187,640
	32,000	Intel Corp.		775,040
				1,962,680
Electronic Security Devices – 0.6%
	25,600	Tyco International, Ltd. (U.S. Shares)		843,520
Engineering – Research and Development Services – 1.3%
	17,000	Jacobs Engineering Group, Inc.*		937,210
	25,500	KBR, Inc.		828,750
				1,765,960
Enterprise Software/Services – 1.6%
	29,000	CA, Inc.		830,270
	40,000	Oracle Corp.		1,228,800
				2,059,070
Fiduciary Banks – 0.9%
	18,800	State Street Corp.		1,225,948
Finance – Credit Card – 0.8%
	20,800	Discover Financial Services		990,912
Finance – Other Services – 0.9%
	6,400	IntercontinentalExchange, Inc.*		1,137,664
Food – Miscellaneous/Diversified – 2.1%
	28,000	General Mills, Inc.		1,358,840
	33,600	Unilever PLC (ADR)		1,359,120
				2,717,960
Food – Retail – 0.6%
	24,000	Kroger Co.		828,960
Gold Mining – 0.5%
	28,000	Goldcorp, Inc. (U.S. Shares)		692,440
Instruments – Controls – 0.6%
	9,300	Honeywell International, Inc.		737,862
Instruments – Scientific – 0.8%
	12,000	Thermo Fisher Scientific, Inc.		1,015,560
Insurance Brokers – 0.9%
	30,000	Marsh & McLennan Cos., Inc.		1,197,600
Investment Management and Advisory Services – 1.4%
	12,900	Ameriprise Financial, Inc.		1,043,352
	27,000	Invesco, Ltd.		858,600
				1,901,952
Machinery – Farm – 0.4%
	7,200	Deere & Co.		585,000
Medical – Biomedical and Genetic – 1.1%
	7,000	Amgen, Inc.		690,620
	16,000	Gilead Sciences, Inc.*		819,360
				1,509,980
Medical – Drugs – 8.1%
	14,400	Abbott Laboratories		502,272
	17,000	AbbVie, Inc.		702,780
	21,600	Johnson & Johnson		1,854,576
	56,000	Merck & Co., Inc.		2,601,200
	37,600	Novartis A.G. (ADR)		2,658,696
	84,800	Pfizer, Inc.		2,375,248
				10,694,772
Medical – Generic Drugs – 1.2%
	41,600	Teva Pharmaceutical Industries, Ltd. (ADR)		1,630,720
Medical – HMO – 0.7%
	11,100	WellPoint, Inc.		908,424
Medical – Wholesale Drug Distributors – 0.8%
	9,600	McKesson Corp.		1,099,200
Medical Instruments – 0.6%
	15,200	Medtronic, Inc.		782,344

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

Janus Value Funds | 11

Perkins Large Cap Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Medical Labs and Testing Services – 0.9%
	11,600	Laboratory Corp. of America Holdings*	$	1,161,160
Medical Products – 2.1%
	14,000	Baxter International, Inc.		969,780
	16,300	Stryker Corp.		1,054,284
	10,400	Zimmer Holdings, Inc.		779,376
				2,803,440
Metal – Copper – 0.4%
	19,200	Freeport-McMoRan Copper & Gold, Inc.		530,112
Multi-Line Insurance – 3.1%
	20,800	Allstate Corp.		1,000,896
	68,000	American International Group, Inc.		3,039,600
				4,040,496
Multimedia – 1.7%
	24,800	Time Warner, Inc.		1,433,936
	12,400	Walt Disney Co.		783,060
				2,216,996
Networking Products – 0.9%
	48,800	Cisco Systems, Inc.		1,186,328
Non-Hazardous Waste Disposal – 0.9%
	36,000	Republic Services, Inc.		1,221,840
Oil – Field Services – 0.9%
	15,700	Schlumberger, Ltd. (U.S. Shares)		1,125,062
Oil and Gas Drilling – 0.8%
	18,000	Ensco PLC – Class A		1,046,160
Oil Companies – Exploration and Production – 5.2%
	12,000	Anadarko Petroleum Corp.		1,031,160
	23,400	Noble Energy, Inc.		1,404,936
	29,500	Occidental Petroleum Corp.		2,632,285
	37,200	QEP Resources, Inc.		1,033,416
	17,200	Whiting Petroleum Corp.*		792,748
				6,894,545
Oil Companies – Integrated – 3.6%
	10,000	Chevron Corp.		1,183,400
	13,200	Hess Corp.		877,668
	43,000	Royal Dutch Shell PLC (ADR)		2,743,400
				4,804,468
Oil Field Machinery and Equipment – 0.8%
	16,000	National Oilwell Varco, Inc.		1,102,400
Pipelines – 0.5%
	11,200	Enterprise Products Partners L.P.		696,080
Property and Casualty Insurance – 0.6%
	10,000	Travelers Cos., Inc.		799,200
Reinsurance – 3.1%
	30,400	Berkshire Hathaway, Inc. – Class B*		3,402,368
	5,200	Everest Re Group, Ltd.		666,952
				4,069,320
REIT – Apartments – 0.3%
	6,824	Equity Residential		396,201
REIT – Diversified – 1.1%
	50,000	Weyerhaeuser Co.		1,424,500
REIT – Health Care – 1.0%
	30,000	HCP, Inc.		1,363,200
Retail – Discount – 1.4%
	17,600	Target Corp.		1,211,936
	8,000	Wal-Mart Stores, Inc.		595,920
				1,807,856
Retail – Drug Store – 0.7%
	15,600	CVS Caremark Corp.		892,008
Retail – Regional Department Stores – 0.6%
	17,000	Kohl’s Corp.		858,670
Retail – Restaurants – 0.8%
	11,200	McDonald’s Corp.		1,108,800
Semiconductor Components/Integrated Circuits – 1.8%
	21,000	Analog Devices, Inc.		946,260
	22,500	QUALCOMM, Inc.		1,374,300
				2,320,560
Semiconductor Equipment – 0.6%
	52,000	Applied Materials, Inc.		775,320
Super-Regional Banks – 5.0%
	76,000	Fifth Third Bancorp		1,371,800
	19,500	PNC Financial Services Group, Inc.		1,421,940
	26,000	SunTrust Banks, Inc.		820,820
	20,800	U.S. Bancorp		751,920
	52,800	Wells Fargo & Co.		2,179,056
				6,545,536
Telephone – Integrated – 0.5%
	17,000	AT&T, Inc.		601,800
Tools – Hand Held – 0.6%
	9,600	Stanley Black & Decker, Inc.		742,080
Transportation – Railroad – 0.5%
	9,600	Norfolk Southern Corp.		697,440
Transportation – Services – 0.7%
	10,000	FedEx Corp.		985,800
Total Common Stock (cost $93,950,454)				118,577,302
Exchange-Traded Fund – 0.4%
Commodity – 0.4%
	4,800	SPDR Gold Trust (ETF)* (cost $751,196)		571,920
Repurchase Agreement – 10.9%
	$14,400,000	ING Financial Markets LLC, 0.0100%, dated 6/28/13, maturing 7/1/13 to be repurchased at $14,400,012 collateralized by $1,162,725 in a U.S. Government Agency 4.0000%, 2/20/40 and $11,571,372 in U.S. Treasuries 0.2500%-8.8750%, 2/28/15-2/15/19 with respective values of $1,238,460 and $13,449,666 (cost $14,400,000)		14,400,000
Total Investments (total cost $109,101,650) – 101.1%				133,549,222
Liabilities, net of Cash, Receivables and Other Assets– (1.1)%				(1,450,097)
Net Assets – 100%			$	132,099,125

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

12 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

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

			% of Investment
Country	Value		Securities
Canada	$	692,440		0.5%
Israel		2,773,360		2.1%
Switzerland		2,658,696		2.0%
United Kingdom		6,775,340		5.1%
United States††		120,649,386		90.3%
Total	$	133,549,222		100.0%

†† Includes Cash Equivalents of 10.8%.

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

Janus Value Funds | 13

Perkins Mid Cap Value Fund (unaudited)(closed to certain new investors)

Fund Snapshot
The Fund seeks to invest in what we believe are fundamentally and financially strong mid-size companies exhibiting favorable risk-reward characteristics. We believe in the timeless adage of the power of compounding and in doing so our focus is on mitigating losses in difficult markets. We invest in securities we believe have favorable reward to risk ratios by focusing first on rigorous downside analysis prior to determining upside potential. We seek to outperform both our benchmark and peers over a full market cycle by building a diversified portfolio of high-quality, undervalued stocks.

Tom Perkins
co-portfolio manager
Jeff Kautz
co-portfolio manager
Kevin Preloger
co-portfolio manager

Performance Overview

During the 12 months ended June 30, 2013, Perkins Mid Cap Value Fund’s Class T Shares returned 19.56% compared with a 27.65% return for its benchmark, the Russell Midcap Value Index. Our 10.94% average cash weighting was our most significant detractor from relative performance, followed by our holdings in information technology and telecommunication services. Our financial holdings were our most significant relative contributors.

Co-Portfolio Manager Added

During the period, Kevin Preloger was added as a co-portfolio manager alongside Tom Perkins and Jeffrey Kautz. Mr. Preloger, who has 16 years of financial industry experience, will also continue to serve as co-portfolio manager of Perkins Large Cap Value Fund. Since joining Perkins in 2002, Mr. Preloger has become an integral part of the Perkins team and demonstrated his skill as an analyst and portfolio manager. As the financial services analyst from 2002-09, he helped the Perkins portfolios navigate difficult markets, including the financial crisis of 2008.

Economic Environment

The period opened with a good rally. The most important positive factor affecting the markets were statements from Mario Draghi, head of the European Central Bank (ECB), that European monetary policy would become much more aggressive in providing liquidity conditioned upon defined deleveraging programs. In addition, in September the U.S. Federal Reserve (Fed) announced that it would keep Fed funds interest rates at 0% to 0.25% well into 2015 and that it would embark upon a more open-ended quantitative easing policy.

The rally was more modestly extended in the fourth quarter of 2012. U.S. gross domestic product (GDP) was up a surprising 3%, and the Fed stated it would not raise rates until unemployment falls to 6.5% and inflation does not rise above 2.5%. European markets were firm as the ECB’s promise “to do whatever it takes” and small steps toward political cooperation had a calming effect. This was despite signs that GDP in Europe was heading to negative territory. China’s political transition appeared orderly and, with signs the economy was stabilizing in the area of 7% growth, its stock market rallied off its three-year bottom.

The strong rally in 2012’s second half extended into the first quarter. U.S. GDP was essentially flat as government, business and consumer spending were impacted by year-end government policy uncertainty and inventories were drawn down. At year end, Washington came to agreement to push out the debt ceiling debate and tax rate reductions for all but the top brackets were extended; however, payroll taxes increased for all. This clarity on tax policy relieved some of the year-end anxiety.

U.S. stocks continued to climb higher in the second quarter, but they took a volatile path to get there. The CBOE VIX Index, a general measure of market volatility, spiked over 40% off its recent lows, which created some opportunities to purchase high-quality companies on sale. As a result, our cash position ended lower than our average for the period. Equities generally remain fairly valued, with the S&P 500 Index trading around 14.6 times 2013 earnings estimates. The index’s 6.85% forward earnings yield also remained attractive compared with the 10-year U.S. Treasury note’s 2.49% yield, even after the recent run-up in interest rates. Corporate balance sheets remain on solid footing, which bodes well for future dividend increases and greater merger activity, both factors that we view as supportive of equity prices.

14 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

Holdings That Detracted

Goldcorp was our largest individual detractor. Shares of this high-quality, low-cost gold producer declined 33%, as the underlying spot gold price declined 24% during the period. Goldcorp has among the lowest production costs and the best production growth outlook of any major gold miner as four major projects are expected to enter production in the next four years. Goldcorp also has a net debt-free balance sheet, and high-quality assets that are unlikely to need a write-down in value, unlike the actions its competitors have recently taken. With valuations based on tangible book value near multiyear lows, and spot prices below the all-in production costs of higher-cost competitors, we maintain a position.

Staying in materials, Canadian metallurgical coal and copper producer Teck Resources also weighed on performance. The shares were hit by significant oversupply, as the largest metallurgical coal producer, BHP, announced its intention to increase coal production from several new projects, despite deterioration in pricing. Those supply additions, in combination with increased domestic Chinese metallurgical coal production and a slowing Chinese economy, forced us to re-evaluate our downside and upside cases for the stock. As a result of our lower proprietary reward to risk ratio, we eliminated our position.

Integrated utility Exelon was another detractor. The shares were weak as the PJM Interconnection (a regional transmission organization serving many Eastern states) power auction results were significantly below previous forecasts. Furthermore, many utility stocks fared poorly as interest rates rose significantly on fears that the Fed would slow its quantitative easing monetary policy. We think Exelon remains well positioned longer term to benefit from improving power prices driven by federal regulation and retirement of old, inefficient coal plants.

Holdings That Contributed

Ameriprise Financial led the strong relative performance of our financial holdings. The stock rose after the financial planning and wealth management company reported good earnings driven by cost controls. Ameriprise also boosted its dividend and continued to buy back stock. We trimmed our position as we felt the stock’s risk/reward profile became less attractive. While Ameriprise’s valuation has risen, we believe the company is well positioned for growth and well capitalized, generates strong free cash flow and has been disciplined in returning capital to shareholders; therefore, it warranted holding a position.

Science tool provider Thermo Fisher Scientific, another key contributor, also had strong gains during the year. Shares of this long-term holding rebounded from underperforming levels in 2011 as earnings continued its growth and investors became less concerned about health care reform. We continue to hold a position. The stock still has a below average valuation and strong free cash flow – in fact the company initiated a dividend.

In industrials, Jacobs Engineering Group was an important contributor. After eight quarters of growing its backlog of business, shares of the company surged during the first quarter of 2013 as the market began to realize that Jacobs is one of the strongest-positioned engineering and construction firms. With significant net cash on the balance sheet, we think this best-of-breed contractor can return to its mid-teens earnings growth track record. Specifically, with strong positions in upstream Canadian oil and gas, North American chemicals, and global downstream production, the company is especially well positioned to take advantage of continued worldwide growth in nontraditional energy production and consumption. The strength in the stock made its risk/reward profile less positive, so we trimmed our large position.

Derivatives

A small investment in index put options was maintained during some of the period for hedging purposes (making an investment in an attempt to reduce the risk of adverse price movements) reflecting our concerns about macroeconomic issues, but these puts expired at the end of 2012 and were not replaced. Currently we are not using index put options and do not have plans to resume this hedging strategy. In aggregate, these positions detracted from the Fund’s performance in the period. Please see “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

Market Outlook and Positioning

Despite some confusion over recent Fed statements concerning its quantitative easing bond buying program, some of the bullish arguments for equity prices still hold: Fed liquidity will continue for the time being with rate hikes not on tap until 2015, equity valuations appear fair, and the U.S. remains the “best house on a bad block” as the world muddles through this anemic growth environment. Conversely, the negative market factors have not gone away and would indicate that caution is still warranted as various issues such as fiscal policy, debt issues, and the promotion of effective growth measures have not been addressed in a serious manner. Given slow

Janus Value Funds | 15

Perkins Mid Cap Value Fund (unaudited)(closed to certain new investors)

economic growth, corporate earnings comparisons could be disappointing. The new near term risk factor is the uncertainty regarding the impact of higher interest rates on a fragile economy.

Marked improvements in housing and employment markets notwithstanding, the truth is that the U.S. economy is far from being in a strong growth mode and still remains extremely susceptible to external shocks. GDP expanded at an annual rate of 1.8% in the first quarter, notably higher than the 0.4% gain from fourth quarter 2012, but well below the 2.4% pace estimated in March. The Fed still expects GDP growth to pick up steam ahead, given diminished downside risks for the labor market and economic activity, with a 2.3% to 2.6% forecast range for 2013 and an upgraded outlook to 3.0% to 3.5% in 2014. However, the Fed’s forecasts have been overly optimistic in the past and it remains to be seen if any of the ongoing macroeconomic uncertainties suddenly flare up and shift this positive view. Various threats from across the globe could easily dampen U.S. projections.

In the case of Europe, economic weakness is more and more apparent in the peripheral countries with concern that it has spread to the core. Related issues in Europe are the degree of policy coordination, more levered balance sheets and political instability. The unknown will be the contagion impact, not only in Europe, but to the U.S. and rest of the world as well.

Concerning China, while the country completed its leadership transition in November, economic growth continues to be a wild card. The government lowered its 2013 growth projections from 8% to 7.5%, though weaker global GDP could make this expansion more difficult to achieve. Dislocations in the economy and possibly in the financial system could be problematic. The world has come to rely on China as a core growth engine, and any slowdown, even marginal, is likely to have reverberations worldwide.

In the Fund, our largest weights continue to be in the financial services sector, particularly the regional banks, and we remain underweight in the utilities sector. With stocks appearing fairly valued and an uncertain macroeconomic backdrop, we continue to remain cautious on the equity market. However market pullbacks could provide opportunities to take advantage of price dislocations. As an example, in this quarter we added to real estate investment trusts (REITs), as they were unusually weak as the market focused on interest rate increases.

The key to our research-intensive approach is keeping a long-term perspective and remembering that markets tend to revert to the mean. It can be easy for investors to slip into a complacent mentality during highly volatile momentum markets, when all stocks seem to keep rising. When markets turn, however, the importance of carefully researched quality can quickly become apparent.

Our risk-disciplined investment methodology focuses on identifying attractively priced companies with healthy balance sheets and solid recurring free cash flows that are competitively positioned for long-term success. These types of high-quality firms have historically helped us limit downside portfolio exposure in weak periods, while participating in market rallies. This bias toward quality extends beyond a simply defensive measure. Our research has shown high-quality stocks have delivered higher risk-adjusted return potential over the long term as well.

Looking ahead, we believe our Fund is well positioned to navigate the current market climate, in terms of both risk exposure and long-term upside potential. Our investment team spends a significant amount of time carefully researching each and every stock, and we remain confident that this focus on finding investment value while mitigating absolute risk exposure will serve our clients well, especially if markets experience heightened volatility.

Thank you for your investment with us in Perkins Mid Cap Value Fund.

16 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

Perkins Mid Cap Value Fund At A Glance

5 Top Performers – Holdings

	Contribution
Ameriprise Financial, Inc.		0.70%
Thermo Fisher Scientific, Inc.		0.65%
Jacobs Engineering Group, Inc.		0.61%
Aetna, Inc.		0.53%
Kirby Corp.		0.52%

5 Bottom Performers – Holdings

	Contribution
Goldcorp, Inc. (U.S. Shares)		–0.46%
Teck Resources, Ltd. – Class B		–0.17%
Exelon Corp.		–0.15%
QLogic Corp.		–0.14%
QEP Resources, Inc.		–0.10%

5 Top Performers – Sectors*

			Fund Weighting		Russell Midcap® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Financials		1.15%		27.67%		30.56%
Utilities		0.44%		3.41%		10.32%
Health Care		0.02%		12.02%		7.11%
Energy		–0.16%		9.37%		9.08%
Consumer Staples		–0.17%		3.17%		4.83%

5 Bottom Performers – Sectors*

			Fund Weighting		Russell Midcap® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Other**		–3.20%		9.83%		0.00%
Information Technology		–1.57%		9.12%		10.21%
Telecommunication Services		–0.91%		1.91%		1.38%
Materials		–0.75%		3.58%		6.00%
Industrials		–0.72%		12.14%		11.10%

	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 Value Funds | 17

Perkins Mid Cap Value Fund (unaudited)(closed to certain new investors)

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Marsh & McLennan Cos., Inc. Insurance Brokers	1.9%
PPL Corp. Electric – Integrated	1.7%
Republic Services, Inc. Non-Hazardous Waste Disposal	1.7%
CIT Group, Inc. Commercial Banks	1.5%
Laboratory Corp. of America Holdings Medical Labs and Testing Services	1.5%
	8.3%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

18 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

Performance

Average Annual Total Return – for the periods ended June 30, 2013					Expense Ratios – per the October 26, 2012 prospectuses
	One	Five	Ten	Since	Total Annual Fund	Net Annual Fund
	Year	Year	Year	Inception*	Operating Expenses	Operating Expenses
Perkins Mid Cap Value Fund – Class A Shares(1)
NAV	19.33%	6.28%	9.84%	11.98%	1.05%	1.01%
MOP	12.45%	5.03%	9.19%	11.53%
Perkins Mid Cap Value Fund – Class C Shares(1)
NAV	18.45%	5.59%	9.05%	11.25%	1.78%	1.76%
CDSC	17.45%	5.59%	9.05%	11.25%
Perkins Mid Cap Value Fund – Class D Shares(1)	19.72%	6.53%	10.10%	12.16%	0.74%	0.74%
Perkins Mid Cap Value Fund – Class I Shares(1)	19.71%	6.46%	10.06%	12.13%	0.73%	0.73%
Perkins Mid Cap Value Fund – Class L Shares(1)	19.83%	6.66%	10.26%	12.30%	0.84%	0.84%
Perkins Mid Cap Value Fund – Class N Shares(1)	19.89%	6.46%	10.06%	12.13%	0.58%	0.58%
Perkins Mid Cap Value Fund – Class R Shares(1)	18.97%	5.96%	9.45%	11.65%	1.34%	1.34%
Perkins Mid Cap Value Fund – Class S Shares(1)	19.27%	6.20%	9.72%	11.88%	1.09%	1.09%
Perkins Mid Cap Value Fund – Class T Shares(1)	19.56%	6.46%	10.06%	12.13%	0.84%	0.84%
Russell Midcap® Value Index	27.65%	8.87%	10.92%	9.22%
Morningstar Quartile – Class T Shares	4th	3rd	2nd	1st
Morningstar Ranking – based on total returns for Mid-Cap Value Funds	403/435	267/378	112/280	15/138
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

See important disclosures on the next page.

Janus Value Funds | 19

Perkins Mid Cap Value Fund (unaudited)(closed to certain new investors)

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

For Class L Shares, net expense ratios reflect the administrative fee waiver, if any, Janus Services LLC has voluntarily agreed to, which could be changed or terminated at any time.

The expense ratios for Class N Shares are estimated.

The Fund has a performance-based management fee that adjusts up or down based on the Fund’s performance relative to an approved benchmark index over a performance measurement period. See the Fund’s prospectuses or Statement of Additional Information for more details.

The Fund’s performance may be affected by risks that include those associated with undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. These risks are magnified in emerging markets. The prices of foreign securities held by the Fund, and therefore the Fund’s performance, may decline in response to such risks.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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

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.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund and predecessor fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund and predecessor fund.

Class L Shares of the Fund commenced operations on April 21, 2003. The performance shown for periods prior to April 21, 2003 reflects the historical performance of a prior share class of the predecessor fund.

Class N Shares of the Fund commenced operations on May 31, 2012. The performance shown for periods prior to May 31, 2012 reflects the historical performance of a similar share class of the Fund and predecessor fund.

Class T Shares of the Fund commenced operations with the Fund’s inception. The performance shown for periods prior to April 21, 2003 reflects the historical performance of a prior share class of the predecessor fund.

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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

20 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

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

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

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

See “Useful Information About Your Fund Report.”

Effective April 1, 2013, Tom Perkins, Jeff Kautz and Kevin Preloger are Co-Portfolio Managers of the Fund.

* The predecessor Fund’s inception date – August 12, 1998

(1) Closed to certain distribution channels. Please see current prospectuses for details.

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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,123.80	$	5.00	$	1,000.00	$	1,020.08	$	4.76		0.95%
Class C Shares	$	1,000.00	$	1,119.80	$	8.94	$	1,000.00	$	1,016.36	$	8.50		1.70%
Class D Shares	$	1,000.00	$	1,125.50	$	3.58	$	1,000.00	$	1,021.42	$	3.41		0.68%
Class I Shares	$	1,000.00	$	1,125.60	$	3.27	$	1,000.00	$	1,021.72	$	3.11		0.62%
Class L Shares	$	1,000.00	$	1,125.80	$	3.22	$	1,000.00	$	1,021.77	$	3.06		0.61%
Class N Shares	$	1,000.00	$	1,126.10	$	2.74	$	1,000.00	$	1,022.22	$	2.61		0.52%
Class R Shares	$	1,000.00	$	1,122.50	$	6.63	$	1,000.00	$	1,018.55	$	6.31		1.26%
Class S Shares	$	1,000.00	$	1,123.60	$	5.32	$	1,000.00	$	1,019.79	$	5.06		1.01%
Class T Shares	$	1,000.00	$	1,125.10	$	3.95	$	1,000.00	$	1,021.08	$	3.76		0.75%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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 Value Funds | 21

Perkins Mid Cap Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount				Value
Common Stock – 90.6%
Aerospace and Defense – 1.9%
	1,500,000		General Dynamics Corp.	$	117,495,000
	1,569,919		Rockwell Collins, Inc.		99,548,564
					217,043,564
Agricultural Chemicals – 0.6%
	1,400,000		Mosaic Co.		75,334,000
Apparel Manufacturers – 0.7%
	400,000		VF Corp.		77,224,000
Applications Software – 1.1%
	2,500,000		Check Point Software Technologies, Ltd.*		124,200,000
Automotive – Truck Parts and Equipment – Original – 1.6%
	1,700,000		Johnson Controls, Inc.		60,843,000
	1,050,000		Lear Corp.		63,483,000
	884,960		TRW Automotive Holdings Corp.*		58,796,742
					183,122,742
Beverages – Non-Alcoholic – 0.9%
	2,277,900		Dr. Pepper Snapple Group, Inc.		104,623,947
Brewery – 1.0%
	2,400,000		Molson Coors Brewing Co. – Class B		114,864,000
Cellular Telecommunications – 1.2%
	4,800,636		Vodafone Group PLC (ADR)		137,970,279
Commercial Banks – 5.8%
	2,200,000		Bank of Hawaii Corp.		110,704,000
	3,800,000		CIT Group, Inc.*		177,194,000
	2,326,000		Cullen / Frost Bankers, Inc.		155,307,020
	3,000,000		First Republic Bank		115,440,000
	7,300,000		Fulton Financial Corp.		83,804,000
	1,400,000		Zions Bancorp		40,432,000
					682,881,020
Commercial Services – Finance – 1.3%
	1,400,000		Global Payments, Inc.		64,848,000
	5,327,040		Western Union Co.		91,145,654
					155,993,654
Computer Aided Design – 0.6%
	2,200,000		Autodesk, Inc.*		74,668,000
Computers – Integrated Systems – 1.3%
	2,800,000		Diebold, Inc.		94,332,000
	1,400,000		MICROS Systems, Inc.*		60,410,000
					154,742,000
Dental Supplies and Equipment – 1.0%
	3,100,000		Patterson Cos., Inc.		116,560,000
Electric – Integrated – 2.8%
	166,926		Alliant Energy Corp.		8,416,409
	700,544		Entergy Corp.		48,813,906
	2,400,000		Exelon Corp.		74,112,000
	6,600,000		PPL Corp.		199,716,000
					331,058,315
Electronic Components – Miscellaneous – 0.3%
	1,000,000		Garmin, Ltd.		36,160,000
Electronic Components – Semiconductors – 0.9%
	3,100,000		Altera Corp.		102,269,000
Electronic Design Automation – 0.9%
	2,800,000		Synopsys, Inc.*		100,100,000
Electronic Measuring Instruments – 0.6%
	1,700,000		Agilent Technologies, Inc.		72,692,000
Electronic Security Devices – 1.0%
	3,546,036		Tyco International, Ltd. (U.S. Shares)		116,841,886
Engineering – Research and Development Services – 1.6%
	1,650,800		Jacobs Engineering Group, Inc.*		91,008,604
	2,900,057		KBR, Inc.		94,251,853
					185,260,457
Enterprise Software/Services – 0.7%
	2,700,000		CA, Inc.		77,301,000
Fiduciary Banks – 0.6%
	1,150,000		State Street Corp.		74,991,500
Finance – Credit Card – 1.4%
	3,350,000		Discover Financial Services		159,594,000
Finance – Investment Bankers/Brokers – 1.3%
	3,500,000		Raymond James Financial, Inc.		150,430,000
Finance – Other Services – 0.6%
	400,000		IntercontinentalExchange, Inc.*		71,104,000
Food – Miscellaneous/Diversified – 0.7%
	2,000,320		Unilever PLC (ADR)		80,912,944
Food – Retail – 0.9%
	2,900,000		Kroger Co.		100,166,000
Food – Wholesale/Distribution – 0.6%
	2,100,000		Sysco Corp.		71,736,000
Gas – Transportation – 0.5%
	1,381,200		AGL Resources, Inc.		59,198,232
Gold Mining – 0.7%
	3,300,000		Goldcorp, Inc. (U.S. Shares)		81,609,000
Human Resources – 1.1%
	3,917,900		Robert Half International, Inc.		130,191,817
Instruments – Scientific – 1.6%
	1,615,000		PerkinElmer, Inc.		52,487,500
	1,551,119	��	Thermo Fisher Scientific, Inc.		131,271,201
					183,758,701
Insurance Brokers – 1.9%
	5,600,000		Marsh & McLennan Cos., Inc.		223,552,000
Internet Security – 0.3%
	1,700,000		Symantec Corp.		38,199,000
Investment Management and Advisory Services – 1.2%
	910,979		Ameriprise Financial, Inc.		73,679,981
	2,093,821		Invesco, Ltd.		66,583,508
					140,263,489
Life and Health Insurance – 1.4%
	2,500,000		Torchmark Corp.		162,850,000
Machine Tools and Related Products – 0.5%
	1,581,700		Kennametal, Inc.		61,417,411
Machinery – Farm – 0.5%
	784,960		Deere & Co.		63,778,000
Machinery – General Industrial – 1.0%
	3,743,598		Babcock & Wilcox Co.		112,420,248

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

22 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Medical – Biomedical and Genetic – 0.8%
	2,291,690	Charles River Laboratories International, Inc.*	$	94,028,041
Medical – Generic Drugs – 1.1%
	3,157,306	Teva Pharmaceutical Industries, Ltd. (ADR)		123,766,395
Medical – HMO – 1.6%
	1,800,000	Aetna, Inc.		114,372,000
	1,079,321	Health Net, Inc.*		34,343,994
	479,320	WellPoint, Inc.		39,227,549
				187,943,543
Medical – Wholesale Drug Distributors – 1.1%
	1,150,000	McKesson Corp.		131,675,000
Medical Labs and Testing Services – 2.5%
	1,750,000	Laboratory Corp. of America Holdings*		175,175,000
	1,832,000	Quest Diagnostics, Inc.		111,074,160
				286,249,160
Medical Products – 2.8%
	1,500,000	Hill-Rom Holdings, Inc.		50,520,000
	1,900,000	Stryker Corp.		122,892,000
	900,000	Varian Medical Systems, Inc.*		60,705,000
	1,250,000	Zimmer Holdings, Inc.		93,675,000
				327,792,000
Medical Sterilization Products – 0.4%
	1,200,000	STERIS Corp.£		51,456,000
Multi-Line Insurance – 1.3%
	3,201,028	Allstate Corp.		154,033,467
Networking Products – 0.3%
	3,800,987	Polycom, Inc.*		40,062,403
Non-Hazardous Waste Disposal – 1.7%
	5,700,000	Republic Services, Inc.		193,458,000
Oil and Gas Drilling – 0.8%
	1,700,000	Ensco PLC – Class A		98,804,000
Oil Companies – Exploration and Production – 3.3%
	831,200	Anadarko Petroleum Corp.		71,425,016
	1,901,000	Noble Energy, Inc.		114,136,040
	3,800,001	QEP Resources, Inc.		105,564,028
	2,100,000	Whiting Petroleum Corp.*		96,789,000
				387,914,084
Oil Companies – Integrated – 0.6%
	1,050,000	Hess Corp.		69,814,500
Oil Field Machinery and Equipment – 0.7%
	1,150,000	National Oilwell Varco, Inc.		79,235,000
Pipelines – 1.3%
	2,772,205	Plains All American Pipeline L.P.		154,716,761
Property and Casualty Insurance – 0.5%
	700,000	Travelers Cos., Inc.		55,944,000
Reinsurance – 1.6%
	551,769	Everest Re Group, Ltd.		70,769,892
	1,600,000	Reinsurance Group of America, Inc.		110,576,000
				181,345,892
REIT – Apartments – 2.4%
	2,000,000	American Campus Communities, Inc.		81,320,000
	950,000	AvalonBay Communities, Inc.		128,164,500
	294,114	Home Properties, Inc.		19,226,232
	700,000	Mid-America Apartment Communities, Inc.		47,439,000
				276,149,732
REIT – Diversified – 2.3%
	1,222,871	Potlatch Corp.£		49,452,903
	1,766,161	Rayonier, Inc.		97,827,658
	4,100,599	Weyerhaeuser Co.		116,826,066
				264,106,627
REIT – Health Care – 0.7%
	1,852,100	HCP, Inc.		84,159,424
REIT – Hotels – 0.6%
	7,684,217	DiamondRock Hospitality Co.		71,616,902
REIT – Mortgage – 1.2%
	2,500,000	Redwood Trust, Inc.		42,500,000
	9,500,000	Two Harbors Investment Corp.		97,375,000
				139,875,000
REIT – Multi-Housing – 0.6%
	850,000	Equity Lifestyle Properties, Inc.		66,801,500
REIT – Office Property – 1.4%
	1,229,556	Alexandria Real Estate Equities, Inc.		80,806,420
	784,961	Boston Properties, Inc.		82,789,837
				163,596,257
REIT – Regional Malls – 0.6%
	984,958	Taubman Centers, Inc.		74,019,594
REIT – Storage – 0.4%
	313,895	Public Storage		48,129,520
Retail – Apparel and Shoe – 0.5%
	1,500,000	Men’s Wearhouse, Inc.		56,775,000
Retail – Major Department Stores – 0.9%
	1,700,000	Nordstrom, Inc.		101,898,000
Retail – Pet Food and Supplies – 1.1%
	2,000,000	PetSmart, Inc.		133,980,000
Retail – Regional Department Stores – 1.0%
	1,434,196	Kohl’s Corp.		72,441,240
	973,679	Macy’s, Inc.		46,736,592
				119,177,832
Savings/Loan/Thrifts – 0.6%
	4,000,958	Washington Federal, Inc.£		75,538,087
Security Services – 0.8%
	2,268,700	ADT Corp.		90,407,695
Semiconductor Components/Integrated Circuits – 1.2%
	3,200,000	Analog Devices, Inc.		144,192,000
Semiconductor Equipment – 0.2%
	1,800,000	Applied Materials, Inc.		26,838,000
Super-Regional Banks – 2.4%
	1,583,300	Comerica, Inc.		63,062,839
	6,800,799	Fifth Third Bancorp		122,754,422
	2,900,400	SunTrust Banks, Inc.		91,565,628
				277,382,889
Telephone – Integrated – 0.7%
	2,151,120	CenturyLink, Inc.		76,042,092

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

Janus Value Funds | 23

Perkins Mid Cap Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Tools – Hand Held – 1.0%
	1,500,000	Stanley Black & Decker, Inc.	$	115,950,000
Transportation – Marine – 1.3%
	1,500,341	Kirby Corp.*		119,337,123
	600,721	Tidewater, Inc.		34,223,076
				153,560,199
Transportation – Railroad – 1.7%
	800,000	Canadian Pacific Railway, Ltd. (U.S. Shares)		97,104,000
	490,388	Kansas City Southern		51,961,512
	750,000	Norfolk Southern Corp.		54,487,500
				203,553,012
Total Common Stock (cost $8,644,356,071)				10,589,069,814
Repurchase Agreements – 9.7%
	$75,000,000	Credit Agricole, New York Branch, 0.0700%, dated 6/28/13, maturing 7/1/13 to be repurchased at $75,000,438 collateralized by $75,750,930 in U.S. Treasuries 0.7500%-1.7500%, 1/31/14-5/31/20 with a value of $76,500,029		75,000,000
	100,000,000	Credit Suisse Securities (USA) LLC, 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $100,000,833 collateralized by $99,775,000 in a U.S. Treasury 1.3750%, 11/30/15 with a value of $102,000,173		100,000,000
	300,000,000	HSBC Securities (USA), Inc., 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $300,002,500 collateralized by $891,785,625 in U.S. Treasuries 0.0000%-4.7500%, 2/15/15-2/15/43 with a value of $306,000,221		300,000,000
	61,700,000	ING Financial Markets LLC, 0.0100%, dated 6/28/13, maturing 7/1/13 to be repurchased at $61,700,051 collateralized by $4,981,956 in a U.S. Government Agency 4.0000%, 2/20/40 and $49,580,114 in U.S. Treasuries 0.2500%-8.8750%, 2/28/15-2/15/19 with respective values of $5,306,459 and $57,628,081		61,700,000
	600,000,000	RBC Capital Markets Corp., 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $600,005,000 collateralized by $600,021,857 in U.S. Treasuries 0.0000%-9.2500%, 7/1/13-2/15/42 with a value of $612,000,029		600,000,000
Total Repurchase Agreements (cost $1,136,700,000)				1,136,700,000
Total Investments (total cost $9,781,056,071) – 100.3%				11,725,769,814
Liabilities, net of Cash, Receivables and Other Assets– (0.3)%				(34,374,097)
Net Assets – 100%			$	11,691,395,717

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

			% of Investment
Country	Value		Securities
Canada	$	178,713,000		1.5%
Israel		247,966,395		2.1%
United Kingdom		218,883,223		1.9%
United States††		11,080,207,196		94.5%
Total	$	11,725,769,814		100.0%

†† Includes Cash Equivalents of 9.7%.

