Janus Henderson Growth And Income Fund NCSRS Certified semi-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)

Kelley Abbott Howes, 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: 10/31

Date of reporting period: 4/30/06

Item 1 - Reports to Shareholders

2006 Semiannual Report

Janus Growth Funds

Growth

Janus Fund

Janus Enterprise Fund

Janus Mercury Fund

Janus Olympus Fund

Janus Orion Fund

Janus Triton Fund

Janus Twenty Fund

Janus Venture Fund

Specialty Growth

Janus Global Life Sciences Fund

Janus Global Technology Fund

Look Inside. . .

• Portfolio manager perspective

• Investment strategy behind your fund

• Fund performance, characteristics and holdings

Table of Contents

Janus Growth Funds

President and CEO Letter to Shareholders					1

Portfolio Managers' Commentaries and Schedules of Investments

Janus Fund					6

Janus Enterprise Fund					14

Janus Mercury Fund					21

Janus Olympus Fund					28

Janus Orion Fund					35

Janus Triton Fund					41

Janus Twenty Fund					47

Janus Venture Fund					52

Janus Global Life Sciences Fund					59

Janus Global Technology Fund					65

Statements of Assets and Liabilities					72

Statements of Operations					74

Statements of Changes in Net Assets					76

Financial Highlights					80

Notes to Schedules of Investments and Securities Sold Short					85

Notes to Financial Statements					89

Additional Information					97

Explanations of Charts, Tables and Financial Statements					101

Shareholder Meeting					104

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money.

CEO's Letter

Gary Black

President and Chief Executive Officer

Dear Shareholders,

Before offering my perspective on the economy, the markets and the progress we've made at Janus during the six months ended April 30, 2006, I'd like to thank you for your continued confidence and investment in Janus' funds. Your unwavering support is the driving force behind our desire to deliver the strong, consistent fund performance that you've come to expect from Janus.

As you'll read on the following pages, our fund managers continued to deliver excellent performance – for the one-year period ended April 30, 2006, 68% of Janus' retail funds ranked within Lipper's top two quartiles based on total returns. For the five years ended April 30, 2006, 57% of our retail funds earned first- or second-quartile Lipper rankings – up from 30% a year ago. Over the past three years, Janus' U.S. equity funds have gained an average of 21% annually, versus a 12% gain for the Russell 1000^® Growth Index and a 15% gain for the S&P 500^® Index. (See performance and complete ranking figures on pages 3-4).

Staying Focused on Consistent Performance

While we're pleased to report solid performance across different time periods, our goal is to ensure consistency in our investment returns across different market cycles as well. We employ several tools to help us meet this goal, beginning with detailed research processes that help us single out what we feel are the best investments for our funds. The very talented and experienced individuals at the heart of these processes – our research analysts and portfolio managers – are what distinguish Janus from its asset management peers. Additionally, our robust risk management tools and disciplined buy/sell strategies help in our efforts to deliver consistent performance over full market cycles.

...our goal is to ensure consistency in our investment returns across different market cycles...

We recently appointed Chief Investment Officers to oversee our various investment disciplines. Jonathan Coleman and David Decker oversee our U.S. Growth and Core funds, Jason Yee is responsible for our Global and International funds, and Gibson Smith has oversight of our Fixed-Income and Money Market funds. In their respective roles, these individuals serve as player-coaches with the portfolio managers and analysts who work with them and focus on driving performance of the products they oversee.

Combined, we believe these elements of our research process will help us as we strive to deliver strong fund performance in all market environments.

Corporate Profits Remained Strong

On that note, I'd like to summarize the environment we – and other investors – operated in during the past six months. Stronger-than-expected economic data and growing anticipation of a possible conclusion to monetary tightening by the Federal Reserve drove U.S. equity markets higher during the period. Notwithstanding a sharp spike in energy prices in early 2006 and clear signs of a slowdown in the U.S. housing market, corporate profits continued to grow at a healthy clip and consumer spending remained robust. Financial markets observed a smooth transition in leadership at the Federal Reserve Board after Chairman Alan Greenspan's long tenure, and investors appeared to conclude that incoming Chairman Ben Bernanke would pursue a similar course to that of his predecessor, namely, to contain inflation and promote long-term economic growth. Perhaps the biggest risk, in our opinion, is that the Federal Reserve could increase short-term r ates too aggressively to curb potential inflation, which could cause longer-term growth to stall.

Areas of particular strength in the market included economically sensitive sectors such as financial services, industrials and energy, all of which benefited from continued evidence of strong U.S. economic growth. Overseas markets also delivered healthy returns, with Japan's economic recovery reawakening domestic Japanese investors to the Japanese equity market, and rapid industrialization and growing consumer wealth driving significant gains in emerging equity markets like Brazil, China and India.

Greater Diversification Sought by Investors

It was encouraging to see equity markets worldwide climb higher during the period. And yet, if there's one thing that all investors can consistently count on, it's that there is no consistency in the markets. This year's gains could be next year's losses. With this in mind, more and more investors seem to be making a concerted effort to maintain a

Janus Growth Funds April 30, 2006 1

Continued

diversified portfolio. In recognition of this, we launched Janus Smart Portfolios in late December 2005. These Portfolios are geared toward investors who may not have the time to allocate their assets according to their specific goals and risk tolerance.

Janus Smart Portfolios invest in a combination of funds that leverage the fundamental research approach of Janus with funds supported by the risk-managed, mathematical investment process of INTECH (a Janus subsidiary). We believe the unique combination of these two different investment styles, assembled with the view of providing long-term diversification and market opportunity, will be of great benefit to shareholders as they invest toward their goals. And with three different portfolios to choose from – Growth, Moderate and Conservative – investors can choose the level of risk they are willing to take in pursuit of their goals.

A Compelling Case for Growth

In summary, the economic outlook appears positive to us, and we find valuations for U.S. equities attractive. The combination of those two factors continues to make a solid case for growth investing. Although future interest rate increases are becoming less likely, we will continue to closely monitor the actions of the Federal Reserve. Regardless of the macroeconomic climate ahead, we remain dedicated to rewarding your trust and confidence in Janus with strong, consistent fund performance.

Sincerely,

Gary Black
Chief Executive Officer and
Chief Investment Officer

2 Janus Growth Funds April 30, 2006

Lipper Rankings

Lipper Rankings – Based on total return as of 4/30/06

ONE YEAR

THREE YEAR

FIVE YEAR

TEN YEAR

SINCE INCEPTION

LIPPER CATEGORY

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

Janus Investment Funds

(Inception Date)

Janus Fund (2/70)

Large-Cap Growth Funds

296/698

280/590

374/474

72/165

1/19

Janus Enterprise Fund⁽¹⁾ (9/92)

Mid-Cap Growth Funds

324/563

134/461

257/357

88/128

20/49

Janus Mercury Fund⁽¹⁾ (5/93)

Large-Cap Growth Funds

210/698

53/590

306/474

18/165

1/84

Janus Olympus Fund⁽¹⁾ (12/95)

Multi-Cap Growth Funds

186/423

190/359

188/288

25/95

13/88

Janus Orion Fund (6/00)

Multi-Cap Growth Funds

11/423

3/359

8/288

N/A

61/230

Janus Triton Fund (2/05)

Small-Cap Growth Funds

59/533

N/A

14/520

Janus Twenty Fund* (4/85)

Large-Cap Growth Funds

36/698

6/590

56/474

2/165

1/40

Janus Venture Fund* (4/85)

Small-Cap Growth Funds

311/533

45/453

70/363

44/117

1/10

Janus Global Life Sciences Fund (12/98)

Health/Biotechnology Funds

57/176

39/161

55/127

N/A

15/48

Janus Global Technology Fund (12/98)

Science & Technology Funds

94/292

113/265

132/230

N/A

17/76

Janus Balanced Fund⁽¹⁾ (9/92)

Mixed-Asset Target Allocation Moderate Funds

49/395

140/271

81/210

2/81

1/27

Janus Contrarian Fund (2/00)

Multi-Cap Core Funds

3/834

3/588

11/421

N/A

29/332

Janus Core Equity Fund⁽¹⁾ (6/96)

Large-Cap Core Funds

9/864

20/746

16/618

N/A

3/248

Janus Growth and Income Fund⁽¹⁾ (5/91)

Large-Cap Core Funds

35/864

65/746

90/618

5/240

5/96

Janus Research Fund (2/05)

Multi-Cap Growth Funds

31/423

N/A

26/410

INTECH Risk-Managed Stock Fund (2/03)

Multi-Cap Core Funds

483/834

129/588

N/A

150/586

Janus Mid Cap Value Fund - Inv⁽¹⁾⁽²⁾ (8/98)

Mid-Cap Value Funds

201/267

114/216

51/146

N/A

4/81

Janus Small Cap Value Fund - Inv*⁽²⁾ (10/87)

Small-Cap Core Funds

612/633

456/504

243/373

N/A

Janus Federal Tax-Exempt Fund (5/93)

General Municipal Debt Funds

155/260

221/249

156/221

122/142

64/77

Janus Flexible Bond Fund⁽¹⁾ (7/87)

Intermediate Investment Grade Debt Funds

172/473

146/406

74/320

35/147

6/25

Janus High-Yield Fund (12/95)

High Current Yield Funds

164/439

276/385

169/311

10/111

3/104

Janus Short-Term Bond Fund⁽¹⁾ (9/92)

Short Investment Grade Debt Funds

68/228

38/181

63/129

13/66

11/25

Janus Global Opportunities Fund⁽¹⁾ (6/01)

Global Funds

100

360/362

154/286

N/A

50/224

Janus Overseas Fund⁽¹⁾ (5/94)

International Funds

2/910

2/770

114/599

8/230

2/120

Janus Worldwide Fund⁽¹⁾ (5/91)

Global Funds

339/362

279/286

217/220

56/82

5/17

(1)The date of the Lipper ranking is slightly different from when the Fund began operations since Lipper provides fund rankings as of the last day of the month or the first Thursday after fund inception.

(2)Rating is for the Investor share class only; other classes may have different performance characteristics.

*Closed to new investors.

Data presented represents past performance, which is no guarantee of future results.

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

Lipper Inc. - A Reuters Company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested.

Janus Growth Funds April 30, 2006 3

Performance

	Average Annual Total Return for the periods ended 4/30/06
	ONE YEAR			THREE YEAR			FIVE YEAR			10 YEAR			SINCE INCEPTION
Fund/Index
(Inception Date)
Janus Fund (2/70)		17.28	%		11.85	%		(2.62	)%		6.67	%		13.86	%
Janus Contrarian Fund^(1)(2)(3) (2/00)		38.81	%		31.63	%		10.68	%		N/A			9.63	%
Janus Core Equity Fund⁽³⁾ (6/96)		31.00	%		19.14	%		5.74	%		N/A			13.43	%
Janus Enterprise Fund (9/92)		29.21	%		22.74	%		1.87	%		6.69	%		11.63	%
Janus Growth and Income Fund (5/91)		25.82	%		16.82	%		3.44	%		12.02	%		13.80	%
Janus Mercury Fund (5/93)		19.00	%		15.42	%		(1.74	)%		8.56	%		12.70	%
Janus Mid Cap Value Fund - Investor Shares⁽³⁾⁽⁴⁾ (8/98)		20.64	%		23.27	%		12.45	%		N/A			17.97	%
Janus Olympus Fund (12/95)		26.44	%		16.83	%		0.45	%		9.78	%		11.77	%
Janus Orion Fund^(1)(5)(6)(7) (6/00)		41.50	%		27.95	%		10.72	%		N/A			(0.73	)%
Janus Small Cap Value Fund - Investor Shares* (10/87)		20.30	%		20.76	%		10.80	%		15.60	%		N/A
Janus Twenty Fund*⁽⁴⁾⁽⁶⁾ (4/85)		24.20	%		19.02	%		2.05	%		10.70	%		13.48	%
Janus Venture Fund*⁽⁸⁾ (4/85)		32.58	%		27.53	%		9.14	%		9.29	%		13.88	%
INTECH Risk-Managed Stock Fund⁽³⁾ (2/03)		17.81	%		19.16	%		N/A			N/A			20.50	%
S&P 500^® Index		15.42	%		14.68	%		2.70	%		8.94	%		N/A
Russell 1000^® Growth Index		15.18	%		12.05	%		(0.76	)%		6.21	%		N/A

Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 800.525.3713 or visit www.janus.com for performance current to the most recent month-end.