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

24 | JUNE 30, 2013

Perkins Select Value Fund (unaudited)

Fund Snapshot
We believe in the timeless adage of the power of compounding and in doing so our focus is on mitigating losses in difficult markets. We invest in securities we believe to have favorable reward to risk ratios by focusing first on rigorous downside analysis prior to determining upside potential. We seek to outperform both our benchmark and peers over a full market cycle by building a diversified portfolio of high-quality, undervalued stocks.

Robert Perkins
co-portfolio manager
Alec Perkins
co-portfolio manager

Performance Overview

During the 12 months ended June 30, 2013, Perkins Select Value Fund’s Class I Shares returned 17.61%, while the Fund’s benchmark, the Russell 3000 Value Index, returned 25.28%. Our 18.86% average cash holdings weighed the most on performance, followed by our holdings and underweights in financials and consumer discretionary. Relative contributors included our underweights in utilities and energy and our holdings in telecommunication services.

Co-Portfolio Manager Change

During the period, Alec Perkins replaced Kevin Preloger as co-portfolio manager on Perkins Select Value Fund. Mr. Preloger transitioned off the Fund to join the Perkins Mid Cap Value strategy as co-portfolio manager. Mr. Perkins, who has been a member of the Perkins team since 2002 and will maintain his role as co-portfolio manager of the All Cap Value strategy, joins Bob Perkins as co-portfolio manager on Perkins Select Value Fund.

Economic Environment

The period opened with a good rally. The most important positive factor affecting the markets were statements from Mario Draghi, head of the European Central Bank (ECB), that European monetary policy would become much more aggressive in providing liquidity conditioned upon defined deleveraging programs. In addition, in September the U.S. Federal Reserve (Fed) announced that it would keep Fed funds interest rates at 0% to 0.25% well into 2015 and that it would embark upon a more open-ended quantitative easing policy.

The rally was more modestly extended in the fourth quarter of 2012. U.S. gross domestic product (GDP) was up a surprising 3%, and the Fed stated it would not raise rates until unemployment falls to 6.5% and inflation does not rise above 2.5%. European markets were firm as the ECB’s promise “to do whatever it takes” and small steps toward political cooperation had a calming effect. This was despite signs that GDP in Europe was heading to negative territory. China’s political transition appeared orderly and, with signs the economy was stabilizing in the area of 7% growth, its stock market rallied off its three-year bottom.

The strong rally in 2012’s second half extended into the first quarter. U.S. GDP was essentially flat as government, business and consumer spending were impacted by year-end government policy uncertainty and inventories were drawn down. At year end, Washington came to agreement to push out the debt ceiling debate and tax rate reductions for all but the top brackets were extended; however, payroll taxes increased for all. This clarity on tax policy relieved some of the year-end anxiety.

U.S. stocks continued to climb higher in the second quarter, but they took a volatile path to get there. The Chicago Board of Options Exchange Volatility Index (CBOE VIX Index), a general measure of market volatility, spiked over 40% off its recent lows, which created some opportunities to purchase high-quality companies on sale. Equities generally remain fairly valued, with the S&P 500 Index trading around 14.6 times 2013 earnings estimates. The Index’s 6.85% forward earnings yield at period end also remained attractive compared with the 10-year U.S. Treasury note’s 2.49% yield, even after the recent run-up in interest rates. Corporate balance sheets remain on solid footing, which bodes well for future dividend increases and greater merger activity, both factors that we view as supportive of equity prices.

Detractors from Performance

Canadian metallurgical coal and copper producer Teck Resources was our largest individual detractor. Shares were hit by significant oversupply, as the largest metallurgical coal producer, BHP, announced its intention to increase coal production from several new projects, despite deterioration in pricing. Those supply additions, in combination with increased domestic Chinese metallurgical coal production and a slowing Chinese economy, forced us to re-evaluate our downside and

Janus Value Funds | 25

Perkins Select Value Fund (unaudited)

upside cases for the stock. As a result of our lower proprietary reward to risk ratio, we eliminated our position.

In industrials, Sterling Construction was a key detractor. Weakness in road construction spending negatively impacted the company. While the long-term highway bill was stalled in Congress (a two-year spending program was approved in June 2012), there was fierce bidding on short-term construction projects. Unfortunately for Sterling, many of these turned out to be unprofitable. The shares trade at a significant discount to both book and liquidation value, in our view, so we maintained our position.

Oil and gas exploration and production firm QEP Resources also weighed on performance. The company’s quarterly earnings report confirmed that production growth would be lumpy for the year, as the company is ramping up drilling in the Bakken Shale field in North Dakota. Investors were also underwhelmed by the low level of asset sales, which were an indication that there remains a sizable gulf between buyers’ and sellers’ valuation expectations for gas-related assets. We believe that QEP Resources is taking the right steps to unlock value. Its most recent operations update detailed improved well results in the Bakken Shale and it remains on track to spin out a portion of its midstream assets into a master limited partnership. We kept our position.

Contributors to Performance

Omnicell led our individual contributors. The automated drug dispensing provider benefited from strong earnings and a new contract to supply the Department of Veterans Affairs. We like the growth potential for Omnicell since most hospitals have not automated their drug delivery systems. In addition, the balance sheet is very strong with net cash representing a significant portion of its stock price.

Kaydon was our top industrials contributor. The stock benefited from a stronger-than-expected earnings report in May. We appreciate the company’s solid balance sheet and high-margin specialty bearings franchise.

In technology, Symantec was a key contributor. Shares of the security software manufacturer bounced back early in the period due to better-than-expected quarterly results and a new CEO. The board replaced the prior CEO after uneven revenue results and poor operating expense management. The run-up in the shares of the company left a less favorable reward/risk ratio; therefore, we sold the position.

Market Outlook and Fund Positioning

Despite some confusion in the market over recent Fed statements concerning its quantitative easing bond buying program, some of the bullish arguments for equity prices still hold. Fed liquidity will continue for the time being with rate hikes not on tap until 2015, equity valuations appear fair, and the U.S. remains the “best house on a bad block” as the world muddles through this anemic growth environment. Conversely, the negative market factors have not gone away and would indicate that caution is still warranted as various issues such as fiscal policy, debt issues and the promotion of effective growth measures have not been addressed in a serious manner. Given slow economic growth, corporate earnings comparisons could be disappointing. The new near-term risk factor is the uncertainty regarding the impact of higher interest rates on a fragile economy.

Marked improvements in housing and employment markets notwithstanding, the truth is that the U.S. economy is far from a strong growth mode and still remains extremely susceptible to external shocks. GDP expanded at an annual rate of 1.8% in the first quarter, notably higher than the 0.4% gain from fourth quarter 2012, but well below the 2.4% pace estimated in March. The Fed still expects GDP growth to pick up steam in the future, given diminished downside risks for the labor market and economic activity, with a 2.3% to 2.6% forecast range for 2013 and an upgraded outlook to 3.0% to 3.5% in 2014. However, it remains to be seen if any of the ongoing macroeconomic uncertainties (listed below) will suddenly flare up and shift this optimistic view going forward. Various threats from across the globe could easily dampen U.S. projections.

In the case of Europe, economic weakness is more and more apparent in the peripheral countries, with concern that it has spread to the core. Related issues in Europe are the lack of policy coordination among European Union countries, more levered balance sheets and political instability. The unknown will be the contagion impact, not only in Europe, but to the U.S. and rest of the world as well. What we do know however is that over 40% of S&P 500 Index company revenues come from outside the U.S., so while U.S. equities may be a relatively safe haven, they are far from immune from what happens around the world.

Concerning China, while the country completed its leadership transition in November, economic growth continues to be a wild card. The government lowered its 2013 growth projections from 8% to 7.5%, and weaker global GDP could make this expansion more difficult to

26 | JUNE 30, 2013

(unaudited)

achieve. Dislocations in the economy and possibly in the financial system could be problematic. The world has come to rely on China as a core growth engine, and any slowdown, even marginal, is likely to have reverberations worldwide.

In the Fund, our largest weights continue to be in the financial services sector and in health care. More specifically, we have maintained a significant weighting to pharmaceutical companies, which are generally trading at below market multiples with healthy dividend yields. We remain underweight in the utilities sector. With stocks appearing fairly valued and an uncertain macroeconomic backdrop we continue to remain cautious on the equity market, however, market pullbacks could provide opportunities to take advantage of price dislocations. While rising rates continue to be an issue, we have maintained a decent-size position in regional banks and added to real estate investment trusts (REITs) as they were unusually weak.

The key to our research-intensive approach is keeping a long-term perspective and remembering that markets tend to revert to the mean. It can be easy for investors to slip into a complacent mentality during high-volatility momentum markets, when all stocks seem to keep rising. When markets turn, however, the importance of carefully researched quality can quickly become apparent.

Our risk-disciplined investment methodology focuses on identifying attractively priced companies with healthy balance sheets and solid recurring free cash flows that are competitively positioned for long-term success. This bias toward quality extends beyond a simply defensive measure. Our research has shown high-quality stocks have delivered higher risk-adjusted return potential over the long term as well.

Looking ahead, we believe our Fund is well positioned to navigate the current market climate, in terms of risk exposure and long-term upside potential. Our investment team spends a significant amount of time carefully researching each and every stock, and we remain confident that this focus on finding investment value while mitigating absolute risk exposure will serve our clients well, especially if markets experience heightened volatility.

Thank you for your investment with us in Perkins Select Value Fund.

Janus Value Funds | 27

Perkins Select Value Fund (unaudited)

Perkins Select Value Fund At A Glance

5 Top Performers – Holdings

	Contribution
Omnicell, Inc.		0.83%
Kaydon Corp.		0.74%
Symantec Corp.		0.69%
Irish Continental Group PLC		0.67%
Novartis A.G. (ADR)		0.61%

5 Bottom Performers – Holdings

	Contribution
Teck Resources, Ltd. – Class B		–0.21%
Sterling Construction Co., Inc.		–0.15%
QEP Resources, Inc.		–0.15%
Goldcorp, Inc. (U.S. Shares)		–0.14%
Progress Software Corp.		–0.12%

5 Top Performers – Sectors*

			Fund Weighting		Russell 3000® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Utilities		1.11%		0.33%		6.66%
Telecommunication Services		0.73%		2.92%		3.20%
Energy		0.31%		10.11%		15.45%
Industrials		0.26%		11.92%		9.34%
Health Care		0.16%		17.76%		11.19%

5 Bottom Performers – Sectors*

			Fund Weighting		Russell 3000® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Other**		–4.72%		19.07%		0.00%
Financials		–1.22%		15.93%		27.98%
Consumer Discretionary		–1.09%		3.85%		8.45%
Materials		–0.67%		4.54%		3.87%
Information Technology		–0.49%		8.96%		6.93%

	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.

28 | JUNE 30, 2013

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Casey’s General Stores, Inc. Retail – Convenience Stores	2.9%
OceanFirst Financial Corp. Savings/Loan/Thrifts	2.8%
Irish Continental Group PLC Transportation – Marine	2.7%
Occidental Petroleum Corp. Oil Companies – Exploration and Production	2.7%
Orkla A.S.A. Diversified Operations	2.6%
	13.7%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

Janus Value Funds | 29

Perkins Select Value Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013			Expense Ratios – per the October 26, 2012 prospectuses
	One	Since	Total Annual Fund	Net Annual Fund
	Year	Inception*	Operating Expenses	Operating Expenses
Perkins Select Value Fund – Class A Shares
NAV	17.16%	16.62%	1.51%	1.27%
MOP	10.42%	12.23%
Perkins Select Value Fund – Class C Shares
NAV	16.24%	15.75%	2.43%	2.02%
CDSC	15.24%	15.75%
Perkins Select Value Fund – Class D Shares(1)	17.34%	16.81%	1.74%	1.19%
Perkins Select Value Fund – Class I Shares	17.61%	16.99%	1.26%	1.02%
Perkins Select Value Fund – Class S Shares	17.02%	16.39%	1.73%	1.52%
Perkins Select Value Fund – Class T Shares	17.25%	16.68%	1.44%	1.27%
Russell 3000® Value Index	25.28%	25.34%
Morningstar Quartile – Class I Shares	4th	4th
Morningstar Ranking – based on total returns for Mid-Cap Value Funds	419/435	408/423
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

30 | JUNE 30, 2013

(unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The Fund has a performance-based management fee that adjusts up or down based on the Fund’s performance relative to an approved benchmark index over a performance measurement period. See the Fund’s prospectuses or Statement of Additional Information for more details.

The Fund’s performance may be affected by risks that include those associated with undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

Effective April 1, 2013, Robert Perkins and Alec Perkins are Co-Portfolio Managers of the Fund.

*	The Fund’s inception date – December 15, 2011
(1)	Closed to new investors.

Janus Value Funds | 31

Perkins Select Value 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,105.30	$	6.00	$	1,000.00	$	1,019.09	$	5.76		1.15%
Class C Shares	$	1,000.00	$	1,100.80	$	9.90	$	1,000.00	$	1,015.37	$	9.49		1.90%
Class D Shares	$	1,000.00	$	1,106.10	$	4.80	$	1,000.00	$	1,020.23	$	4.61		0.92%
Class I Shares	$	1,000.00	$	1,106.90	$	4.02	$	1,000.00	$	1,020.98	$	3.86		0.77%
Class S Shares	$	1,000.00	$	1,105.20	$	6.16	$	1,000.00	$	1,018.94	$	5.91		1.18%
Class T Shares	$	1,000.00	$	1,105.20	$	5.32	$	1,000.00	$	1,019.74	$	5.11		1.02%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

32 | JUNE 30, 2013

Perkins Select Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Common Stock – 86.9%
Aerospace and Defense – 0.6%
	6,000	General Dynamics Corp.	$	469,980
Agricultural Chemicals – 1.2%
	16,000	Mosaic Co.		860,960
Applications Software – 1.2%
	18,000	Check Point Software Technologies, Ltd.*		894,240
Building – Heavy Construction – 1.6%
	12,000	Granite Construction, Inc.		357,120
	84,000	Sterling Construction Co., Inc.*		761,040
				1,118,160
Cellular Telecommunications – 2.2%
	54,000	Vodafone Group PLC (ADR)		1,551,960
Chemicals – Specialty – 2.3%
	380,000	Borregaard A.S.A		1,658,405
Commercial Banks – 3.7%
	20,000	Bank of Hawaii Corp.		1,006,400
	62,000	Fulton Financial Corp.		711,760
	10,000	Heritage Financial Corp.		146,500
	42,000	Univest Corp. of Pennsylvania		800,940
				2,665,600
Commercial Services – Finance – 0.6%
	26,000	Western Union Co.		444,860
Computers – Integrated Systems – 2.6%
	40,000	Diebold, Inc.		1,347,600
	12,000	MICROS Systems, Inc.*		517,800
				1,865,400
Distribution/Wholesale – 0.4%
	8,000	Owens & Minor, Inc.		270,640
Diversified Operations – 2.6%
	232,000	Orkla A.S.A.		1,901,207
Electronic Components – Miscellaneous – 1.5%
	30,000	Garmin, Ltd.		1,084,800
Electronic Components – Semiconductors – 0.7%
	16,000	Altera Corp.		527,840
Engineering – Research and Development Services – 2.4%
	13,312	Jacobs Engineering Group, Inc.*		733,891
	30,000	KBR, Inc.		975,000
				1,708,891
Enterprise Software/Services – 2.7%
	20,000	CA, Inc.		572,600
	66,000	Omnicell, Inc.*		1,356,300
				1,928,900
Environmental Consulting and Engineering – 0.8%
	26,000	Tetra Tech, Inc.*		611,260
Food – Retail – 1.6%
	24,000	Harris Teeter Supermarkets, Inc.		1,124,640
Gold Mining – 0.5%
	14,000	Goldcorp, Inc. (U.S. Shares)		346,220
Instruments – Scientific – 0.6%
	5,000	Thermo Fisher Scientific, Inc.		423,150
Investment Management and Advisory Services – 0.5%
	11,000	Invesco, Ltd.		349,800
Machine Tools and Related Products – 1.0%
	18,000	Kennametal, Inc.		698,940
Medical – Drugs – 7.7%
	14,000	Abbott Laboratories		488,320
	18,000	AbbVie, Inc.		744,120
	24,000	GlaxoSmithKline PLC (ADR)		1,199,280
	33,000	Merck & Co., Inc.		1,532,850
	22,000	Novartis A.G. (ADR)		1,555,620
				5,520,190
Medical – Generic Drugs – 1.8%
	33,000	Teva Pharmaceutical Industries, Ltd. (ADR)		1,293,600
Medical Labs and Testing Services – 1.1%
	8,000	Laboratory Corp. of America Holdings*		800,800
Medical Products – 5.9%
	12,000	Baxter International, Inc.		831,240
	49,000	Hill-Rom Holdings, Inc.		1,650,320
	16,000	Orthofix International N.V. (U.S. Shares)*		430,400
	21,000	Stryker Corp.		1,358,280
				4,270,240
Metal Processors and Fabricators – 2.0%
	52,000	Kaydon Corp.		1,432,600
Multi-Line Insurance – 0.9%
	18,000	Kemper Corp.		616,500
Networking Products – 1.3%
	88,000	Polycom, Inc.*		927,520
Oil – Field Services – 1.2%
	40,000	PAA Natural Gas Storage L.P.		841,600
Oil Companies – Exploration and Production – 7.2%
	12,000	Noble Energy, Inc.		720,480
	22,000	Occidental Petroleum Corp.		1,963,060
	48,000	QEP Resources, Inc.		1,333,440
	25,000	Whiting Petroleum Corp.*		1,152,250
				5,169,230
Pipelines – 1.4%
	28,000	MPLX L.P.		1,030,680
Real Estate Operating/Development – 1.3%
	45,000	St. Joe Co.*		947,250
REIT – Apartments – 1.6%
	18,000	Home Properties, Inc.		1,176,660
REIT – Diversified – 2.1%
	16,000	Potlatch Corp.		647,040
	30,000	Weyerhaeuser Co.		854,700
				1,501,740
REIT – Health Care – 1.9%
	18,000	HCP, Inc.		817,920
	22,000	Healthcare Realty Trust, Inc.		561,000
				1,378,920
REIT – Office Property – 0.7%
	7,500	Alexandria Real Estate Equities, Inc.		492,900
Retail – Apparel and Shoe – 0.5%
	18,000	American Eagle Outfitters, Inc.		328,680
Retail – Convenience Stores – 2.9%
	35,000	Casey’s General Stores, Inc.		2,105,600

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

Janus Value Funds | 33

Perkins Select Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Retail – Leisure Products – 0.8%
	52,000	MarineMax, Inc.*	$	589,160
Savings/Loan/Thrifts – 2.8%
	130,000	OceanFirst Financial Corp.		2,021,500
Semiconductor Equipment – 1.5%
	40,000	MKS Instruments, Inc.		1,061,600
Super-Regional Banks – 3.3%
	60,000	Fifth Third Bancorp		1,083,000
	18,000	PNC Financial Services Group, Inc.		1,312,560
				2,395,560
Tools – Hand Held – 0.9%
	8,000	Stanley Black & Decker, Inc.		618,400
Transportation – Marine – 2.7%
	68,000	Irish Continental Group PLC		1,964,755
Transportation – Railroad – 1.0%
	10,000	Norfolk Southern Corp.		726,500
Transportation – Services – 1.1%
	8,000	FedEx Corp.		788,640
Total Common Stock (cost $54,483,012)				62,506,678
Corporate Bond – 1.7%
Oil Companies – Exploration and Production – 1.7%
	$1,707,000	Lone Pine Resources Canada, Ltd. 10.3750%, 2/15/17 (cost $1,724,594)		1,229,040
Preferred Stock – 0.5%
Commercial Banks – 0.5%
	15,000	First Republic Bank, 6.2000% (cost $390,100)		372,750
Repurchase Agreement – 10.7%
	$7,700,000	HSBC Securities (USA), Inc., 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $7,700,064 collateralized by $22,889,164 in U.S. Treasuries 0.0000%-4.7500%, 2/15/15-2/15/43 with a value of $7,854,006 (cost $7,700,000)		7,700,000
Total Investments (total cost $64,297,706) – 99.8%				71,808,468
Cash, Receivables and Other Assets, net of Liabilities – 0.2%				167,997
Net Assets – 100%			$	71,976,465

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

			% of Investment
Country	Value		Securities
Canada	$	1,575,260		2.2%
Ireland		1,964,755		2.7%
Israel		2,187,840		3.0%
Norway		3,559,612		5.0%
Switzerland		1,555,620		2.2%
United Kingdom		2,751,240		3.8%
United States††		58,214,141		81.1%
Total	$	71,808,468		100.0%

†† Includes Cash Equivalents of 10.7%.

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

34 | JUNE 30, 2013

Perkins Small Cap Value Fund (unaudited)(closed to certain new investors)

Fund Snapshot
We believe in the timeless adage of the power of compounding and in doing so our focus is on mitigating losses in difficult markets. We invest in securities that we believe to have favorable reward to risk ratios by focusing first on rigorous downside analysis prior to determining upside potential. We seek to outperform both our benchmark and peers over a full market cycle by building diversified portfolios of high-quality, undervalued stocks.

Robert Perkins
co-portfolio manager
Justin Tugman
co-portfolio manager
Tom Reynolds
co-portfolio manager

Performance Overview

During the 12 months ended June 30, 2013, Perkins Small Cap Value Fund’s Class T Shares returned 18.44% versus 24.76% for the Fund’s benchmark, the Russell 2000 Value Index. Our 14.28% average cash holdings weighed the most on performance, followed by our holdings in consumer discretionary and information technology. Relative contributors included our holdings in financials and consumer staples, our lack of exposure in utilities and our holdings in health care.

Co-Portfolio Manager Change

During the period, Tom Reynolds replaced Todd Perkins as co-portfolio manager of Perkins Small Cap Value Fund. Mr. Perkins, who had served on the Fund since 2004, retired effective March 31, 2013. Mr. Reynolds, who joins Bob Perkins and Justin Tugman, has 14 years of investment experience. He will continue to oversee the firm’s coverage of the financial sector, which he has done since 2009. Mr. Reynolds holds a bachelor of arts degree from Dartmouth College and an MBA from the University of Chicago Booth School of Business, where he graduated with honors.

Economic Environment

Early in the period, the most important positive factor affecting the markets were statements from Mario Draghi, head of the European Central Bank (ECB), that European monetary policy would become much more aggressive in providing liquidity conditioned upon defined deleveraging programs. In addition, in September the U.S. Federal Reserve (Fed) announced that it would keep Fed funds interest rates at 0 to 0.25% well into 2015 and that it would embark upon a more open-ended and substantial quantitative easing policy, including mortgage backed securities.

The rally was more modestly extended in the fourth quarter of 2012. U.S. gross domestic product (GDP) was up a surprising 3%, and the Fed stated it would not raise rates until unemployment falls to 6.5% and inflation does not rise above 2.5%. European markets were firm as the ECB’s promise “to do whatever it takes” and small steps toward political cooperation had a calming effect. This was despite signs that GDP in Europe was heading to negative territory. China’s political transition appeared orderly and, with signs the economy was stabilizing in the area of 7% growth, its stock market rallied off its three-year bottom.

The strong rally in 2012’s second half extended into the first quarter. U.S. GDP was essentially flat as government, business and consumer spending were impacted by year-end government policy uncertainty and inventories were drawn down. At year-end, Washington came to agreement to push out the debt ceiling debate and tax rate reductions for all but the top brackets were extended; however, payroll taxes increased for all. This clarity on tax policy relieved some of the year-end anxiety.

U.S. stocks continued to climb higher in the second quarter, but they took a volatile path to get there. The CBOE VIX Index, a general measure of market volatility, spiked over 40% off its recent lows, which created some opportunities to purchase high-quality companies on sale. Equities generally remain fairly valued, with the S&P 500 Index trading around 14.6x 2013 earnings estimates. The Index’s 6.85% forward earnings yield at period end also remained attractive compared with the 10-year U.S. Treasury note’s 2.49% yield, even after the recent run-up in interest rates. Corporate balance sheets remain on solid footing, which bodes well for future dividend increases and greater merger activity, both factors that we view as supportive of equity prices.

Holdings That Detracted

Lone Pine Resources was our largest individual detractor. The Canadian-based oil and gas producer’s stock declined on disappointing production results. Lone Pine endured a costly and arduous process to increase oil and natural gas liquids production to improve cash flow and margins. However, with the company spending too much to make

Janus Value Funds | 35

Perkins Small Cap Value Fund (unaudited)(closed to certain new investors)

this transition, the balance sheet came under strain, which would require asset sales to improve its financial position. Management had indicated that they were pursuing divestitures, but given that other companies were in a similar position, it was not guaranteed that the company would be successful in its efforts or realize full value for its assets. Given these uncertainties, we exited our position.

Harte-Hanks also weighed on performance. The company’s direct marketing business was experiencing slower growth and margin pressure. Local advertising spending had been soft and more client money had been going to the Internet. While we believe Harte-Hanks has valuable assets along with an attractive dividend yield, we sold the position based on our concerns the business was in a secular decline, a significant change to our initial investment thesis.

In technology, QLogic was a key detractor. The network infrastructure provider underperformed after the company missed its revenue estimate and was unable to offset lower sales with cost cuts. Costs continue to remain elevated since QLogic will bring to market a number of new products over the next two quarters, which should help revenue. At the same time, the company’s core HBA (host bus adapter) revenue continues to decline, driven by weaker server sales and a shift to different technology within some data centers. The company is also in the process of replacing its former CEO; we expect a new CEO to be named in the near future. We believe downside is limited, with over $4 per share in net cash and a free cash flow yield of 13%. We also expect the company to cut costs over the next year. We added to our position.

Holdings That Contributed

Flowers Foods was our largest individual contributor. Shares of the Georgia-based bakery company gained 46% in the period. The company initially benefited from the bankruptcy of Hostess Brands, but it also purchased the Hostess breads business during the bankruptcy proceedings. Flowers should benefit from less competition in a market in which price discounting has been an issue, and from increased geographic reach the Hostess business provides. Given the acquisition, earnings estimates for the company increased, leading to gains in the share price. Although we trimmed our holdings in the stock given the strong performance, we maintain a position in the name given the company’s improving prospects, solid balance sheet, high dividend yield and an active share buyback program.

First Niagara Financial also aided performance. In 2011, First Niagara announced a merger and acquisition (M&A) transaction that was dilutive to earnings, capital and book value during the height of the U.S. debt crisis. As such the stock suffered meaningfully and the equity raised for the deal was completed at very low levels. In 2012, First Niagara suffered from the low interest rate environment and poor investment securities selection. With First Niagara’s management and board of directors having lost credibility with investors, the stock traded at a discount to peers. In 2013, the company took the first steps toward recovering credibility by firing its CEO. This move, coupled with higher interest rates and a steeper yield curve, led First Niagara’s valuation to expand toward peers. We trimmed our position on strength.

In industrials, Kirby Corp. was a key contributor. The Houston-based operator of a fleet of U.S. tank barges rose significantly due to booming shale energy production which has led to a very favorable environment for petrochemical companies, a key market for Kirby, increasing shipping demand. Oil output rose faster than supply of new pipelines, forcing refineries to look to railroads and barges to move crude. We added to our position in Kirby during the period.

Market Outlook

Numerous analogies have been proffered as to the recent Fed proclamation that the latest quantitative easing liquidity inducing scheme has a finite life. Whether the extraction of liquidity from the system is akin to “putting the toothpaste back in the tube,” or Fed Chairman Ben Bernanke not wanting to be “the guy who left the hose on and walked away,” the bottom line is that the prices for risk assets will have to adjust to an environment where the Fed is no longer giving away money for free. Some of the bullish arguments for equity prices still hold: Fed liquidity will continue for the time being with rate hikes not on tap until 2015, equity valuations appear fair, and the U.S. remains the “best house on a bad block” as the world muddles through this period of anemic economic growth. Conversely, the negative market factors have not gone away and would indicate that caution is still warranted as various issues such as fiscal policy, debt issues and the promotion of effective growth measures have not been addressed in a serious manner. The new risk factor is now the uncertainty regarding the impact of higher interest rates on a fragile economy.

In the case of Europe, a problem area that is re-emerging to dominate the discussion, economic weakness is more and more apparent in the peripheral countries, with concern that it has spread to the core. The unknown will

36 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

be the contagion impact, not only in Europe, but to the U.S. and rest of the world as well. In the U.S., as growth expectations have been ratcheted down, equity markets appear fairly valued on a historical basis, but the slowing in Europe, China and elsewhere bears watching as to the negative effects on the U.S. economy.

Marked improvements in housing and employment markets notwithstanding, the truth is that the U.S. economy is far from a strong growth mode and still remains extremely susceptible to external shocks. GDP expanded at an annual rate of 1.8% in the first quarter, notably higher than the 0.4% gain from fourth quarter 2012, but well below the 2.4% pace estimated in March. The Fed still expects GDP growth to pick up steam, given diminished downside risks for the labor market and economic activity, with a 2.3% to 2.6% forecast range for 2013 and an upgraded outlook to 3.0% to 3.5% in 2014. However, it remains to be seen if any of the ongoing macroeconomic uncertainties suddenly flare up and shift this optimistic outlook, as has occurred in the past. Various threats from across the globe could easily dampen U.S. projections. China, in particular, remains a concern. While the country completed its leadership transition in November, economic growth continues to be a wild card. The government lowered its 2013 growth projections from 8.0% to 7.5%, though weaker global GDP could make this expansion more difficult to achieve. The world has come to rely on China as a core growth engine, and any slowdown, even marginal, is likely to have reverberations worldwide.

In the Fund, we remain overweight health care and consumer staples, although we have pared back our exposure to consumer staples as valuations have increased, and we remain underweight utilities. We continue to be significantly underweight real estate investment trusts (REITs), but we are beginning to see some attractive opportunities, given the sell-off in the names on fears of higher interest rates. We continue to be overweight industrials, adding to several names on weakness during the quarter. As a result of the uncertain macroeconomic backdrop we continue to remain cautious on the equity market, but constructive on pullbacks in which we expect to take advantage of price dislocations. We have added to several of our higher conviction names within the Fund, believing that high-quality names will serve our shareholders well over time.

The key to our research-intensive approach is keeping a long-term perspective and remembering that markets tend to revert to the mean. It can be easy for investors to slip into a trader mentality during high-volatility momentum markets, when all stocks seem to keep rising. When markets turn, however, the importance of carefully researched quality can quickly become apparent. This bias toward quality extends beyond a simply defensive measure. Our research has shown high-quality stocks have delivered higher risk-adjusted return potential over the long term as well.

Looking ahead, we believe our Fund is well positioned to navigate the current market climate, in terms of both risk exposure and long-term upside potential. Our investment team spends a significant amount of time carefully researching each and every stock, and we remain confident that this focus on finding investment value while mitigating absolute risk exposure will serve our clients well, especially if markets experience heightened volatility.

Thank you for your investment in Perkins Small Cap Value Fund.

Janus Value Funds | 37

Perkins Small Cap Value Fund (unaudited)(closed to certain new investors)

Perkins Small Cap Value Fund At A Glance

5 Top Performers – Holdings

	Contribution
Flowers Foods, Inc.		0.70%
First Niagara Financial Group, Inc.		0.58%
Kirby Corp.		0.57%
Covance, Inc.		0.57%
Alterra Capital Holdings, Ltd.		0.52%

5 Bottom Performers – Holdings

	Contribution
Lone Pine Resources, Inc.		–0.29%
Harte-Hanks, Inc.		–0.26%
QLogic Corp.		–0.25%
Globe Specialty Metals, Inc.		–0.18%
Deckers Outdoor Corp.		–0.17%

5 Top Performers – Sectors*

			Fund Weighting		Russell 2000®
	Fund Contribution		(Average % of Equity)		Value Index Weighting
Financials		1.19%		29.09%		37.06%
Utilities		0.64%		0.00%		6.51%
Health Care		0.53%		10.11%		4.56%
Consumer Staples		0.43%		5.92%		2.57%
Telecommunication Services		0.09%		0.00%		0.56%

5 Bottom Performers – Sectors*

			Fund Weighting		Russell 2000®
	Fund Contribution		(Average % of Equity)		Value Index Weighting
Other**		–3.77%		14.28%		0.00%
Consumer Discretionary		–2.20%		6.09%		11.99%
Information Technology		–1.57%		9.65%		12.09%
Energy		–0.36%		8.32%		6.43%
Industrials		–0.19%		12.06%		12.79%

	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.

38 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Owens & Minor, Inc. Distribution/Wholesale	2.5%
Hill-Rom Holdings, Inc. Medical Products	2.2%
Casey’s General Stores, Inc. Retail – Convenience Stores	2.1%
Fulton Financial Corp. Commercial Banks	2.0%
Home Properties, Inc. REIT – Apartments	1.9%
	10.7%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

Janus Value Funds | 39

Perkins Small Cap Value Fund (unaudited)(closed to certain new investors)

Performance

Average Annual Total Return – for the periods ended June 30, 2013				Expense Ratios – per the October 26, 2012 prospectuses
	One	Five	Ten	Total Annual Fund	Net Annual Fund
	Year	Year	Year	Operating Expenses	Operating Expenses
Perkins Small Cap Value Fund – Class A Shares(1)
NAV	18.27%	10.26%	9.86%	1.39%	1.24%
MOP	11.48%	8.96%	9.21%
Perkins Small Cap Value Fund – Class C Shares(1)
NAV	17.31%	9.56%	9.07%	2.05%	1.99%
CDSC	16.31%	9.56%	9.07%
Perkins Small Cap Value Fund – Class D Shares(1)	18.58%	10.46%	10.15%	0.95%	0.95%
Perkins Small Cap Value Fund – Class I Shares(1)	18.62%	10.38%	10.12%	0.89%	0.89%
Perkins Small Cap Value Fund – Class L Shares(1)	18.74%	10.64%	10.37%	1.02%	1.02%
Perkins Small Cap Value Fund – Class N Shares(1)	18.77%	10.38%	10.12%	0.79%	0.79%
Perkins Small Cap Value Fund – Class R Shares(1)	17.93%	9.95%	9.58%	1.54%	1.54%
Perkins Small Cap Value Fund – Class S Shares(1)	18.19%	10.17%	9.85%	1.29%	1.29%
Perkins Small Cap Value Fund – Class T Shares(1)	18.44%	10.38%	10.12%	1.05%	1.05%
Russell 2000® Value Index	24.76%	8.59%	9.30%
Morningstar Quartile – Class T Shares	4th	2nd	2nd
Morningstar Ranking – based on total returns for Small Value Funds	353/380	96/320	111/241
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

40 | JUNE 30, 2013

(unaudited)(closed to certain new investors)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

For Class L Shares, net expense ratios reflect the administrative fee waiver, if any, Janus Services LLC has voluntarily agreed to, which could be changed or terminated at any time.

The expense ratios for Class N Shares are estimated.

The Fund has a performance-based management fee that adjusts up or down based on the Fund’s performance relative to an approved benchmark index over a performance measurement period. See the Fund’s prospectuses or Statement of Additional Information for more details.

The Fund’s performance may be affected by risks that include those associated with undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares and Class S Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund and predecessor fund, calculated using the fees and expenses of each respective share class without the effect of any fee and expense limitations or waivers.

Class D Shares of the Fund commenced operations on February 16, 2010 as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for periods prior to February 16, 2010 reflects the historical performance of the Fund’s predecessor share class.

Class I Shares of the Fund commenced operations on July 6, 2009. The performance shown for periods prior to July 6, 2009 reflects the historical performance of a similar share class of the Fund and predecessor fund.

Class L Shares of the Fund commenced operations on April 21, 2003. The performance shown for periods prior to April 21, 2003 reflects the historical performance of a prior share class of the predecessor fund.

Class N Shares of the Fund commenced operations on May 31, 2012. The performance shown for periods prior to May 31, 2012 reflects the historical performance of a similar share class of the Fund and predecessor fund.

Class T Shares of the Fund commenced operations with the Fund’s inception. The performance shown for periods prior to April 21, 2003 reflects the historical performance of a prior share class of the predecessor fund.

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.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

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

See “Useful Information About Your Fund Report.”

Effective April 1, 2013, Robert Perkins, Justin Tugman and Tom Reynolds are Co-Portfolio Managers of the Fund.

(1) Closed to certain new investors. Please see current prospectuses for details.

Janus Value Funds | 41

Perkins Small Cap Value Fund (unaudited)(closed to certain new investors)

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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,124.20	$	5.00	$	1,000.00	$	1,020.08	$	4.76		0.95%
Class C Shares	$	1,000.00	$	1,119.60	$	9.35	$	1,000.00	$	1,015.97	$	8.90		1.78%
Class D Shares	$	1,000.00	$	1,125.60	$	4.01	$	1,000.00	$	1,021.03	$	3.81		0.76%
Class I Shares	$	1,000.00	$	1,125.90	$	3.64	$	1,000.00	$	1,021.37	$	3.46		0.69%
Class L Shares	$	1,000.00	$	1,126.30	$	3.27	$	1,000.00	$	1,021.72	$	3.11		0.62%
Class N Shares	$	1,000.00	$	1,126.40	$	3.16	$	1,000.00	$	1,021.82	$	3.01		0.60%
Class R Shares	$	1,000.00	$	1,122.70	$	7.00	$	1,000.00	$	1,018.20	$	6.66		1.33%
Class S Shares	$	1,000.00	$	1,123.70	$	5.79	$	1,000.00	$	1,019.34	$	5.51		1.10%
Class T Shares	$	1,000.00	$	1,125.10	$	4.37	$	1,000.00	$	1,020.68	$	4.16		0.83%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

42 | JUNE 30, 2013

Perkins Small Cap Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Common Stock – 92.4%
Agricultural Chemicals – 0.3%
	400,000	Intrepid Potash, Inc.	$	7,620,000
Apparel Manufacturers – 0.7%
	265,000	Columbia Sportswear Co.		16,602,250
Automotive – Truck Parts and Equipment – Original – 0.9%
	1,120,000	Dana Holding Corp.		21,571,200
Building – Heavy Construction – 1.7%
	1,100,000	Granite Construction, Inc.		32,736,000
	975,000	Sterling Construction Co., Inc.*,£		8,833,500
				41,569,500
Coal – 0.5%
	700,000	Cloud Peak Energy, Inc.*		11,536,000
Commercial Banks – 13.7%
	1,100,000	BancorpSouth, Inc.		19,470,000
	600,000	Bank of Hawaii Corp.		30,192,000
	3,000,000	BBCN Bancorp, Inc.		42,660,000
	360,000	City National Corp.		22,813,200
	969,514	Columbia Banking System, Inc.		23,084,128
	4,261,573	Fulton Financial Corp.		48,922,858
	750,000	Glacier Bancorp, Inc.		16,642,500
	1,250,000	Hancock Holding Co.		37,587,500
	900,000	PacWest Bancorp		27,585,000
	750,000	Prosperity Bancshares, Inc.		38,842,500
	675,000	Texas Capital Bancshares, Inc.*		29,943,000
				337,742,686
Commercial Services – Finance – 0.7%
	375,000	Global Payments, Inc.		17,370,000
Computers – Integrated Systems – 2.2%
	850,000	Diebold, Inc.		28,636,500
	325,000	MICROS Systems, Inc.*		14,023,750
	450,000	Netscout Systems, Inc.*		10,503,000
				53,163,250
Containers – Paper and Plastic – 1.9%
	200,000	Packaging Corp. of America		9,792,000
	1,100,000	Sonoco Products Co.		38,027,000
				47,819,000
Dental Supplies and Equipment – 1.9%
	1,225,000	Patterson Cos., Inc.		46,060,000
Distribution/Wholesale – 2.5%
	1,850,000	Owens & Minor, Inc.		62,585,500
Electronic Components – Semiconductors – 1.7%
	2,000,000	QLogic Corp.*		19,120,000
	675,000	Semtech Corp.*		23,645,250
				42,765,250
Electronic Design Automation – 1.1%
	750,000	Synopsys, Inc.*		26,812,500
Engineering – Research and Development Services – 1.8%
	625,000	EMCOR Group, Inc.		25,406,250
	550,000	KBR, Inc.		17,875,000
				43,281,250
Engines – Internal Combustion – 0.8%
	950,000	Briggs & Stratton Corp.		18,810,000
Enterprise Software/Services – 0.7%
	900,000	Omnicell, Inc.*		18,495,000
Environmental Consulting and Engineering – 1.0%
	1,100,000	Tetra Tech, Inc.*		25,861,000
Filtration and Separations Products – 1.2%
	575,000	CLARCOR, Inc.		30,020,750
Finance – Investment Bankers/Brokers – 1.5%
	340,000	Evercore Partners, Inc. – Class A		13,355,200
	740,000	Lazard, Ltd. – Class A		23,791,000
				37,146,200
Finance – Leasing Companies – 0.6%
	800,000	AerCap Holdings N.V. (U.S. Shares)*		13,968,000
Food – Baking – 0.7%
	825,000	Flowers Foods, Inc.		18,191,250
Food – Miscellaneous/Diversified – 1.2%
	380,000	J&J Snack Foods Corp.		29,564,000
Food – Retail – 0.9%
	457,206	Harris Teeter Supermarkets, Inc.		21,424,673
Footwear and Related Apparel – 0.6%
	250,000	Wolverine World Wide, Inc.		13,652,500
Golf – 0.6%
	2,200,000	Callaway Golf Co.£		14,476,000
Instruments – Scientific – 1.1%
	800,000	PerkinElmer, Inc.		26,000,000
Insurance Brokers – 1.0%
	800,000	Brown & Brown, Inc.		25,792,000
Lasers – Systems and Components – 0.6%
	874,008	II-VI, Inc.*		14,211,370
Machine Tools and Related Products – 2.4%
	680,000	Kennametal, Inc.		26,404,400
	575,000	Lincoln Electric Holdings, Inc.		32,930,250
				59,334,650
Machinery – Construction and Mining – 0.9%
	625,000	Astec Industries, Inc.		21,431,250
Machinery – General Industrial – 0.4%
	325,000	Albany International Corp. – Class A		10,718,500
Medical – Biomedical and Genetic – 1.3%
	790,000	Charles River Laboratories International, Inc.*		32,413,700
Medical Instruments – 1.0%
	900,000	AngioDynamics, Inc.*		10,152,000
	500,000	Thoratec Corp.*		15,655,000
				25,807,000
Medical Labs and Testing Services – 1.2%
	230,000	Covance, Inc.*		17,512,200
	360,000	ICON PLC*		12,754,800
				30,267,000
Medical Products – 2.8%
	1,625,000	Hill-Rom Holdings, Inc.		54,730,000
	525,000	Orthofix International N.V. (U.S. Shares)*		14,122,500
				68,852,500
Medical Sterilization Products – 0.5%
	300,000	STERIS Corp.		12,864,000

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

Janus Value Funds | 43

Perkins Small Cap Value Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Metal Processors and Fabricators – 1.4%
	1,275,000	Kaydon Corp.£	$	35,126,250
Miscellaneous Manufacturing – 1.2%
	525,000	Aptargroup, Inc.		28,985,250
Multi-Line Insurance – 1.4%
	1,000,000	Kemper Corp.		34,250,000
Networking Products – 0.7%
	1,600,000	Polycom, Inc.*		16,864,000
Non-Ferrous Metals – 0.4%
	900,000	Globe Specialty Metals, Inc.		9,783,000
Oil – Field Services – 1.2%
	1,150,000	PAA Natural Gas Storage L.P.		24,196,000
	500,000	Tesco Corp.*		6,625,000
				30,821,000
Oil Companies – Exploration and Production – 2.0%
	950,000	QEP Resources, Inc.		26,391,000
	500,000	Whiting Petroleum Corp.*		23,045,000
				49,436,000
Paper and Related Products – 1.4%
	409,465	Buckeye Technologies, Inc.		15,166,584
	750,000	PH Glatfelter Co.		18,825,000
				33,991,584
Pipelines – 1.0%
	400,000	Western Gas Partners L.P.		25,956,000
Poultry – 0.5%
	190,000	Sanderson Farms, Inc.		12,619,800
Printing Services – 1.5%
	1,175,000	Brady Corp. – Class A		36,107,750
Property and Casualty Insurance – 1.5%
	400,000	Infinity Property & Casualty Corp.		23,904,000
	220,000	Navigators Group, Inc.*		12,548,800
				36,452,800
Real Estate Operating/Development – 0.5%
	630,000	St. Joe Co.*		13,261,500
Reinsurance – 2.1%
	200,000	Endurance Specialty Holdings, Ltd.		10,290,000
	775,856	Montpelier Re Holdings, Ltd.		19,404,159
	315,000	Reinsurance Group of America, Inc.		21,769,650
				51,463,809
REIT – Apartments – 2.9%
	1,650,000	Education Realty Trust, Inc.		16,879,500
	725,000	Home Properties, Inc.		47,393,250
	133,282	Post Properties, Inc.		6,596,126
				70,868,876
REIT – Diversified – 1.3%
	800,000	Potlatch Corp.		32,352,000
REIT – Health Care – 0.4%
	425,000	Healthcare Realty Trust, Inc.		10,837,500
REIT – Hotels – 1.1%
	3,000,000	DiamondRock Hospitality Co.		27,960,000
REIT – Mortgage – 0.5%
	1,100,000	Two Harbors Investment Corp.		11,275,000
REIT – Office Property – 0.3%
	385,000	BioMed Realty Trust, Inc.		7,788,550
Retail – Apparel and Shoe – 2.1%
	600,000	Aeropostale, Inc.*		8,280,000
	725,000	Ascena Retail Group, Inc.*		12,651,250
	155,869	Genesco, Inc.*		10,441,664
	525,000	Men’s Wearhouse, Inc.		19,871,250
				51,244,164
Retail – Convenience Stores – 2.1%
	875,000	Casey’s General Stores, Inc.		52,640,000
Retail – Leisure Products – 0.6%
	1,250,000	MarineMax, Inc.*,£		14,162,500
Savings/Loan/Thrifts – 4.5%
	2,200,000	First Niagara Financial Group, Inc.		22,154,000
	1,300,000	Investors Bancorp, Inc.		27,404,000
	1,300,000	Provident Financial Services, Inc.		20,514,000
	2,150,000	Washington Federal, Inc.		40,592,000
				110,664,000
Semiconductor Components/Integrated Circuits – 0.6%
	275,000	Hittite Microwave Corp.*		15,950,000
Semiconductor Equipment – 1.5%
	1,000,000	Brooks Automation, Inc.		9,730,000
	1,075,000	MKS Instruments, Inc.		28,530,500
				38,260,500
Telecommunication Equipment – 1.0%
	700,000	NICE Systems, Ltd. (ADR)		25,823,000
Transportation – Marine – 2.1%
	525,000	Kirby Corp.*		41,758,500
	170,000	Tidewater, Inc.		9,684,900
				51,443,400
Total Common Stock (cost $1,876,147,897)				2,282,187,962
Repurchase Agreements – 8.8%
	$92,300,000	HSBC Securities (USA), Inc., 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $92,300,769 collateralized by $274,372,711 in U.S. Treasuries 0.0000%-4.7500%, 2/15/15-2/15/43 with a value of $94,146,068		92,300,000

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

44 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
	$25,200,000	ING Financial Markets LLC, 0.0100%, dated 6/28/13, maturing 7/1/13 to be repurchased at $25,200,021 collateralized by $2,034,770 in a U.S. Government Agency 4.0000%, 2/20/40 and $20,249,901 in U.S. Treasuries 0.2500%-8.8750%, 2/28/15-2/15/19 with respective values of $2,167,306 and $23,536,915	$	25,200,000
	99,200,000	RBC Capital Markets Corp., 0.1000%, dated 6/28/13, maturing 7/1/13 to be repurchased at $99,200,827 collateralized by $99,203,614 in U.S. Treasuries 0.0000%-9.2500%, 7/1/13-2/15/42 with a value of $101,184,005		99,200,000
Total Repurchase Agreements (cost $216,700,000)				216,700,000
Total Investments (total cost $2,092,847,897) – 101.2%				2,498,887,962
Liabilities, net of Cash, Receivables and Other Assets– (1.2)%				(30,054,887)
Net Assets – 100%			$	2,468,833,075

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

			% of Investment
Country	Value		Securities
Ireland	$	12,754,800		0.5%
Israel		25,823,000		1.0%
United States††		2,460,310,162		98.5%
Total	$	2,498,887,962		100.0%

†† Includes Cash Equivalents of 8.7%.

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

Janus Value Funds | 45

Perkins Value Plus Income Fund (unaudited)

Fund Snapshot
The Fund seeks high-quality equity and credit-oriented fixed income selected to drive portfolio income. The allocation has the flexibility to move between 40%-60% in equity securities and the remainder in fixed-income securities and cash equivalents. Both the Perkins equity team and the Janus fixed income team focus on minimizing downside risk using their own unique approach to fundamental, bottom-up investing.

Gibson Smith
co-portfolio manager
Darrell Watters
co-portfolio manager
Jeff Kautz
co-portfolio manager
Ted Thome
co-portfolio manager

Performance Overview

For the 12-month period ended June 30, 2013, Perkins Value Plus Income Fund’s Class I Shares returned 13.16%, while the Fund’s primary benchmark, the Russell 1000 Value Index, returned 25.32%. Its blended benchmark, the Value Income Index, a hypothetical internally-calculated index that combines the total returns from the Russell 1000 Value Index (50%) and the Barclays U.S. Aggregate Bond Index (50%), returned 11.70%. The Fund’s secondary benchmark, the Barclays U.S. Aggregate Bond Index (the “Agg”), returned -0.69% during the period.

Market Environment

The period opened with a good equity rally. The most important positive factor affecting the markets were statements from Mario Draghi, head of the European Central Bank (ECB), that European monetary policy would become much more aggressive in providing liquidity conditioned upon defined deleveraging programs. In addition, in September the U.S. Federal Reserve (Fed) announced that it would keep Fed funds interest rates at 0 to 0.25% well into 2015 and that it would embark upon a more open-ended quantitative easing policy.

The rally was more modestly extended in the fourth quarter of 2012. U.S. gross domestic product (GDP) was up a surprising 3%, and the Fed stated it would not raise rates until unemployment falls to 6.5% and inflation does not rise above 2.5%. European markets were firm as the ECB’s promise “to do whatever it takes” and small steps toward political cooperation had a calming effect. This was despite signs that GDP in Europe was heading to negative territory. China’s political transition appeared orderly and, with signs the economy was stabilizing in the area of 7% growth, its stock market rallied off its three-year bottom.

The strong rally in 2012’s second half extended into the first quarter. U.S. GDP was essentially flat as government, business and consumer spending were impacted by year-end government policy uncertainty and inventories were drawn down. At year end, Washington came to agreement to push out the debt ceiling debate and tax rate reductions for all but the top brackets were extended; however, payroll taxes increased for all. This clarity on tax policy relieved some of the year-end anxiety.

U.S. stocks continued to climb higher in the second quarter, but they took a volatile path to get there. The CBOE VIX Index, a general measure of market volatility, spiked over 40% off its recent lows, which created some opportunities to purchase high-quality companies on sale. Equities generally remain fairly valued, with the S&P 500 Index trading around 14.6 times 2013 earnings estimates. The index’s 6.85% forward earnings yield also remained attractive compared with the 10-year U.S. Treasury note’s 2.49% yield, even after the recent run-up in interest rates. Corporate balance sheets remain on solid footing, which bodes well for future dividend increases and greater merger activity, both factors that we view as supportive of equity prices.

Fixed income markets were largely characterized by concern about global fiscal policies and the impact on economic growth. Overall, both investment-grade and high-yield corporate credit spreads and mortgage-backed securities (MBS) spreads narrowed during the period. Meanwhile, U.S. Treasury bond yields rose, particularly in the final months of the period as U.S. economic data began to improve.

Portfolio Comments

Our overweight to equities (57% at period end) combined with our underweight to fixed income (43%) contributed to returns relative to the Value Income Index. Our equity weighting was at the upper end of our 40%-60% range.

46 | JUNE 30, 2013

(unaudited)

Our equity sleeve in aggregate underperformed the Russell 1000 Value Index, with our holdings and underweight in financials weighing the most, as well as our holdings in information technology. Contributors included our underweights in utilities and energy, followed by our holdings in telecommunication services.

Meanwhile, our fixed income sleeve significantly outperformed the Barclays U.S. Aggregate Bond Index. Our sizeable overweight and security selection in corporate bonds were the primary contributors to relative performance, followed by our security selection in MBS.

In our joint management of the Fund, both Perkins and Janus investment teams are at least as focused on absolute total returns as we are relative returns, and therefore, are focused on the long term. Our emphasis on determining the potential downside or risk of an opportunity, both within fixed income and equities, has served us well as shown by the Fund’s (I Shares) placement in the top quartile of its Morningstar group since inception.

Equity Holdings That Detracted

Goldcorp was our largest individual detractor. Shares of this high-quality, low-cost gold producer declined 33%, as the underlying spot gold price declined 24% during the period. We sold our position.

American Capital Agency, a mortgage real estate investment trust (REIT), was also a key detractor. The company’s book value fell sharply in the first and second quarters of 2013 as interest rates moved quickly higher and the company’s hedges proved inadequate and ineffective. The company underestimated the potential for spread widening in its sector and therefore didn’t hedge appropriately, causing the large book value drop. We believe the steeper Treasury yield curve makes for a more attractive investment environment for the company, and the stock traded at a discount to book value versus its historic premium at period end.

Equity Holdings That Contributed

SK Telecom, our top individual contributor, is South Korea’s leading wireless telecom operator with 51% market share, and owns stakes in other (in some cases related) companies including SK Broadband, SK Hynix and Posco. Despite being engaged in a fierce marketing battle for next-generation network subscribers, the company reported better-than-expected earnings. There was also optimism for a significant recovery in earnings. We reduced our position, given the rise in valuation.

JPMorgan Chase, another top contributor, benefited from strong earnings and a significant increase in its quarterly dividend. Improving macroeconomic data also helped boost the shares. We continue to like the stock as the bank’s strong capital position and robust balance sheet allow it to take market share from its weaker competitors. JPMorgan Chase remains among the best capitalized of the global financial intermediaries, in our view. We continue to find the bank attractive on a book value and earnings basis.

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

Fixed Income Holdings That Contributed

On an individual credit basis, our security selection in GE Capital contributed to outperformance, particularly our allocation to hybrids/preferred stock, which performed well on a relative basis compared with other types of corporate debt as interest rates rose toward the end of the period. GE Capital Corp. provides financing, mortgage and insurance services. GE Capital has undergone a significant balance sheet transformation since the 2007-2008 financial crisis, making significant strides in reducing leverage, increasing reserves, cutting reliance on short-term funding and improving capital. Its management team has been committed to reducing the size of the company, which should reduce debt outstanding and improve the quality of its balance sheet.

Another top contributor was Goodman Group, a REIT with industrial properties in Australia, New Zealand, the UK, Asia and Europe. Goodman’s operating performance was stronger than expected during the 12-month period; its European portfolio, in particular, outperformed expectations. Goodman also raised equity during the period for growth, which was viewed as positive for its corporate credit. We have favored Goodman for its high-quality asset base and focus on keeping leverage low.

Fixed Income Holdings That Detracted

Diversified company Loews Corp. detracted, partly because we held longer-duration securities, which tend to perform relatively worse when interest rates rise, as they did during the period. We sold our Loews credit during the period.

ADT Corp., which provides home security monitoring services, also weighed on performance due to our holdings in relatively longer-duration securities, which tend to fare relatively worse than shorter-duration securities during rising-rate periods. Spun off from Tyco International

Janus Value Funds | 47

Perkins Value Plus Income Fund (unaudited)

in 2012, ADT’s business model is attractive, as the company has long-term contracts that provide stability of earnings and free cash flow. Consumers have been adopting its new home automation package ADT Pulse, which we believe should help boost earnings and lead to gradual deleveraging of the company’s capital structure over time.

Market Outlook and Fund Positioning

Despite some confusion over recent Fed statements concerning its quantitative easing bond buying program, some of the bullish arguments for equity prices still hold: Fed liquidity will continue for the time being with rate hikes not on tap until 2015, equity valuations appear fair, and the U.S. remains the “best house on a bad block” as the world muddles through this anemic growth environment. Conversely, the negative market factors have not gone away and would indicate that caution is still warranted as various issues such as fiscal policy, debt issues, and the promotion of effective growth measures have not been addressed in a serious manner. Given slow economic growth, corporate earnings comparisons could be disappointing. The new near term risk factor is the uncertainty regarding the impact of higher interest rates on a fragile economy.

Marked improvements in housing and employment markets notwithstanding, the truth is that the U.S. economy is far from being in a strong growth mode and still remains extremely susceptible to external shocks. GDP expanded at an annual rate of 1.8% in the first quarter, notably higher than the 0.4% gain from fourth quarter 2012, but well below the 2.4% pace estimated in March. The Fed still expects GDP growth to pick up steam ahead, given diminished downside risks for the labor market and economic activity, with a 2.3% to 2.6% forecast range for 2013 and an upgraded outlook to 3.0% to 3.5% in 2014. However, the Fed’s forecasts have been overly optimistic in the past and it remains to be seen if any of the ongoing macroeconomic uncertainties suddenly flare up and shift this positive view. Various threats from across the globe could easily dampen U.S. projections.

In the case of Europe, economic weakness is more and more apparent in the peripheral countries with concern that it has spread to the core. Related issues in Europe are the degree of policy coordination, more levered balance sheets and political instability. The unknown will be the contagion impact, not only in Europe, but to the U.S. and rest of the world as well.

Concerning China, while the country completed its leadership transition in November, economic growth continues to be a wild card. The government lowered its 2013 growth projections from 8% to 7.5%, though weaker global GDP could make this expansion more difficult to achieve. Dislocations in the economy and possibly in the financial system could be problematic. The world has come to rely on China as a core growth engine, and any slowdown, even marginal, is likely to have reverberations worldwide.

In the Fund, our largest equity weights continue to be in the financial services sector, where we have preference for regional banks, and we remain underweight in the utilities sector. With stocks appearing fairly valued and an uncertain macroeconomic backdrop, we continue to remain cautious on the equity market. However market pullbacks could provide opportunities to take advantage of price dislocations. As an example, in this quarter we added to REITs, as they were unusually weak as the market focused on interest rate increases.

The key to our research-intensive approach is keeping a long-term perspective and remembering that markets tend to revert to the mean. It can be easy for investors to slip into a complacent mentality during highly volatile momentum markets, when all stocks seem to keep rising. When markets turn, however, the importance of carefully researched quality can quickly become apparent.

Our risk-disciplined investment methodology focuses on identifying attractively priced companies with healthy balance sheets and solid recurring free cash flows that are competitively positioned for long-term success. These types of high-quality firms have historically helped us limit downside portfolio exposure in weak periods, while participating in market rallies. This bias toward quality extends beyond a simply defensive measure. Our research has shown high-quality stocks have delivered higher risk-adjusted return potential over the long term as well.

In fixed income, the Fed’s unconventional monetary policies have suppressed U.S. Treasury rates to unprecedented lows in an effort to stimulate economic growth. Recent U.S. economic data reflects modest acceleration that may give the Fed the support it needs to begin tapering quantitative easing. However, we still believe the Fed will leave short-term interest rates unchanged for an extended period.

While some investors may believe that rates will continue to move higher from here and that we’ve seen the end of the bull market in fixed income, it’s important to recognize that the impact of rising rates will not be uniform across all fixed-income securities. In our view, the biggest effect is likely to be on securities with 10 or more years to maturity. We view that segment of the yield curve as

48 | JUNE 30, 2013

(unaudited)

containing the greatest potential for capital loss and the greatest volatility. We have reduced exposure to longer-duration securities in an effort to buffer the effect of rising rates. Some corporate credit names tend to be more sensitive to interest rate changes than others, and we have reduced our exposure to those, as well. We also continue to look for opportunities in products that have served in the past as alternatives to government bonds and corporate credit, including bank loans and agency MBS.

Security selection in fixed income has become extremely important, in our view, as valuations have become stretched due to investors’ search for yield and the growing risk of higher interest rates. In this environment, we believe that preservation of capital must take priority over aggressive return seeking. This is not to say that great opportunities have disappeared from the fixed income market – they have not, and we are still finding some – but the universe of securities to select from today is much narrower than it has been over the last four years. Fortunately, a back-up in rates may have the positive effect of lowering fixed income valuations and opening up fresh opportunities for investing at more attractive levels in credits that we believe offer the potential for good risk-adjusted returns.

Because we have tended to generate the majority of our excess return through security selection, we see this as a time of great opportunity. Credit risk (i.e., the risk that borrowers will default) has been relatively low for years due to the excess levels of cash held on corporate balance sheets, and we believe that will continue. We believe returns this year will be significantly influenced not just by what we own, but by what we have chosen not to own: There are many securities that offer what we view as asymmetric risk profiles, with greater downside risk exposure, and we intend to steer around them. In our view, the key to success for the remainder of the year will be driving performance through security selection while navigating interest-rate volatility.

Thank you for your investment with us in Perkins Value Plus Income Fund.