The average performance of Janus' U.S. equity funds over the past three years was calculated using the three-year total returns of the 13 funds contained in the performance chart above. The 13 funds reflected in the performance chart above are those which Janus categorizes as U.S. equity funds and which have performance histories of three or more years.

*Closed to new investors

(1)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 such volatility.

(2)The Fund has experienced significant gains due, in part, to its investments in India. While holdings are subject to change without notice, the Fund's returns and NAV may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in India.

(3)The Fund will invest at least 80% of its net assets in the type of securities described by its name.

(4)Due to certain investment strategies, the Fund may have an increased position in cash.

(5)The Fund has experienced significant gains due, in part, to its investments in Brazil. While holdings are subject to change without notice, the Fund's returns and NAV may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in Brazil.

(6)Returns have sustained significant gains due to market volatility in the healthcare sector.

(7)Returns have sustained significant gains due to market volatility in the financials sector.

(8)This Fund has been significantly impacted, either positively or negatively, by investing in initial public offerings (IPOs).

Total return includes reinvestment of dividends, distributions and capital gains.

A fund's performance may be affected by risks that include those associated with non-diversification, investments in foreign securities and emerging markets, non-investment grade debt securities, undervalued or overlooked companies, companies with relatively small market capitalizations and investments in specific industries or countries. Please see a Janus prospectus or janus.com for more information about fund holdings and details.

The proprietary mathematical process used by Enhanced Investment Technologies LLC ("INTECH") may not achieve the desired results. Since the portfolio is regularly balanced, this 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.

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

Returns shown for Janus Mid Cap Value Fund prior to 4/21/03 are those of Berger Mid Cap Value Fund.

Returns shown for Janus Small Cap Value Fund prior to 4/21/03 are those of Berger Small Cap Value Fund.

Effective 2/1/06, Blaine Rollins is no longer the portfolio manager of Janus Fund, and David Corkins is now the Fund manager.

Effective 2/1/06, David Corkins is no longer the portfolio manager of Janus Mercury Fund. A research team now selects the investments for Janus Mercury Fund led by the Director of Research, Jim Goff.

Effective 2/28/06, Janus Risk-Managed Stock Fund changed its name to INTECH Risk-Managed Stock Fund.

Janus Capital Group Inc. has a 30% ownership stake in the investment advisory business of Perkins, Wolf, McDonnell and Company, LLC.

INTECH is a subsidiary of Janus Capital Group Inc.

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

The S&P 500^® Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.

The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

4 Janus Growth Funds April 30, 2006

Useful Information About Your Fund Report

Portfolio Manager Commentaries

The portfolio manager commentaries in this report include valuable insight from the portfolio managers as well as statistical information to help you understand how your Fund's performance and characteristics stack up against those of comparable indices.

Please keep in mind that the opinions expressed by the portfolio managers in their commentaries are just that: opinions. They are a reflection of their best judgment at the time this report was compiled, which was April 30, 2006. As the investing environment changes, so could their opinions. These views are unique to each manager and aren't necessarily shared by their fellow employees or by Janus in general.

Fund Expenses

We believe it's important for our shareholders to have a clear understanding of Fund expenses and the impact they have on investment return.

The following is important information regarding each Fund's Expense Example, which appears in each Fund's Portfolio Manager Commentary within this Semiannual Report. Please refer to this information when reviewing the Expense Example for each Fund.

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees (where applicable) (and any related exchange fees) and (2) ongoing costs, including management fees and other Fund expenses. The 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 on an investment of $1,000 invested at the beginning of the period and held for the six-month period from November 1, 2005 to April 30, 2006.

Actual Expenses

The first line of the table in each example provides information about actual account values and actual expenses. You may use the information in this line, 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 first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of the table in each example 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.

Janus Capital Management LLC ("Janus Capital") has contractually agreed to waive Janus Triton Fund's total operating expenses, excluding brokerage commissions, interest, taxes and extraordinary expenses, to certain limits until at least March 1, 2007. Expenses in the example reflect the application of this waiver. Had the waiver not been in effect, your expenses would have been higher. More information regarding the waiver is available in the Funds' prospectuses.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees (where applicable). These fees are fully described in the prospectus. Therefore, the second line of each table is 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.

Janus Growth Funds April 30, 2006 5

Janus Fund (unaudited)

Ticker: JANSX

Fund Snapshot

For more than 35 years, this traditional growth fund has exemplified Janus' research and stock-picking abilities.

David Corkins

portfolio manager

Performance Overview

I very much appreciate the opportunity to speak directly with you for the first time since taking over management of Janus Fund effective February 1, 2006. My hope with this letter is to review the Fund's performance over the last 6 months, further explain our investment process so that all shareholders understand what we do, and finally, share our outlook for the Fund going forward.

Performance Review

Our goal with the Fund is superior long-term returns for shareholders. What does that mean in practice? These potential long-term returns start with positive absolute performance and follow with consistent execution in up and down markets. For the six months ending April 30, 2006, Janus Fund returned 10.51%. By comparison, our primary benchmark the Russell 1000^® Growth Index returned 7.06% and our secondary benchmark the S&P 500^® Index returned 9.64%.

Our Investment Process

Some of the best advice I ever received about managing investments was succinct: "Know your companies." We believe that understanding the leverage points in a company's business model allows you to properly assess risk as well as calculate the free cash flow and returns on invested capital that drive value creation. Knowing your companies also allows you to potentially take advantage of the inherent volatility in the market. You are more likely to be able to buy when others are fearful and sell when others are greedy. Most importantly, knowing my companies helps me invest with conviction (more concentrated and with lower turnover) and hold on for the long-run.

Likewise, I believe it is imperative that investors in Janus Fund understand our investment process and strategy. I believe in the classic Janus investment style that I learned from previous portfolio managers, the most influential being Tom Bailey, Jim Craig, Tom Marsico and Helen Young Hayes. For me, this style means fundamental, grass-roots growth investing which is a combination of qualitative and quantitative analysis. The quantitative aspect means in-depth, detailed, financial modeling of a company to understand the leverage points in the business, the free cash flow, and the returns on capital. This model allows me to move onto the qualitative focus, which is using the financial information to speak with management, competitors and suppliers to gain a more complete understanding of the company. The next piece of the investment mosaic is to understand the valuation , risk and reward for this investment given the current price of the security and the macro-economic factors impacting it. Finally, the last part of the puzzle is to consider overall portfolio construction, risk and return in addition to the sum of each of the individual securities.

What I've learned over the last 10 years managing money is that this investment method must be iterative – it's a never-ending process of building a deeper and deeper knowledge base about a company. The better your model, the more information you can extract; the more information you get the better your model. Like most businesses, at the end of the day, the harder you work, the better your results.

I also believe it is imperative to think like a partner – I would like my fellow investors to have a good appreciation for their manager's investment in the Fund, as well as how I am compensated for managing the Fund. In that vein, I have made a 7-figure investment in the Fund because I believe in the team and our investment process. I am eating our cooking. In terms of compensation, I am strongly incented with pay for performance: my incentive pay is primarily based on how well the Fund performs relative to its peers over a three-year basis, as well as whether the return is positive on an absolute basis.

What Went Right?

An eclectic group of securities performed quite strongly, and the Fund performed well within the pharmaceutical, semiconductor, financial and capital goods sectors. Since our primary focus is on individual company selection, rather than large sector trading bets, one measure of health for the Fund is whether the winners were from diverse areas of the economy.

The largest single contributor to the Fund's results was Boeing. Boeing is an excellent example of what we look for in a stock: strong competitive positioning, attractive industry dynamics, improving free cash flow and returns on invested capital and management focused on shareholder value. As the leading American aerospace manufacturer, Boeing has benefited from a

6 Janus Growth Funds April 30, 2006

(unaudited)

continued expansion of the aerospace cycle as demand from emerging markets, like China, India and the Middle East, accelerates for fuel-efficient planes given high commodity input costs. Low-cost carriers have also started to spend on next generation planes given the change in domestic networks from hub-and-spoke to point-to-point. Legacy carriers such as United are emerging from bankruptcy and we believe will likely extend the cycle towards 2010 as they pull in orders to remain competitive with the lower-cost carriers. At the same time, a major competitor Airbus has stumbled in next generation product design with a poorly received A350. Finally, we believe a new CEO at Boeing will likely bring a much needed focus on costs, production and return on capital.

We have done extensive research on Boeing and the aerospace industry. We've met with management at various levels of the company as well as interviewed numerous competitors and suppliers, both domestically and overseas. Primary analyst Jeremiah Buckley and the rest of the team continue to build our financial model of the company and gain a deeper knowledge base of the industry. One area of caution remains the defense business, which we believe is seeing a possible slowdown in orders as the U.S. defense cycle wanes from previous years' strength.

Other contributors to the Fund's strong performance were financial companies such as JP Morgan Chase, which is beginning to show the fruits of its waste-cutting and renewed focus on revenue growth and returns. Analyst Gabe Bodhi has done excellent work on this company, which holds a particular interest for me since I worked at its predecessor for seven years before I joined Janus. We hope new leadership at the company will drive returns on capital and free cash flow on a sustainable basis.

I believe our healthcare team does exceptional fundamental research under the aegis of Tom Malley. Analyst Tony Yao helped lead the effort on Celgene which gained over 50% for shareholders due to strong clinical trials for Revlimid. Final product launch for the drug implies long-term success in multiple myeloma (a bone marrow-based cancer) and myelodysplastic syndromes (MDS – a blood-borne cancer) indications, as well as possible success in chronic lymphocytic leukemia (CLL), another blood cancer. Celgene also has a deep pipeline behind current products in the areas of sickle-cell and inflammatory disease.

What Went Wrong?

It's usually more productive to focus on what went wrong rather than over-emphasizing those areas and stocks that performed well. Learning from one's mistakes is a key to longevity in this business.

Two sectors in particular caused relative weakness in the Fund's performance: healthcare services and media. The biggest underperformers in these areas were UnitedHealth Group and Comcast. We have cut our position in UnitedHealth Group meaningfully and sold our position in Comcast.

UnitedHealth Group has been a long-time holding in the Fund. The company is the leading HMO and specialty healthcare services provider in the United States. Operational tenets run deep within the company, pricing and margins remain attractive, demographics continue to drive demand and free cash flow generation is strong. Emerging specialty businesses diversify the business mix from more cyclical commercial underwriting trends. So with all those competitive strengths, what caused us to meaningfully reduce our position in the name? First, the company's outperformance caused its valuation to rise close to our fair value and meaningfully shifted the risk/reward profile; second, industry dynamics have resulted in an excess of capital and nascent signs of price competition; and third, serious questions have arisen regarding options grant timing. We realized profits in the name and reinvested the proceeds in other stocks with more attractive risk/r eward prospects.

Comcast was eliminated completely. Another long-time holding of the Fund, Comcast was sold as the company's business model continues to become more capital intensive and competitive threats from phone and satellite providers rise. Although cable systems offer an excellent gateway into the home, we believe the transition of the media business towards digital and Internet protocols (IP) threatens the primacy of the cable network model and implies lower returns in the future.

We are looking diligently in the media sector for attractive businesses as many of these leading franchises have been sold by disappointed investors looking for growth. Although valuations are becoming much more attractive, many of the high-margin business models are under assault from the move from analog to digital distribution as well as the emergence of the Internet as a media delivery vehicle. We have yet to make significant new investments in the sector.

We also remain cautious on the consumer discretionary areas of the economy in the short-run as a combination of rising energy prices, increased debt payments driven by interest rate increases, and higher healthcare costs squeezes the U.S. consumer. In the longer-term, we believe these areas are ripe for investment as the cyclical pressures ease.

Janus Growth Funds April 30, 2006 7

Janus Fund (unaudited)

Looking Forward

Our outlook remains cautious. Markets have performed strongly year-to-date due to a combination of very strong economic data as well as the anticipation of a conclusion to Federal Reserve monetary tightening. Small-cap stocks and emerging markets have led the way with strong performance coming in just a few months.

Yet clearly the market is in transition after three years of strong outperformance. This transition is driven by higher interest rates and a weaker U.S. dollar. We're cautiously watching several signs to better understand how this transition plays out. One area of focus is monetary liquidity and the U.S. dollar. Money supply growth has been slowing sequentially, Fed Repos have slowed dramatically, yet money flow into equities is quite strong and foreigners have been the driving force. Foreigners were huge beneficiaries of the dollar index, which rallied strongly throughout 2005. In 2006, however, the dollar index is beginning to roll over and the question remains how much of a rate increase or non-inflationary growth is necessary to keep foreigners in our currency and equity market.

Within Janus Fund, our response in general has been to transition from business models that are dependent on an economic tailwind to stronger franchises that have more control over their own sales and margins regardless of macro-economic conditions. In addition, we are cautiously watching the yield curve and U.S. dollar in anticipation of further transition as the economy continues to move forward.

In sum, I am honored with the opportunity to manage Janus Fund. My investment and incentives are aligned with yours. As a former English major, I can't finish this letter without a favorite quote from an old media hand like Samuel Goldwyn: "The harder I work, the luckier I get." It gives me comfort to know the entire investment team at Janus is working very hard every day to find attractive opportunities to grow our principal.

Thank you for your investment in Janus Fund.

Janus Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Boeing Co. Commercial jet aircraft company - U.S.		0.93	%
JP Morgan Chase & Co. Financial products and services provider - U.S.		0.46	%
Nokia Oyj (ADR) Telecommunications company - Finland		0.44	%
Companhia Vale do Rio Doce (ADR) Iron ore producer/seller - Brazil		0.44	%
Schlumberger, Ltd. (U.S. Shares) Oil services company - U.S.		0.42	%

5 Largest Detractors from Performance – Holdings

	Contribution
UnitedHealth Group, Inc. Organized health systems company - U.S.		(0.42	%)
Yahoo!, Inc. Global Internet media company - U.S.		(0.37	%)
Alcon, Inc. (U.S. Shares) Eye care company - U.S.		(0.32	%)
Juniper Networks, Inc. Internet infrastructure solutions provider - U.S.		(0.26	%)
Caremark Rx, Inc. Pharmaceutical services provider - U.S.		(0.23	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Capital Goods		1.97	%		9.84	%		11.43	%
Diversified Financials		1.52	%		6.47	%		3.65	%
Materials		1.33	%		5.42	%		2.06	%
Energy		1.28	%		5.69	%		3.69	%
Technology Hardware and Equipment		1.20	%		8.81	%		10.64	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Healthcare Equipment & Services		(1.33	%)		10.91	%		9.05	%
Food & Staples Retailing		(0.19	%)		2.07	%		3.47	%
Media		(0.10	%)		0.94	%		3.03	%
Food, Beverage & Tobacco		(0.01	%)		1.65	%		4.48	%
Commercial Services & Supplies		0.00	%		0.00	%		1.03	%

8 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

Boeing Co. Aerospace and Defense	3.3	%
Procter & Gamble Co. Cosmetics and Toiletries	3.1	%
JP Morgan Chase & Co. Finance - Investment Bankers/Brokers	2.8	%
Yahoo!, Inc. Web Portals/Internet Service Providers	2.7	%
General Electric Co. Diversified Operations	2.5	%
	14.4	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 3.7% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 9

Janus Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Ten Year			Since Inception*
Janus Fund		10.51	%		17.28	%		(2.62	)%		6.67	%		13.86	%
Russell 1000^® Growth Index		7.06	%		15.18	%		(0.76	)%		6.21	%		11.96	%**
S&P 500^® Index		9.64	%		15.42	%		2.70	%		8.94	%		11.41	%
Lipper Quartile		N/A			2	nd		4	th		2	nd		1	st
Lipper Ranking - based on total return for Large-Cap Growth Funds		N/A***			296/698			374/474			72/165			1/19

Visit janus.com to view up to date performance and characteristic information

Data presented represents past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 800.525.3713 or visit www.janus.com for performance current to the most recent month-end.

See Notes to Schedules of Investments for index definitions.

Total return includes reinvestment of dividends, distributions and capital gains. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Fund's inception date – February 5, 1970

**The Russell 1000^® Growth Index's since inception returns calculated from December 31, 1978

***The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

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

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

Effective 2/1/06, Blaine Rollins is no longer the portfolio manager of Janus Fund, and David Corkins is now the Fund manager.

Fund Expenses

The example below shows you the ongoing costs (in dollars) of investing in your Fund and allows you to compare these costs with those of other mutual funds. Please refer to page 5 for a detailed explanation of the information presented in these charts.

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,105.10	$	4.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.28	$	4.56

*Expenses are equal to the annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10 Janus Growth Funds April 30, 2006

Janus Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock - 98.0%
Aerospace and Defense - 4.7%
	5,401,628	BAE Systems PLC**	$	41,124,397
	4,658,990	Boeing Co.		388,792,715
	1,494,360	Lockheed Martin Corp.		113,421,924
				543,339,036
Agricultural Chemicals - 1.8%
	1,386,690	Monsanto Co.		115,649,946
	648,568	Syngenta A.G.*		90,471,105
				206,121,051
Apparel Manufacturers - 0.5%
	1,617,560	Coach, Inc.*		53,411,831
Applications Software - 1.9%
	9,041,305	Microsoft Corp.		218,347,516
Automotive - Cars and Light Trucks - 1.5%
	2,375,506	BMW A.G.**^,#		129,318,586
	3,368,400	Nissan Motor Company, Ltd.**		44,284,853
				173,603,439
Automotive - Truck Parts and Equipment - Original - 0.1%
	694,895	Lear Corp.^#		16,385,624
Beverages - Non-Alcoholic - 0.8%
	1,549,975	PepsiCo, Inc.		90,270,544
Broadcast Services and Programming - 0.5%
	7,548,271	Liberty Media Corp. - Class A*		63,028,063
Building - Residential and Commercial - 0.3%
	51,365	NVR, Inc.*^,#		38,780,575
Building and Construction Products - Miscellaneous - 0.3%
	1,172,145	Masco Corp.		37,391,426
Building Products - Cement and Aggregate - 0.6%
	1,093,265	Cemex S.A. de C.V. (ADR)^#		73,817,253
Casino Hotels - 0.7%
	1,053,425	Harrah's Entertainment, Inc.		86,001,617
Cellular Telecommunications - 0.7%
	2,077,100	America Movil S.A. de C.V. - Series L (ADR)		76,665,761
Chemicals - Diversified - 0.5%
	1,068,600	Shin-Etsu Chemical Company, Ltd.**		61,751,969
Commercial Banks - 0.6%
	8,504	Mizuho Financial Group, Inc.**		72,519,071
Commercial Services - Finance - 1.3%
	893,515	Moody's Corp.		55,406,865
	2,408,627	Paychex, Inc.		97,284,445
				152,691,310
Computers - 2.1%
	2,061,165	Apple Computer, Inc.*		145,085,405
	1,309,440	Research In Motion, Ltd. (U.S. Shares)*		100,342,387
				245,427,792
Computers - Memory Devices - 2.1%
	13,063,415	EMC Corp.*		176,486,737
	1,016,710	SanDisk Corp.*		64,896,599
				241,383,336
Containers - Metal and Glass - 0.6%
	1,596,965	Ball Corp.		63,846,661

Shares or Principal Amount			Value
Cosmetics and Toiletries - 3.1%
	6,249,985	Procter & Gamble Co.	$	363,811,627
Dental Supplies and Equipment - 0.5%
	1,886,277	Patterson Companies, Inc.*^,#		61,454,905
Distribution/Wholesale - 0.5%
	7,139,500	Esprit Holdings, Ltd.		56,999,607
Diversified Minerals - 1.0%
	2,258,405	Companhia Vale do Rio Doce (ADR)		116,353,026
Diversified Operations - 2.5%
	8,492,190	General Electric Co.		293,744,852
E-Commerce/Services - 1.5%
	2,214,603	eBay, Inc.*		76,204,489
	3,356,212	IAC/InterActiveCorp*		96,893,841
				173,098,330
Electric - Generation - 0.5%
	3,510,260	AES Corp.*		59,569,112
Electric Products - Miscellaneous - 0.6%
	766,410	Emerson Electric Co.		65,106,530
Electronic Components - Semiconductors - 3.8%
	6,626,115	Advanced Micro Devices, Inc.*		214,354,820
	6,601,680	Texas Instruments, Inc.		229,144,312
				443,499,132
Electronic Forms - 0.8%
	2,421,850	Adobe Systems, Inc.*		94,936,520
Enterprise Software/Services - 2.3%
	2,238,595	CA, Inc.		56,770,769
	6,886,240	Oracle Corp.*		100,470,242
	2,069,110	SAP A.G. (ADR)**		113,035,479
				270,276,490
Entertainment Software - 1.6%
	3,255,821	Electronic Arts, Inc.*		184,930,633
Finance - Credit Card - 1.6%
	2,210,720	American Express Co.		118,958,844
	1,167,700	Credit Saison Company, Ltd.**		61,223,106
				180,181,950
Finance - Investment Bankers/Brokers - 6.2%
	7,197,950	JP Morgan Chase & Co.		326,642,971
	1,759,205	Merrill Lynch & Company, Inc.		134,156,973
	2,449,000	Mitsubishi UFJ Securities Company, Ltd.**		38,585,219
	1,060,786	UBS A.G.^#		125,734,190
	823,125	UBS A.G. (ADR)		96,182,156
				721,301,509
Finance - Mortgage Loan Banker - 1.1%
	2,474,885	Fannie Mae		125,229,181
Finance - Other Services - 0.5%
	137,307	Chicago Mercantile Exchange Holdings, Inc.^#		62,886,606
Food - Dairy Products - 0.7%
	2,051,140	Dean Foods Co.*		81,245,655
Food - Retail - 1.0%
	1,843,510	Whole Foods Market, Inc.		113,154,644
Food - Wholesale/Distribution - 0.5%
	2,048,465	Sysco Corp.		61,228,619
Independent Power Producer - 0.5%
	1,312,855	NRG Energy, Inc.*		62,478,769

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 11

Janus Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Insurance Brokers - 0.5%
	1,928,360	Marsh & McLennan Companies, Inc.	$	59,142,801
Internet Infrastructure Software - 0.4%
	1,429,260	Akamai Technologies, Inc.*^,#		48,151,769
Machinery - Construction and Mining - 0.3%
	434,950	Joy Global, Inc.		28,571,866
Medical - Biomedical and Genetic - 2.3%		��
	1,463,595	Amgen, Inc.*		99,085,382
	2,783,120	Celgene Corp.*		117,336,339
	646,288	Genentech, Inc.*		51,515,616
				267,937,337
Medical - Drugs - 5.0%
	2,834,040	Abbott Laboratories		121,126,870
	5,398,875	Merck & Company, Inc.		185,829,277
	1,786,843	Roche Holding A.G.^#		274,754,845
				581,710,992
Medical - Generic Drugs - 1.1%
	3,143,006	Teva Pharmaceutical Industries, Ltd. (ADR)^#		127,291,743
Medical - HMO - 2.8%
	638,063	Aetna, Inc.		24,565,426
	3,616,950	Coventry Health Care, Inc.*		179,653,906
	2,424,730	UnitedHealth Group, Inc.		120,606,070
				324,825,402
Medical - Wholesale Drug Distributors - 1.0%
	1,732,795	Cardinal Health, Inc.		116,703,743
Medical Instruments - 1.2%
	3,732,975	Boston Scientific Corp.*		86,754,339
	425,575	Intuitive Surgical, Inc.*		54,048,025
				140,802,364
Medical Products - 0.5%
	1,031,070	Varian Medical Systems, Inc.*^,#		54,007,447
Metal Processors and Fabricators - 1.2%
	2,269,510	Precision Castparts Corp.		142,933,740
Networking Products - 0.8%
	4,616,155	Cisco Systems, Inc.*		96,708,447
Oil - Field Services - 2.5%
	2,093,520	Halliburton Co.		163,608,588
	1,783,380	Schlumberger, Ltd. (U.S. Shares)**^,#		123,302,893
				286,911,481
Oil Companies - Exploration and Production - 1.9%
	943,615	Apache Corp.		67,034,410
	1,452,895	EnCana Corp. (U.S. Shares)^#		72,717,395
	1,128,900	EOG Resources, Inc.^#		79,282,646
				219,034,451
Oil Companies - Integrated - 2.5%
	407,740	Amerada Hess Corp.		58,416,910
	3,761,455	Exxon Mobil Corp.		237,272,581
				295,689,491
Oil Refining and Marketing - 0.3%
	451,895	Valero Energy Corp.		29,255,682
Optical Supplies - 0.8%
	854,800	Alcon, Inc. (U.S. Shares)		86,941,708
Pharmacy Services - 1.1%
	2,683,925	Caremark Rx, Inc.		122,252,784