Janus Value Funds | 49

Perkins Value Plus Income Fund (unaudited)

Perkins Value Plus Income Fund At A Glance

5 Top Performers – Equity Holdings

	Contribution
SK Telecom Co., Ltd. (ADR)		1.06%
JPMorgan Chase & Co.		0.71%
Aetna, Inc.		0.56%
Novartis A.G. (ADR)		0.54%
Two Harbors Investment Corp.		0.48%

5 Bottom Performers – Equity Holdings

	Contribution
Goldcorp, Inc. (U.S. Shares)		–0.37%
American Capital Agency Corp.		–0.31%
Teck Resources, Ltd. – Class B		–0.21%
Exelon Corp.		–0.19%
Hewlett-Packard Co.		–0.17%

5 Top Performers – Sectors*

			Fund Weighting		Russell 1000® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Utilities		0.64%		3.29%		6.67%
Energy		0.61%		9.88%		16.19%
Telecommunication Services		0.36%		7.20%		3.42%
Industrials		0.32%		7.40%		9.06%
Health Care		0.24%		16.79%		11.74%

5 Bottom Performers – Sectors*

			Fund Weighting		Russell 1000® Value
	Fund Contribution		(Average % of Equity)		Index Weighting
Financials		–1.42%		23.14%		27.24%
Other**		–1.39%		3.32%		0.00%
Information Technology		–1.09%		9.31%		6.51%
Materials		–0.58%		5.49%		3.74%
Consumer Discretionary		–0.56%		6.94%		8.16%

	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.
**	Not a GICS classified sector.

50 | JUNE 30, 2013

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of June 30, 2013

Occidental Petroleum Corp. Oil Companies – Exploration and Production	1.4%
Vodafone Group PLC (ADR) Cellular Telecommunications	1.4%
Tesco PLC Food – Retail	1.2%
Wells Fargo & Co. Super-Regional Banks	1.1%
Two Harbors Investment Corp. REIT – Mortgage	1.1%
	6.2%

Asset Allocation – (% of Net Assets)

As of June 30, 2013

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

As of June 30, 2013

As of June 30, 2012

Janus Value Funds | 51

Perkins Value Plus Income Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended June 30, 2013			Expense Ratios – per the October 26, 2012 prospectuses
	One	Since	Total Annual Fund	Net Annual Fund
	Year	Inception*	Operating Expenses	Operating Expenses
Perkins Value Plus Income Fund – Class A Shares
NAV	12.91%	10.67%	1.50%	1.02%
MOP	6.44%	8.44%
Perkins Value Plus Income Fund – Class C Shares
NAV	12.03%	9.97%	2.26%	1.77%
CDSC	11.03%	9.97%
Perkins Value Plus Income Fund – Class D Shares(1)	13.02%	10.78%	1.41%	0.91%
Perkins Value Plus Income Fund – Class I Shares	13.16%	10.91%	1.25%	0.77%
Perkins Value Plus Income Fund – Class S Shares	12.79%	10.45%	1.73%	1.27%
Perkins Value Plus Income Fund – Class T Shares	13.01%	10.70%	1.48%	1.02%
Russell 1000® Value Index	25.32%	16.44%
Barclays U.S. Aggregate Bond Index	–0.69%	3.23%
Value Income Index	11.70%	9.96%
Morningstar Quartile – Class I Shares	2nd	1st
Morningstar Ranking – based on total returns for Moderate Allocation Funds	345/951	194/848
Visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus Capital) to view current performance and characteristic information

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

Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund’s maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this charge and would have been lower had this charge been taken into account.

Performance shown for Class C Shares includes a 1% contingent deferred sales charge (CDSC) on periods of less than 12 months. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

See important disclosures on the next page.

52 | JUNE 30, 2013

(unaudited)

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through November 1, 2013.

The Fund’s performance may be affected by risks that include those associated with undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest with the Janus “funds of funds.” Additional risks to the Fund may include those associated with investing in foreign securities, emerging markets, initial public offerings (“IPOs”), real estate investment trusts (“REITs”), and derivatives. Please see the Fund’s prospectuses or janus.com/info (or janus.com/reports if you hold shares directly with Janus Capital) for more information about risks, portfolio holdings and other details.

Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. These risks are magnified in emerging markets. The prices of foreign securities held by the Fund, and therefore the Fund’s performance, may decline in response to such risks.

The Fund invests in REITs, which may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers. To the extent the Fund invests in foreign REITs, the Fund may be subject to fluctuations in currency rates or political or economic conditions in a particular country.

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

Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bonds funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the fund and selling of bonds within the fund by the portfolio managers.

High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than investment grade bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

For a period of three years subsequent to the Fund’s commencement of operations, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit.

Returns include reinvestment of all dividends and distributions. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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.

^© 2013 Morningstar, Inc. All Rights Reserved.

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

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

The Fund’s portfolio may differ significantly from the securities held in the indices. The indices are unmanaged and are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

*	The Fund’s inception date – July 30, 2010
(1)	Closed to new investors.

Janus Value Funds | 53

Perkins Value Plus Income 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.

							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13)		(6/30/13)		(1/1/13 - 6/30/13)†		(1/1/13 - 6/30/13)
Class A Shares	$	1,000.00	$	1,064.80	$	5.17	$	1,000.00	$	1,019.79	$	5.06		1.01%
Class C Shares	$	1,000.00	$	1,061.60	$	9.00	$	1,000.00	$	1,016.07	$	8.80		1.76%
Class D Shares	$	1,000.00	$	1,066.20	$	4.56	$	1,000.00	$	1,020.38	$	4.46		0.89%
Class I Shares	$	1,000.00	$	1,067.00	$	3.90	$	1,000.00	$	1,021.03	$	3.81		0.76%
Class S Shares	$	1,000.00	$	1,065.60	$	5.28	$	1,000.00	$	1,019.69	$	5.16		1.03%
Class T Shares	$	1,000.00	$	1,065.70	$	4.25	$	1,000.00	$	1,020.68	$	4.16		0.83%

† Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, divided by the number of days in the fiscal year. 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.

54 | JUNE 30, 2013

Perkins Value Plus Income Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 1.4%
	$49,000	AmeriCredit Automobile Receivables Trust 3.3800%, 4/9/18	$	50,026
	69,000	AmeriCredit Automobile Receivables Trust 2.6800%, 10/9/18		68,503
	20,000	Commercial Mortgage Trust 5.6500%, 12/10/49		20,447
	127,000	Commercial Mortgage Trust 5.8670%, 12/10/49‡		136,050
	85,009	FREMF 2010 K-SCT Mortgage Trust 2.0000%, 1/25/20§		70,159
	34,000	FREMF Mortgage Trust 2.8037%, 5/25/19 (144A),‡		34,180
	100,000	GS Mortgage Securities Corp. II 3.5495%, 12/10/27 (144A),‡		85,504
	120,000	GS Mortgage Securities Corp. Trust 3.5510%, 4/10/34 (144A),‡		118,153
	27,000	Santander Drive Auto Receivables Trust 2.5200%, 9/15/16		26,660
	9,000	Santander Drive Auto Receivables Trust 3.6400%, 5/15/18		9,194
	28,000	Santander Drive Auto Receivables Trust 3.3000%, 9/17/18		28,240
	81,000	Wachovia Bank Commercial Mortgage Trust 5.3830%, 12/15/43		85,389
	55,000	Wachovia Bank Commercial Mortgage Trust 5.5910%, 4/15/47‡		58,291
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $814,655)				790,796
Bank Loans – 0.3%
Casino Hotels – 0.2%
	97,510	MGM Resorts International 3.5000%, 12/20/19‡		96,779
Pharmaceuticals – 0.1%
	48,106	Quintiles Transnational Corp. 4.5000%, 6/8/18‡		48,045
Total Bank Loans (cost $145,161)				144,824
Common Stock – 56.1%
Aerospace and Defense – 0.8%
	6,000	General Dynamics Corp.		469,980
Aerospace and Defense – Equipment – 0.3%
	45,000	BBA Aviation PLC**		191,677
Agricultural Chemicals – 0.3%
	3,500	Mosaic Co.		188,335
Apparel Manufacturers – 0.4%
	2,500	Coach, Inc.**		142,725
	600	VF Corp.**		115,836
				258,561
Applications Software – 1.3%
	2,200	Intuit, Inc.**		134,266
	16,800	Microsoft Corp.**		580,104
				714,370
Automotive – Truck Parts and Equipment – Original – 0.2%
	3,000	Johnson Controls, Inc.**		107,370
Beverages – Non-Alcoholic – 0.9%
	6,000	Dr. Pepper Snapple Group, Inc.**		275,580
	3,200	PepsiCo, Inc.		261,728
				537,308
Building – Residential and Commercial – 0.2%
	4,000	M.D.C. Holdings, Inc.		130,040
Cellular Telecommunications – 2.3%
	14,000	NTT DOCOMO, Inc. (ADR)		219,100
	15,000	SK Telecom Co., Ltd. (ADR)		304,950
	27,000	Vodafone Group PLC (ADR)**		775,980
				1,300,030
Chemicals – Specialty – 0.7%
	86,700	Borregaard A.S.A		378,378
Commercial Banks – 1.9%
	5,700	Bank of Hawaii Corp.		286,824
	7,500	Columbia Banking System, Inc.		178,575
	3,500	Cullen / Frost Bankers, Inc.		233,695
	28,100	Fulton Financial Corp.		322,588
	4,234	Univest Corp. of Pennsylvania		80,742
				1,102,424
Commercial Services – Finance – 0.2%
	7,700	Western Union Co.**		131,747
Computers – 0.3%
	500	Apple, Inc.**		198,040
Computers – Integrated Systems – 0.4%
	6,000	Diebold, Inc.**		202,140
Computers – Memory Devices – 0.3%
	6,700	EMC Corp.**		158,254
Containers – Metal and Glass – 0.5%
	5,000	Greif, Inc. – Class A		263,350
Cosmetics and Toiletries – 0.6%
	4,200	Procter & Gamble Co.**		323,358
Cruise Lines – 0.4%
	7,400	Carnival Corp. (U.S. Shares)		253,746
Dental Supplies and Equipment – 0.4%
	6,000	Patterson Cos., Inc.		225,600
Diagnostic Kits – 0.4%
	10,500	Meridian Bioscience, Inc.		225,750
Diversified Banking Institutions – 0.9%
	10,000	JPMorgan Chase & Co.**		527,900
Diversified Operations – 0.7%
	2,500	Koppers Holdings, Inc.		95,450
	40,000	Orkla A.S.A.		327,794
				423,244
Electric – Integrated – 1.4%
	2,500	Alliant Energy Corp.		126,050
	5,000	Hawaiian Electric Industries, Inc.		126,550
	18,000	PPL Corp.		544,680
				797,280
Electronic Components – Semiconductors – 1.5%
	6,900	Altera Corp.**		227,631
	7,000	Intel Corp.		169,540

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

Janus Value Funds | 55

Perkins Value Plus Income Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Electronic Components – Semiconductors – (continued)
	7,000	Microchip Technology, Inc.	$	260,750
	5,000	Xilinx, Inc.**		198,050
				855,971
Electronic Measuring Instruments – 0.4%
	5,000	Agilent Technologies, Inc.**		213,800
Electronic Security Devices – 0.4%
	6,500	Tyco International, Ltd. (U.S. Shares)**		214,175
Enterprise Software/Services – 0.3%
	6,100	CA, Inc.**		174,643
Food – Baking – 0.3%
	7,200	Flowers Foods, Inc.		158,760
Food – Miscellaneous/Diversified – 0.3%
	4,700	Unilever PLC (ADR)**		190,115
Food – Retail – 1.6%
	135,000	Tesco PLC**		680,348
	4,700	Weis Markets, Inc.		211,829
				892,177
Food – Wholesale/Distribution – 0.3%
	5,000	Sysco Corp.		170,800
Human Resources – 0.2%
	2,500	Manpowergroup, Inc.**		137,000
Industrial Gases – 0.3%
	1,800	Air Products & Chemicals, Inc.		164,826
Insurance Brokers – 0.7%
	10,500	Marsh & McLennan Cos., Inc.		419,160
Investment Management and Advisory Services – 0.4%
	2,500	Ameriprise Financial, Inc.**		202,200
Machinery – Construction and Mining – 0.4%
	6,900	Astec Industries, Inc.		236,601
Medical – Drugs – 3.5%
	3,100	AbbVie, Inc.**		128,154
	5,500	GlaxoSmithKline PLC (ADR)**		274,835
	2,000	Johnson & Johnson**		171,720
	5,600	Merck & Co., Inc.		260,120
	8,600	Novartis A.G. (ADR)		608,106
	18,800	Pfizer, Inc.**		526,588
				1,969,523
Medical – Generic Drugs – 0.9%
	12,400	Teva Pharmaceutical Industries, Ltd. (ADR)		486,080
Medical – HMO – 1.3%
	3,500	Aetna, Inc.		222,390
	2,000	Humana, Inc.**		168,760
	4,000	WellPoint, Inc.		327,360
				718,510
Medical – Wholesale Drug Distributors – 0.3%
	1,500	McKesson Corp.**		171,750
Medical Labs and Testing Services – 0.7%
	6,300	Quest Diagnostics, Inc.**		381,969
Medical Products – 1.5%
	2,100	Baxter International, Inc.**		145,467
	2,500	Covidien PLC (U.S. Shares)		157,100
	7,000	Hill-Rom Holdings, Inc.		235,760
	4,900	Stryker Corp.**		316,932
				855,259
Medical Sterilization Products – 0.2%
	2,600	STERIS Corp.		111,488
Multi-Line Insurance – 0.3%
	3,800	Allstate Corp.		182,856
Networking Products – 0.4%
	10,000	Cisco Systems, Inc.		243,100
Non-Hazardous Waste Disposal – 0.9%
	15,000	Republic Services, Inc.		509,100
Oil – Field Services – 0.6%
	4,900	Schlumberger, Ltd. (U.S. Shares)**		351,134
Oil and Gas Drilling – 0.3%
	3,000	Ensco PLC – Class A**		174,360
Oil Companies – Exploration and Production – 1.8%
	4,000	Noble Energy, Inc.**		240,160
	8,700	Occidental Petroleum Corp.**		776,301
				1,016,461
Oil Companies – Integrated – 3.3%
	7,500	BP PLC (ADR)**		313,050
	3,200	Chevron Corp.**		378,688
	2,000	Exxon Mobil Corp.**		180,700
	7,500	Royal Dutch Shell PLC (ADR)**		478,500
	10,500	Total S.A. (ADR)**		511,350
				1,862,288
Printing Services – 0.2%
	4,000	Brady Corp. – Class A		122,920
Protection – Safety – 0.4%
	4,500	Landauer, Inc.		217,395
Publishing – Periodicals – 0.1%
	8,500	UBM PLC**		84,794
Real Estate Management/Services – 0.3%
	14,100	Brookfield Real Estate Services, Inc.		163,610
Reinsurance – 0.3%
	1,200	Everest Re Group, Ltd.		153,912
REIT – Apartments – 1.7%
	7,500	American Campus Communities, Inc.		304,950
	2,400	AvalonBay Communities, Inc.		323,784
	5,000	Home Properties, Inc.		326,850
	1	Silver Bay Realty Trust Corp.		17
				955,601
REIT – Diversified – 0.9%
	4,000	Potlatch Corp.		161,760
	3,450	Rayonier, Inc.		191,096
	5,000	Weyerhaeuser Co.		142,450
				495,306
REIT – Health Care – 0.3%
	15,300	Healthcare Trust of America, Inc. – Class A		171,819
REIT – Hotels – 0.4%
	22,500	DiamondRock Hospitality Co.		209,700

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

56 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
REIT – Mortgage – 1.7%
	14,400	American Capital Agency Corp.	$	331,056
	60,000	Two Harbors Investment Corp.**		615,000
				946,056
REIT – Office Property – 0.3%
	8,400	BioMed Realty Trust, Inc.		169,932
REIT – Single Tenant – 0.2%
	7,300	Spirit Realty Capital, Inc.		129,356
Retail – Apparel and Shoe – 0.3%
	4,000	Men’s Wearhouse, Inc.**		151,400
Retail – Major Department Stores – 0.6%
	5,500	Nordstrom, Inc.**		329,670
Retail – Regional Department Stores – 0.3%
	3,000	Kohl’s Corp.		151,530
Retail – Restaurants – 0.7%
	4,000	Darden Restaurants, Inc.		201,920
	2,200	McDonald’s Corp.**		217,800
				419,720
Savings/Loan/Thrifts – 0.4%
	3,800	Berkshire Hills Bancorp, Inc.		105,488
	8,800	OceanFirst Financial Corp.		136,840
				242,328
Security Services – 0.5%
	7,000	ADT Corp.**		278,950
Semiconductor Components/Integrated Circuits – 1.1%
	5,900	Analog Devices, Inc.		265,854
	5,500	QUALCOMM, Inc.		335,940
				601,794
Semiconductor Equipment – 0.6%
	12,200	MKS Instruments, Inc.		323,788
Super-Regional Banks – 2.0%
	12,200	Fifth Third Bancorp		220,210
	3,500	PNC Financial Services Group, Inc.**		255,220
	15,500	Wells Fargo & Co.**		639,685
				1,115,115
Telecommunication Services – 0.6%
	10,000	Telenor A.S.A.		198,284
	7,750	Vivendi S.A.**		146,761
				345,045
Telephone – Integrated – 1.0%
	6,000	AT&T, Inc.**		212,400
	9,700	CenturyLink, Inc.**		342,895
				555,295
Tobacco – 0.3%
	4,300	Altria Group, Inc.		150,457
Tools – Hand Held – 0.3%
	2,400	Stanley Black & Decker, Inc.		185,520
Transportation & Logistics – 0.2%
	5,500	Hamburger Hafen und Logistik A.G.**		117,682
Transportation – Marine – 0.5%
	10,000	Irish Continental Group PLC**		288,935
Transportation – Railroad – 0.6%
	1,600	Canadian Pacific Railway, Ltd. (U.S. Shares)		194,208
	1,000	Union Pacific Corp.		154,280
				348,488
Water – 0.4%
	16,000	Suez Environment Co.**		206,659
Total Common Stock (cost $28,141,630)				31,805,765
Corporate Bonds – 23.9%
Aerospace and Defense – Equipment – 0.3%
	$61,000	Exelis, Inc. 4.2500%, 10/1/16		64,316
	28,000	Exelis, Inc. 5.5500%, 10/1/21		28,445
	51,000	TransDigm, Inc. 7.7500%, 12/15/18		53,677
				146,438
Agricultural Chemicals – 0.1%
	36,000	Phibro Animal Health Corp. 9.2500%, 7/1/18 (144A)		38,700
Airlines – 0.1%
	53,000	Southwest Airlines Co. 5.1250%, 3/1/17		57,138
Beverages – Wine and Spirits – 0%
	13,000	Constellation Brands, Inc. 3.7500%, 5/1/21		12,171
Building – Residential and Commercial – 0.1%
	31,000	D.R. Horton, Inc. 4.7500%, 5/15/17		32,007
	9,000	D.R. Horton, Inc. 4.3750%, 9/15/22		8,550
	23,000	Toll Brothers Finance Corp. 5.8750%, 2/15/22		24,035
	15,000	Toll Brothers Finance Corp. 4.3750%, 4/15/23		13,950
				78,542
Casino Hotels – 0.1%
	46,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.2500%, 5/30/23 (144A)		42,550
Cellular Telecommunications – 0.1%
	81,000	Sprint Nextel Corp. 7.0000%, 8/15/20		85,050
Chemicals – Diversified – 0.6%
	288,000	LyondellBasell Industries N.V. 5.0000%, 4/15/19		313,372
Chemicals – Specialty – 0.4%
	49,000	Ashland, Inc. 3.8750%, 4/15/18 (144A)		48,510
	50,000	Ashland, Inc. 4.7500%, 8/15/22 (144A)		49,500
	71,000	Ashland, Inc. 6.8750%, 5/15/43 (144A)		72,420
	61,000	Ecolab, Inc. 3.0000%, 12/8/16		63,643
				234,073

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

Janus Value Funds | 57

Perkins Value Plus Income Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Commercial Banks – 1.0%
	$19,000	CIT Group, Inc. 4.7500%, 2/15/15 (144A)	$	19,309
	158,000	CIT Group, Inc. 4.2500%, 8/15/17		158,790
	29,000	CIT Group, Inc. 6.6250%, 4/1/18 (144A)		31,320
	129,000	CIT Group, Inc. 5.5000%, 2/15/19 (144A)		133,193
	56,000	SVB Financial Group 5.3750%, 9/15/20		61,292
	52,000	Zions Bancorp 4.5000%, 3/27/17		54,992
	131,000	Zions Bancorp 5.8000%, 12/15/99‡		123,140
				582,036
Computer Aided Design – 0.2%
	38,000	Autodesk, Inc. 1.9500%, 12/15/17		37,074
	57,000	Autodesk, Inc. 3.6000%, 12/15/22		54,404
				91,478
Consulting Services – 0.7%
	49,000	Verisk Analytics, Inc. 4.8750%, 1/15/19		52,508
	214,000	Verisk Analytics, Inc. 5.8000%, 5/1/21		236,204
	87,000	Verisk Analytics, Inc. 4.1250%, 9/12/22		86,448
				375,160
Data Processing and Management – 0.1%
	37,000	Fiserv, Inc. 3.1250%, 10/1/15		38,595
	26,000	Fiserv, Inc. 3.1250%, 6/15/16		27,112
				65,707
Dialysis Centers – 0.1%
	41,000	Fresenius Medical Care U.S. Finance II, Inc. 5.8750%, 1/31/22 (144A),**		43,153
Diversified Banking Institutions – 1.8%
	15,000	Bank of America Corp. 4.5000%, 4/1/15		15,734
	72,000	Bank of America Corp. 1.5000%, 10/9/15		71,836
	60,000	Bank of America Corp. 3.6250%, 3/17/16		62,676
	90,000	Bank of America Corp. 3.7500%, 7/12/16		94,346
	36,000	Bank of America Corp. 2.0000%, 1/11/18		34,870
	68,000	Bank of America Corp. 8.0000%, 7/30/99‡		75,735
	12,000	Bank of America Corp. 8.1250%, 11/15/99‡		13,500
	72,000	Citigroup, Inc. 5.0000%, 9/15/14		74,824
	59,000	Citigroup, Inc. 5.3500%, 11/15/99‡		55,313
	34,000	Goldman Sachs Group, Inc. 5.6250%, 1/15/17		36,849
	213,000	Goldman Sachs Group, Inc. 2.3750%, 1/22/18		209,130
	100,000	Morgan Stanley 3.4500%, 11/2/15		103,186
	30,000	Morgan Stanley 4.7500%, 3/22/17		31,820
	102,000	Morgan Stanley 2.1250%, 4/25/18		97,617
	15,000	Royal Bank of Scotland Group PLC 2.5500%, 9/18/15**		15,251
	54,000	Royal Bank of Scotland Group PLC 6.1000%, 6/10/23**		51,231
				1,043,918
Diversified Financial Services – 0.7%
	53,000	Carlyle Holdings Finance LLC 3.8750%, 2/1/23 (144A)		51,293
	7,000	General Electric Capital Corp. 6.3750%, 11/15/67‡		7,280
	100,000	General Electric Capital Corp. 6.2500%, 12/15/99‡		106,250
	200,000	General Electric Capital Corp. 7.1250%, 12/15/99‡		226,000
				390,823
Diversified Minerals – 0.1%
	68,000	FMG Resources (August 2006) Pty, Ltd. 7.0000%, 11/1/15 (144A)		68,680
Diversified Operations – 0.4%
	45,000	Danaher Corp. 2.3000%, 6/23/16		46,529
	33,000	GE Capital Trust I 6.3750%, 11/15/67‡		34,196
	124,000	Ingersoll-Rand Global Holding Co., Ltd. 4.2500%, 6/15/23 (144A)		123,221
				203,946
Electric – Generation – 0%
	9,000	AES Corp. 7.7500%, 10/15/15		9,923
Electric – Integrated – 0.5%
	51,000	CMS Energy Corp. 4.2500%, 9/30/15		54,089
	38,000	CMS Energy Corp. 5.0500%, 2/15/18		42,212
	39,000	Great Plains Energy, Inc. 4.8500%, 6/1/21		41,423
	78,000	PPL Energy Supply LLC 4.6000%, 12/15/21		79,375
	46,000	PPL WEM Holdings PLC 3.9000%, 5/1/16 (144A)		48,074
	32,000	PPL WEM Holdings PLC 5.3750%, 5/1/21 (144A)		35,092
				300,265
Electronic Components – Semiconductors – 0.4%
	214,000	Samsung Electronics America, Inc. 1.7500%, 4/10/17 (144A)		211,967

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

58 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Electronic Connectors – 0.1%
	$43,000	Amphenol Corp. 4.0000%, 2/1/22	$	42,912
Electronic Measuring Instruments – 0.3%
	60,000	Agilent Technologies, Inc. 2.5000%, 7/15/13		60,037
	84,000	FLIR Systems, Inc. 3.7500%, 9/1/16		86,823
				146,860
Engineering – Research and Development Services – 0.2%
	60,000	URS Corp. 4.3500%, 4/1/17 (144A)		61,124
	59,000	URS Corp. 5.5000%, 4/1/22 (144A)		60,882
				122,006
Finance – Auto Loans – 1.3%
	200,000	Ford Motor Credit Co. LLC 3.8750%, 1/15/15		206,149
	210,000	Ford Motor Credit Co. LLC 6.6250%, 8/15/17		237,677
	200,000	Ford Motor Credit Co. LLC 5.8750%, 8/2/21		218,050
	39,000	General Motors Financial Co., Inc. 3.2500%, 5/15/18 (144A)		37,927
	54,000	General Motors Financial Co., Inc. 4.2500%, 5/15/23 (144A)		50,287
				750,090
Finance – Credit Card – 0.2%
	67,000	American Express Co. 6.8000%, 9/1/66‡		71,523
	46,000	American Express Credit Corp. 1.7500%, 6/12/15		46,624
				118,147
Finance – Investment Bankers/Brokers – 0.7%
	75,000	Charles Schwab Corp. 7.0000%, 8/1/99‡		83,625
	51,000	Lazard Group LLC 7.1250%, 5/15/15		55,379
	13,000	Lazard Group LLC 6.8500%, 6/15/17		14,541
	215,000	Raymond James Financial, Inc. 5.6250%, 4/1/24		226,445
				379,990
Finance – Leasing Companies – 0.3%
	200,000	LeasePlan Corp. N.V. 2.5000%, 5/16/18 (144A),**		192,742
Finance – Mortgage Loan Banker – 0.2%
	100,000	Northern Rock Asset Management PLC 5.6250%, 6/22/17 (144A),**		113,232
Finance – Other Services – 0.1%
	53,000	CNH Capital LLC 3.6250%, 4/15/18 (144A)		50,483
Food – Meat Products – 0.3%
	100,000	Tyson Foods, Inc. 6.6000%, 4/1/16		112,954
	78,000	Tyson Foods, Inc. 4.5000%, 6/15/22		79,702
				192,656
Food – Miscellaneous/Diversified – 0.5%
	25,000	Hawk Acquisition Sub, Inc. 4.2500%, 10/15/20 (144A)		23,906
	232,000	Kraft Foods Group, Inc. 2.2500%, 6/5/17		233,628
				257,534
Food – Retail – 0.2%
	22,000	Safeway, Inc. 3.9500%, 8/15/20		21,573
	99,000	Safeway, Inc. 4.7500%, 12/1/21		100,865
				122,438
Hotels and Motels – 0.2%
	50,000	Starwood Hotels & Resorts Worldwide, Inc. 6.7500%, 5/15/18		59,118
	50,000	Starwood Hotels & Resorts Worldwide, Inc. 7.1500%, 12/1/19		60,389
				119,507
Investment Management and Advisory Services – 0.4%
	65,000	Ameriprise Financial, Inc. 7.5180%, 6/1/66‡		71,012
	100,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.6250%, 3/15/20 (144A)		103,500
	60,000	Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.8750%, 3/15/22 (144A)		61,200
				235,712
Life and Health Insurance – 0.3%
	152,000	Primerica, Inc. 4.7500%, 7/15/22		160,827
Linen Supply & Related Items – 0.1%
	31,000	Cintas Corp. No. 2 2.8500%, 6/1/16		32,364
	34,000	Cintas Corp. No. 2 4.3000%, 6/1/21		35,605
				67,969
Medical – Biomedical and Genetic – 0.3%
	12,000	Bio-Rad Laboratories, Inc. 8.0000%, 9/15/16		12,557
	142,000	Life Technologies Corp. 6.0000%, 3/1/20		159,973
				172,530
Medical – Drugs – 0.4%
	114,000	AbbVie, Inc. 1.7500%, 11/6/17 (144A)		111,688
	19,000	AbbVie, Inc. 2.0000%, 11/6/18 (144A)		18,423
	90,000	VPII Escrow Corp. 6.7500%, 8/15/18 (144A)		92,250
				222,361

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

Janus Value Funds | 59

Perkins Value Plus Income Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Medical – Generic Drugs – 0.2%
	$119,000	Actavis, Inc. 1.8750%, 10/1/17	$	116,008
Metal Processors and Fabricators – 0.2%
	91,000	Precision Castparts Corp. 1.2500%, 1/15/18		88,471
Multi-Line Insurance – 0.8%
	94,000	American International Group, Inc. 4.2500%, 9/15/14		97,482
	26,000	American International Group, Inc. 5.6000%, 10/18/16		28,972
	47,000	American International Group, Inc. 5.4500%, 5/18/17		51,810
	129,000	American International Group, Inc. 8.1750%, 5/15/58‡		157,380
	48,000	ING U.S., Inc. 2.9000%, 2/15/18 (144A)		48,241
	56,000	ING U.S., Inc. 5.6500%, 5/15/53 (144A),‡		52,640
	10,000	Loews Corp. 2.6250%, 5/15/23		9,096
				445,621
Oil – Field Services – 0.4%
	200,000	Korea National Oil Corp. 4.0000%, 10/27/16 (144A)		211,501
Oil and Gas Drilling – 0.3%
	100,000	Nabors Industries, Inc. 5.0000%, 9/15/20		101,941
	43,000	Rowan Cos., Inc. 5.0000%, 9/1/17		46,474
				148,415
Oil Companies – Exploration and Production – 1.6%
	250,000	Chesapeake Energy Corp. 5.3750%, 6/15/21		248,750
	81,000	Cimarex Energy Co. 5.8750%, 5/1/22		83,835
	15,000	Continental Resources, Inc. 7.1250%, 4/1/21		16,500
	160,000	Continental Resources, Inc. 5.0000%, 9/15/22		162,800
	39,000	Occidental Petroleum Corp. 1.7500%, 2/15/17		38,969
	53,000	Petrohawk Energy Corp. 10.5000%, 8/1/14		55,703
	128,000	Petrohawk Energy Corp. 7.8750%, 6/1/15		130,752
	37,000	Plains Exploration & Production Co. 6.5000%, 11/15/20		39,228
	117,000	Plains Exploration & Production Co. 6.8750%, 2/15/23		125,178
				901,715
Oil Companies – Integrated – 0.1%
	35,000	Phillips 66 2.9500%, 5/1/17		36,072
Oil Refining and Marketing – 0.1%
	50,000	Motiva Enterprises LLC 5.7500%, 1/15/20 (144A)		57,057
Pharmacy Services – 0.7%
	75,000	Express Scripts Holding Co. 2.1000%, 2/12/15		76,274
	55,000	Express Scripts Holding Co. 3.1250%, 5/15/16		57,192
	258,000	Express Scripts Holding Co. 2.6500%, 2/15/17		262,709
				396,175
Pipelines – 1.5%
	50,000	Crosstex Energy L.P. / Crosstex Energy Finance Corp. 8.8750%, 2/15/18		53,000
	37,000	DCP Midstream Operating L.P. 3.2500%, 10/1/15		38,347
	120,000	DCP Midstream Operating L.P. 4.9500%, 4/1/22		123,003
	90,000	El Paso LLC 7.0000%, 6/15/17		97,844
	50,000	El Paso Pipeline Partners Operating Co. LLC 6.5000%, 4/1/20		57,871
	37,000	El Paso Pipeline Partners Operating Co. LLC 5.0000%, 10/1/21		39,698
	151,000	Kinder Morgan Finance Co. LLC 5.7000%, 1/5/16		161,735
	50,000	Plains All American Pipeline L.P. / PAA Finance Corp. 3.9500%, 9/15/15		53,030
	157,000	Western Gas Partners L.P. 5.3750%, 6/1/21		168,470
	61,000	Williams Cos., Inc. 3.7000%, 1/15/23		56,674
				849,672
Publishing – Newspapers – 0%
	6,000	Gannett Co., Inc. 6.3750%, 9/1/15		6,480
Publishing – Periodicals – 0.1%
	58,000	UBM PLC 5.7500%, 11/3/20 (144A),**		58,797
Real Estate Management/Services – 0.2%
	23,000	CBRE Services, Inc. 6.6250%, 10/15/20		24,265
	102,000	Jones Lang LaSalle, Inc. 4.4000%, 11/15/22		100,090
				124,355
Real Estate Operating/Development – 0.1%
	37,000	Post Apartment Homes L.P. 4.7500%, 10/15/17		39,872
REIT – Diversified – 0.9%
	88,000	American Tower Trust I 1.5510%, 3/15/18 (144A)		86,476
	181,000	American Tower Trust I 3.0700%, 3/15/23 (144A)		172,879
	250,000	Goodman Funding Pty, Ltd. 6.3750%, 4/15/21 (144A)		279,981
				539,336
REIT – Health Care – 0.1%
	27,000	Senior Housing Properties Trust 6.7500%, 12/15/21		29,829