Shares or Principal Amount			Value
Real Estate Management/Services - 0.4%
	2,020,000	Mitsubishi Estate Company, Ltd.**	$	44,173,363
Reinsurance - 0.7%
	27,981	Berkshire Hathaway, Inc. - Class B*		82,599,912
Retail - Apparel and Shoe - 1.2%
	2,171,841	Industria de Diseno Textil S.A.**		88,365,301
	1,302,815	Nordstrom, Inc.		49,936,899
				138,302,200
Retail - Building Products - 0.7%
	1,302,775	Lowe's Companies, Inc.		82,139,964
Retail - Office Supplies - 1.3%
	5,628,642	Staples, Inc.		148,652,435
Savings/Loan/Thrifts - 0.3%
	2,111,534	NewAlliance Bancshares, Inc.^#		30,490,551
Semiconductor Components/Integrated Circuits - 0.5%
	967,845	Marvell Technology Group, Ltd.*		55,254,271
Soap and Cleaning Preparations - 0.9%
	2,837,113	Reckitt Benckiser PLC**		103,420,783
Steel - Producers - 0.3%
	2,509,858	Tata Steel, Ltd.		35,448,251
Telecommunication Services - 0.4%
	1,432,795	NeuStar, Inc. - Class A*		50,291,105
Telephone - Integrated - 0.4%
	8,382,820	Level 3 Communications, Inc.*^,#		45,267,228
Television - 0.2%
	751,618	Univision Communications, Inc. - Class A*^,#		26,825,246
Therapeutics - 1.7%
	1,603,410	Amylin Pharmaceuticals, Inc.*^,#		69,828,506
	2,287,100	Gilead Sciences, Inc.*		131,508,250
				201,336,756
Transportation - Railroad - 1.3%
	1,923,680	Canadian National Railway Co. (U.S. Shares)		86,392,468
	667,665	Union Pacific Corp.		60,897,725
				147,290,193
Transportation - Services - 2.1%
	2,532,595	C.H. Robinson Worldwide, Inc.		112,320,588
	1,559,300	United Parcel Service, Inc. - Class B		126,412,451
				238,733,039
Web Portals/Internet Service Providers - 3.7%
	303,565	Google, Inc. - Class A*		126,871,956
	9,409,395	Yahoo!, Inc.*		308,439,968
				435,311,924
Wireless Equipment - 3.3%
	2,381,030	Crown Castle International Corp.*		80,121,660
	6,938,865	Nokia Oyj (ADR)**		157,234,680
	2,938,305	QUALCOMM, Inc.		150,852,579
				388,208,919
Total Common Stock (cost $9,245,435,979)				11,388,890,960
Money Markets - 1.6%
	165,000,000	Janus Institutional Cash Reserves Fund 4.83%		165,000,000
	25,000,000	Janus Money Market Fund 4.77%		25,000,000
Total Money Markets (cost $190,000,000)				190,000,000

See Notes to Schedules of Investments and Financial Statements.

12 Janus Growth Funds April 30, 2006

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Other Securities - 4.5%
	522,862,639	State Street Navigator Securities Lending Prime Portfolio† (cost $522,862,639)	$	522,862,639
Time Deposit - 0.1%
$	11,900,000	ING Financial, ETD 4.86%, 5/1/06 (cost $11,900,000)		11,900,000
Total Investments (total cost $9,970,198,618) – 104.2%				12,113,653,599
Liabilities, net of Cash, Receivables and Other Assets – (4.2)%				(488,270,828	)
Net Assets – 100%			$	11,625,382,771

Summary of Investments by Country

Country	Value		% of Investment Securities
Bermuda	$	112,253,878		0.9	%
Brazil		116,353,026		1.0	%
Canada		259,452,250		2.1	%
Finland		157,234,680		1.3	%
Germany		242,354,065		2.0	%
India		35,448,251		0.3	%
Israel		127,291,743		1.1	%
Japan		322,537,581		2.7	%
Mexico		150,483,014		1.2	%
Netherlands		123,302,893		1.0	%
Spain		88,365,301		0.7	%
Switzerland		674,084,004		5.6	%
United Kingdom		144,545,180		1.2	%
United States††		9,559,947,733		78.9	%
Total	$	12,113,653,599		100.0	%

††Includes Short-Term Securities and Other Securities (72.9% excluding Short-Term Securities and Other Securities)

Forward Currency Contracts, Open

Currency Sold and Settlement Date	Currency Units Sold		Currency Value in $ U.S.		Unrealized Gain/(Loss)
British Pound 10/19/06		20,700,000	$	37,843,245	$	(787,968	)
Euro 6/28/06		88,900,000		112,579,871		(2,560,788	)
Euro 8/24/06		8,500,000		10,800,699		(495,299	)
Japanese Yen 8/24/06		9,000,000,000		80,376,886		(2,372,173	)
Total			$	241,600,701	$	(6,216,228	)

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 13

Janus Enterprise Fund (unaudited)

Ticker: JAENX

Fund Snapshot

This growth fund pursues companies that have grown large enough to be well established but are small enough to still have room to grow.

Jonathan Coleman

portfolio manager

Performance Overview

During the six months ended April 30, 2006, as mid-cap stocks continued to outpace large-cap stocks, Janus Enterprise Fund advanced 14.29%. Meanwhile, the Fund's primary benchmark, the Russell Midcap^® Growth Index returned 15.18%. The Fund's secondary benchmark, the S&P MidCap 400 Index, returned 15.27% for the same time period. While this short-term underperformance is disappointing, rest assured that we will not change our investment philosophy to chase momentary hot trends. In short, we look for companies with strong competitive barriers to entry, diverse and predictable revenue streams, an ability to expand profit margins over time, a strong stewardship of investors' capital, and appropriate valuations which we believe provide a reasonable risk and reward tradeoff.

As the performance of the market would suggest, the prior six months have been a strong period, particularly for small- and mid-sized companies. While deciphering the exact reasons for market strength (or weakness) in any period can be perilous, let me offer a few suggestions. First, the six-month period captures a significant rebound from the hurricane-related malaise that plagued the market last October. Consumer confidence, and therefore consumer spending, accelerated after a brief slowdown. As a result, GDP and corporate earnings have grown faster than expected. Additionally, the market has anticipated that the Federal Reserve may be close to ending the series of rate hikes it began in mid-2004. Finally, while energy prices remain elevated, the economy has so far proved to be much more resilient than in the 1970s, the last such period of sustained high energy prices.

Market strength has also been relatively concentrated, with certain groups experiencing very significant price moves in short periods of time. Of particular strength were the capital goods, materials, and telecommunications services industries. These industries are experiencing accelerating demand for their products and services, driven in large part by a surge in capital spending after several years of retrenchment. Given my long-standing investment philosophy that we should have exposure to a broad array of industries rather than a highly concentrated portfolio, there are inevitably periods when our breadth of holdings works against us. This certainly occurred during the last six months. Nevertheless, I do believe that over an entire cycle of up and down markets the approach has considerable merit.

Investment Strategy

As always, there were certain sectors which were positive and negative contributors to performance. I am pleased to report that given the strong market performance, we had positive absolute returns in every sector except for utilities, where we sustained a small loss. Contributing to the Fund's underperformance versus its benchmark were holdings in the materials, healthcare equipment and services, and energy sectors. While we made money in these sectors on an absolute basis, we were either underweight in a strong group or did a poor job of stock selection within the group during the six-month period. We did a better job with our picks in the automobiles and components, media, and pharmaceuticals and biotechnology sectors. Of particular strength was long time holding Celgene, which I have written about in past letters. The company received Federal Drug Administration approval for its cancer-fighting agent Revlimid and the early market uptake appears positive.

Heavy Equipment and RV Manufacturer Boosted Performance

I'd like to discuss a couple of stocks that worked well for us during the period and give you some context on how they fit into our investment philosophy. Industrial heavy equipment manufacturer Terex produced very strong results during the period, aided by increasing demand for its mining, crane and aerial lift businesses. We became interested in Terex after meeting with the company in early 2005 and spending time understanding the company's strategic priorities. Several years ago Terex undertook a strategic review of the business, deciding to de-emphasize acquisitions and instead focus on driving returns on invested capital higher. The company has been able to do this by improving operating margins and reducing its working capital such as inventories and accounts receivable, which unnecessarily tie up cash. Our investment philosophy has consistently been predicated on investing in companies which are growing revenues and earnings while also increasing returns on invested capital. Terex has done just that, showing impressive operating leverage in recent quarters. To be more specific, revenue increased 27% in 2005 versus 2004, while operating profit increased 75% when compared to the prior year. Importantly, returns on invested capital have also increased more than five percentage points over the prior year. These factors led to very strong share price performance. As Terex has become more fairly valued by the market, we have used the opportunity to trim back our holdings.

Towable recreational vehicle (RV) manufacturer Thor Industries is perhaps best known for its iconic Airstream trailer brand. Thor is run by CEO Wade Thompson, who purchased a loss-making Airstream from conglomerate Beatrice International Holdings in 1980. Mr. Thompson is a manager who thinks like an owner, because he in fact owns 30% of the company. As a result, he allocates capital with the care that we value in our core holdings and rewards his managers who expand market share and do so profitably. The proof is in the numbers. Thor has been profitable every year since going public in 1987 and boasts returns on invested capital of greater than 30% in an industry when many competitors struggle with profitability. We believe that Thor can capitalize on a demographic tailwind as baby boomers enter their retirement years. The propensity to purchase an RV increases dramatically after the age of 50 and we believe Thor has the product breadth to s erve the demand. Thor's business has held up very well in spite of the increases in gasoline prices, in part because the majority of its sales are in towable RVs, as opposed to larger more expensive motorized RVs. Consumers have traded down to the cheaper product, which has benefited Thor at the expense of some competitors. While we admire Thor and its management tremendously, we have used the strength in the stock to lighten our position.

Healthcare Industry Holdings Detracted from Performance

I'd also like to discuss some of our losers in the period, explain our investment rationale, and tell you what we have done in response to the disappointments. Several of our most significant losses in the

14 Janus Growth Funds April 30, 2006

(unaudited)

period came in the healthcare industry. Implantable cardiac device manufacturer St. Jude Medical has been a holding in the Fund for over 4 years and has delivered good returns over that period. St. Jude has proven very adept at developing new products with large addressable end markets. This product innovation has driven compounded annual growth in sales of greater than 20% over the last 4 years. Nevertheless, the company has recently experienced a slowing growth rate for its products as the potential patient population for its devices has become more fully penetrated by St. Jude and its competitors. While we believe St. Jude has an enviable franchise, we have become increasingly concerned that the market slowdown could last for an extended period of time. As a result, we have trimmed the position considerably. We continue to monitor market trends closely and, for now, hold our remaining St. Jude shares given their reasonable current valuation.

We also experienced disappointing performance from a more recent purchase, Patterson Companies. Established in 1877, Patterson is a dental and veterinary supply distributor that has an enviable long-term track record of earnings growth, most recently having compounded earnings growth of 21% over the last 9 years. Additionally, the company boasts very high returns on its capital, with returns on equity of 16% or higher each of the last 5 years. As the numbers suggest, this is not the proverbial flash in the pan. I have long admired the company, but I had not owned the stock in the past. In the last 4 quarters the company's growth rate has slowed, causing the stock to underperform sharply. We believe this slowing growth rate is a temporary phenomenon and we initiated a position. In retrospect, we started purchasing too soon, as the stock has continued to perform poorly rel ative to the market since our purchase. Over the long-term we like the opportunity for Patterson to continue to gain share in the very fragmented dental and veterinary markets. We are impressed with the company's 12% operating margins, which are quite strong for a distributor. We have modestly added to our position, as our research suggests signs of better financial results in future periods.

Summary

As I always do in this space, I would like to reiterate to you that I am an investor alongside you in Janus Enterprise Fund. I invest a portion of every paycheck in the Fund and I have never sold a share of the Fund as long as I have managed it. I take the obligation of trust very seriously and work every day to support the trust you have placed in me and in Janus.

Thank you for your investment in Janus Enterprise Fund.

Janus Enterprise Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Celgene Corp. Biopharmaceutical company - U.S.		1.44	%
Terex Corp. Diversified global manufacturer - U.S.		0.87	%
Thor Industries, Inc. Recreation vehicle producer/seller - U.S.		0.81	%
Advanced Micro Devices, Inc. Integrated circuits provider - U.S.		0.79	%
Lamar Advertising Co. Outdoor advertising company - U.S.		0.74	%

5 Largest Detractors from Performance – Holdings

	Contribution
Reliant Energy, Inc. Electricity and energy services provider - U.S.		(0.28	%)
St. Jude Medical, Inc. Cardiovascular medical devices servicer - U.S.		(0.25	%)
Patterson Companies, Inc. Dental, veterinary and rehabilitation supplies distributor - U.S.		(0.24	%)
Alcon, Inc. (U.S. Shares) Eye care company - U.S.		(0.22	%)
Coventry Health Care, Inc. Managed company - U.S.		(0.14	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Semiconductor & Semiconductor Equipment		1.79	%		7.67	%		7.46	%
Pharmaceuticals & Biotechnology		1.78	%		8.35	%		5.58	%
Capital Goods		1.61	%		4.27	%		7.58	%
Diversified Financials		1.51	%		6.82	%		4.80	%
Media		1.02	%		5.17	%		3.82	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Utilities		(0.28	%)		0.01	%		0.91	%
Banks		0.00	%		0.19	%		1.65	%
Food & Staples Retailing		0.00	%		0.00	%		0.52	%
Household & Personal Products		0.00	%		0.40	%		0.61	%
Materials		0.01	%		3.77	%		2.98	%

Janus Growth Funds April 30, 2006 15

Janus Enterprise Fund (unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

Lamar Advertising Co. Advertising Sales	3.4	%
Celgene Corp. Medical - Biomedical and Genetic	3.4	%
EOG Resources, Inc. Oil Companies - Exploration and Production	3.0	%
T. Rowe Price Group, Inc. Investment Management and Advisory Services	2.5	%
Nextel Partners, Inc. - Class A Cellular Telecommunications	2.4	%
	14.7	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 0.4% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

16 Janus Growth Funds April 30, 2006

(unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Ten Year			Since Inception*
Janus Enterprise Fund		14.29	%		29.21	%		1.87	%		6.69	%		11.63	%
Russell Midcap^® Growth Index		15.18	%		28.27	%		5.77	%		8.92	%		11.38	%
S&P MidCap 400 Index		15.27	%		28.32	%		10.73	%		14.33	%		15.07	%
Lipper Quartile		N/A			3	rd		3	rd		3	rd		2	nd
Lipper Ranking - based on total return for Mid-Cap Growth Funds		N/A**			324/563			257/357			88/128			20/49

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

The date of the Lipper ranking is slightly different from when the Fund began operations since Lipper provides fund rankings as of the last day of the month or the first Thursday after fund inception.

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

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

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

Funds that emphasize investments in small-sized companies may experience greater price volatility.

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,142.90	$	5.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91

*Expenses are equal to the annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Janus Growth Funds April 30, 2006 17

Janus Enterprise Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock - 97.6%
Advertising Sales - 3.4%
	1,167,170	Lamar Advertising Co.*	$	64,182,677
Agricultural Chemicals - 1.3%
	268,530	Potash Corporation of Saskatchewan, Inc. (U.S. Shares)		25,424,420
Airlines - 0.9%
	372,978	Ryanair Holdings PLC (ADR)*^,#		17,559,804
Apparel Manufacturers - 0.8%
	445,600	Coach, Inc.*		14,713,712
Applications Software - 0.5%
	221,060	Citrix Systems, Inc.*		8,824,715
Batteries and Battery Systems - 0.4%
	139,195	Energizer Holdings, Inc.*^,#		7,119,824
Broadcast Services and Programming - 0.4%
	545,665	CKX, Inc.*^,#		7,699,333
Building - Mobile Home and Manufactured Homes - 1.2%
	433,475	Thor Industries, Inc.		21,881,818
Building - Residential and Commercial - 1.0%
	25,410	NVR, Inc.*^,#		19,184,550
Casino Services - 0.8%
	391,190	Scientific Games Corp. - Class A*^,#		14,900,427
Cellular Telecommunications - 2.4%
	1,609,163	Nextel Partners, Inc. - Class A*^,#		45,603,679
Coal - 0.5%
	401,000	Alpha Natural Resources, Inc.*^,#		10,069,110
Commercial Banks - 0.5%
	183,970	SVB Financial Group*^,^#		9,340,157
Commercial Services - 0.9%
	420,962	Iron Mountain, Inc.*^,#		16,459,614
Commercial Services - Finance - 3.4%
	456,910	Jackson Hewitt Tax Service, Inc.^#		13,652,471
	337,111	Moody's Corp.		20,904,253
	716,691	Paychex, Inc.		28,947,149
				63,503,873
Computer Services - 1.6%
	689,225	Ceridian Corp.*		16,699,921
	457,655	IHS, Inc. - Class A*^,#		12,960,790
				29,660,711
Computers - 1.0%
	257,287	Apple Computer, Inc.*		18,110,432
Computers - Memory Devices - 0.3%
	98,490	SanDisk Corp.*		6,286,617
Containers - Metal and Glass - 3.0%
	888,855	Ball Corp.		35,536,423
	1,180,980	Owens-Illinois, Inc.*		21,588,314
				57,124,737
Data Processing and Management - 0.7%
	307,850	NAVTEQ Corp.*^,#		12,781,932
Dental Supplies and Equipment - 0.8%
	481,330	Patterson Companies, Inc.*^,#		15,681,731
Diagnostic Kits - 1.5%
	721,650	Dade Behring Holdings, Inc.		28,144,350

Shares or Principal Amount			Value
Distribution/Wholesale - 0.7%
	886,500	Esprit Holdings, Ltd.	$	7,077,548
	2,278,000	Li & Fung, Ltd.		5,406,111
				12,483,659
E-Commerce/Products - 0.4%
	151,000	Submarino S.A. (GDR)*		8,087,032
E-Commerce/Services - 1.1%
	708,220	IAC/InterActiveCorp*		20,446,311
Electric Products - Miscellaneous - 1.2%
	478,365	AMETEK, Inc.^#		23,569,044
Electronic Components - Semiconductors - 3.2%
	893,135	Advanced Micro Devices, Inc.*		28,892,917
	665,380	ATI Technologies, Inc. (U.S. Shares)*^,#		10,326,698
	445,695	International Rectifier Corp.*^,#		20,145,414
				59,365,029
Electronic Measuring Instruments - 0.8%
	303,582	Trimble Navigation, Ltd.*		14,383,715
Entertainment Software - 1.6%
	1,333,031	Activision, Inc.*		18,915,710
	181,835	Electronic Arts, Inc.*		10,328,228
				29,243,938
Fiduciary Banks - 0.9%
	280,590	Northern Trust Corp.		16,523,945
Finance - Investment Bankers/Brokers - 0.5%
	280,435	optionsXpress Holdings, Inc.		8,833,703
Finance - Other Services - 1.5%
	61,875	Chicago Mercantile Exchange Holdings, Inc.		28,338,750
Food - Canned - 0.8%
	582,729	TreeHouse Foods, Inc.*		15,267,500
Food - Dairy Products - 2.4%
	1,125,537	Dean Foods Co.*		44,582,521
Hotels and Motels - 0.6%
	32,680	Four Seasons Hotels, Inc.		1,765,374
	160,935	Starwood Hotels & Resorts Worldwide, Inc.		9,234,450
				10,999,824
Human Resources - 1.2%
	335,405	Manpower, Inc.		21,851,636
Industrial Automation and Robotics - 0.6%
	164,585	Rockwell Automation, Inc.		11,925,829
Instruments - Controls - 0.4%
	117,590	Mettler-Toledo International, Inc.*		7,619,832
Instruments - Scientific - 1.2%
	317,887	Fisher Scientific International, Inc.*		22,426,928
Insurance Brokers - 0.4%
	220,520	Willis Group Holdings, Ltd.		7,751,278
Internet Content - Information/News - 0.3%
	543,715	CNET Networks, Inc.*^,#		5,861,248
Investment Management and Advisory Services - 3.0%
	178,065	National Financial Partners Corp.^#		9,259,380
	566,865	T. Rowe Price Group, Inc.^#		47,724,364
				56,983,744
Leisure and Recreation Products - 0.5%
	236,295	Brunswick Corp.^#		9,267,490

See Notes to Schedules of Investments and Financial Statements.

18 Janus Growth Funds April 30, 2006

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Machinery - Construction and Mining - 0.8%
	168,455	Terex Corp.*	$	14,579,780
Machinery - Pumps - 0.6%
	252,575	Graco, Inc.^#		11,807,881
Medical - Biomedical and Genetic - 4.2%
	1,496,490	Celgene Corp.*		63,092,017
	248,160	Invitrogen Corp.*^,#		16,381,042
				79,473,059
Medical - Drugs - 0.4%
	179,370	Forest Laboratories, Inc.*		7,242,961
Medical - HMO - 1.3%
	500,118	Coventry Health Care, Inc.*		24,840,861
Medical - Nursing Homes - 0.9%
	373,885	Manor Care, Inc.^#		16,394,857
Medical Instruments - 2.0%
	100,200	Intuitive Surgical, Inc.*		12,725,400
	344,460	Kyphon, Inc.*^,#		14,312,313
	274,160	St. Jude Medical, Inc.*		10,823,837
				37,861,550
Medical Labs and Testing Services - 0.4%
	131,200	Covance, Inc.*^,#		7,655,520
Medical Products - 0.8%
	298,385	Varian Medical Systems, Inc.*		15,629,406
Motion Pictures and Services - 0.5%
	1,040,940	Lions Gate Entertainment Corp. (U.S. Shares)*		10,169,984
Multi-Line Insurance - 1.1%
	425,345	Assurant, Inc.		20,488,869
Networking Products - 0.4%
	401,950	Juniper Networks, Inc.*		7,428,036
Oil Companies - Exploration and Production - 4.2%
	256,350	Chesapeake Energy Corp.^#		8,121,168
	133,030	Complete Production Services, Inc.*		3,515,983
	798,985	EOG Resources, Inc.		56,112,716
	210,155	Forest Oil Corp.*^,#		7,685,368
	170,078	Mariner Energy, Inc.*		3,308,017
				78,743,252
Optical Supplies - 0.6%
	115,250	Alcon, Inc. (U.S. Shares)		11,722,078
Pipelines - 2.1%
	457,606	Kinder Morgan, Inc.^#		40,278,480
Property and Casualty Insurance - 1.0%
	523,177	W. R. Berkley Corp.		19,577,283
Radio - 0.6%
	531,670	XM Satellite Radio Holdings, Inc. - Class A*^,#		10,750,367
Recreational Vehicles - 0.8%
	332,030	Polaris Industries, Inc.^#		15,904,237
Reinsurance - 1.7%
	10,527	Berkshire Hathaway, Inc. - Class B*		31,075,704
REIT - Mortgages - 1.0%
	812,335	CapitalSource, Inc.^#		19,089,873
Respiratory Products - 0.9%
	437,975	Respironics, Inc.*		16,038,645