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

60 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
REIT – Hotels – 0.1%
	$24,000	Host Hotels & Resorts L.P. 6.7500%, 6/1/16	$	24,355
	18,000	Host Hotels & Resorts L.P. 3.7500%, 10/15/23		16,509
				40,864
REIT – Office Property – 0.6%
	120,000	Alexandria Real Estate Equities, Inc. 4.6000%, 4/1/22		122,295
	210,000	SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Partnership 5.0000%, 8/15/18		223,588
				345,883
Retail – Regional Department Stores – 0%
	21,000	Macy’s Retail Holdings, Inc. 5.9000%, 12/1/16		23,855
Retail – Restaurants – 0.2%
	144,000	Brinker International, Inc. 3.8750%, 5/15/23		135,044
Retail – Toy Store – 0.1%
	50,000	Toys R Us Property Co. II LLC 8.5000%, 12/1/17		51,938
Security Services – 0.3%
	198,000	ADT Corp. 4.1250%, 6/15/23		186,498
Semiconductor Components/Integrated Circuits – 0.4%
	250,000	TSMC Global, Ltd. 1.6250%, 4/3/18 (144A)		240,337
Steel – Producers – 0.2%
	48,000	ArcelorMittal 5.0000%, 2/25/17**		48,600
	35,000	Reliance Steel & Aluminum Co. 4.5000%, 4/15/23		33,193
	34,000	Steel Dynamics, Inc. 5.2500%, 4/15/23 (144A)		33,320
				115,113
Super-Regional Banks – 0.1%
	37,000	Wells Fargo & Co. 7.9800%, 9/15/99‡		41,810
Telecommunication Services – 0.1%
	50,000	SBA Tower Trust 2.9330%, 12/15/17 (144A)		50,458
Telephone – Integrated – 0.3%
	124,000	Qwest Communications International, Inc. 7.1250%, 4/1/18		128,650
	35,000	Sprint Capital Corp. 6.9000%, 5/1/19		36,400
				165,050
Transportation – Services – 0%
	7,000	Asciano Finance, Ltd. 3.1250%, 9/23/15 (144A)		7,153
Transportation – Truck – 0.1%
	55,000	JB Hunt Transport Services, Inc. 3.3750%, 9/15/15		57,342
Trucking and Leasing – 0.2%
	13,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.5000%, 3/15/16 (144A)		13,223
	92,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.3750%, 3/15/18 (144A)		94,588
	34,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp. 4.2500%, 1/17/23 (144A)		33,610
				141,421
Total Corporate Bonds (cost $13,320,924)				13,515,228
Mortgage-Backed Securities – 9.3%
		Fannie Mae:
	21,468	5.5000%, 1/1/25		23,172
	45,682	5.5000%, 7/1/25		49,245
	64,588	5.0000%, 9/1/29		69,938
	22,883	5.0000%, 1/1/30		24,804
	12,709	5.5000%, 1/1/33		14,016
	34,556	5.0000%, 9/1/33		38,586
	8,925	5.0000%, 11/1/33		9,656
	18,688	5.0000%, 12/1/33		20,217
	10,113	5.0000%, 2/1/34		10,940
	143,455	5.5000%, 7/1/35		157,285
	27,683	5.0000%, 10/1/35		29,835
	68,914	6.0000%, 12/1/35		76,950
	28,619	5.5000%, 1/1/36		31,213
	9,516	6.0000%, 2/1/37		10,687
	16,569	6.0000%, 5/1/37		18,030
	15,455	5.5000%, 7/1/37		16,762
	93,278	6.0000%, 9/1/37		102,034
	16,178	5.5000%, 3/1/38		17,836
	62,884	6.0000%, 10/1/38		70,679
	17,174	6.0000%, 11/1/38		18,688
	28,747	7.0000%, 2/1/39		32,268
	20,658	6.0000%, 10/1/39		22,875
	53,447	5.0000%, 2/1/40		58,527
	35,053	6.0000%, 4/1/40		38,145
	25,268	5.0000%, 6/1/40		27,870
	53,249	5.0000%, 6/1/40		58,261
	70,819	5.0000%, 6/1/40		77,848
	116,905	6.0000%, 7/1/40		130,394
	16,940	4.5000%, 10/1/40		18,252
	168,347	5.0000%, 2/1/41		184,261
	17,219	5.0000%, 3/1/41		19,004
	27,862	4.5000%, 4/1/41		30,081
	33,628	5.0000%, 4/1/41		36,809
	47,782	5.0000%, 4/1/41		52,748
	45,844	4.5000%, 5/1/41		49,673
	26,351	5.0000%, 5/1/41		29,094
	34,987	5.0000%, 5/1/41		39,000
	97,391	4.5000%, 6/1/41		105,461
	51,740	5.0000%, 6/1/41		56,574
	261,806	5.0000%, 6/1/41		291,653
	23,690	5.0000%, 7/1/41		25,964
	68,555	5.0000%, 7/1/41		75,072
	317,279	4.5000%, 8/1/41		345,859
	33,897	5.0000%, 10/1/41		36,930
		Freddie Mac:
	19,646	5.0000%, 1/1/19		20,765
	14,043	5.0000%, 2/1/19		14,842

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

Janus Value Funds | 61

Perkins Value Plus Income Fund

Schedule of Investments

As of June 30, 2013

Shares or Principal Amount			Value
Mortgage-Backed Securities – (continued)
		Freddie Mac: (continued)
	$19,003	5.5000%, 8/1/19	$	20,300
	30,165	5.0000%, 6/1/20		32,315
	62,797	5.5000%, 12/1/28		68,693
	82,082	5.0000%, 1/1/36		90,826
	43,363	5.5000%, 10/1/36		47,927
	25,000	5.0000%, 11/1/36		26,735
	34,732	6.0000%, 1/1/38		37,721
	12,724	5.5000%, 5/1/38		13,870
	204,382	6.0000%, 11/1/38		228,863
	70,804	5.0000%, 5/1/39		77,268
	39,202	5.5000%, 10/1/39		42,874
	42,788	4.5000%, 1/1/41		45,898
	92,348	5.0000%, 5/1/41		101,404
	28,808	5.0000%, 9/1/41		31,150
		Ginnie Mae:
	55,971	5.1000%, 12/15/29		63,107
	32,753	6.0000%, 11/20/34		36,516
	10,564	5.5000%, 9/15/35		11,851
	12,891	5.5000%, 5/20/36		14,194
	23,026	6.0000%, 1/20/39		25,885
	23,734	5.0000%, 4/15/39		25,723
	161,455	5.5000%, 8/15/39		182,090
	32,802	5.0000%, 10/15/39		35,932
	55,078	5.0000%, 11/15/39		60,962
	15,802	5.0000%, 1/15/40		17,490
	11,739	5.0000%, 4/15/40		12,994
	18,412	5.0000%, 4/15/40		20,662
	22,049	5.0000%, 5/15/40		24,246
	29,295	5.0000%, 5/20/40		32,273
	8,241	5.0000%, 7/15/40		9,122
	54,870	5.0000%, 7/15/40		60,732
	55,698	5.0000%, 2/15/41		61,135
	21,684	5.0000%, 5/15/41		23,936
	12,898	4.5000%, 7/15/41		13,837
	52,542	4.5000%, 7/15/41		56,299
	123,947	4.5000%, 8/15/41		135,228
	16,899	5.0000%, 9/15/41		18,436
	9,466	5.5000%, 9/20/41		10,368
	105,243	5.0000%, 10/15/41		114,156
	64,911	4.5000%, 10/20/41		69,394
	38,893	5.0000%, 10/20/41		42,331
	9,503	6.0000%, 10/20/41		10,662
	30,286	6.0000%, 12/20/41		33,992
	27,862	6.0000%, 1/20/42		31,259
	28,099	6.0000%, 2/20/42		31,525
	16,930	6.0000%, 3/20/42		18,986
	49,707	6.0000%, 4/20/42		55,744
	22,277	3.5000%, 5/20/42		23,014
	39,204	6.0000%, 5/20/42		43,994
	101,601	5.5000%, 7/20/42		111,420
	26,171	6.0000%, 7/20/42		29,370
	27,843	6.0000%, 8/20/42		31,244
	33,626	6.0000%, 9/20/42		37,710
	24,714	6.0000%, 11/20/42		27,738
	28,344	6.0000%, 2/20/43		31,787
Total Mortgage-Backed Securities (cost $5,298,735)				5,251,991
Preferred Stock – 0.3%
Diversified Financial Services – 0.1%
	1,500	Citigroup Capital XIII, 7.8750%		41,775
Electric – Integrated – 0.1%
	600	PPL Corp., 8.7500%		32,412
Finance – Credit Card – 0.1%
	4,275	Discover Financial Services, 6.5000%		107,302
Total Preferred Stock (cost $178,973)				181,489
U.S. Treasury Notes/Bonds – 8.1%
		U.S. Treasury Notes/Bonds:
	$570,000	0.1250%, 12/31/14		568,976
	1,710,000	0.1250%, 4/30/15		1,703,521
	1,155,000	0.2500%, 5/31/15		1,152,969
	875,000	0.3750%, 2/15/16		871,104
	111,000	1.7500%, 5/15/23		103,958
	243,000	2.8750%, 5/15/43		215,055
Total U.S. Treasury Notes/Bonds (cost $4,620,175)				4,615,583
Money Market – 0.6%
	368,000	Janus Cash Liquidity Fund LLC, 0%£ (cost $368,000)		368,000
Total Investments (total cost $52,888,253) – 100.0%				56,673,676
Liabilities, net of Cash, Receivables and Other Assets– (0.0)%				(11,241)
Net Assets – 100%			$	56,662,435

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

			% of Investment
Country	Value		Securities
Australia	$	355,814		0.6%
Canada		450,068		0.8%
France		864,770		1.5%
Germany		160,835		0.3%
Ireland		288,935		0.5%
Israel		486,080		0.9%
Japan		219,100		0.4%
Luxembourg		48,600		0.1%
Netherlands		192,742		0.3%
Norway		904,456		1.6%
South Korea		728,418		1.3%
Switzerland		608,106		1.1%
Taiwan		240,337		0.4%
United Kingdom		3,227,810		5.7%
United States††		47,897,605		84.5%
Total	$	56,673,676		100.0%

†† Includes Cash Equivalents of 0.6%.

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

62 | JUNE 30, 2013

Schedule of Investments

As of June 30, 2013

Forward Currency Contracts, Open

					Unrealized
	Currency Units		Currency		Appreciation/
Counterparty/Currency and Settlement Date	Sold		Value U.S. $		(Depreciation)
Credit Suisse Securities (USA) LLC:
British Pound 8/8/13		55,000	$	83,615	$	294
Euro 8/8/13		149,000		193,955		(164)
				277,570		130
HSBC Securities (USA), Inc.:
British Pound 8/15/13		1,184,000		1,799,914		8,889
Euro 8/15/13		800,000		1,041,406		(6)
				2,841,320		8,883
Total			$	3,118,890	$	9,013

Schedule of Written Options – Calls	Value
AbbVie, Inc. expires July 2013 15 contracts exercise price $47.50	$	(28)
ADT Corp. expires July 2013 16 contracts exercise price $45.00		(107)
Agilent Technologies, Inc. expires July 2013 15 contracts exercise price $49.00		(31)
Altera Corp. expires July 2013 20 contracts exercise price $36.00		(250)
Ameriprise Financial, Inc. expires July 2013 8 contracts exercise price $90.00		(85)
Baxter International, Inc. expires July 2013 9 contracts exercise price $75.00		(43)
CA, Inc. expires July 2013 23 contracts exercise price $30.00		(344)
CenturyLink, Inc. expires July 2013 18 contracts exercise price $38.00		(42)
Chevron Corp. expires July 2013 5 contracts exercise price $125.00		(31)
Coach, Inc. expires July 2013 11 contracts exercise price $62.50		(42)
Diebold, Inc. expires July 2013 3 contracts exercise price $35.00		(85)
Dr. Pepper Snapple Group, Inc. expires July 2013 14 contracts exercise price $50.00		(38)
Exxon Mobil Corp. expires July 2013 7 contracts exercise price $95.00		(68)
Humana, Inc. expires July 2013 8 contracts exercise price $90.00		(344)
Intuit, Inc. expires July 2013 11 contracts exercise price $65.00		(552)
Johnson & Johnson expires July 2013 8 contracts exercise price $90.00		(49)
Johnson Controls, Inc. expires July 2013 12 contracts exercise price $39.00		(74)
JPMorgan Chase & Co. expires July 2013 12 contracts exercise price $57.50		(33)
Manpowergroup, Inc. expires July 2013 12 contracts exercise price $60.00		(151)
McDonald’s Corp. expires July 2013 7 contracts exercise price $105.00		(22)
McKesson Corp. expires July 2013 6 contracts exercise price $120.00		(302)
Men’s Wearhouse, Inc. expires July 2013 18 contracts exercise price $40.00		(576)
Microsoft Corp. expires July 2013 19 contracts exercise price $38.00		(21)
Noble Energy, Inc. expires July 2013 11 contracts exercise price $67.50		(57)

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

Janus Value Funds | 63

Perkins Value Plus Income Fund

Schedule of Investments

As of June 30, 2013

	Value
Schedule of Written Options – Calls – (continued)
Nordstrom, Inc. expires July 2013 11 contracts exercise price $65.00	$	(43)
Occidental Petroleum Corp. expires July 2013 7 contracts exercise price $100.00		(17)
Pfizer, Inc. expires July 2013 22 contracts exercise price $32.00		(10)
PNC Financial Services Group, Inc. expires July 2013 9 contracts exercise price $75.00		(435)
Procter & Gamble Co. expires July 2013 8 contracts exercise price $82.50		(34)
Quest Diagnostics, Inc. expires July 2013 10 contracts exercise price $65.00		(159)
Schlumberger, Ltd. (U.S. Shares) expires July 2013 9 contracts exercise price $80.00		(24)
Stryker Corp. expires July 2013 10 contracts exercise price $70.00		(57)
Tyco International, Ltd. (U.S. Shares) expires July 2013 19 contracts exercise price $35.00		(63)
VF Corp. expires July 2013 2 contracts exercise price $200.00		(221)
Wells Fargo & Co. expires July 2013 16 contracts exercise price $43.00		(271)
Western Union Co. expires July 2013 38 contracts exercise price $18.00		(345)
Xilinx, Inc. expires July 2013 16 contracts exercise price $44.00		(46)
Total Written Options – Calls (premiums received $10,238)	$	(5,100)
Schedule of Written Options – Puts
ADT Corp. expires July 2013 8 contracts exercise price $35.00	$	(47)
Apple, Inc. expires July 2013 2 contracts exercise price $360.00		(235)
EMC Corp. expires July 2013 13 contracts exercise price $21.00		(49)
Ensco PLC – Class A expires July 2013 6 contracts exercise price $50.00		(31)
Exxon Mobil Corp. expires July 2013 4 contracts exercise price $80.00		(18)
McKesson Corp. expires July 2013 3 contracts exercise price $100.00		(13)
Men’s Wearhouse, Inc. expires July 2013 9 contracts exercise price $31.00		(12)
Total Written Options – Puts (premiums received $821)	$	(405)

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

64 | JUNE 30, 2013

Notes to Schedules of Investments and Other Information

Barclays U.S. Aggregate Bond Index	Made up of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.
CBOE VIX Index	The Chicago Board of Options Exchange (CBOE) Volatility Index (“VIX”) shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options and is a widely used measure of market risk and is often referred to as the “investor fear” gauge.
Russell 1000® Value Index	Measures the performance of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell 2000® Value Index	Measures the performance of those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell 3000® Value Index	Measures the performance of the broad value segment of the U.S. equity universe. The index includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap® Value Index	Measures the performance of those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values.
S&P 500® Index	A commonly recognized, market-capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
Value Income Index	Value Income Index is a hypothetical internally-calculated index which combines the total returns from the Russell 1000® Value Index (50%) and the Barclays U.S. Aggregate Bond Index (50%).
A.G.	Aktiengesellschaft: German term for Public Limited Company.
ADR	American Depositary Receipt
A.S.A.	Allmennaksjeselskap: Norwegian term for Public Limited Company.
ETF	Exchange-Traded Fund
L.P.	Limited Partnership
LLC	Limited Liability Company
N.V.	Naamloze Vennootschap: Dutch term for Public Limited Liability Company.
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S.A.	Sociedad Anonima: Spanish term for publicly-traded company.
SPDR	Standard & Poor’s Depositary Receipt
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.

Repurchase agreements held by a Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2013 is indicated in the table below:

			Value as a %
Fund	Value		of Net Assets
Perkins Value Plus Income Fund	$	3,672,724		6.5	%

* Non-income producing security.

Janus Value Funds | 65

Notes to Schedules of Investments and Other Information (continued)

** A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of June 30, 2013, is noted below.

Fund	Aggregate Value
Perkins Value Plus Income Fund	$	7,892,428

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

§  Schedule of Restricted and Illiquid Securities (as of June 30, 2013)

	Acquisition	Acquisition				Value as a
	Date	Cost		Value		% of Net Assets
Perkins Value Plus Income Fund
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20	4/29/13	$	72,158	$	70,159	0.1%

The Fund has registration rights for certain restricted securities held as of June 30, 2013. The issuer incurs all registration costs.

£  The Funds 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. Based on the Funds’ relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended June 30, 2013. Except for the value at year end, all other information in the table is for the year ended June 30, 2013.

	Purchases			Sales			Realized		Dividend		Value
	Shares	Cost		Shares	Cost		Gain/(Loss)		Income		at 6/30/13
Perkins Mid Cap Value Fund
Potlatch Corp.(1)	–	$	–	(827,429)	$	(26,807,471)	$	5,003,620	$	1,953,000		N/A
QLogic Corp.*	584,406		6,182,130	(5,084,606)		(71,329,509)		(18,675,494)		–	$	–
STERIS Corp.(1)	–		–	(1,800,000)		(60,087,979)		7,103,123		1,539,000		N/A
Washington Federal, Inc.(1)	310,000		4,989,323	(2,109,042)		(41,945,785)		(5,013,080)		1,706,740		N/A
WMS Industries, Inc.*	1,492,843		25,338,478	(2,926,962)		(53,654,351)		(5,233,183)		–		–
		$	36,509,931		$	(253,825,095)	$	(16,815,014)	$	5,198,740	$	–
Perkins Small Cap Value Fund
Callaway Golf Co.(1)	–	$	–	(1,839,000)	$	(14,151,713)	$	(2,100,212)	$	113,000		N/A
Kaydon Corp.(1)	100,000		2,320,361	(388,500)		(13,261,631)		(3,693,079)		1,155,400		N/A
MarineMax, Inc.*	200,000		1,440,715	(675,000)		(5,064,185)		3,490,820		–	$	14,162,500
Petroquest Energy, Inc.*	–		–	(3,548,000)		(25,566,303)		(8,175,989)		–		–
Sterling Construction Co., Inc.*	–		–	(213,179)		(3,883,205)		(1,547,366)		–		8,833,500
		$	3,761,076		$	(61,927,037)	$	(12,025,826)	$	1,268,400	$	22,996,000
Perkins Value Plus Income Fund
Janus Cash Liquidity Fund LLC	21,445,889	$	21,445,889	(21,507,781)	$	(21,507,781)	$	–	$	1,911	$	368,000

(1) Company was no longer an affiliate as of June 30, 2013.

66 | JUNE 30, 2013

The following is a summary of the inputs that were used to value the Funds’ investments in securities and other financial instruments as of June 30, 2013. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of June 30, 2013)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Perkins Large Cap Value Fund
Common Stock
Cellular Telecommunications	$	–	$	2,672,820	$	–
Food – Miscellaneous/Diversified		1,358,840		1,359,120		–
Medical – Drugs		8,036,076		2,658,696		–
Medical – Generic Drugs		–		1,630,720		–
Oil Companies – Integrated		2,061,068		2,743,400		–
All Other		96,056,562		–		–
		–		–
Exchange-Traded Fund		571,920		–		–
Repurchase Agreement		–		14,400,000		–
Total Investments in Securities	$	108,084,466	$	25,464,756	$	–
Investments in Securities:
Perkins Mid Cap Value Fund
Common Stock
Cellular Telecommunications	$	–	$	137,970,279	$	–
Food – Miscellaneous/Diversified		–		80,912,944		–
Medical – Generic Drugs		–		123,766,395		–
All Other		10,246,420,196		–		–
Repurchase Agreements		–		1,136,700,000		–
Total Investments in Securities	$	10,246,420,196	$	1,479,349,618	$	–
Investments in Securities:
Perkins Select Value Fund
Common Stock
Cellular Telecommunications	$	–	$	1,551,960	$	–
Medical – Drugs		2,765,290		2,754,900		–
Medical – Generic Drugs		–		1,293,600		–
All Other		54,140,928		–		–
Corporate Bond		–		1,229,040		–
Preferred Stock		–		372,750		–
Repurchase Agreement		–		7,700,000		–
Total Investments in Securities	$	56,906,218	$	14,902,250	$	–
Investments in Securities:
Perkins Small Cap Value Fund
Common Stock
Telecommunication Equipment	$	–	$	25,823,000	$	–
All Other		2,256,364,962		–		–
Repurchase Agreements		–		216,700,000		–
Total Investments in Securities	$	2,256,364,962	$	242,523,000	$	–

Janus Value Funds | 67

Notes to Schedules of Investments and Other Information (continued)

			Level 2 – Other Significant		Level 3 – Significant
	Level 1 – Quoted Prices		Observable Inputs		Unobservable Inputs
Investments in Securities:
Perkins Value Plus Income Fund
Asset-Backed/Commercial Mortgage-Backed Securities	$	–	$	790,796	$	–
Bank Loans		–		144,824		–
Common Stock
Cellular Telecommunications		–		1,300,030		–
Food – Miscellaneous/Diversified		–		190,115		–
Medical – Drugs		1,086,582		882,941		–
Medical – Generic Drugs		–		486,080		–
Oil Companies – Integrated		559,388		1,302,900		–
All Other		25,997,729		–		–
Corporate Bonds		–		13,515,228		–
Mortgage-Backed Securities		–		5,251,991		–
Preferred Stock		–		181,489		–
U.S. Treasury Notes/Bonds		–		4,615,583		–
Money Market		–		368,000		–
Total Investments in Securities	$	27,643,699	$	29,029,977	$	–
Other Financial Instruments(a) – Assets:
Forward currency contracts	$	–	$	9,183	$	–
Other Financial Instruments(a) – Liabilities:
Options written, at value	$	–	$	5,505	$	–
Forward currency contracts		–		170		–

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

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Janus Value Funds | 69

Statements of Assets and Liabilities

As of June 30, 2013
(all numbers in thousands except net asset value per share)	Perkins Large Cap Value Fund		Perkins Mid Cap Value Fund		Perkins Select Value Fund		Perkins Small Cap Value Fund		Perkins Value Plus Income Fund
Assets:
Investments at cost(1)	$	109,102	$	9,781,056	$	64,298	$	2,092,848	$	52,888
Unaffiliated investments at value	$	119,149	$	10,589,070	$	64,108	$	2,259,192	$	56,306
Affiliated investments at value		–		–		–		22,996		368
Repurchase agreements		14,400		1,136,700		7,700		216,700		–
Cash		–		53,519		54		59		–
Receivables:
Investments sold		463		97,862		–		26,636		1,635
Closed foreign currency contracts		–		–		–		–		39
Fund shares sold		84		8,477		17		19,896		15
Dividends		264		22,025		147		1,864		161
Foreign dividend tax reclaim		–		–		30		–		3
Interest		–		14		67		2		173
Non-interested Trustees’ deferred compensation		2		204		1		43		1
Other assets		1		34		–		7		–
Forward currency contracts		–		–		–		–		9
Total Assets		134,363		11,907,905		72,124		2,547,395		58,710
Liabilities:
Payables:
Options written, at value(2)		–		–		–		–		6
Due to custodian		4		–		–		–		2
Investments purchased		2,053		157,814		55		33,055		1,920
Fund shares repurchased		84		50,010		1		43,662		3
Dividends		–		–		–		–		3
Advisory fees		54		4,663		33		1,117		20
Fund administration fees		1		97		1		21		–
Internal servicing cost		1		39		1		9		–
Administrative services fees		4		1,439		1		213		4
Distribution fees and shareholder servicing fees		3		565		–		68		7
Administrative, networking and omnibus fees		6		733		–		75		1
Non-interested Trustees’ fees and expenses		1		97		1		24		–
Non-interested Trustees’ deferred compensation fees		2		204		1		43		1
Accrued expenses and other payables		51		848		54		275		81
Forward currency contracts		–		–		–		–		–
Total Liabilities		2,264		216,509		148		78,562		2,048
Net Assets	$	132,099	$	11,691,396	$	71,976	$	2,468,833	$	56,662

See footnotes at the end of the Statements.

See Notes to Financial Statements.

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71

Statements of Assets and Liabilities  (continued)

As of June 30, 2013
(all numbers in thousands except net asset value per share)	Perkins Large Cap Value Fund		Perkins Mid Cap Value Fund		Perkins Select Value Fund		Perkins Small Cap Value Fund		Perkins Value Plus Income Fund
Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	97,486	$	8,905,321	$	61,900	$	2,017,560	$	50,945
Undistributed net investment income*		853		140,970		577		20,453		181
Undistributed net realized gain from investment and foreign currency transactions*		9,312		700,377		1,988		24,777		1,736
Unrealized net appreciation of investments, foreign currency translations and non-interested Trustees’ deferred compensation		24,448		1,944,728		7,511		406,043		3,800
Total Net Assets	$	132,099	$	11,691,396	$	71,976	$	2,468,833	$	56,662
Net Assets - Class A Shares	$	3,390	$	896,589	$	109	$	115,675	$	6,200
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		217		37,419		9		4,897		531
Net Asset Value Per Share(3)	$	15.62	$	23.96	$	11.76	$	23.62	$	11.68
Maximum Offering Price Per Share(4)	$	16.57	$	25.42	$	12.48	$	25.06	$	12.39
Net Assets - Class C Shares	$	3,014	$	189,096	$	124	$	17,316	$	5,485
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		195		7,996		11		749		469
Net Asset Value Per Share(3)	$	15.44	$	23.65	$	11.68	$	23.13	$	11.71
Net Assets - Class D Shares	$	32,031	$	869,066	$	5,742	$	74,980	$	24,811
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,057		36,173		488		3,169		2,123
Net Asset Value Per Share	$	15.57	$	24.03	$	11.78	$	23.66	$	11.69
Net Assets - Class I Shares	$	40,943	$	3,033,537	$	64,631	$	821,829	$	9,903
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,621		126,272		5,478		34,672		847
Net Asset Value Per Share	$	15.62	$	24.02	$	11.80	$	23.70	$	11.70
Net Assets - Class L Shares		N/A	$	24,332		N/A	$	230,021		N/A
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		N/A		1,003		N/A		9,551		N/A
Net Asset Value Per Share		N/A	$	24.26		N/A	$	24.08		N/A
Net Assets - Class N Shares	$	49,186	$	222,244		N/A	$	251,691		N/A
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,152		9,248		N/A		10,616		N/A
Net Asset Value Per Share	$	15.61	$	24.03		N/A	$	23.71		N/A
Net Assets - Class R Shares		N/A	$	163,302		N/A	$	30,415		N/A
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		N/A		6,853		N/A		1,303		N/A
Net Asset Value Per Share		N/A	$	23.83		N/A	$	23.34		N/A
Net Assets - Class S Shares	$	480	$	709,171	$	13	$	80,862	$	4,453
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		31		29,655		1		3,437		381
Net Asset Value Per Share	$	15.62	$	23.91	$	11.77	$	23.53	$	11.69
Net Assets - Class T Shares	$	3,055	$	5,584,059	$	1,357	$	846,044	$	5,810
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		197		232,559		115		35,769		497
Net Asset Value Per Share	$	15.55	$	24.01	$	11.77	$	23.65	$	11.69

*	See Note 5 in Notes to Financial Statements.
(1)	Includes cost of repurchase agreements of $14,400,000, $1,136,700,000, $7,700,000 and $216,700,000 for Perkins Large Cap Value Fund, Perkins Mid Cap Value Fund, Perkins Select Value Fund and Perkins Small Cap Value Fund, respectively.
(2)	Includes premiums of $11,059 on written options for Perkins Value Plus Income Fund.
(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.

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73

Statements of Operations

For the year ended June 30, 2013
(all numbers in thousands)	Perkins Large Cap Value Fund		Perkins Mid Cap Value Fund		Perkins Select Value Fund		Perkins Small Cap Value Fund		Perkins Value Plus Income Fund
Investment Income:
Interest	$	22	$	1,702	$	190	$	503	$	699
Dividends		3,245		236,248		1,452		41,597		1,122
Dividends from affiliates		–		5,199		–		1,268		2
Other Income		–		–		–		–		12
Foreign tax withheld		(53)		(1,609)		(62)		(16)		(41)
Total Investment Income		3,214		241,540		1,580		43,352		1,794
Expenses:
Advisory fees		766		59,665		425		14,818		316
Internal servicing expense - Class A Shares		–		154		–		19		1
Internal servicing expense - Class C Shares		1		81		–		8		2
Internal servicing expense - Class I Shares		4		228		4		81		1
Shareholder reports expense		14		1,675		3		269		8
Transfer agent fees and expenses		11		450		2		65		7
Registration fees		123		191		82		217		97
Custodian fees		4		53		3		20		6
Professional fees		59		134		51		94		80
Non-interested Trustees’ fees and expenses		5		378		2		71		2
Fund administration fees		15		1,238		7		265		5
Administrative services fees - Class D Shares		30		1,009		5		87		27
Administrative services fees - Class L Shares		N/A		73		N/A		563		N/A
Administrative services fees - Class R Shares		N/A		407		N/A		78		N/A
Administrative services fees - Class S Shares		1		1,928		–		216		10
Administrative services fees - Class T Shares		6		15,011		3		2,200		14
Distribution fees and shareholder servicing fees - Class A Shares		8		2,490		1		322		14
Distribution fees and shareholder servicing fees - Class C Shares		27		2,039		1		188		52
Distribution fees and shareholder servicing fees - Class R Shares		N/A		806		N/A		153		N/A
Distribution fees and shareholder servicing fees - Class S Shares		1		1,927		–		216		11
Administrative, networking and omnibus fees - Class A Shares		6		2,132		–		171		1
Administrative, networking and omnibus fees - Class C Shares		3		322		–		40		1
Administrative, networking and omnibus fees - Class I Shares		6		3,439		–		1,101		–
Accounting system fee		11		290		8		75		57
Other expenses		3		339		2		76		1
Total Expenses		1,104		96,459		599		21,413		713
Expense and Fee Offset		–		(7)		–		–		–
Less: Excess Expense Reimbursement		–		(847)		–		(564)		(187)
Net Expenses after Waivers and Expense Offsets		1,104		95,605		599		20,849		526
Net Investment Income		2,110		145,935		981		22,503		1,268
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain from investment and foreign currency transactions(1)		10,594		948,042(2)		2,145		55,068		2,309
Net realized gain from written options contracts		–		33,146		–		–		54
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		14,797		1,112,479		7,643		373,946		2,596
Change in unrealized net appreciation/(depreciation) of written option contracts		–		(17,994)		–		–		8
Net Gain on Investments		25,391		2,075,673		9,788		429,014		4,967
Net Increase in Net Assets Resulting from Operations	$	27,501	$	2,221,608	$	10,769	$	451,517	$	6,235

(1)	Includes realized gain/(loss) from affiliates. See affiliates table in Notes to Schedules of Investments and Other Information.
(2)	Includes $15,244,051 of realized gains resulting from a redemption-in-kind during the year ended June 30, 2013 for Perkins Mid Cap Value Fund.

See Notes to Financial Statements.