Shares or Principal Amount			Value
Retail - Apparel and Shoe - 0.3%
	138,620	Nordstrom, Inc.	$	5,313,305
Retail - Auto Parts - 0.6%
	297,309	Advance Auto Parts, Inc.		11,957,768
Retail - Office Supplies - 2.2%
	299,625	Office Depot, Inc.*^,#		12,158,783
	1,118,815	Staples, Inc.^#		29,547,904
				41,706,687
Schools - 0.6%
	211,359	Apollo Group, Inc. - Class A*^,#		11,548,656
Semiconductor Components/Integrated Circuits - 3.2%
	1,019,410	Cypress Semiconductor Corp.*^,#		17,493,076
	352,845	Linear Technology Corp.^#		12,525,998
	519,155	Marvell Technology Group, Ltd.*		29,638,558
				59,657,632
Semiconductor Equipment - 0.7%
	258,550	KLA-Tencor Corp.		12,451,768
Telecommunication Services - 1.6%
	611,140	Amdocs, Ltd. (U.S. Shares)*		22,734,408
	393,515	Time Warner Telecom, Inc. - Class A*^,#		6,599,247
				29,333,655
Telephone - Integrated - 0.2%
	820,150	Level 3 Communications, Inc.*^,#		4,428,810
Television - 0.9%
	464,738	Univision Communications, Inc. - Class A*^,#		16,586,499
Therapeutics - 2.9%
	366,228	Gilead Sciences, Inc.*		21,058,110
	486,527	Neurocrine Biosciences, Inc.*		27,907,189
	91,860	United Therapeutics Corp.*		5,470,263
				54,435,562
Toys - 1.1%
	1,044,122	Marvel Entertainment, Inc.*^,#		20,370,820
Transportation - Equipment and Leasing - 0.2%
	98,440	GATX Corp.^#		4,606,992
Transportation - Marine - 0.6%
	219,495	Alexander & Baldwin, Inc.		10,946,216
Transportation - Railroad - 0.9%
	366,770	Canadian National Railway Co. (U.S. Shares)		16,471,641
Transportation - Services - 1.0%
	226,860	Expeditors International of Washington, Inc.^#		19,421,485
Transportation - Truck - 1.4%
	229,565	Con-Way, Inc.^#		12,791,362
	327,920	Landstar System, Inc.^#		13,933,321
				26,724,683
Web Hosting/Design - 0.8%
	222,981	Equinix, Inc.*		14,694,448
Wireless Equipment - 1.5%
	830,135	Crown Castle International Corp.*^,#		27,934,043
Total Common Stock (cost $1,185,206,182)				1,835,414,532

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 19

Janus Enterprise Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Equity-Linked Structured Notes - 0.8%
Finance - Investment Bankers/Brokers - 0.8%
	376,070	Morgan Stanley Co., convertible (Celgene Corp.), 0% (144A)^§(cost $13,162,450)	$	15,166,903
Other Securities - 12.2%
	229,175,404	State Street Navigator Securities Lending Prime Portfolio† (cost $229,175,404)		229,175,404
Time Deposit - 2.3%
$	44,200,000	ING Financial, ETD 4.86%, 5/1/06 (cost $44,200,000)		44,200,000
Total Investments (total cost $1,471,744,036) – 112.9%				2,123,956,839
Liabilities, net of Cash, Receivables and Other Assets – (12.9)%				(241,860,248	)
Net Assets – 100%			$	1,882,096,591

Summary of Investments by Country

Country	Value		% of Investment Securities
Bermuda	$	49,873,495		2.3	%
Brazil		8,087,032		0.4	%
Canada		64,158,117		3.0	%
Ireland		17,559,804		0.8	%
Switzerland		11,722,078		0.6	%
United Kingdom		22,734,408		1.1	%
United States††		1,949,821,905		91.8	%
Total	$	2,123,956,839		100.0	%

††Includes Short-Term Securities and Other Securities (78.9% excluding Short-Term Securities and Other Securities)

See Notes to Schedules of Investments and Financial Statements.

20 Janus Growth Funds April 30, 2006

Janus Mercury Fund (unaudited)

Ticker: JAMRX

Fund Snapshot

This diversified growth fund typically pursues larger companies believed to be well-positioned for future growth.

Team Based Approach

Led by Jim Goff

Director of Research

Performance Overview

Preoccupation with rising interest rates and historically high oil prices failed to deter the enthusiasm of U.S. investors during the six-month period ended April 30, 2006. As a result, the major domestic indexes settled near five-year highs. During the period, Janus Mercury Fund gained 8.63%, topping its primary benchmark, the Russell 1000^® Growth Index, which returned 7.06%. The Fund's results slightly underperformed those of its secondary benchmark, the S&P 500^® Index, which returned 9.64% during the period.

Our Investment Process

The Fund spent a portion of the period in transition as portfolio manager David Corkins stepped down after three successful years at the helm so that he could take over as manager of Janus Fund, effective February 1. We consequently moved the management of this Fund to a team-based model, where ideas for investments come from Janus' entire research team. Janus' eight sector teams each manage a portion of the Fund in-line with the representation of its sector in the Russell 1000^® Growth Index. Each sector sleeve is composed of the highest conviction "buy-rated" stock ideas from Janus' sector specialists.

As Janus expects to cover 1,200 companies in 2006, I feel confident that there will be no shortage of good ideas from our experienced Janus research team. By focusing on what we believe are the best prospects for the long haul, we hope to deliver Index-beating returns in a moderate risk fashion.

Contributors to Fund Performance

The top-performing individual stock during the period was Canadian National Railway, which extended a rally that ran through the latter part of 2005 and into 2006. The North American freight train system operator delivered robust earnings growth, supported by solid gains in its coal, intermodal and grain transporting segments.

Biotechnology company Celgene also contributed significantly to gains. The stock started 2006 on a roll after the Food and Drug Administration approved its Revlimid treatment for myelodysplastic syndromes, a blood-borne cancer, in the final days of December. Less than two months later, it received another boost when regulators granted priority status to Celgene's application to approve Revlimid for the treatment of multiple myeloma, a bone marrow-based cancer. The accelerated decision is expected by the end of June, and we anticipate the drug will be well received by the medical community for both indications.

A newer holding, Tata Steel of India, outperformed as it posted double-digit gains in finished steel production – benefiting from sustained high global demand for the metal. Janus research analyst Laurent Saltiel believes this Indian steel producer is well exposed to the fastest-growing region of the world. Based on a recent study on 23 world class steel makers, Tata Steel has been ranked the best steel company in the world by World Steel Dynamics, a leading steel industry consultant. Tata Steel owes its competitiveness to high productivity, low labor costs, integration into coal and iron ore production and high manufacturing quality standards. We expect Tata to continue to have strong positive sales growth and returns of capital.

Financial services giant JP Morgan Chase advanced as it announced highly regarded industry executive James Dimon would ascend to the role of chief executive officer six months ahead of schedule. The market is beginning to realize the increased returns and profit that may result from the merger of the legacy Bank One and JP Morgan Chase businesses. Meanwhile, we believe the company's earnings growth remains healthy, supported by increasing margins from merger savings and broad returns across its consumer and wholesale banking franchises. While we remain upbeat on the bank's outlook, we took some profits to keep our position size within our range of comfort.

Detractors from Fund Performance

The period's worst performer was health insurer Aetna, which slipped as costs crept up. Disheartened by the increasing emphasis on membership numbers – and not cash flow performance – we trimmed the Fund's exposure.

Also weighing significantly on returns was Internet services provider Yahoo!. Frequently compared to Web search giant Google (another Fund holding), Yahoo! has taken longer to effectively grow search advertising revenues, which has disappointed some investors. We see the momentum building, but because it has occurred at a slower pace than anticipated,

Janus Growth Funds April 30, 2006 21

Janus Mercury Fund (unaudited)

we're closely monitoring the situation and have scaled back our position. That said, we believe the company's valuation is not much higher than the broader market, it has good fundamentals and its growth prospects are solid, so we remain invested.

Higher energy and raw material prices hurt returns at glass container and packaging concern Owens-Illinois, a newer position. The company is making progress on an ambitious long-term cost-cutting plan that will boost returns, but investors reacted strongly to disappointing near-term earnings. We expected that this company would require some patience when we purchased it, and we still see upside potential.

Looking Forward

Of course, we know that even the best-researched ideas can falter. But by leveraging the top picks from Janus' exceptional analyst team and taking a methodical approach to building and maintaining this Fund, we believe we are offering exposure to market leaders from a broad cross-section of the stock universe. At the same time, by keeping the Fund well-diversified, we're diminishing the potential risk factors that result from outsized investments in a small group of companies or industries.

Thank you for your continued investment in Janus Mercury Fund.

Janus Mercury Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Canadian National Railway Co. (U.S. Shares) Railroad track operator - Canada		0.65	%
Samsung Electronics Company, Ltd. Diversified electronics company - Korea		0.58	%
Celgene Corp. Global biopharmaceutical company - U.S.		0.57	%
Tata Steel, Ltd. Steel company - India		0.55	%
JP Morgan Chase & Co. Financial products and services provider - U.S.		0.49	%

5 Largest Detractors from Performance – Holdings

	Contribution
Aetna, Inc. Healthcare and related benefits provider - U.S.		(0.34	%)
Yahoo!, Inc. Global Internet media company - U.S.		(0.26	%)
Coventry Health Care, Inc. Managed company - U.S.		(0.20	%)
Whole Foods Market, Inc. Natural food supermarkets owner/operator - U.S.		(0.19	%)
Owens-Illinois, Inc. Plastic and glass packaging manufacturer - U.S.		(0.17	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Transportation		1.41	%		4.90	%		1.84	%
Semiconductors & Semiconductor Equipment		1.10	%		7.13	%		3.15	%
Pharmaceuticals & Biotechnology		1.05	%		9.33	%		7.88	%
Energy		0.84	%		6.78	%		9.65	%
Materials		0.81	%		3.32	%		3.01	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Healthcare Equipment & Services		(0.43	%)		9.02	%		5.17	%
Food & Staples Retailing		(0.19	%)		1.95	%		2.38	%
Utilities		(0.10	%)		0.69	%		3.30	%
Commercial Services & Supplies		(0.05	%)		0.35	%		0.73	%
Consumer Durables & Apparel		0.01	%		4.86	%		1.31	%

22 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

General Electric Co. Diversified Operations	2.4	%
United Parcel Service, Inc. - Class B Transportation - Services	2.3	%
Roche Holding A.G. Medical - Drugs	1.9	%
Dean Foods Co. Food - Dairy Products	1.9	%
Procter & Gamble Co. Cosmetics and Toiletries	1.8	%
	10.3	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 5.0% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 23

Janus Mercury Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Ten Year			Since Inception*
Janus Mercury Fund		8.63	%		19.00	%		(1.74	)%		8.56	%		12.70	%
Russell 1000^® Growth Index		7.06	%		15.18	%		(0.76	)%		6.21	%		8.76	%
S&P 500^® Index		9.64	%		15.42	%		2.70	%		8.94	%		10.76	%
Lipper Quartile		N/A			2	nd		3	rd		1	st		1	st
Lipper Ranking - based on total return for Large-Cap Growth Funds		N/A**			210/698			306/474			18/165			1/84

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – May 3, 1993

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

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

Effective 2/1/06, David Corkins is no longer the portfolio manager of Janus Mercury Fund. A research team now selects the investments for Janus Mercury Fund led by the Director of Research, Jim Goff.

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,086.30	$	4.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.03	$	4.81

*Expenses are equal to the annualized expense ratio of 0.96%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

24 Janus Growth Funds April 30, 2006

Janus Mercury Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount					Value
Common Stock - 95.8%
Advertising Sales - 0.4%
	314,250	Lamar Advertising Co.*			$	17,280,608
Aerospace and Defense - 1.9%
	1,734,500	BAE Systems PLC**				13,205,328
	780,380	Boeing Co.				65,122,711
						78,328,039
Agricultural Chemicals - 1.0%
	260,540	Potash Corporation of Saskatchewan, Inc. (U.S. Shares)**				24,667,927
	121,803	Syngenta A.G.^,*				16,990,743
						41,658,670
Agricultural Operations - 0.5%
	370,675	Bunge, Ltd.				19,775,511
Apparel Manufacturers - 1.1%
	987,660	Coach, Inc.*				32,612,534
	955,690	Quiksilver, Inc.*^,#				13,064,282
						45,676,816
Applications Software - 1.0%
	1,712,650	Microsoft Corp.				41,360,498
Athletic Footwear - 0.8%
	375,650	NIKE, Inc. - Class B				30,743,196
Automotive - Cars and Light Trucks - 1.7%
	782,508	BMW A.G.**^,#				42,598,431
	132,220	Hyundai Motor Company, Ltd.**				11,621,117
	983,600	Nissan Motor Company, Ltd.**^,#				12,931,535
						67,151,083
Beverages - Wine and Spirits - 0.6%
	124,010	Pernod Ricard S.A.**^,#				24,046,650
Broadcast Services and Programming - 0.4%
	818,295	Liberty Global, Inc. - Class A*				16,946,889
Building - Mobile Home and Manufactured Homes - 0.2%
	195,030	Thor Industries, Inc.				9,845,114
Building - Residential and Commercial - 2.0%
	51,535	NVR, Inc.*^,#				38,908,925
	1,081,995	Pulte Homes, Inc.^#				40,412,513
						79,321,438
Casino Hotels - 0.4%
	209,920	Harrah's Entertainment, Inc.^#				17,137,869
Cellular Telecommunications - 0.8%
	4,289,500	China Mobile, Ltd.^#				24,951,498
	142,600	Hikari Tsushin, Inc.**^,#				8,816,616
						33,768,114
Commercial Banks - 0.9%
	575,585	Commerce Bancorp, Inc.^#				23,219,099
	223,590	SVB Financial Group*	^,	^#		11,351,664
						34,570,763
Commercial Services - Finance - 0.8%
	769,745	Paychex, Inc.				31,090,001
Computer Services - 0.7%
	1,132,480	Ceridian Corp.*				27,439,990
Computers - 0.7%
	423,050	Apple Computer, Inc.*				29,778,490

Shares or Principal Amount			Value
Computers - Memory Devices - 2.3%
	3,230,985	EMC Corp.*	$	43,650,607
	784,745	SanDisk Corp.*^,#		50,090,274
				93,740,881
Containers - Metal and Glass - 1.9%
	624,080	Ball Corp.		24,950,718
	2,903,845	Owens-Illinois, Inc.*		53,082,287
				78,033,005
Cosmetics and Toiletries - 2.9%
	747,840	Colgate-Palmolive Co.		44,212,301
	1,250,695	Procter & Gamble Co.		72,802,956
				117,015,257
Data Processing and Management - 0.4%
	373,455	NAVTEQ Corp.*^,#		15,505,852
Dental Supplies and Equipment - 0.8%
	941,720	Patterson Companies, Inc.*^,#		30,681,238
Diagnostic Kits - 0.7%
	753,555	Dade Behring Holdings, Inc.		29,388,645
Distribution/Wholesale - 0.6%
	3,190,000	Esprit Holdings, Ltd.^#		25,467,994
Diversified Operations - 3.5%
	2,806,400	General Electric Co.		97,073,375
	1,640,615	Tyco International, Ltd. (U.S. Shares)		43,230,205
				140,303,580
E-Commerce/Products - 0.3%
	380,000	Submarino S.A.*		10,287,494
E-Commerce/Services - 0.8%
	1,071,755	IAC/InterActiveCorp*		30,941,567
Electric - Generation - 0.7%
	1,732,360	AES Corp.*		29,398,149
Electronic Components - Semiconductors - 4.9%
	1,635,690	Advanced Micro Devices, Inc.*		52,914,571
	6,888,374	ARM Holdings PLC**		17,083,389
	952,430	Microsemi Corp.*^,#		26,020,388
	41,822	Samsung Electronics Company, Ltd.**		28,555,309
	791,220	SiRF Technology Holdings, Inc.*^,#		27,020,163
	1,493,570	Texas Instruments, Inc.		51,841,814
				203,435,634
Electronic Forms - 1.0%
	991,785	Adobe Systems, Inc.*		38,877,972
Energy - Alternate Sources - 0.7%
	780,575	Suntech Power Holdings Company, Ltd. (ADR)*^,#		26,765,917
Enterprise Software/Services - 1.3%
	3,697,617	Oracle Corp.*		53,948,232
Entertainment Software - 1.2%
	1,129,675	Activision, Inc.*		16,030,088
	559,884	Electronic Arts, Inc.*		31,801,411
				47,831,499
Finance - Credit Card - 1.1%
	826,755	American Express Co.		44,487,687

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 25

Janus Mercury Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Finance - Investment Bankers/Brokers - 2.8%
	886,220	JP Morgan Chase & Co.	$	40,216,664
	473,485	Merrill Lynch & Company, Inc.		36,107,966
	689,170	optionsXpress Holdings, Inc.		21,708,855
	138,400	UBS A.G. (ADR)**		16,172,040
				114,205,525
Finance - Mortgage Loan Banker - 0.9%
	700,445	Fannie Mae		35,442,517
Food - Dairy Products - 1.9%
	1,928,045	Dean Foods Co.*		76,369,862
Food - Retail - 1.6%
	417,575	Metro A.G.**^,#		23,632,941
	686,245	Whole Foods Market, Inc.		42,121,718
				65,754,659
Food - Wholesale/Distribution - 1.0%
	1,367,600	Sysco Corp.		40,877,564
Hotels and Motels - 0.3%
	198,100	Four Seasons Hotels, Inc.**		10,701,362
Independent Power Producer - 0.8%
	665,460	NRG Energy, Inc.*		31,669,241
Insurance Brokers - 0.7%
	632,305	Marsh & McLennan Companies, Inc.^#		19,392,794
	247,605	Willis Group Holdings, Ltd.		8,703,316
				28,096,110
Internet Infrastructure Software - 0.4%
	513,150	Akamai Technologies, Inc.*^,#		17,288,024
Internet Security - 0.4%
	790,255	Check Point Software Technologies, Ltd. (U.S. Shares)*^,#		15,291,434
Investment Management and Advisory Services - 0.4%
	350,185	National Financial Partners Corp.^#		18,209,620
Medical - Biomedical and Genetic - 3.2%
	516,685	Amgen, Inc.*		34,979,575
	1,399,770	Celgene Corp.*		59,014,302
	422,862	Genentech, Inc.*		33,706,330
				127,700,207
Medical - Drugs - 4.1%
	819,725	Abbott Laboratories		35,035,047
	716,153	Cubist Pharmaceuticals, Inc.*		16,235,189
	1,158,555	Merck & Company, Inc.		39,877,462
	497,108	Roche Holding A.G.**		76,438,070
				167,585,768
Medical - Generic Drugs - 0.9%
	881,809	Teva Pharmaceutical Industries, Ltd. (ADR)^#		35,713,265
Medical - HMO - 3.0%
	525,470	Aetna, Inc.		20,230,595
	1,375,602	Coventry Health Care, Inc.*		68,326,151
	673,665	UnitedHealth Group, Inc.		33,508,097
				122,064,843
Medical - Nursing Homes - 1.1%
	980,640	Manor Care, Inc.^#		43,001,064
Medical Instruments - 1.0%
	306,870	Intuitive Surgical, Inc.*		38,972,490

Shares or Principal Amount					Value
Medical Products - 0.8%
	621,590	Varian Medical Systems, Inc.*^,#			$	32,558,884
Networking Products - 1.2%
	2,573,795	Juniper Networks, Inc.*^,#				47,563,732
Oil - Field Services - 0.8%
	424,620	Halliburton Co.^#				33,184,053
Oil Companies - Exploration and Production - 2.2%
	459,760	Apache Corp.				32,661,351
	266,729	EnCana Corp.**				13,331,082
	276,505	EnCana Corp. (U.S. Shares)**				13,839,075
	434,725	EOG Resources, Inc.				30,530,737
						90,362,245
Oil Companies - Integrated - 0.7%
	210,070	Amerada Hess Corp.				30,096,729
Oil Refining and Marketing - 1.7%
	1,547,602	Reliance Industries, Ltd.				34,774,514
	524,330	Valero Energy Corp.				33,945,124
						68,719,638
Real Estate Operating/Development - 0.9%
	8,536,000	Capitaland, Ltd.^#				26,457,335
	159,665	St. Joe Co.^#				8,966,786
						35,424,121
Recreational Vehicles - 0.4%
	320,950	Polaris Industries, Inc.^#				15,373,505
Reinsurance - 0.9%
	11,905	Berkshire Hathaway, Inc. - Class B*				35,143,560
Retail - Apparel and Shoe - 1.4%
	616,369	Industria de Diseno Textil S.A.**^,#				25,078,094
	775,245	Nordstrom, Inc.^#				29,715,141
						54,793,235
Retail - Auto Parts - 0.2%
	196,005	Advance Auto Parts, Inc.				7,883,321
Retail - Computer Equipment - 0.4%
	331,845	GameStop Corp. - Class A*^,#				15,663,084
Retail - Office Supplies - 0.9%
	1,396,182	Staples, Inc.				36,873,167
Retail - Regional Department Stores - 0.9%
	462,700	Federated Department Stores, Inc.				36,021,195
Schools - 0.5%
	365,065	Apollo Group, Inc. - Class A*				19,947,152
Semiconductor Components/Integrated Circuits - 2.2%
	2,803,760	Cypress Semiconductor Corp.*^,#				48,112,522
	1,172,900	Maxim Integrated Products, Inc.				41,356,454
						89,468,976
Semiconductor Equipment - 0.7%
	1,367,775	ASM Lithography Holding N.V. (U.S. Shares)^,*	^,	^#		28,928,441
Soap and Cleaning Preparations - 0.6%
	630,416	Reckitt Benckiser PLC**				22,980,444
Steel - Producers - 1.4%
	3,934,530	Tata Steel, Ltd.				55,569,759
Sugar - 0.3%
	1,029,334	Bajaj Hindusthan, Ltd.				11,837,341

See Notes to Schedules of Investments and Financial Statements.