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75

Statements of Changes in Net Assets

	Perkins Large Cap				Perkins Mid Cap								Perkins Small Cap				Perkins Value Plus
For the years or periods ended June 30	Value Fund				Value Fund				Perkins Select Value Fund				Value Fund				Income Fund
(all numbers in thousands)	2013		2012(1)		2013		2012(1)		2013		2012(2)		2013		2012(1)		2013		2012
Operations:
Net investment income	$	2,110	$	1,956	$	145,935	$	152,066	$	981	$	427	$	22,503	$	36,977	$	1,268	$	1,218
Net realized gain from investment and foreign currency transactions(3)		10,594		3,792		981,188		614,644		2,145		4,169		55,068		114,441		2,363		832
Change in unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		14,797		(3,701)		1,094,485		(1,346,983)		7,643		(132)		373,946		(289,889)		2,604		(193)
Net Increase/(Decrease) in Net Assets Resulting from Operations		27,501		2,047		2,221,608		(580,273)		10,769		4,464		451,517		(138,471)		6,235		1,857
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		(39)		(28)		(5,609)		(6,645)		(1)		–		(1,222)		(135)		(138)		(148)
Class C Shares		(12)		–		(383)		–		–		–		(2)		–		(94)		(106)
Class D Shares		(322)		(192)		(6,211)		(7,689)		(38)		–		(971)		(258)		(578)		(507)
Class I Shares		(619)		(1,399)		(23,823)		(30,539)		(681)		–		(16,875)		(5,171)		(265)		(269)
Class L Shares		N/A		N/A		(209)		(538)		N/A		N/A		(3,545)		(1,368)		N/A		N/A
Class N Shares		(1,311)		–		(992)		–		N/A		N/A		(1,015)		–		N/A		N/A
Class R Shares		N/A		N/A		(746)		(423)		N/A		N/A		(240)		–		N/A		N/A
Class S Shares		(4)		(5)		(4,452)		(4,413)		–		–		(882)		(53)		(101)		(107)
Class T Shares		(34)		(25)		(42,393)		(52,212)		(11)		–		(11,027)		(1,998)		(141)		(143)
Net Realized Gain/(Loss) from Investment Transactions*
Class A Shares		(58)		(133)		(34,092)		(85,970)		(7)		–		(5,181)		(20,201)		(121)		(169)
Class C Shares		(47)		(93)		(7,095)		(15,894)		(7)		–		(768)		(2,976)		(117)		(154)
Class D Shares		(422)		(823)		(28,651)		(61,779)		(242)		–		(2,833)		(8,954)		(484)		(523)
Class I Shares		(778)		(5,521)		(112,483)		(236,480)		(4,089)		–		(47,041)		(143,900)		(217)		(267)
Class L Shares		N/A		N/A		(1,128)		(4,013)		N/A		N/A		(9,262)		(33,189)		N/A		N/A
Class N Shares		(1,479)		–		(4,083)		–		N/A		N/A		(2,601)		–		N/A		N/A
Class R Shares		N/A		N/A		(5,608)		(11,285)		N/A		N/A		(1,285)		(4,083)		N/A		N/A
Class S Shares		(8)		(33)		(26,927)		(58,382)		(1)		–		(3,510)		(10,947)		(95)		(128)
Class T Shares		(47)		(115)		(209,230)		(493,500)		(79)		–		(35,337)		(119,912)		(122)		(151)
Net Decrease from Dividends and Distributions		(5,180)		(8,367)		(514,115)		(1,069,762)		(5,156)		–		(143,597)		(353,145)		(2,473)		(2,672)

See footnotes at the end of the Statements.

See Notes to Financial Statements.

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77

Statements of Changes in Net Assets  (continued)

	Perkins Large Cap				Perkins Mid Cap								Perkins Small Cap				Perkins Value Plus
For the years or periods ended June 30	Value Fund				Value Fund				Perkins Select Value Fund				Value Fund				Income Fund
(all numbers in thousands)	2013		2012(1)		2013		2012(1)		2013		2012(2)		2013		2012(1)		2013		2012
Capital Share Transactions:
Shares Sold
Class A Shares		381		1,431		228,969		284,287		59		98		28,435		50,362		778		702
Class C Shares		1,209		1,181		25,820		41,684		66		77		1,060		2,074		326		725
Class D Shares		16,012		10,281		28,839		35,644		3,156		3,610		3,533		4,354		7,241		10,235
Class I Shares		659		18,563		799,900		1,137,831		8,740		56,981		214,492		405,182		386		2,037
Class L Shares		N/A		N/A		985		5,037		N/A		N/A		30,601		18,923		N/A		N/A
Class N Shares		13,398		64,789		248,592		21,226		N/A		N/A		273,700		12,087		N/A		N/A
Class R Shares		N/A		N/A		49,398		56,113		N/A		N/A		7,087		9,178		N/A		N/A
Class S Shares		–		–		192,330		270,100		–		10		16,759		24,352		–		–
Class T Shares		1,150		887		723,441		967,374		328		1,058		90,295		107,657		900		812
Reinvested Dividends and Distributions
Class A Shares		80		127		33,312		79,405		8		–		4,939		14,050		252		315
Class C Shares		48		71		5,524		11,148		7		–		605		2,259		203		249
Class D Shares		739		1,007		34,146		67,869		275		–		3,740		9,022		1,019		925
Class I Shares		1,339		6,768		115,243		229,324		4,770		–		51,655		115,330		476		534
Class L Shares		N/A		N/A		1,177		4,188		N/A		N/A		12,317		33,165		N/A		N/A
Class N Shares		2,790		–		5,074		–		N/A		N/A		3,616		–		N/A		N/A
Class R Shares		N/A		N/A		5,788		10,523		N/A		N/A		1,321		3,469		N/A		N/A
Class S Shares		12		38		31,312		62,682		1		–		4,391		10,999		196		235
Class T Shares		81		140		245,780		526,578		90		–		45,960		119,251		262		293
Shares Repurchased(4)(5)
Class A Shares		(531)		(727)		(660,231)		(413,700)		(58)		(9)		(74,005)		(115,644)		(275)		(694)
Class C Shares		(1,288)		(1,222)		(80,216)		(56,729)		(35)		–		(7,986)		(7,865)		(233)		(205)
Class D Shares		(6,224)		(7,591)		(128,533)		(117,511)		(1,077)		(661)		(13,333)		(14,384)		(4,613)		(4,027)
Class I Shares		(15,798)		(82,310)		(1,746,987)		(943,132)		(12,855)		(2,502)		(770,327)		(447,640)		(902)		(1,029)
Class L Shares		N/A		N/A		(15,375)		(31,766)		N/A		N/A		(122,888)		(49,500)		N/A		N/A
Class N Shares		(44,322)		(401)		(70,035)		(61)		N/A		N/A		(45,362)		(76)		N/A		N/A
Class R Shares		N/A		N/A		(74,810)		(56,746)		N/A		N/A		(13,559)		(13,162)		N/A		N/A
Class S Shares		(300)		(11)		(415,178)		(276,209)		–		–		(44,055)		(32,287)		–		–
Class T Shares		(814)		(863)		(2,413,088)		(2,241,500)		(222)		(16)		(314,057)		(381,654)		(665)		(1,057)
Net Increase/(Decrease) from Capital Share Transactions		(31,379)		12,158		(2,828,823)		(326,341)		3,253		58,646		(611,066)		(120,498)		5,351		10,050
Net Increase/(Decrease) in Net Assets		(9,058)		5,838		(1,121,330)		(1,976,376)		8,866		63,110		(303,146)		(612,114)		9,113		9,235
Net Assets:
Beginning of period		141,157		135,319		12,812,726		14,789,102		63,110		–		2,771,979		3,384,093		47,549		38,314
End of period	$	132,099	$	141,157	$	11,691,396	$	12,812,726	$	71,976	$	63,110	$	2,468,833	$	2,771,979	$	56,662	$	47,549
Undistributed Net Investment Income*	$	853	$	1,121	$	140,970	$	84,615	$	577	$	398	$	20,453	$	35,736	$	181	$	109

*	See Note 5 in Notes to Financial Statements.
(1)	Period from May 31, 2012 (inception date) through June 30, 2012 for Class N Shares.
(2)	Period from December 15, 2011 (inception date) through June 30, 2012.
(3)	Includes realized gain/(loss) from affiliates. See affiliates table in Notes to Schedules of Investments and Other Information.
(4)	During the year ended June 30, 2013, Perkins Mid Cap Value Fund disbursed to a redeeming shareholder portfolio securities and cash valued at $210,143,663 and $30,262,908, respectively, at the date of redemption.
(5)	During the year ended June 30, 2012, Perkins Small Cap Value Fund disbursed to a redeeming shareholder portfolio securities and cash valued at $15,940,516 and $2,270,372, respectively, at the date of redemption.

See Notes to Financial Statements.

78 | JUNE 30, 2013

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79

Financial Highlights

Class A Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Large Cap Value Fund
period ended July 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$13.44		$14.21		$11.56		$11.14		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.15		0.12		0.13		0.03		0.05
Net gain/(loss) on investments (both realized and unrealized)		2.48		(0.07)		2.87		0.44		1.11
Total from Investment Operations		2.63		0.05		3.00		0.47		1.16
Less Distributions:
Dividends (from net investment income)*		(0.18)		(0.14)		(0.03)		(0.03)		(0.02)
Distributions (from capital gains)*		(0.27)		(0.68)		(0.32)		(0.02)		–
Total Distributions		(0.45)		(0.82)		(0.35)		(0.05)		(0.02)
Net Asset Value, End of Period		$15.62		$13.44		$14.21		$11.56		$11.14
Total Return**		19.96%		0.75%		26.21%		4.20%		11.64%
Net Assets, End of Period (in thousands)		$3,390		$2,977		$2,265		$1,654		$718
Average Net Assets for the Period (in thousands)		$3,182		$2,598		$1,237		$1,514		$530
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.15%		1.13%		1.18%		1.32%		2.19%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.14%		1.13%		1.18%		1.29%		1.23%
Ratio of Net Investment Income to Average Net Assets***		1.05%		1.16%		1.40%		0.48%		1.19%
Portfolio Turnover Rate		45%		52%		43%		32%^		33%^

Class A Shares

For a share outstanding during each year or period ended June 30	Perkins Mid Cap Value Fund
and the period ended October 31, 2009	2013		2012		2011		2010(3)		2009(4)
Net Asset Value, Beginning of Period		$20.93		$23.66		$19.04		$18.66		$16.07
Income from Investment Operations:
Net investment income/(loss)		0.28		0.18		0.19		0.04		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		3.66		(1.15)		4.57		0.36		2.60
Total from Investment Operations		3.94		(0.97)		4.76		0.40		2.59
Less Distributions:
Dividends (from net investment income)*		(0.13)		(0.13)		(0.14)		(0.02)		–
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		–
Total Distributions		(0.91)		(1.76)		(0.14)		(0.02)		–
Net Asset Value, End of Period		$23.96		$20.93		$23.66		$19.04		$18.66
Total Return**		19.33%		(3.84)%		25.04%		2.17%		16.12%
Net Assets, End of Period (in thousands)		$896,589		$1,157,423		$1,358,791		$1,011,334		$781,960
Average Net Assets for the Period (in thousands)		$996,195		$1,198,373		$1,228,239		$966,540		$736,402
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.00%		1.06%		1.20%		1.17%		1.27%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.95%		1.02%		1.17%		1.17%		1.22%
Ratio of Net Investment Income to Average Net Assets***		0.98%		0.98%		0.82%		0.33%		0.35%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Period from December 31, 2008 (inception date) through July 31, 2009.
(3)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(4)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

80 | JUNE 30, 2013

Class A Shares

	Perkins Select Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.82		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.11		0.04
Net gain/(loss) on investments (both realized and unrealized)		1.66		0.78
Total from Investment Operations		1.77		0.82
Less Distributions:
Dividends (from net investment income)*		(0.10)		–
Distributions (from capital gains)*		(0.73)		–
Total Distributions		(0.83)		–
Net Asset Value, End of Period		$11.76		$10.82
Total Return**		17.16%		8.20%
Net Assets, End of Period (in thousands)		$109		$89
Average Net Assets for the Period (in thousands)		$108		$48
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.35%		1.51%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.21%		1.26%
Ratio of Net Investment Income to Average Net Assets***		1.13%		1.43%
Portfolio Turnover Rate		62%		80%

Class A Shares

For a share outstanding during each year or period ended June 30 and	Perkins Small Cap Value Fund
the period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$21.02		$24.89		$20.92		$19.48		$16.47
Income from Investment Operations:
Net investment income/(loss)		0.15		0.21		–		0.09		(0.07)
Net gain/(loss) on investments (both realized and unrealized)		3.56		(1.30)		4.68		1.35		3.08
Total from Investment Operations		3.71		(1.09)		4.68		1.44		3.01
Less Distributions:
Dividends (from net investment income)*		(0.21)		(0.02)		(0.10)		–		–
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		–
Total Distributions		(1.11)		(2.78)		(0.71)		–		–
Net Asset Value, End of Period		$23.62		$21.02		$24.89		$20.92		$19.48
Total Return**		18.27%		(4.08)%		22.53%		7.39%		18.28%
Net Assets, End of Period (in thousands)		$115,675		$141,049		$223,229		$86,403		$20,039
Average Net Assets for the Period (in thousands)		$128,765		$170,483		$181,662		$52,788		$13,537
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.00%		1.40%		1.25%		1.21%		1.02%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.00%		1.25%		1.25%		1.21%		0.96%
Ratio of Net Investment Income to Average Net Assets***		0.64%		0.96%		0.23%		0.06%		0.62%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

Janus Value Funds | 81

Financial Highlights  (continued)

Class A Shares

	Perkins Value Plus
	Income Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(1)
Net Asset Value, Beginning of Period		$10.86		$11.15		$10.00
Income from Investment Operations:
Net investment income		0.30		0.31		0.29
Net gain on investments (both realized and unrealized)		1.07		0.10		1.14
Total from Investment Operations		1.37		0.41		1.43
Less Distributions:
Dividends (from net investment income)*		(0.29)		(0.33)		(0.24)
Distributions (from capital gains)*		(0.26)		(0.37)		(0.04)
Total Distributions		(0.55)		(0.70)		(0.28)
Net Asset Value, End of Period		$11.68		$10.86		$11.15
Total Return**		12.82%		3.97%		14.49%
Net Assets, End of Period (in thousands)		$6,200		$5,057		$4,861
Average Net Assets for the Period (in thousands)		$5,545		$4,848		$3,951
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.36%		1.50%		1.86%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.01%		1.02%		0.94%
Ratio of Net Investment Income to Average Net Assets***		2.39%		2.83%		3.05%
Portfolio Turnover Rate		97%		100%		85%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from July 30, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

82 | JUNE 30, 2013

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Large Cap Value Fund
period ended July 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$13.28		$14.00		$11.48		$11.11		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.06		0.04		0.05		(0.03)		0.02
Net gain/(loss) on investments (both realized and unrealized)		2.44		(0.08)		2.82		0.42		1.09
Total from Investment Operations		2.50		(0.04)		2.87		0.39		1.11
Less Distributions:
Dividends (from net investment income)*		(0.07)		–		(0.03)		–		–
Distributions (from capital gains)*		(0.27)		(0.68)		(0.32)		(0.02)		–
Total Distributions		(0.34)		(0.68)		(0.35)		(0.02)		–
Net Asset Value, End of Period		$15.44		$13.28		$14.00		$11.48		$11.11
Total Return**		19.08%		0.01%		25.21%		3.54%		11.10%
Net Assets, End of Period (in thousands)		$3,014		$2,629		$2,797		$1,336		$556
Average Net Assets for the Period (in thousands)		$2,740		$2,157		$2,070		$929		$484
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.80%		1.92%		1.96%		2.09%		2.90%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.80%		1.92%		1.96%		2.04%		1.97%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.38%		0.34%		0.31%		(0.23)%		0.48%
Portfolio Turnover Rate		45%		52%		43%		32%^		33%^

Class C Shares

For a share outstanding during each year or period ended June 30 and	Perkins Mid Cap Value Fund
the period ended October 31, 2009	2013		2012		2011		2010(3)		2009(4)
Net Asset Value, Beginning of Period		$20.74		$23.50		$18.93		$18.62		$16.07
Income from Investment Operations:
Net investment income/(loss)		0.03		0.01		0.04		(0.04)		(0.05)
Net gain/(loss) on investments (both realized and unrealized)		3.70		(1.14)		4.53		0.35		2.60
Total from Investment Operations		3.73		(1.13)		4.57		0.31		2.55
Less Distributions:
Dividends (from net investment income)*		(0.04)		–		–(5)		–		–
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		–
Total Distributions		(0.82)		(1.63)		–		–		–
Net Asset Value, End of Period		$23.65		$20.74		$23.50		$18.93		$18.62
Total Return**		18.45%		(4.58)%		24.17%		1.66%		15.87%
Net Assets, End of Period (in thousands)		$189,096		$210,874		$242,324		$168,093		$121,166
Average Net Assets for the Period (in thousands)		$203,923		$217,116		$211,474		$155,180		$107,362
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.72%		1.79%		1.87%		1.91%		2.00%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.71%		1.77%		1.87%		1.91%		1.97%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.24%		0.23%		0.11%		(0.41)%		(0.41)%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Period from December 31, 2008 (inception date) through July 31, 2009.
(3)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(4)	Period from July 6, 2009 (inception date) through October 31, 2009.
(5)	Dividends (from net investment income) aggregated less than $0.01 on a per share basis.

See Notes to Financial Statements.

Janus Value Funds | 83

Financial Highlights  (continued)

Class C Shares

	Perkins Select Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.78		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.03		0.02
Net gain/(loss) on investments (both realized and unrealized)		1.65		0.76
Total from Investment Operations		1.68		0.78
Less Distributions:
Dividends (from net investment income)*		(0.05)		–
Distributions (from capital gains)*		(0.73)		–
Total Distributions		(0.78)		–
Net Asset Value, End of Period		$11.68		$10.78
Total Return**		16.24%		7.80%
Net Assets, End of Period (in thousands)		$124		$77
Average Net Assets for the Period (in thousands)		$103		$34
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.05%		2.40%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.97%		1.99%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.36%		0.68%
Portfolio Turnover Rate		62%		80%

Class C Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Small Cap Value Fund
period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$20.57		$24.57		$20.75		$19.43		$16.47
Income from Investment Operations:
Net investment income/(loss)		(0.15)		0.01		(0.18)		0.05		(0.10)
Net gain/(loss) on investments (both realized and unrealized)		3.61		(1.25)		4.63		1.27		3.06
Total from Investment Operations		3.46		(1.24)		4.45		1.32		2.96
Less Distributions:
Dividends (from net investment income)*		–		–		(0.02)		–		–
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		–
Total Distributions		(0.90)		(2.76)		(0.63)		–		–
Net Asset Value, End of Period		$23.13		$20.57		$24.57		$20.75		$19.43
Total Return**		17.31%		(4.78)%		21.55%		6.79%		17.97%
Net Assets, End of Period (in thousands)		$17,316		$21,434		$29,444		$26,768		$6,196
Average Net Assets for the Period (in thousands)		$18,953		$24,453		$29,169		$16,540		$3,739
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.85%		2.05%		2.05%		1.96%		2.13%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.80%		1.99%		2.05%		1.96%		1.95%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.16)%		0.25%		(0.52)%		(0.69)%		(0.39)%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

84 | JUNE 30, 2013

Class C Shares

	Perkins Value Plus
	Income Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(1)
Net Asset Value, Beginning of Period		$10.89		$11.15		$10.00
Income from Investment Operations:
Net investment income		0.21		0.27		0.22
Net gain on investments (both realized and unrealized)		1.08		0.09		1.14
Total from Investment Operations		1.29		0.36		1.36
Less Distributions:
Dividends (from net investment income)*		(0.21)		(0.25)		(0.17)
Distributions (from capital gains)*		(0.26)		(0.37)		(0.04)
Total Distributions		(0.47)		(0.62)		(0.21)
Net Asset Value, End of Period		$11.71		$10.89		$11.15
Total Return**		12.03%		3.55%		13.74%
Net Assets, End of Period (in thousands)		$5,485		$4,815		$4,128
Average Net Assets for the Period (in thousands)		$5,223		$4,453		$3,701
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.13%		1.87%		2.62%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.76%		1.38%		1.69%
Ratio of Net Investment Income to Average Net Assets***		1.64%		2.48%		2.27%
Portfolio Turnover Rate		97%		100%		85%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from July 30, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

Janus Value Funds | 85

Financial Highlights  (continued)

Class D Shares

	Perkins Large Cap Value Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$13.39		$14.15		$11.58		$12.15
Income from Investment Operations:
Net investment income		0.18		0.17		0.18		0.02
Net gain/(loss) on investments (both realized and unrealized)		2.48		(0.09)		2.85		(0.59)
Total from Investment Operations		2.66		0.08		3.03		(0.57)
Less Distributions:
Dividends (from net investment income)*		(0.21)		(0.16)		(0.14)		–
Distributions (from capital gains)*		(0.27)		(0.68)		(0.32)		–
Total Distributions		(0.48)		(0.84)		(0.46)		–
Net Asset Value, End of Period		$15.57		$13.39		$14.15		$11.58
Total Return**		20.25%		0.96%		26.41%		(4.69)%
Net Assets, End of Period (in thousands)		$32,031		$17,997		$15,001		$2,437
Average Net Assets for the Period (in thousands)		$24,538		$16,727		$7,705		$1,548
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.84%		0.95%		0.92%		1.16%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.84%		0.95%		0.92%		1.16%
Ratio of Net Investment Income to Average Net Assets***		1.36%		1.33%		1.26%		0.70%
Portfolio Turnover Rate		45%		52%		43%		32%^

Class D Shares

	Perkins Mid Cap Value Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(1)
Net Asset Value, Beginning of Period		$20.96		$23.71		$19.06		$19.52
Income from Investment Operations:
Net investment income		0.30		0.24		0.26		0.04
Net gain/(loss) on investments (both realized and unrealized)		3.72		(1.16)		4.57		(0.50)
Total from Investment Operations		4.02		(0.92)		4.83		(0.46)
Less Distributions:
Dividends (from net investment income)*		(0.17)		(0.20)		(0.18)		–
Distributions (from capital gains)*		(0.78)		(1.63)		–		–
Total Distributions		(0.95)		(1.83)		(0.18)		–
Net Asset Value, End of Period		$24.03		$20.96		$23.71		$19.06
Total Return**		19.72%		(3.57)%		25.40%		(2.36)%
Net Assets, End of Period (in thousands)		$869,066		$818,836		$936,795		$796,330
Average Net Assets for the Period (in thousands)		$840,920		$848,059		$896,522		$868,198
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.68%		0.74%		0.88%		0.93%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.68%		0.74%		0.88%		0.93%
Ratio of Net Investment Income to Average Net Assets***		1.27%		1.26%		1.14%		0.49%
Portfolio Turnover Rate		60%		54%		66%		44%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from February 16, 2010 (inception date) through June 30, 2010.

See Notes to Financial Statements.

86 | JUNE 30, 2013

Class D Shares

	Perkins Select Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.83		$10.00
Income from Investment Operations:
Net investment income		0.13		0.04
Net gain/(loss) on investments (both realized and unrealized)		1.66		0.79
Total from Investment Operations		1.79		0.83
Less Distributions:
Dividends (from net investment income)*		(0.11)		–
Distributions (from capital gains)*		(0.73)		–
Total Distributions		(0.84)		–
Net Asset Value, End of Period		$11.78		$10.83
Total Return**		17.34%		8.30%
Net Assets, End of Period (in thousands)		$5,742		$3,004
Average Net Assets for the Period (in thousands)		$4,266		$1,593
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.01%		1.74%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.01%		1.19%
Ratio of Net Investment Income to Average Net Assets***		1.43%		1.37%
Portfolio Turnover Rate		62%		80%

Class D Shares

	Perkins Small Cap Value Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011		2010(2)
Net Asset Value, Beginning of Period		$21.10		$24.96		$20.92		$20.79
Income from Investment Operations:
Net investment income		0.20		0.28		0.09		0.07
Net gain/(loss) on investments (both realized and unrealized)		3.57		(1.30)		4.65		0.06
Total from Investment Operations		3.77		(1.02)		4.74		0.13
Less Distributions:
Dividends (from net investment income)*		(0.31)		(0.08)		(0.09)		–
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–
Total Distributions		(1.21)		(2.84)		(0.70)		–
Net Asset Value, End of Period		$23.66		$21.10		$24.96		$20.92
Total Return**		18.53%		(3.75)%		22.83%		0.63%
Net Assets, End of Period (in thousands)		$74,980		$72,646		$86,402		$78,237
Average Net Assets for the Period (in thousands)		$72,194		$75,800		$84,313		$74,758
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.95%		0.99%		0.98%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.77%		0.95%		0.99%		0.98%
Ratio of Net Investment Income to Average Net Assets***		0.85%		1.30%		0.54%		0.12%
Portfolio Turnover Rate		60%		62%		64%		39%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from February 16, 2010 (inception date) through June 30, 2010.

See Notes to Financial Statements.

Janus Value Funds | 87

Financial Highlights  (continued)

Class D Shares

	Perkins Value Plus
	Income Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(1)
Net Asset Value, Beginning of Period		$10.86		$11.15		$10.00
Income from Investment Operations:
Net investment income		0.31		0.32		0.29
Net gain on investments (both realized and unrealized)		1.08		0.10		1.16
Total from Investment Operations		1.39		0.42		1.45
Less Distributions:
Dividends (from net investment income)*		(0.30)		(0.34)		(0.26)
Distributions (from capital gains)*		(0.26)		(0.37)		(0.04)
Total Distributions		(0.56)		(0.71)		(0.30)
Net Asset Value, End of Period		$11.69		$10.86		$11.15
Total Return**		13.02%		4.08%		14.62%
Net Assets, End of Period (in thousands)		$24,811		$19,581		$12,627
Average Net Assets for the Period (in thousands)		$22,457		$16,050		$7,656
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.24%		1.41%		1.73%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.91%		0.91%		0.79%
Ratio of Net Investment Income to Average Net Assets***		2.50%		2.97%		3.33%
Portfolio Turnover Rate		97%		100%		85%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from July 30, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

88 | JUNE 30, 2013

Class I Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Large Cap Value Fund
period ended July 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$13.42		$14.17		$11.58		$11.14		$10.00
Income from Investment Operations:
Net investment income		0.31		0.35		0.19		0.07		0.04
Net gain/(loss) on investments (both realized and unrealized)		2.37		(0.25)		2.85		0.43		1.13
Total from Investment Operations		2.68		0.10		3.04		0.50		1.17
Less Distributions:
Dividends (from net investment income)*		(0.21)		(0.17)		(0.13)		(0.04)		(0.03)
Distributions (from capital gains)*		(0.27)		(0.68)		(0.32)		(0.02)		–
Total Distributions		(0.48)		(0.85)		(0.45)		(0.06)		(0.03)
Net Asset Value, End of Period		$15.62		$13.42		$14.17		$11.58		$11.14
Total Return**		20.43%		1.13%		26.57%		4.49%		11.76%
Net Assets, End of Period (in thousands)		$40,943		$47,846		$112,360		$69,225		$28,863
Average Net Assets for the Period (in thousands)		$43,013		$106,448		$91,088		$53,625		$17,284
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.71%		0.77%		0.84%		1.08%		2.15%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.71%		0.77%		0.84%		1.03%		1.00%
Ratio of Net Investment Income to Average Net Assets***		1.47%		1.53%		1.45%		0.76%		1.36%
Portfolio Turnover Rate		45%		52%		43%		32%^		33%^

Class I Shares

For a share outstanding during each year or period ended	Perkins Mid Cap Value Fund
June 30 and the period ended October 31, 2009	2013		2012		2011		2010(3)		2009(4)
Net Asset Value, Beginning of Period		$20.95		$23.71		$19.07		$18.68		$16.07
Income from Investment Operations:
Net investment income		0.34		0.23		0.25		0.08		0.01
Net gain/(loss) on investments (both realized and unrealized)		3.68		(1.15)		4.59		0.37		2.60
Total from Investment Operations		4.02		(0.92)		4.84		0.45		2.61
Less Distributions:
Dividends (from net investment income)*		(0.17)		(0.21)		(0.20)		(0.06)		–
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		–
Total Distributions		(0.95)		(1.84)		(0.20)		(0.06)		–
Net Asset Value, End of Period		$24.02		$20.95		$23.71		$19.07		$18.68
Total Return**		19.71%		(3.58)%		25.46%		2.40%		16.24%
Net Assets, End of Period (in thousands)		$3,033,537		$3,412,395		$3,385,626		$2,223,203		$1,258,548
Average Net Assets for the Period (in thousands)		$3,245,850		$3,277,486		$2,900,600		$1,712,121		$1,058,484
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.63%		0.73%		0.84%		0.83%		0.81%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.63%		0.73%		0.84%		0.83%		0.81%
Ratio of Net Investment Income to Average Net Assets***		1.32%		1.28%		1.14%		0.63%		0.75%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Period from December 31, 2008 (inception date) through July 31, 2009.
(3)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(4)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

Janus Value Funds | 89

Financial Highlights  (continued)

Class I Shares

	Perkins Select Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.83		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.15		0.07
Net gain/(loss) on investments (both realized and unrealized)		1.67		0.76
Total from Investment Operations		1.82		0.83
Less Distributions:
Dividends (from net investment income)*		(0.12)		–
Distributions (from capital gains)*		(0.73)		–
Total Distributions		(0.85)		–
Net Asset Value, End of Period		$11.80		$10.83
Total Return**		17.61%		8.30%
Net Assets, End of Period (in thousands)		$64,631		$58,880
Average Net Assets for the Period (in thousands)		$61,876		$58,109
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.87%		1.26%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.87%		1.02%
Ratio of Net Investment Income to Average Net Assets***		1.46%		1.30%
Portfolio Turnover Rate		62%		80%

Class I Shares

For a share outstanding during each year or period ended June 30	Perkins Small Cap Value Fund
and the period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$21.13		$25.01		$20.97		$19.49		$16.47
Income from Investment Operations:
Net investment income/(loss)		0.25		0.29		0.04		0.11		(0.02)
Net gain/(loss) on investments (both realized and unrealized)		3.54		(1.31)		4.73		1.37		3.04
Total from Investment Operations		3.79		(1.02)		4.77		1.48		3.02
Less Distributions:
Dividends (from net investment income)*		(0.32)		(0.10)		(0.12)		–		–
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		–
Total Distributions		(1.22)		(2.86)		(0.73)		–		–
Net Asset Value, End of Period		$23.70		$21.13		$25.01		$20.97		$19.49
Total Return**		18.62%		(3.74)%		22.89%		7.59%		18.34%
Net Assets, End of Period (in thousands)		$821,829		$1,195,217		$1,317,183		$532,188		$236,437
Average Net Assets for the Period (in thousands)		$1,114,888		$1,214,236		$1,091,334		$408,417		$42,710
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.71%		0.89%		0.93%		0.85%		0.77%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.71%		0.89%		0.93%		0.85%		0.75%
Ratio of Net Investment Income to Average Net Assets***		0.94%		1.37%		0.55%		0.52%		0.80%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

90 | JUNE 30, 2013

Class I Shares

	Perkins Value Plus
	Income Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(1)
Net Asset Value, Beginning of Period		$10.87		$11.15		$10.00
Income from Investment Operations:
Net investment income		0.33		0.33		0.30
Net gain on investments (both realized and unrealized)		1.07		0.11		1.15
Total from Investment Operations		1.40		0.44		1.45
Less Distributions:
Dividends (from net investment income)*		(0.31)		(0.35)		(0.26)
Distributions (from capital gains)*		(0.26)		(0.37)		(0.04)
Total Distributions		(0.57)		(0.72)		(0.30)
Net Asset Value, End of Period		$11.70		$10.87		$11.15
Total Return**		13.16%		4.25%		14.66%
Net Assets, End of Period (in thousands)		$9,903		$9,227		$7,860
Average Net Assets for the Period (in thousands)		$9,764		$8,365		$6,004
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.10%		1.25%		1.61%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.76%		0.77%		0.77%
Ratio of Net Investment Income to Average Net Assets***		2.63%		3.09%		3.27%
Portfolio Turnover Rate		97%		100%		85%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from July 30, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

Janus Value Funds | 91

Financial Highlights  (continued)

Class L Shares

For a share outstanding during each year or period ended	Perkins Mid Cap Value Fund
June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$21.12		$23.90		$19.18		$18.79		$16.75		$26.69
Income from Investment Operations:
Net investment income		2.82		1.89		0.73		1.72		0.23		0.49
Net gain/(loss) on investments (both realized and unrealized)		1.25		(2.82)		4.18		(1.28)		2.93		(7.31)
Total from Investment Operations		4.07		(0.93)		4.91		0.44		3.16		(6.82)
Less Distributions:
Dividends (from net investment income)*		(0.15)		(0.22)		(0.19)		(0.05)		(0.33)		(0.39)
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		(0.79)		(2.73)
Total Distributions		(0.93)		(1.85)		(0.19)		(0.05)		(1.12)		(3.12)
Net Asset Value, End of Period		$24.26		$21.12		$23.90		$19.18		$18.79		$16.75
Total Return**		19.77%		(3.59)%		25.66%		2.36%		20.67%		(28.49)%
Net Assets, End of Period (in thousands)		$24,332		$33,875		$63,549		$61,880		$350,003		$365,505
Average Net Assets for the Period (in thousands)		$29,252		$54,047		$66,281		$347,623		$298,741		$759,342
Ratio of Gross Expenses (Absent of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.84%		0.99%		1.02%		1.13%		1.04%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.60%		0.77%		0.74%		0.76%		0.87%		0.84%
Ratio of Net Investment Income to Average Net Assets***		1.38%		1.27%		1.32%		0.85%		1.11%		1.76%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%		103%

Class L Shares

For a share outstanding during each year or period ended	Perkins Small Cap Value Fund
June 30 and each year ended October 31	2013		2012		2011		2010(1)		2009		2008
Net Asset Value, Beginning of Period		$21.45		$25.34		$21.21		$19.72		$18.24		$28.20
Income from Investment Operations:
Net investment income		0.53		0.31		0.51		0.18		0.09		0.33
Net gain/(loss) on investments (both realized and unrealized)		3.34		(1.33)		4.34		1.31		3.45		(5.86)
Total from Investment Operations		3.87		(1.02)		4.85		1.49		3.54		(5.53)
Less Distributions and Other:
Dividends (from net investment income)*		(0.34)		(0.11)		(0.11)		–		(0.38)		(0.35)
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		(1.62)		(4.08)
Return of capital		N/A		N/A		N/A		N/A		(0.06)		N/A
Total Distributions and Other		(1.24)		(2.87)		(0.72)		–		(2.06)		(4.43)
Net Asset Value, End of Period		$24.08		$21.45		$25.34		$21.21		$19.72		$18.24
Total Return**		18.74%		(3.67)%		23.03%		7.56%		23.12%		(22.39)%
Net Assets, End of Period (in thousands)		$230,021		$280,294		$325,503		$657,562		$706,873		$563,464
Average Net Assets for the Period (in thousands)		$251,154		$287,560		$419,652		$706,615		$613,826		$664,935
Ratio of Gross Expenses (Absent of Certain Fees and Expense Offsets) to Average Net Assets***		0.83%		1.02%		1.08%		1.08%		1.10%		1.02%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.63%		0.79%		0.84%		0.83%		0.85%		0.81%
Ratio of Net Investment Income to Average Net Assets***		1.00%		1.45%		0.76%		0.70%		1.28%		1.65%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%		112%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.

See Notes to Financial Statements.

92 | JUNE 30, 2013

Class N Shares

	Perkins Large Cap Value Fund				Perkins Mid Cap Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)		2013		2012(1)
Net Asset Value, Beginning of Period		$13.43		$12.91		$20.95		$20.44
Income from Investment Operations:
Net investment income/(loss)		0.16		–		0.31		(0.04)
Net gain on investments (both realized and unrealized)		2.53		0.52		3.74		0.55
Total from Investment Operations		2.69		0.52		4.05		0.51
Less Distributions:
Dividends (from net investment income)*		(0.24)		–		(0.19)		–
Distributions (from capital gains)*		(0.27)		–		(0.78)		–
Total Distributions		(0.51)		–		(0.97)		–
Net Asset Value, End of Period		$15.61		$13.43		$24.03		$20.95
Total Return**		20.45%		4.03%		19.89%		2.50%
Net Assets, End of Period (in thousands)		$49,186		$66,766		$222,244		$21,405
Average Net Assets for the Period (in thousands)		$69,975		$48,137		$129,631		$8,142
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.68%		0.72%		0.52%		0.58%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.68%		0.72%		0.52%		0.57%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.52%		0.66%		1.44%		(3.02)%
Portfolio Turnover Rate		45%		52%		60%		54%

Class N Shares

	Perkins Small Cap Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$21.14		$20.63
Income from Investment Operations:
Net investment income/(loss)		0.33		(0.03)
Net gain on investments (both realized and unrealized)		3.49		0.54
Total from Investment Operations		3.82		0.51
Less Distributions:
Dividends (from net investment income)*		(0.35)		–
Distributions (from capital gains)*		(0.90)		–
Total Distributions		(1.25)		–
Net Asset Value, End of Period		$23.71		$21.14
Total Return**		18.78%		2.47%
Net Assets, End of Period (in thousands)		$251,691		$12,300
Average Net Assets for the Period (in thousands)		$64,999		$8,788
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.60%		0.63%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.60%		0.63%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.92%		(1.65)%
Portfolio Turnover Rate		60%		62%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
(1)	Period from May 31, 2012 (inception date) through June 30, 2012.

See Notes to Financial Statements.

Janus Value Funds | 93

Financial Highlights  (continued)

Class R Shares

For a share outstanding during each year or period ended June 30 and	Perkins Mid Cap Value Fund
the period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$20.86		$23.59		$19.00		$18.64		$16.07
Income from Investment Operations:
Net investment income/(loss)		0.16		0.10		0.12		–		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		3.69		(1.14)		4.56		0.36		2.60
Total from Investment Operations		3.85		(1.04)		4.68		0.36		2.57
Less Distributions:
Dividends (from net investment income)*		(0.10)		(0.06)		(0.09)		–		–
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		–
Total Distributions		(0.88)		(1.69)		(0.09)		–		–
Net Asset Value, End of Period		$23.83		$20.86		$23.59		$19.00		$18.64
Total Return**		18.97%		(4.15)%		24.64%		1.93%		15.99%
Net Assets, End of Period (in thousands)		$163,302		$161,056		$170,602		$103,961		$71,203
Average Net Assets for the Period (in thousands)		$162,747		$157,701		$146,674		$94,163		$64,070
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.26%		1.34%		1.49%		1.52%		1.53%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.26%		1.34%		1.49%		1.52%		1.53%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.69%		0.66%		0.47%		(0.04)%		0.03%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%

Class R Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Small Cap Value Fund
period ended October 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$20.81		$24.71		$20.83		$19.46		$16.47
Income from Investment Operations:
Net investment income/(loss)		0.04		0.15		(0.04)		0.11		(0.12)
Net gain/(loss) on investments (both realized and unrealized)		3.56		(1.29)		4.61		1.26		3.11
Total from Investment Operations		3.60		(1.14)		4.57		1.37		2.99
Less Distributions:
Dividends (from net investment income)*		(0.17)		–		(0.08)		–		–
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		–
Total Distributions		(1.07)		(2.76)		(0.69)		–		–
Net Asset Value, End of Period		$23.34		$20.81		$24.71		$20.83		$19.46
Total Return**		17.87%		(4.32)%		22.10%		7.04%		18.15%
Net Assets, End of Period (in thousands)		$30,415		$31,997		$38,302		$21,450		$3,734
Average Net Assets for the Period (in thousands)		$31,106		$34,159		$32,917		$8,368		$3,362
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.34%		1.53%		1.60%		1.57%		1.54%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.34%		1.53%		1.60%		1.57%		1.54%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.29%		0.73%		(0.10)%		(0.28)%		0.10%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

94 | JUNE 30, 2013

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Large Cap Value Fund
period ended July 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$13.41		$14.15		$11.56		$11.13		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.27		0.14		0.14		0.03		0.04
Net gain/(loss) on investments (both realized and unrealized)		2.34		(0.10)		2.84		0.42		1.10
Total from Investment Operations		2.61		0.04		2.98		0.45		1.14
Less Distributions:
Dividends (from net investment income)*		(0.13)		(0.10)		(0.07)		–		(0.01)
Distributions (from capital gains)*		(0.27)		(0.68)		(0.32)		(0.02)		–
Total Distributions		(0.40)		(0.78)		(0.39)		(0.02)		(0.01)
Net Asset Value, End of Period		$15.62		$13.41		$14.15		$11.56		$11.13
Total Return**		19.84%		0.67%		26.01%		4.07%		11.40%
Net Assets, End of Period (in thousands)		$480		$680		$685		$580		$557
Average Net Assets for the Period (in thousands)		$508		$656		$685		$616		$484
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.19%		1.25%		1.34%		1.65%		2.32%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.19%		1.19%		1.34%		1.53%		1.47%
Ratio of Net Investment Income to Average Net Assets***		0.98%		1.08%		0.97%		0.28%		0.98%
Portfolio Turnover Rate		45%		52%		43%		32%^		33%^

Class S Shares

For a share outstanding during each year or period ended June 30 and	Perkins Mid Cap Value Fund
the period ended October 31, 2009	2013		2012		2011		2010(3)		2009(4)
Net Asset Value, Beginning of Period		$20.90		$23.64		$19.03		$18.66		$16.07
Income from Investment Operations:
Net investment income/(loss)		0.23		0.16		0.17		0.03		(0.02)
Net gain/(loss) on investments (both realized and unrealized)		3.69		(1.15)		4.56		0.36		2.61
Total from Investment Operations		3.92		(0.99)		4.73		0.39		2.59
Less Distributions:
Dividends (from net investment income)*		(0.13)		(0.12)		(0.12)		(0.02)		–
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		–
Total Distributions		(0.91)		(1.75)		(0.12)		(0.02)		–
Net Asset Value, End of Period		$23.91		$20.90		$23.64		$19.03		$18.66
Total Return**		19.27%		(3.90)%		24.91%		2.09%		16.12%
Net Assets, End of Period (in thousands)		$709,171		$794,421		$834,778		$569,777		$434,615
Average Net Assets for the Period (in thousands)		$770,990		$795,213		$742,692		$559,518		$397,613
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.02%		1.09%		1.24%		1.27%		1.28%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.01%		1.09%		1.24%		1.27%		1.28%
Ratio of Net Investment Income to Average Net Assets***		0.93%		0.92%		0.74%		0.22%		0.28%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Period from December 31, 2008 (inception date) through July 31, 2009.
(3)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(4)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

Janus Value Funds | 95

Financial Highlights  (continued)

Class S Shares

	Perkins Select Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.81		$10.00
Income from Investment Operations:
Net investment income/(loss)		0.09		0.04
Net gain/(loss) on investments (both realized and unrealized)		1.66		0.77
Total from Investment Operations		1.75		0.81
Less Distributions:
Dividends (from net investment income)*		(0.06)		–
Distributions (from capital gains)*		(0.73)		–
Total Distributions		(0.79)		–
Net Asset Value, End of Period		$11.77		$10.81
Total Return**		16.91%		8.10%
Net Assets, End of Period (in thousands)		$13		$11
Average Net Assets for the Period (in thousands)		$12		$11
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.52%		1.70%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.40%		1.47%
Ratio of Net Investment Income to Average Net Assets***		0.94%		0.78%
Portfolio Turnover Rate		62%		80%

Class S Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Small Cap Value Fund
period ended October 31, 2009	2013		2012		2011		2010(2)		2009(3)
Net Asset Value, Beginning of Period		$20.97		$24.84		$20.88		$19.47		$16.47
Income from Investment Operations:
Net investment income/(loss)		0.12		0.20		–		0.11		(0.10)
Net gain/(loss) on investments (both realized and unrealized)		3.57		(1.30)		4.65		1.30		3.10
Total from Investment Operations		3.69		(1.10)		4.65		1.41		3.00
Less Distributions:
Dividends (from net investment income)*		(0.23)		(0.01)		(0.08)		–		–
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		–
Total Distributions		(1.13)		(2.77)		(0.69)		–		–
Net Asset Value, End of Period		$23.53		$20.97		$24.84		$20.88		$19.47
Total Return**		18.19%		(4.11)%		22.40%		7.24%		18.21%
Net Assets, End of Period (in thousands)		$80,862		$93,910		$106,549		$51,460		$26,401
Average Net Assets for the Period (in thousands)		$86,346		$94,960		$83,981		$44,047		$24,792
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.10%		1.28%		1.35%		1.32%		1.29%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.10%		1.28%		1.35%		1.32%		1.20%
Ratio of Net Investment Income to Average Net Assets***		0.53%		0.97%		0.14%		0.07%		0.46%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.
(3)	Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

96 | JUNE 30, 2013

Class S Shares

	Perkins Value Plus
	Income Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(1)
Net Asset Value, Beginning of Period		$10.86		$11.15		$10.00
Income from Investment Operations:
Net investment income		0.28		0.29		0.27
Net gain on investments (both realized and unrealized)		1.08		0.09		1.14
Total from Investment Operations		1.36		0.38		1.41
Less Distributions:
Dividends (from net investment income)*		(0.27)		(0.30)		(0.22)
Distributions (from capital gains)*		(0.26)		(0.37)		(0.04)
Total Distributions		(0.53)		(0.67)		(0.26)
Net Asset Value, End of Period		$11.69		$10.86		$11.15
Total Return**		12.79%		3.74%		14.24%
Net Assets, End of Period (in thousands)		$4,453		$3,950		$3,808
Average Net Assets for the Period (in thousands)		$4,258		$3,784		$3,596
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.59%		1.73%		2.12%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.15%		1.21%		1.20%
Ratio of Net Investment Income to Average Net Assets***		2.25%		2.64%		2.75%
Portfolio Turnover Rate		97%		100%		85%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from July 30, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

Janus Value Funds | 97

Financial Highlights  (continued)

Class T Shares

For a share outstanding during each year or period ended June 30 and the	Perkins Large Cap Value Fund
period ended July 31, 2009	2013		2012		2011		2010(1)		2009(2)
Net Asset Value, Beginning of Period		$13.37		$14.13		$11.56		$11.13		$10.22
Income from Investment Operations:
Net investment income		0.17		0.16		0.17		0.04		–
Net gain/(loss) on investments (both realized and unrealized)		2.48		(0.10)		2.85		0.44		0.91
Total from Investment Operations		2.65		0.06		3.02		0.48		0.91
Less Distributions:
Dividends (from net investment income)*		(0.20)		(0.14)		(0.13)		(0.03)		–
Distributions (from capital gains)*		(0.27)		(0.68)		(0.32)		(0.02)		–
Total Distributions		(0.47)		(0.82)		(0.45)		(0.05)		–
Net Asset Value, End of Period		$15.55		$13.37		$14.13		$11.56		$11.13
Total Return**		20.21%		0.84%		26.37%		4.32%		8.90%
Net Assets, End of Period (in thousands)		$3,055		$2,262		$2,211		$594		$1
Average Net Assets for the Period (in thousands)		$2,531		$2,236		$1,402		$142		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.94%		1.00%		1.05%		1.29%		4.49%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.94%		1.00%		1.05%		1.29%		1.25%
Ratio of Net Investment Income to Average Net Assets***		1.25%		1.27%		1.16%		0.53%		1.39%
Portfolio Turnover Rate		45%		52%		43%		32%^		33%^

Class T Shares

For a share outstanding during each year or
period ended June 30 and each year ended	Perkins Mid Cap Value Fund
October 31	2013		2012		2011		2010(3)		2009		2008
Net Asset Value, Beginning of Period		$20.96		$23.70		$19.06		$18.67		$16.63		$26.56
Income from Investment Operations:
Net investment income		0.32		0.23		0.24		0.06		0.11		0.29
Net gain/(loss) on investments (both realized and unrealized)		3.67		(1.17)		4.56		0.37		2.97		(7.09)
Total from Investment Operations		3.99		(0.94)		4.80		0.43		3.08		(6.80)
Less Distributions:
Dividends (from net investment income)*		(0.16)		(0.17)		(0.16)		(0.04)		(0.25)		(0.40)
Distributions (from capital gains)*		(0.78)		(1.63)		–		–		(0.79)		(2.73)
Total Distributions		(0.94)		(1.80)		(0.16)		(0.04)		(1.04)		(3.13)
Net Asset Value, End of Period		$24.01		$20.96		$23.70		$19.06		$18.67		$16.63
Total Return**		19.56%		(3.66)%		25.24%		2.27%		20.27%		(28.59)%
Net Assets, End of Period (in thousands)		$5,584,059		$6,202,441		$7,796,637		$6,830,168		$7,321,160		$5,170,228
Average Net Assets for the Period (in thousands)		$6,004,535		$6,737,743		$7,597,129		$7,518,444		$5,907,999		$6,009,064
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.84%		0.99%		1.03%		1.11%		1.07%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.76%		0.83%		0.99%		1.03%		1.11%		1.06%
Ratio of Net Investment Income to Average Net Assets***		1.19%		1.16%		1.02%		0.49%		0.84%		1.47%
Portfolio Turnover Rate		60%		54%		66%		44%^		88%		103%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from August 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from July 31 to June 30.
(2)	Period from July 6, 2009 (inception date) through July 31, 2009.
(3)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.

See Notes to Financial Statements.

98 | JUNE 30, 2013

Class T Shares

	Perkins Select Value Fund
For a share outstanding during each year or period ended June 30	2013		2012(1)
Net Asset Value, Beginning of Period		$10.82		$10.00
Income from Investment Operations:
Net investment income		0.13		0.04
Net gain/(loss) on investments (both realized and unrealized)		1.65		0.78
Total from Investment Operations		1.78		0.82
Less Distributions:
Dividends (from net investment income)*		(0.10)		–
Distributions (from capital gains)*		(0.73)		–
Total Distributions		(0.83)		–
Net Asset Value, End of Period		$11.77		$10.82
Total Return**		17.25%		8.20%
Net Assets, End of Period (in thousands)		$1,357		$1,049
Average Net Assets for the Period (in thousands)		$1,274		$649
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.11%		1.44%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.11%		1.26%
Ratio of Net Investment Income to Average Net Assets***		1.25%		1.32%
Portfolio Turnover Rate		62%		80%

Class T Shares

For a share outstanding during each year or period	Perkins Small Cap Value Fund
ended June 30 and each year ended October 31	2013		2012		2011		2010(2)		2009		2008
Net Asset Value, Beginning of Period		$21.08		$24.93		$20.92		$19.47		$17.98		$27.90
Income from Investment Operations:
Net investment income		0.20		0.27		0.05		0.12		0.08		0.32
Net gain/(loss) on investments (both realized and unrealized)		3.55		(1.31)		4.66		1.33		3.39		(5.83)
Total from Investment Operations		3.75		(1.04)		4.71		1.45		3.47		(5.51)
Less Distributions and Other:
Dividends (from net investment income)*		(0.28)		(0.05)		(0.09)		–		(0.31)		(0.33)
Distributions (from capital gains)*		(0.90)		(2.76)		(0.61)		–		(1.62)		(4.08)
Return of capital		N/A		N/A		N/A		N/A		(0.05)		N/A
Total Distributions and Other		(1.18)		(2.81)		(0.70)		–		(1.98)		(4.41)
Net Asset Value, End of Period		$23.65		$21.08		$24.93		$20.92		$19.47		$17.98
Total Return**		18.44%		(3.86)%		22.65%		7.45%		22.87%		(22.57)%
Net Assets, End of Period (in thousands)		$846,044		$923,132		$1,257,481		$1,010,405		$659,087		$503,335
Average Net Assets for the Period (in thousands)		$880,189		$1,023,747		$1,219,414		$936,037		$441,820		$662,033
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.85%		1.05%		1.10%		1.08%		1.11%		1.03%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.84%		1.04%		1.10%		1.08%		1.11%		1.03%
Ratio of Net Investment Income to Average Net Assets***		0.79%		1.20%		0.42%		0.35%		1.06%		1.44%
Portfolio Turnover Rate		60%		62%		64%		39%^		85%		112%

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from December 15, 2011 (inception date) through June 30, 2012.
(2)	Period from November 1, 2009 through June 30, 2010. The Fund changed its fiscal year end from October 31 to June 30.

See Notes to Financial Statements.

Janus Value Funds | 99

Financial Highlights  (continued)

Class T Shares

	Perkins Value Plus
	Income Fund
For a share outstanding during each year or period ended June 30	2013		2012		2011(1)
Net Asset Value, Beginning of Period		$10.86		$11.15		$10.00
Income from Investment Operations:
Net investment income		0.31		0.32		0.29
Net gain on investments (both realized and unrealized)		1.08		0.09		1.14
Total from Investment Operations		1.39		0.41		1.43
Less Distributions:
Dividends (from net investment income)*		(0.30)		(0.33)		(0.24)
Distributions (from capital gains)*		(0.26)		(0.37)		(0.04)
Total Distributions		(0.56)		(0.70)		(0.28)
Net Asset Value, End of Period		$11.69		$10.86		$11.15
Total Return**		13.01%		3.97%		14.49%
Net Assets, End of Period (in thousands)		$5,810		$4,919		$5,030
Average Net Assets for the Period (in thousands)		$5,470		$4,702		$4,002
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.33%		1.48%		1.86%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.92%		0.97%		0.94%
Ratio of Net Investment Income to Average Net Assets***		2.48%		2.87%		3.08%
Portfolio Turnover Rate		97%		100%		85%^

*	See Note 5 in Notes to Financial Statements.
**	Total return not annualized for periods of less than one full year.
***	Annualized for periods of less than one full year.
^	Rate has been adjusted to conform with current year presentation.
(1)	Period from July 30, 2010 (inception date) through June 30, 2011.

See Notes to Financial Statements.

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Notes to Financial Statements

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.

1.  Organization and Significant Accounting Policies

Perkins Large Cap Value Fund, Perkins Mid Cap Value Fund, Perkins Select Value Fund, Perkins Small Cap Value Fund and Perkins Value Plus Income Fund (individually, a “Fund” and collectively, the “Funds”) are series funds. The Funds are part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The financial statements include information for the year ended June 30, 2013. The Trust offers forty-four funds which include multiple series of shares, with differing investment objectives and policies. Perkins Value Plus Income Fund invests in a combination of equity and fixed-income securities. The other Funds invest primarily in equity securities. Each Fund in this report is classified as diversified, as defined in the 1940 Act.

Each Fund in this report 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 A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors. The Shares are available only to investors who hold accounts directly with the Janus funds and to immediate family members or members of the same household of an eligible individual investor. The Shares are not offered through financial intermediaries.

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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

Class L Shares are designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000.

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

Class 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 Management LLC (“Janus Capital”) or its affiliates to offer Class S Shares on their supermarket platforms.

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

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

Investment Valuation

Securities are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter (“OTC”) markets and listed securities for which no sales are reported are 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 Funds’ Trustees. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance

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Notes to Financial Statements (continued)

with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Funds are identified between the closing of their principal markets and the time the net asset value (“NAV”) is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds’ Trustees. 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 non-valued security and a restricted or non-public security. The Funds use 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. Restricted and illiquid securities are valued in accordance with procedures established by the Funds’ Trustees.

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 Trust 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

Each Fund bears expenses incurred specifically on its behalf, as well as a portion of general expenses, which may be allocated pro rata to each Fund. Each class of shares bears expenses incurred specifically on its behalf and, in addition, each class 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.

Foreign Currency Translations

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

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

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

Dividend Distributions

Dividends of net investment income for Perkins Value Plus Income Fund are normally declared and distributed monthly, and realized capital gains (if any) are distributed annually. The other Funds generally declare and distribute dividends of net investment income and realized capital gains (if any) annually.

The Funds may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their

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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 Funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

Each Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed each 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 Funds’ financial statements.

Valuation Inputs Summary

In accordance with FASB guidance, the Funds utilize the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Funds’ investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are 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 Funds’ Trustees and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), warrants, swaps, investments in mutual funds, OTC options, and forward contracts. The Funds use 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. These are generally categorized as Level 2 in the hierarchy.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the FASB Guidance. These are categorized as Level 3 in the hierarchy.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2013 to value the Funds’ investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedules of Investments and Other Information.

FASB Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Funds shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. To meet the objective of the quantitative disclosure, the Funds may need to further disaggregate to

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Notes to Financial Statements (continued)

provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

The Funds are not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Funds when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, the Funds cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Funds.

In addition, the Accounting Standards Update requires the Funds to provide a narrative sensitivity disclosure of the fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized within Level 3 of the fair value hierarchy.

The following table shows transfers in or out of Level 1, Level 2 and Level 3 of the fair value hierarchy during the year ended June 30, 2013.

	Transfers Out
	of Level 2
Fund	to Level 1
Perkins Select Value Fund	$	1,016,688
Perkins Value Plus Income Fund		1,161,492

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

The Funds recognize transfers between the levels as of the beginning of the fiscal year.

2.  Derivative Instruments

The Funds 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 Funds may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by one or more of the Funds during the year ended June 30, 2013 is discussed in further detail below. A summary of derivative activity by Fund is reflected in the tables at the end of this section.

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

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Funds to additional risks that they would not be subject to if they 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, including, but not limited to, counterparty risk, credit risk, currency risk, equity risk, index risk, interest rate risk, leverage risk, and liquidity risk, as described below.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC, such as options and structured notes, 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 Funds may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, a Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

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

•  Counterparty Risk – Counterparty risk is 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 a Fund.

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

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•  Currency Risk – Currency risk is 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 – Equity risk relates 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, a 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 – Interest rate risk is the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause a Fund’s NAV to likewise decrease, and vice versa.

•  Leverage Risk – Leverage risk is 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. A Fund creates leverage by using borrowed capital to increase the amount invested, or investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

•  Liquidity Risk – Liquidity risk is 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.

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 Funds 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 Funds may also invest in forward currency contracts for nonhedging purposes such as seeking to enhance returns. The Funds are subject to currency risk in the normal course of pursuing their investment objectives through their investments in forward currency contracts.

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 contract is included in “Net realized gain/(loss) from investment and foreign currency transactions” on the Statements of Operations (if applicable).

The Funds do not require the counterparty to post collateral for forward currency contracts; however, the Funds will segregate cash or high-grade securities with their custodian in an amount at all times equal to or greater than the Funds’ commitment with respect to these contracts. Such segregated assets are denoted on the accompanying Schedules of Investments and are evaluated daily to ensure their market value equals or exceeds the current market value of the Funds’ corresponding forward currency contracts.

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. The Funds are subject to interest rate risk, liquidity risk, equity risk, and currency risk in the normal course of pursuing their investment objectives through their investments in options contracts. The Funds may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Funds may utilize American-style and European-style options. An American-style option is an option contract that can be exercised at any time between the time of purchase and the option’s expiration date. A European-style option is an option contract that can only be exercised on the option’s expiration date. The Funds may also purchase or write put and call options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. The Funds generally invest in options to hedge against adverse movements in the value of portfolio holdings.

When an option is written, the Funds receive a premium and become obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. In writing an option, the Funds bear the risk of an unfavorable change in the price of the security underlying the written option. Exercise of an option written by the Funds could result in the Funds buying or selling a security at a price different from the current market value.

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Notes to Financial Statements (continued)

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.

The Funds may also purchase and write exchange-listed and OTC put and call options on domestic securities indices, and on foreign securities indices listed on domestic and foreign securities exchanges. Options on securities indices are similar to options on securities except that (1) the expiration cycles of securities index options are monthly, while those of securities options are currently quarterly, and (2) the delivery requirements are different. Instead of giving the right to take or make delivery of securities at a specified price, an option on a securities index gives the holder the right to receive a cash “exercise settlement amount” equal to (a) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of exercise, multiplied by (b) a fixed “index multiplier.” Receipt of this cash amount will depend upon the closing level of the securities index upon which the option is based being greater than, in the case of a call, or less than, in the case of a put, the exercise price of the index and the exercise price of the option times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount.

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

Holdings of the Funds designated to cover outstanding written options are noted on the Schedules of Investments (if applicable). Options written are reported as a liability on the Statements of Assets and Liabilities as “Options written at value” (if applicable). Realized gains and losses are reported as “Net realized gain/(loss) from written options contracts” on the Statements of Operations (if applicable).

The risk in writing call options is that the Funds give 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 Funds 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 Funds pay a premium whether or not the options are exercised. 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 Funds’ hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. There is no limit to the loss the Funds may recognize due to written call options.

Written option activity for the year ended June 30, 2013 is indicated in the tables below:

	Number of		Premiums
Put Options	Contracts		Received
Perkins Mid Cap Value Fund
Options outstanding at June 30, 2012		170,670	$	27,324,315
Options written		156,695		17,634,411
Options closed		(305,415)		(42,261,994)
Options expired		(21,950)		(2,696,732)
Options exercised		–		–
Options outstanding at June 30, 2013		–	$	–

	Number of		Premiums
Call Options	Contracts		Received
Perkins Value Plus Income Fund
Options outstanding at June 30, 2012		110	$	1,905
Options written		3,290		79,650
Options closed		(170)		(3,229)
Options expired		(2,175)		(52,299)
Options exercised		(590)		(15,789)
Options outstanding at June 30, 2013		465	$	10,238

	Number of		Premiums
Put Options	Contracts		Received
Perkins Value Plus Income Fund
Options outstanding at June 30, 2012		–	$	–
Options written		118		3,389
Options closed		–		–
Options expired		(65)		(2,166)
Options exercised		(8)		(402)
Options outstanding at June 30, 2013		45	$	821

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The following tables, grouped by derivative type, provide information about the fair value and location of derivatives within the Statements of Assets and Liabilities as of June 30, 2013.

Fair Value of Derivative Instruments as of June 30, 2013

Derivatives not accounted for as	Asset Derivatives			Liability Derivatives
hedging instruments	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Perkins Value Plus Income Fund
Equity Contracts				Options written, at value	$	5,505
Foreign Exchange Contracts	Forward currency contracts	$	9,183	Forward currency contracts		170
Total		$	9,183		$	5,675

The following tables provide information about the effect of derivatives and hedging activities on the Funds’ Statements of Operations for the year ended June 30, 2013.

The effect of Derivative Instruments on the Statements of Operations for the year ended June 30, 2013

Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures		Swaps		Options			Forward Currency Contracts		Total
Perkins Mid Cap Value Fund
Equity Contracts	$	–	$	–	$	(66,533,951	)	$	–	$	(66,533,951	)
Total	$	–	$	–	$	(66,533,951	)	$	–	$	(66,533,951	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures		Swaps		Options		Forward Currency Contracts		Total
Perkins Mid Cap Value Fund
Equity Contracts	$	–	$	–	$	18,962,584	$	–	$	18,962,584
Total	$	–	$	–	$	18,962,584	$	–	$	18,962,584

Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures		Swaps		Options		Forward Currency Contracts			Total
Perkins Value Plus Income Fund
Equity Contracts	$	–	$	–	$	53,916	$	–		$	53,916
Foreign Exchange Contracts		–		–		–		(11,854	)		(11,854	)
Total	$	–	$	–	$	53,916	$	(11,854	)	$	42,062

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures		Swaps		Options		Forward Currency Contracts		Total
Perkins Value Plus Income Fund
Equity Contracts	$	–	$	–	$	7,708	$	–	$	7,708
Foreign Exchange Contracts		–		–		–		14,609		14,609
Total	$	–	$	–	$	7,708	$	14,609	$	22,317

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

The value of derivative instruments at period end and the effect of derivatives on the Statements of Operations are indicative of the Funds’ volumes throughout the period.

3.  Other investments and strategies

Additional Investment Risk

The Funds, particularly Perkins Value Plus Income Fund, may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer.

The financial crisis that began in 2008 has caused 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 have taken steps to support the financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not

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Notes to Financial Statements (continued)

succeeding each could also 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 are impacting many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including a Fund, may not be fully known for some time. Because the situation is unprecedented and widespread, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude a 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 Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in July 2010 is dramatically changing the way in which the U.S. financial system is supervised and regulated. The Dodd-Frank Act provides for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expands federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act, on the Funds and the investment management industry as a whole, is not yet certain.

A number of countries in the European Union (“EU”) have experienced severe economic and financial difficulties. As a result, financial markets in the EU have been subject to 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 restructuring by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.

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 a 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.

Bank Loans

Perkins Value Plus Income Fund may invest in bank loans, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some bank loans may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to a Fund. The interest rates paid on a floating rate security in which the Fund invests generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year London Interbank Offered Rate (“LIBOR”). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates.

The Fund may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual bank loans on a daily basis.

The average monthly value of borrowings outstanding under bank loan arrangements and the related rate range during the year ended June 30, 2013 is indicated in the table below:

	Average Monthly
Fund	Value		Rates
Perkins Value Plus Income Fund	$	85,950		3.5000% - 4.5000%

108 | JUNE 30, 2013

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to a 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 a Fund. A 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 a Fund’s exposure to counterparty risk in respect to financial assets approximates its carrying value as recorded on the Fund’s Statement of Assets and Liabilities.

A 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 a 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. A 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 a Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Exchange-Traded Funds

The Funds may invest in exchange-traded funds (“ETFs”) which generally are index-based investment companies that hold substantially all of their assets in securities representing their specific index. As a shareholder of another investment company, a Fund would bear its pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Fund bears directly in connection with its own operations.

Floating Rate Loans

The Funds may invest in secured and unsecured 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 LIBOR. In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (“borrowers”) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. While the Funds generally expect to invest in fully funded term loans, certain of the loans in which the Funds 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 Funds may receive fees such as covenant waiver fees or prepayment penalty fees. A Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

Mortgage- and Asset-Backed Securities

The Funds may purchase fixed or variable rate 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. Historically, Fannie Maes and Freddie Macs were not backed by the full faith and credit of the U.S. Government, and may not be in the future. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Under the conservatorship, the management of Fannie Mae and Freddie Mac was replaced. Since 2008, 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.

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Notes to Financial Statements (continued)

The Funds may 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 automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying assets fail to perform, these investment vehicles could be forced to sell the assets and recognize losses on such assets, which could impact the Funds’ yield and your return.

Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Prepayment risk, which results from prepayments of the principal of underlying loans at a faster pace than expected, may shorten the effective maturities of these securities and may result in the Fund having to reinvest proceeds at a lower interest rate.

In addition to prepayment risk, investments in mortgage-backed securities, including those comprised of subprime mortgages, and investments in other asset-backed securities comprised of under-performing assets may be subject to a higher degree of credit risk, valuation risk, and liquidity risk. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Mortgage- and asset-backed securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying these securities to be paid more slowly than expected, increasing the Funds’ sensitivity to interest rate changes and causing its price to decline.

Real Estate Investing

The Funds 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, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Restricted Security Transactions

Restricted securities held by the Funds 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 Funds 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

A Fund may invest in U.S. and foreign government debt securities (“sovereign debt”). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors, including its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. A 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.

When-Issued Securities

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

110 | JUNE 30, 2013

connection with such purchases, the Funds may hold liquid assets as collateral with the Funds’ custodian sufficient to cover the purchase price.

4.  Investment Advisory Agreements and Other Transactions with Affiliates

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

			Contractual
			Investment
			Advisory Fee/
	Average Daily Net		Base Fee Rate (%)
Fund	Assets of the Fund		(annual rate)
Perkins Large Cap Value Fund		N/A		0.64
Perkins Mid Cap Value Fund		N/A		0.64
Perkins Select Value Fund		N/A		0.70
Perkins Small Cap Value Fund		N/A		0.72
Perkins Value Plus Income Fund		All Asset Levels		0.60

For each Fund, except Perkins Value Plus Income Fund, 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 shown in the table above. The performance adjustment either increases or decreases the base fee depending on how well each Fund has performed relative to its benchmark index, as shown below:

Fund	Benchmark Index
Perkins Large Cap Value Fund		Russell 1000® Value Index
Perkins Mid Cap Value Fund		Russell Midcap® Value Index
Perkins Select Value Fund		Russell 3000® Value Index
Perkins Small Cap Value Fund		Russell 2000® Value Index

The calculation of the performance adjustment applies as follows:

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

The investment advisory fee rate paid to Janus Capital by each of the Funds listed above consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable performance measurement period. The performance measurement period generally is the previous 36 months, although no Performance Adjustment is made until a Fund’s performance-based fee structure has been in effect for at least 12 months. When a Fund’s performance-based fee structure has been in effect for at least 12 months, but less than 36 months, the performance measurement period will be equal to the time that has elapsed since the performance-based fee structure took effect. Any applicable Performance Adjustments began February 2007 for Perkins Mid Cap Value Fund, January 2010 for each of Perkins Large Cap Value Fund and Perkins Small Cap Value Fund, and January 2013 for Perkins Select Value Fund.

No Performance Adjustment is applied unless the difference between a Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which a Fund outperforms or underperforms its benchmark index. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase Janus Capital’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease Janus Capital’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of a Fund is calculated net of expenses, whereas a Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index. The Base Fee Rate is calculated and accrued daily. The Performance Adjustment is calculated monthly in arrears and is accrued throughout the month. The investment fee is paid monthly in arrears. Under extreme circumstances involving underperformance by a rapidly shrinking Fund, the dollar amount of the Performance Adjustment could be more than the dollar amount of the Base Fee Rate. In such circumstances, Janus Capital would reimburse the applicable Fund.

The application of an expense limit, if any, will have a positive effect upon a Fund’s performance and may result in an increase in the Performance Adjustment. It is possible that the cumulative dollar amount of additional compensation ultimately payable to Janus Capital may,

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Notes to Financial Statements (continued)

under some circumstances, exceed the cumulative dollar amount of management fees waived by Janus Capital.

The investment performance of a Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. After Janus Capital determines whether a particular Fund’s performance was above or below its benchmark index by comparing the investment performance of the Fund’s load-waived Class A Shares against the cumulative investment record of the Fund’s benchmark index, Janus Capital applies the same Performance Adjustment (positive or negative) across each other class of shares of the Fund, as applicable.

It is not possible to predict the effect of the Performance Adjustment on future overall compensation to Janus Capital since it depends on the performance of each Fund relative to the record of the Fund’s benchmark index and future changes to the size of each Fund.

The Funds’ prospectuses and statement of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statements of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment, if applicable.

During the year ended June 30, 2013, the following Funds recorded a Performance Adjustment as indicated in the table below:

	Performance
Fund	Adjustment
Perkins Large Cap Value Fund	$	(171,134)
Perkins Mid Cap Value Fund		(19,591,547)
Perkins Select Value Fund		(48,359)
Perkins Small Cap Value Fund		(4,252,036)

Perkins Investment Management LLC (“Perkins”) serves as subadviser to the Funds. Janus Capital pays Perkins a fee equal to 50% of the advisory fee paid by each of Perkins Large Cap Value Fund, Perkins Mid Cap Value Fund, Perkins Select Value Fund, and Perkins Small Cap Value Fund to Janus Capital (calculated after any applicable performance fee adjustment, fee waivers, and expense reimbursements) and 50% of the advisory fee payable by the equity portion of Perkins Value Plus Income Fund to Janus Capital (net of any fee waivers and expense reimbursements). The subadvisory fee paid by Janus Capital to Perkins adjusts up or down based on each of Perkins Large Cap Value Fund’s, Perkins Mid Cap Value Fund’s, Perkins Select Value Fund’s, and Perkins Small Cap Value Fund’s performance relative to each Fund’s respective benchmark index over the performance measurement period.

Perkins or its predecessors have been in the investment management business since 1984 and serves as investment adviser or subadviser to other Janus registered investment companies and other accounts. Janus Capital owns approximately 78% of Perkins. Perkins has the option to require Janus Capital to purchase all or part of its remaining ownership interests following certain anniversary dates. On February 1, 2013, Perkins exercised its rights to put 98% of its interests to Janus Capital. The transaction is expected to close in August 2013.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Funds’ 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 Funds.

Certain, but not all, intermediaries charge administrative fees 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 Funds to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Funds, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Funds. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships.

Class D Shares pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class R Shares, Class S Shares and Class T Shares of the Funds for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Funds. 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 each 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.

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order

112 | JUNE 30, 2013

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 transfer agency and other services, Janus Services receives an asset-weighted fee from the Class L Shares of Perkins Mid Cap Value Fund and Perkins Small Cap Value Fund based on the average proportion of each Fund’s total net assets sold directly and the average proportion of each Fund’s net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries.

Janus Services has agreed to waive all or a portion of the administrative fees payable by the Class L Shares of Perkins Mid Cap Value Fund and Perkins Small Cap Value Fund. Such waiver is voluntary and could change or be terminated at any time at the discretion of Janus Services or Janus Capital without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares’ total expense ratio. If applicable, amounts waived to the Funds by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statements of Operations.

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services incurs for serving as transfer agent and providing servicing to shareholders.

Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, is the distributor of the Funds. The Funds have adopted a Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Funds to intermediaries at an annual rate, as determined from time to time by the Board of Trustees, 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. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Funds. If any of a Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statements of Operations.

Janus Capital has contractually agreed to waive the advisory fee payable by each Fund listed below in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding any performance adjustments to management fees, the distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rates shown below. Janus Capital has agreed to continue each waiver until at least November 1, 2013. If applicable, amounts reimbursed to the Funds by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statements of Operations.

	Expense
Fund	Limit (%)
Perkins Large Cap Value Fund		1.00
Perkins Mid Cap Value Fund		0.86
Perkins Select Value Fund		1.00
Perkins Small Cap Value Fund		0.96
Perkins Value Plus Income Fund		0.76

For a period of three years subsequent to Perkins Value Plus Income Fund’s commencement of operations, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, which could be then considered a deferral, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. The recoupment of such reimbursements expires July 30, 2013 for Perkins Value Plus Income Fund. For the year ended June 30, 2013, total reimbursement by Janus Capital was $177,313 for the Fund. As of June 30, 2013, the aggregate amount of recoupment that may potentially be made to Janus Capital is $624,730.

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 Funds. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in

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Notes to Financial Statements (continued)

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 Funds as unrealized appreciation/(depreciation) and is shown as of June 30, 2013 on the Statements of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a 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 Statements of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2013 are included in “Non-interested Trustees’ fees and expenses” on the Statements 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 $243,941 were paid by the Trust to a Trustee under the Deferred Plan during the year ended June 30, 2013.

Certain officers of the Funds may also be officers and/or directors of Janus Capital. Each Fund pays for the salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Funds. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or the subadviser) provides to each Fund. Some expenses related to compensation payable to the Funds’ Chief Compliance Officer and compliance staff are shared with the Funds. Total compensation of $487,826 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2013. Each Fund’s portion is reported as part of “Other Expenses” on the Statements of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Funds. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended June 30, 2013, Janus Distributors retained the following upfront sales charges:

	Upfront
Fund (Class A Shares)	Sales Charge
Perkins Large Cap Value Fund	$	1,562
Perkins Mid Cap Value Fund		29,929
Perkins Small Cap Value Fund		705
Perkins Value Plus Income Fund		894

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, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended June 30, 2013, redeeming shareholders of Class A Shares paid the following CDSCs to Janus Distributors:

Fund (Class A Shares)	CDSC
Perkins Mid Cap Value Fund	$	168

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. During the year ended June 30, 2013, redeeming shareholders of Class C Shares paid the following CDSCs:

Fund (Class C Shares)	CDSC
Perkins Large Cap Value Fund	$	231
Perkins Mid Cap Value Fund		14,348
Perkins Small Cap Value Fund		318

The Funds’ expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statements of Operations (if applicable). The Funds could have employed the assets used by the custodian and/or transfer agent to produce income if they had not entered into an expense offset arrangement.

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

During the year ended June 30, 2013, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Schedules of Investments and Other Information.

114 | JUNE 30, 2013

Janus Capital or an affiliate invested and/or redeemed initial seed capital during the year ended June 30, 2013, as indicated in the following table.

Seed Capital

Date of

Date of

Seed Capital

Fund

at 6/30/12

Purchases

Purchases

Redemptions

Redemptions

at 6/30/13

Perkins Large Cap Value Fund - Class C Shares

$

140,288

$

–

–

$

(140,288)

9/20/12

$

–

Perkins Large Cap Value Fund - Class N Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Large Cap Value Fund - Class S Shares

460,826

–

–

(208,252)

9/20/12

252,574

Perkins Mid Cap Value Fund - Class N Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Select Value Fund - Class A Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Select Value Fund - Class C Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Select Value Fund - Class D Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Select Value Fund - Class I Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Select Value Fund - Class S Shares

10,000

–

–

–

–

10,000

Perkins Select Value Fund - Class T Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Small Cap Value Fund - Class N Shares

10,000

–

–

(10,000)

9/20/12

–

Perkins Value Plus Income Fund - Class A Shares

3,333,333

–

–

–

–

3,333,333

Perkins Value Plus Income Fund - Class C Shares

3,333,333

–

–

–

–

3,333,333

Perkins Value Plus Income Fund - Class D Shares

3,333,333

–

–

–

–

3,333,333

Perkins Value Plus Income Fund - Class I Shares

3,333,334

–

–

–

–

3,333,334

Perkins Value Plus Income Fund - Class S Shares

3,333,333

–

–

–

–

3,333,333

Perkins Value Plus Income Fund - Class T Shares

3,333,334

–

–

–

–

3,333,334

5.  Federal Income Tax

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

Other book to tax differences may consist of deferred compensation, derivatives and foreign currency contract adjustments. The Funds have 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.

	Undistributed		Undistributed				Loss Deferrals				Other Book
	Ordinary		Long-Term		Accumulated		Late-Year		Post-October		to Tax		Net Tax
Fund	Income		Gains		Capital Losses		Ordinary Loss		Capital Loss		Differences		Appreciation
Perkins Large Cap Value Fund	$	1,396,394	$	8,899,281	$	–	$	–	$	–	$	(2,136)	$	24,319,008
Perkins Mid Cap Value Fund		141,173,475		735,837,219		–		–		–		(189,715)		1,909,253,488
Perkins Select Value Fund		861,294		1,614,074		–		–		–		(967)		7,602,219
Perkins Small Cap Value Fund		20,496,345		25,863,384		(5,962,986)		–		–		(40,306)		410,916,860
Perkins Value Plus Income Fund		660,502		1,295,549		–		–		–		4,565		3,756,648

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2013, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The following table shows these capital loss carryovers.

Janus Value Funds | 115

Notes to Financial Statements (continued)

Capital Loss Carryover Expiration Schedule
For the year ended June 30, 2013

			Accumulated
Fund	June 30, 2016		Capital Losses
Perkins Small Cap Value Fund(1)	$	(5,962,986)	$	(5,962,986)

(1) Capital loss carryover subject to annual limitations.

During the year ended June 30, 2013, the following capital loss carryovers were utilized by the Funds as indicated in the table:

	Capital Loss
	Carryover
Fund	Utilized
Perkins Small Cap Value Fund	$	1,987,662

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2013 are noted below.

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

	Federal Tax		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)
Perkins Large Cap Value Fund	$	109,230,214	$	25,780,903	$	(1,461,895)
Perkins Mid Cap Value Fund		9,816,516,326		1,983,292,196		(74,038,708)
Perkins Select Value Fund		64,206,249		8,601,227		(999,008)
Perkins Small Cap Value Fund		2,087,971,102		424,935,250		(14,018,390)
Perkins Value Plus Income Fund		52,917,028		4,454,270		(697,622)

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

For the year ended June 30, 2013

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Perkins Large Cap Value Fund	$	2,341,525	$	2,840,572	$	–	$	–
Perkins Mid Cap Value Fund		84,817,950		429,296,214		–		–
Perkins Select Value Fund		5,155,941		–		–		–
Perkins Small Cap Value Fund		35,780,137		107,817,090		–		–
Perkins Value Plus Income Fund		1,874,229		598,590		–		–

For the year ended June 30, 2012

	Distributions
	From Ordinary		From Long-Term		Tax Return of		Net Investment
Fund	Income		Capital Gains		Capital		Loss
Perkins Large Cap Value Fund	$	3,790,921	$	4,577,106	$	–	$	–
Perkins Mid Cap Value Fund		186,409,820		883,352,613		–		–
Perkins Small Cap Value Fund		116,402,065		236,744,026		–		–
Perkins Value Plus Income Fund		2,533,669		139,429		–		–

116 | JUNE 30, 2013

6.  Capital Share Transactions

	Perkins Large Cap				Perkins Mid Cap				Perkins Select				Perkins Small Cap				Perkins Value Plus
For the years or periods ended June 30	Value Fund				Value Fund				Value Fund				Value Fund				Income Fund
(all numbers in thousands)	2013		2012(1)		2013		2012(1)		2013		2012(2)		2013		2012(1)		2013		2012
Transactions in Fund Shares – Class A Shares:
Shares sold		26		108		10,214		13,285		5		9		1,297		2,297		67		66
Reinvested dividends and distributions		5		10		1,549		3,931		1		–		233		686		22		30
Shares repurchased		(36)		(55)		(29,651)		(19,338)		(5)		(1)		(3,344)		(5,242)		(24)		(66)
Net Increase/(Decrease) in Fund Shares		(5)		63		(17,888)		(2,122)		1		8		(1,814)		(2,259)		65		30
Shares Outstanding, Beginning of Period		222		159		55,307		57,429		8		–		6,711		8,970		466		436
Shares Outstanding, End of Period		217		222		37,419		55,307		9		8		4,897		6,711		531		466
Transactions in Fund Shares – Class C Shares:
Shares sold		84		90		1,165		1,967		6		7		50		99		29		67
Reinvested dividends and distributions		3		6		259		555		1		–		29		112		18		24
Shares repurchased		(90)		(98)		(3,597)		(2,667)		(3)		–		(372)		(367)		(20)		(19)
Net Increase/(Decrease) in Fund Shares		(3)		(2)		(2,173)		(145)		4		7		(293)		(156)		27		72
Shares Outstanding, Beginning of Period		198		200		10,169		10,314		7		–		1,042		1,198		442		370
Shares Outstanding, End of Period		195		198		7,996		10,169		11		7		749		1,042		469		442
Transactions in Fund Shares – Class D Shares:
Shares sold		1,088		783		1,275		1,655		280		337		159		198		631		958
Reinvested dividends and distributions		53		80		1,587		3,358		26		–		177		440		90		87
Shares repurchased		(428)		(579)		(5,750)		(5,456)		(95)		(60)		(611)		(656)		(401)		(374)
Net Increase/(Decrease) in Fund Shares		713		284		(2,888)		(443)		211		277		(275)		(18)		320		671
Shares Outstanding, Beginning of Period		1,344		1,060		39,061		39,504		277		–		3,444		3,462		1,803		1,132
Shares Outstanding, End of Period		2,057		1,344		36,173		39,061		488		277		3,169		3,444		2,123		1,803
Transactions in Fund Shares – Class I Shares:
Shares sold		45		1,428		35,686		52,978		778		5,656		9,827		18,637		34		189
Reinvested dividends and distributions		96		538		5,355		11,353		444		–		2,435		5,615		42		50
Shares repurchased		(1,085)		(6,328)		(77,666)		(44,213)		(1,179)		(221)		(34,156)		(20,356)		(78)		(95)
Net Increase/(Decrease) in Fund Shares		(944)		(4,362)		(36,625)		20,118		43		5,435		(21,894)		3,896		(2)		144
Shares Outstanding, Beginning of Period		3,565		7,927		162,897		142,779		5,435		–		56,566		52,670		849		705
Shares Outstanding, End of Period		2,621		3,565		126,272		162,897		5,478		5,435		34,672		56,566		847		849
Transactions in Fund Shares – Class L Shares:
Shares sold		N/A		N/A		45		235		N/A		N/A		1,380		848		N/A		N/A
Reinvested dividends and distributions		N/A		N/A		54		206		N/A		N/A		572		1,591		N/A		N/A
Shares repurchased		N/A		N/A		(700)		(1,496)		N/A		N/A		(5,466)		(2,221)		N/A		N/A
Net Increase/(Decrease) in Fund Shares		N/A		N/A		(601)		(1,055)		N/A		N/A		(3,514)		218		N/A		N/A
Shares Outstanding, Beginning of Period		N/A		N/A		1,604		2,659		N/A		N/A		13,065		12,847		N/A		N/A
Shares Outstanding, End of Period		N/A		N/A		1,003		1,604		N/A		N/A		9,551		13,065		N/A		N/A
Transactions in Fund Shares – Class N Shares:
Shares sold		925		5,003		11,077		1,025		N/A		N/A		11,795		586		N/A		N/A
Reinvested dividends and distributions		200		–		236		–		N/A		N/A		171		–		N/A		N/A
Shares repurchased		(2,945)		(31)		(3,087)		(3)		N/A		N/A		(1,932)		(4)		N/A		N/A
Net Increase/(Decrease) in Fund Shares		(1,820)		4,972		8,226		1,022		N/A		N/A		10,034		582		N/A		N/A
Shares Outstanding, Beginning of Period		4,972		–		1,022		–		N/A		N/A		582		–		N/A		N/A
Shares Outstanding, End of Period		3,152		4,972		9,248		1,022		N/A		N/A		10,616		582		N/A		N/A
Transactions in Fund Shares – Class R Shares:
Shares sold		N/A		N/A		2,201		2,625		N/A		N/A		325		425		N/A		N/A
Reinvested dividends and distributions		N/A		N/A		270		522		N/A		N/A		63		171		N/A		N/A
Shares repurchased		N/A		N/A		(3,340)		(2,657)		N/A		N/A		(623)		(608)		N/A		N/A
Net Increase/(Decrease) in Fund Shares		N/A		N/A		(869)		490		N/A		N/A		(235)		(12)		N/A		N/A
Shares Outstanding, Beginning of Period		N/A		N/A		7,722		7,232		N/A		N/A		1,538		1,550		N/A		N/A
Shares Outstanding, End of Period		N/A		N/A		6,853		7,722		N/A		N/A		1,303		1,538		N/A		N/A

Janus Value Funds | 117

Notes to Financial Statements (continued)

	Perkins Large Cap				Perkins Mid Cap				Perkins Select				Perkins Small Cap				Perkins Value Plus
For the years or periods ended June 30	Value Fund				Value Fund				Value Fund				Value Fund				Income Fund
(all numbers in thousands)	2013		2012(1)		2013		2012(1)		2013		2012(2)		2013		2012(1)		2013		2012
Transactions in Fund Shares – Class S Shares:
Shares sold		–		–		8,631		12,570		–		1		761		1,117		–		–
Reinvested dividends and distributions		1		4		1,459		3,106		–		–		208		539		17		22
Shares repurchased		(21)		(1)		(18,446)		(12,971)		–		–		(2,010)		(1,467)		–		–
Net Increase/(Decrease) in Fund Shares		(20)		3		(8,356)		2,705		–		1		(1,041)		189		17		22
Shares Outstanding, Beginning of Period		51		48		38,011		35,306		1		–		4,478		4,289		364		342
Shares Outstanding, End of Period		31		51		29,655		38,011		1		1		3,437		4,478		381		364
Transactions in Fund Shares – Class T Shares:
Shares sold		78		66		32,336		45,005		29		98		4,082		4,927		79		76
Reinvested dividends and distributions		6		11		11,421		26,055		8		–		2,170		5,817		23		28
Shares repurchased		(56)		(65)		(107,157)		(104,088)		(19)		(1)		(14,281)		(17,387)		(58)		(102)
Net Increase/(Decrease) in Fund Shares		28		12		(63,400)		(33,028)		18		97		(8,029)		(6,643)		44		2
Shares Outstanding, Beginning of Period		169		157		295,959		328,987		97		–		43,798		50,441		453		451
Shares Outstanding, End of Period		197		169		232,559		295,959		115		97		35,769		43,798		497		453

(1)	Period from May 31, 2012 (inception date) through June 30, 2012 for Class N Shares.
(2)	Period from December 15, 2011 (inception date) through June 30, 2012.

118 | JUNE 30, 2013

7.  Purchases and Sales of Investment Securities

For the year ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:

					Purchases of Long-		Proceeds from Sales
	Purchases of		Proceeds from Sales		Term U.S. Government		of Long-Term U.S.
Fund	Securities		of Securities		Obligations		Government Obligations
Perkins Large Cap Value Fund	$	57,162,982	$	87,175,220	$	–	$	–
Perkins Mid Cap Value Fund		6,657,336,847		9,203,560,073		–		–
Perkins Select Value Fund		47,233,767		34,137,998		–		–
Perkins Small Cap Value Fund		1,358,923,967		1,821,008,920		–		–
Perkins Value Plus Income Fund		39,499,853		38,553,624		14,919,789		11,222,936

8.  New Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” This update creates disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of the new Statements of Assets and Liabilities offsetting disclosures to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact these updates may have on the Funds’ financial statements.

9.  Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2013 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

Janus Value Funds | 119

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Perkins Large Cap Value Fund, Perkins Mid Cap Value Fund, Perkins Select Value Fund, Perkins Small Cap Value Fund, and Perkins Value Plus Income Fund (five of the funds constituting Janus Investment Fund, hereafter referred to as the “Funds”) at June 30, 2013 and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

August 19, 2013

120 | JUNE 30, 2013

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

Approval of Advisory Agreements During the Period

The Trustees of Janus Investment Fund, none of whom has ever been affiliated with Janus Capital and each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund and, as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the nine Funds that utilize subadvisers.

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

At a meeting held on December 7, 2012, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2013 through February 1, 2014, 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.

Nature, Extent and Quality of Services

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

Janus Value Funds | 121

Additional Information (unaudited) (continued)

procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds of Janus Investment Fund and the Portfolios of Janus Aspen Series (such Funds and Portfolios, together the “Janus Funds”) and Janus Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the Janus Funds have had some recent performance challenges, but performance has improved recently, and for the 36 months ended September 30, 2012, approximately 47% of the Janus Funds were in the top two quartiles of performance and for the 12 months ended September 30, 2012, approximately 54% of the Janus Funds were in the top two quartiles of performance. The Trustees concluded that the performance of certain Funds was good under current market conditions. Although the performance of other Funds lagged that of their peers for certain periods, the Trustees also concluded that Janus Capital had taken or was taking appropriate steps to address those instances of under-performance.

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for most of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by the independent data providers.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found (1) the total expenses and management fees of the Janus Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 16% below the mean total expenses of their respective Lipper Expense Group peers and 23% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Janus Funds, on average, were 9% below the mean management fees for their Expense Groups and 12% below the mean for their Expense Universes; and (4) Janus Funds expenses at the functional level for each asset and share class category were reasonable. The independent fee consultant concluded that based on its strategic review of expenses at the complex, category and individual fund level, Janus Funds expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/ performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories and existence of performance fees on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent and the competitive market for mutual funds in different distribution channels. They concluded that the compensation methodology provided a good alignment of the interests of the portfolio managers with the interests of Fund shareholders.

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The Trustees also reviewed management fees charged by Janus Capital and each subadviser to their separate account clients and to non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks that it does not assume in servicing its other clients. Moreover, they noted the research conducted and conclusions reached by their independent fee consultant.

In this regard, the independent fee consultant found that (1) the management fees Janus Capital charges to the Janus Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; and (3) the average spread between management fees charged to the Janus Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

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

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the actual management fee rate paid by most of the Funds, after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused or will cause the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and the five Funds that have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted

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Additional Information (unaudited) (continued)

that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Janus Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

After full consideration of the above factors, as well as other factors, the Trustees, each of whom is an independent Trustee, concluded at their December 7, 2012 meeting that the proposed continuation of the investment advisory agreement and, if applicable, the subadvisory agreement for each Fund for another year was in the best interest of the respective Funds and their shareholders.

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Useful Information About Your Fund Report (unaudited)

1.  Management Commentary

The Management Commentary in this report includes valuable insight from each of the Fund’s managers 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. The Fund’s managers may allocate a company 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 by the Chief Investment Officer(s) in the Market Perspective and by the Fund’s managers in the Management Commentary are just that: opinions. They are a reflection of the Chief Investment Officer(s) and managers’ best judgment at the time this report was compiled, which was June 30, 2013. As the investing environment changes, so could their opinions. These views are unique to them and aren’t necessarily shared by fellow employees or by Janus in general.

2.  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. The hypothetical example does not represent the returns of any particular investment.

When comparing the performance of the Fund with an index, keep in mind that market indices do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.

3.  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’s 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 Bloomberg L.P. and/or MSCI Inc.

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

4.  Statement of Assets and Liabilities

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

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased

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Useful Information About Your Fund Report (unaudited) (continued)

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.

5.  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.

6.  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.

7.  Financial Highlights

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

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

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. Don’t

126 | JUNE 30, 2013

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 doesn’t 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 managers. 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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Designation Requirements (unaudited)

For federal income tax purposes, the Funds designated the following for the year ended June 30, 2013:

Capital Gain Distributions

Fund
Perkins Large Cap Value Fund	$	2,840,572
Perkins Mid Cap Value Fund		429,296,214
Perkins Small Cap Value Fund		107,817,090
Perkins Value Plus Income Fund		598,590

Dividends Received Deduction Percentage

Fund
Perkins Large Cap Value Fund	100%
Perkins Mid Cap Value Fund	100%
Perkins Select Value Fund	100%
Perkins Small Cap Value Fund	100%
Perkins Value Plus Income Fund	52%

Qualified Dividend Income

Fund
Perkins Large Cap Value Fund	100%
Perkins Mid Cap Value Fund	100%
Perkins Select Value Fund	100%
Perkins Small Cap Value Fund	100%
Perkins Value Plus Income Fund	58%

128 | JUNE 30, 2013

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Pursuant to the Funds’ Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Funds’ Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds.

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

TRUSTEES

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds); and Director of the F.B. Heron Foundation (a private grantmaking foundation).
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Director of MotiveQuest LLC (strategic social market research company) (since 2003); and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

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Trustees and Officers (unaudited) (continued)

TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company (1987-1994).	56	Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (since 2005). Formerly, Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	56	Director of Red Robin Gourmet Burgers, Inc. (RRGB) (since 2004).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	56	None

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TRUSTEES (continued)

				Number of Portfolios/Funds	Other Directorships
	Positions Held	Length of	Principal Occupations	in Fund Complex	Held by Trustee
Name, Address, and Age	with the Trust	Time Served	During the Past Five Years	Overseen by Trustee	During the Past Five Years
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Convention & Tourism Bureau, Chicago Council on Global Affairs, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Wal-Mart, and Wrapports, LLC (digital communications company).

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Trustees and Officers (unaudited) (continued)

OFFICERS

	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years
Gibson Smith 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President and Co-Portfolio Manager Perkins Value Plus Income Fund	7/10-Present	Co-Chief Investment Officer and Executive Vice President of Janus Capital; Executive Vice President of Janus Distributors LLC and Janus Services LLC; Director of Perkins Investment Management LLC; and Portfolio Manager for other Janus accounts.
Darrell Watters 151 Detroit Street Denver, CO 80206 DOB: 1963	Executive Vice President and Co-Portfolio Manager Perkins Value Plus Income Fund	7/10-Present	Vice President of Janus Capital and Portfolio Manager for other Janus accounts.
Robin C. Beery 151 Detroit Street Denver, CO 80206 DOB: 1967	President and Chief Executive Officer	4/08-Present	Executive Vice President and Head of U.S. Distribution of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC; Director of The Janus Foundation; Director of Perkins Investment Management LLC; and Working Director of INTECH Investment Management LLC. Formerly, Head of Intermediary Distribution, Global Marketing and Product of Janus Capital Group Inc., Janus Capital, Janus Distributors LLC, and Janus Services LLC (2009-2010); and Chief Marketing Officer of Janus Capital Group Inc. and Janus Capital (2002-2009).
Stephanie Grauerholz-Lofton 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital, and Vice President and Assistant Secretary of Janus Distributors LLC.
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; and Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC. Formerly, Chief Compliance Officer of Bay Isle Financial LLC (2003-2008).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.

* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Notes

Janus Value Funds | 133

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (08/13)

Investment products offered are: NOT FDIC-INSURED MAY LOSE VALUE NO BANK GUARANTEE

C-0813-42688 125-02-93007 08-13

Item 2 - Code of Ethics

As of the end of the period covered by this Form N-CSR, the Registrant has adopted a Code of Ethics (as defined in Item 2(b) of Form N-CSR), which is posted on the Registrant’s website: janus.com. Registrant intends to post any amendments to, or waivers from (as defined in Item 2 of Form N-CSR), such code on janus.com within five business days following the date of such amendment or waiver.

Item 3 - Audit Committee Financial Expert

Janus Investment Fund’s Board of Trustees has determined that the following members of Janus Investment Fund’s Audit Committee are “audit committee financial experts,” as defined in Item 3 to Form N-CSR: William D. Cvengros (Chairman) and William D. Stewart who are each “independent” under the standards set forth in Item 3 to Form N-CSR.

Item 4 - Principal Accountant Fees and Services

The following table shows the amount of fees that PricewaterhouseCoopers LLP (“Auditor”), Janus Investment Fund’s (the “Fund”) auditor, billed to the Fund during the Fund’s last two fiscal years. For the reporting periods, the Audit Committee approved in advance all audit services and non-audit services that Auditor provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to Auditor during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee(or its delegate) approves the services before the audit is completed.

Services that the Fund’s Auditor Billed to the Fund

Fiscal Year Ended	Audit Fees			Audit-Related			Tax Fees			All Other Fees
June 30	Billed to Fund			Fees Billed to Fund			Billed to Fund			Billed to Fund
2013	$	846,931		$	5,500		$	218,880		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
2012	$	878,374		$	0		$	235,048		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

The above “Audit Fees” were billed for amounts related to the audit of the Fund’s financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. The above “Audit-Related Fees” were billed for amounts related to semi-annual financial statement disclosure review. The above “Tax Fees” were billed for amounts related to tax compliance, tax planning, tax advice, and corporate actions review.

Services that the Fund’s Auditor Billed to the Adviser
and Affiliated Fund Service Providers

The following table shows the amount of fees billed by Auditor to Janus Capital Management LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

The table also shows the percentage of fees, if any, subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Auditor by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal years in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

	Audit-Related						All Other Fees
	Fees Billed to			Tax Fees Billed to			Billed to Adviser
	Adviser and			Adviser and			and Affiliated
Fiscal Year Ended	Affiliated Fund			Affiliated Fund			Fund Service
June 30	Service Providers			Service Providers			Providers
2013	$	23,210		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
2012	$	75,844		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

The above “Audit-Related Fees” were billed for amounts related to semi-annual financial statement disclosure review, and internal control examination.

Non-Audit Services

The following table shows the amount of fees that Auditor billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Auditor provides to the Adviser and any Affiliated Fund Service Provider, if the engagement relates directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Auditor about any non-audit services that Auditor rendered during the Fund’s last fiscal years to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Auditor’s independence.

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit
			Providers(engagements		Fees billed to
			related directly to the		Adviser and
	Total		operations and		Affiliated Fund
	Non-Audit Fees		financial reporting of		Service Providers
Fiscal Year Ended	Billed to the Fund		the Fund)		(all other engagements)		Total of (A), (B)
June 30	(A)		(B)		(C)		and (C)1
2013	$	0	$	0	$	0	$	0
2012	$	0	$	0	$	0	$	0

1. The Audit Committee also considered amounts billed by Auditor to all other Control Affiliates in evaluating Auditor’s independence.

Pre-Approval Policies

The Fund’s Audit Committee Charter requires the Fund’s Audit Committee to pre-approve any engagement of Auditor (i) to provide Audit or Non-Audit Services to the Fund or (ii) to provide non-audit services to Adviser or any Affiliated Fund Service Provider, if the engagement relates directly to the operations and financial reporting of the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre- approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.

Item 5 -   Audit Committee of Listed Registrants
Not applicable.

Item 6 -   Investments

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7 -   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant.

Item 8 -   Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant.

Item 9 -   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant.

Item 10 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11 - Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12 - Exhibits

(a)(1)	Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.
(a)(2)	Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99.CERT.
(a)(3)	Not applicable to this Registrant.
(b)	A certification for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Janus Investment Fund

By:	/s/ Robin C. BeeryRobin C. Beery,
	President and Chief Executive Officer of Janus Investment Fund
	(Principal Executive Officer)

Date: August 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Robin C. BeeryRobin C. Beery,
	President and Chief Executive Officer of Janus Investment Fund
	(Principal Executive Officer)

Date: August 29, 2013

By:	/s/ Jesper NergaardJesper Nergaard,
	Vice President, Chief Financial Officer, Treasurer and Principal
	Accounting Officer of Janus Investment Fund
	(Principal Accounting Officer and Principal Financial Officer)

Date: August 29, 2013