26 Janus Growth Funds April 30, 2006

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Telecommunication Services - 0.8%
	922,665	Amdocs, Ltd. (U.S. Shares)^,*	$	34,323,138
Television - 0.5%
	2,244,737	British Sky Broadcasting Group PLC**^,#		21,510,801
Therapeutics - 1.7%
	307,245	Gilead Sciences, Inc.*		17,666,588
	330,785	Neurocrine Biosciences, Inc.*		18,973,828
	532,528	United Therapeutics Corp.*		31,712,042
				68,352,458
Tobacco - 0.5%
	268,995	Altria Group, Inc.		19,679,674
Toys - 0.5%
	1,121,082	Marvel Entertainment, Inc.*^,#		21,872,310
Transportation - Railroad - 0.3%
	264,370	Canadian National Railway Co. (U.S. Shares)**		11,872,857
Transportation - Services - 2.3%
	1,141,050	United Parcel Service, Inc. - Class B		92,504,924
Transportation - Truck - 0.4%
	417,970	Landstar System, Inc.		17,759,545
Web Hosting/Design - 0.4%
	270,699	Equinix, Inc.*		17,839,064
Web Portals/Internet Service Providers - 2.1%
	80,415	Google, Inc. - Class A*		33,608,645
	1,551,860	Yahoo!, Inc.*^,#		50,869,971
				84,478,616
Wireless Equipment - 1.7%
	570,765	Crown Castle International Corp.*		19,206,242
	953,455	QUALCOMM, Inc.		48,950,380
				68,156,622
Total Common Stock (cost $3,464,684,973)				3,877,716,488
Equity-Linked Structured Notes - 0.9%
Finance - Investment Bankers/Brokers - 0.9%
	858,580	Morgan Stanley Co., convertible (Celgene Corp.), 0% (144A)^§(cost $30,050,300)		34,626,531
Money Market - 2.0%
	80,000,000	Janus Institutional Cash Reserves Fund 4.83% (cost $80,000,000)		80,000,000
Other Securities - 9.7%
	5,354,957	Foreign Bonds^†		5,354,957
	388,879,576	State Street Navigator Securities Lending Prime Portfolio^†		388,879,576
Total Other Securities (cost $394,234,533)				394,234,533

Shares or Principal Amount			Value
Time Deposit - 0.3%
$	13,400,000	ING Financial, ETD 4.86%, 5/1/06 (cost $13,400,000)	$	13,400,000
Total Investments (total cost $3,982,369,806) – 108.7%				4,399,977,552
Liabilities, net of Cash, Receivables and Other Assets – (8.7)%				(352,647,579	)
Net Assets – 100%			$	4,047,329,973

Summary of Investments by Country

Country	Value		% of Investment Securities
Bermuda	$	97,177,026		2.2	%
Brazil		10,287,494		0.2	%
Canada		74,412,303		1.7	%
Cayman Islands		26,765,917		0.6	%
France		24,046,650		0.5	%
Germany		66,231,372		1.4	%
Hong Kong		24,951,498		0.6	%
India		102,181,614		2.3	%
Israel		51,004,699		1.2	%
Japan		21,748,151		0.5	%
Netherlands		28,928,441		0.7	%
Singapore		26,457,335		0.6	%
South Korea		40,176,426		0.9	%
Spain		25,078,094		0.6	%
Switzerland		109,600,853		2.5	%
United Kingdom		109,103,100		2.5	%
United States††		3,561,826,579		81.0	%
Total	$	4,399,977,552		100.0	%

†† Includes Short-Term Securities and Other Securities (69.9% excluding Short-Term Securities and Other Securities)

Forward Currency Contracts, Open

Currency Sold and Settlement Date	Currency Units Sold		Currency Value in $ U.S.		Unrealized Gain/(Loss)
British Pound 6/28/06		7,000,000	$	12,773,699	$	(334,699	)
British Pound 10/19/06		13,000,000		23,766,289		(494,859	)
Canadian Dollar 6/28/06		7,500,000		6,721,193		(150,891	)
Euro 6/28/06		8,100,000		10,257,559		(233,323	)
Euro 8/24/06		41,080,000		52,199,141		(1,823,249	)
Euro 10/19/06		4,500,000		5,736,498		(84,926	)
Japanese Yen 8/24/06		950,000,000		8,484,227		(84,803	)
South Korean Won 10/19/06		17,750,000,000		18,937,778		(99,889	)
Swiss Franc 6/28/06		57,800,000		46,924,040		(530,026	)
Total			$	185,800,424	$	(3,836,665	)

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 27

Janus Olympus Fund (unaudited)

Ticker: JAOLX

Fund Snapshot

This growth fund invests in what we believe are the market leaders in their respective industries.

Claire Young

portfolio manager

Performance Overview

Equity markets were volatile in the fourth quarter of 2005, as investors confronted uneven economic growth and rising interest rates. Consumer confidence continued to recover from its post-hurricane lows, despite relatively lackluster retail spending during the holiday season. New hiring was restrained and there were signs that higher interest rates were starting to temper the strength in home buying. In the first quarter of 2006, however, equity markets posted solid gains, supported by healthy earnings reports, retreating energy prices and resilient economic growth. Indeed, the performance of the economy remained impressive, especially this late into a Federal Reserve (Fed) credit tightening cycle. Consumer spending and housing market activity continued at a healthy, albeit more moderate pace, and corporations projected increases in capital investment. Meanwhile, inflat ion remained relatively benign by historic standards, despite spikes in fuel prices both at the end of last year and in the first three months of this year. As the Fed continued to step up overnight lending rates, investors began to hope for a near-term end to credit tightening.

Against this backdrop, Janus Olympus Fund advanced 10.11%, outpacing both its primary and secondary benchmarks, the Russell 1000^® Growth Index and the S&P 500^® Index, which returned 7.06% and 9.64%, respectively.

Contributors to Fund Performance

Biotechnology company Celgene was the Fund's strongest contributor, reflecting the expanding market opportunities tied to its cancer drug, Revlimid. Originally formulated as a drug for blood-borne cancers, Revlimid has shown potential in the treatment of leukemia and non-Hodgkin's lymphoma. Specifically, Revlimid has shown the ability to slow disease progression and enable patients to remain transfusion independent for over two years. We believe the drug will be approved for these additional uses by the Food and Drug Administration in the coming year, which should boost sales and profits significantly.

Another standout was Deutsche Boerse, owner of the Frankfurt Stock Exchange. The German company continues to capitalize on growth in the European financial derivatives market, and recently reported an 80% surge in quarterly earnings. Deutsche Boerse has also benefited from consolidation in the European exchange market, and we believe its hybrid floor-and-electronic trading operation may prove to be the model for other exchanges around the world. We are impressed with the company's business prospects, positioning and valuation, as well as its commitment to returning cash to shareholders in the form of stock repurchase and dividends.

The Fund remains significantly overweight in the healthcare arena, where one of our strongest performers was Intuitive Surgical, maker of the innovative Da Vinci automated surgical system. With this system surgeons use computer-guided robotic arms to pinpoint their procedures, allowing for smaller incisions, shorter hospital stays and speedier recoveries. We particularly like this company because it not only makes money on the initial sale of the system, but also from consumables that must be replaced after every few procedures.

Among our technology holdings, we benefited from our stake in Germany's SAP, the world's largest seller of business applications software. SAP continues to project double-digit growth in licensing revenues and earnings, and recently captured investor attention with its plans to enter the fast-growing market for on-demand, subscription-based business applications software. Such online software has become a popular alternative with end-users, given the minimal upfront investment and quick turnaround time.

We also benefited from a rebound in shares of Research in Motion, maker of the BlackBerry wireless email system. The company was able to settle a patent infringement suit brought by rival NTP, avoiding an injunction on sales of its popular BlackBerry device. We anticipate investor subscriber growth to rebound now that uncertainty over the future of the BlackBerry service has lifted.

Detractors from Fund Performance

On the downside, high-end grocery chain Whole Foods Market stumbled as recent operating performance was stunted by costs associated with the rollout if its new higher-volume, higher-margin stores. The company is refining its store model to a larger, "higher return-on-investment" format with unique prepared food offerings that attempt to generate excitement and intense loyalty among its customers. We expect these new venues to bolster the company's profitability going forward.

28 Janus Growth Funds April 30, 2006

(unaudited)

With only 3% market share of total U.S. grocery sales, we believe Whole Foods has tremendous growth potential over the next several years as the company penetrates new markets.

Also detracting from performance was Internet search and media company Yahoo!, which lost favor with investors after reporting fourth-quarter financial results that only met expectations. However, Yahoo! has benefited from the ongoing migration of advertising dollars from traditional media into the growing Internet space, which allows advertisers to better target and track media spending. We remain confident in the underlying fundamentals supporting Yahoo!, and we will continue to closely monitor their valuations.

Looking Ahead

In my opinion the economy has remained surprisingly robust despite many headwinds – devastation from Hurricane Katrina, high budget deficits that at some point will impact monetary policy, moderating consumer demand due to high oil prices and slowing house price appreciation, and corporate profit squeezes from rising raw material prices and weak end-user pricing ability. We remain cautiously optimistic on the economic and market outlook and believe that the economy will continue to grow, albeit at a slower pace. Moreover, we believe that the Federal Reserve may be close to ending this round of credit tightening, which could help alleviate some market uncertainty. In this environment, we expect to see the market continue to favor companies that provide strong earnings growth despite these impediments, so the Fund remains invested predominantly in stocks that we belie ve can grow organically and have specific catalysts to improve shareholder value.

Thank you for your continued investment in Janus Olympus Fund.

Janus Olympus Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Celgene Corp. Biopharmaceutical company - U.S.		1.84	%
Deutsche Boerse A.G. Marketplace organizer for the trading of shares & securities - Germany		0.72	%
Intuitive Surgical, Inc. Medical equipment manufacturer - U.S.		0.71	%
Research In Motion, Ltd. (U.S. Shares) Wireless solutions provider for mobile communications - U.S.		0.54	%
SAP A.G. (ADR) Software company - Germany		0.49	%

5 Largest Detractors from Performance – Holdings

	Contribution
Whole Foods Market, Inc. Natural food supermarkets owner/operator - U.S.		(0.36	%)
Yahoo!, Inc. Global Internet media company - U.S.		(0.36	%)
Alcon, Inc. (U.S. Shares) Eye care company - U.S.		(0.31	%)
UnitedHealth Group, Inc. Organized health systems company - U.S.		(0.29	%)
United Therapeutics Corp. Pharmaceutical developer - U.S.		(0.22	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Pharmaceuticals & Biotechnology		2.12	%		16.74	%		7.88	%
Diversified Financials		2.06	%		8.35	%		8.08	%
Technology Hardware & Equipment		1.18	%		8.76	%		7.04	%
Software & Services		1.04	%		14.94	%		5.44	%
Automobiles & Components		0.83	%		2.36	%		0.56	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Food & Staples Retailing		(0.55	%)		4.26	%		2.38	%
Retailing		(0.02	%)		2.25	%		3.59	%
Media		0.00	%		1.26	%		3.32	%
Utilities		0.00	%		0.10	%		3.30	%
Other*		0.00	%		0.00	%		0.00	%

* Industry not classified by Global Industry Classification Standard.

Janus Growth Funds April 30, 2006 29

Janus Olympus Fund (unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

Celgene Corp. Medical - Biomedical and Genetic	4.5	%
Yahoo!, Inc. Web Portal/Internet Service Providers	3.0	%
Whole Foods Market, Inc. Food - Retail	2.9	%
Roche Holding A.G. Medical - Drugs	2.4	%
SAP A.G. (ADR) Enterprise Software/Services	2.0	%
	14.8	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 4.2% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

30 Janus Growth Funds April 30, 2006

(unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Ten Year			Since Inception*
Janus Olympus Fund		10.11	%		26.44	%		0.45	%		9.78	%		11.77	%
Russell 1000^® Growth Index		7.06	%		15.18	%		(0.76	)%		6.21	%		6.81	%
S&P 500^® Index		9.64	%		15.42	%		2.70	%		8.94	%		9.34	%
Lipper Quartile		N/A			2	nd		3	rd		2	nd		1	st
Lipper Ranking - based on total return for Multi-Cap Growth Funds		N/A**			186/423			188/288			25/95			13/88

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – December 29, 1995

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

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

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,101.10	$	5.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91

*Expenses are equal to the annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Janus Growth Funds April 30, 2006 31

Janus Olympus Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock - 95.4%
Advertising Sales - 0.8%
	349,435	Lamar Advertising Co.*	$	19,215,431
Aerospace and Defense - 1.4%
	419,960	Boeing Co.		35,045,662
Agricultural Chemicals - 1.5%
	380,045	Potash Corporation of Saskatchewan, Inc. (U.S. Shares)		35,982,661
Apparel Manufacturers - 1.7%
	724,460	Coach, Inc.*		23,921,669
	1,244,295	Quiksilver, Inc.*^,#		17,009,513
				40,931,182
Applications Software - 1.2%
	415,425	Citrix Systems, Inc.*		16,583,766
	783,515	Quest Software, Inc.*^,#		13,484,293
				30,068,059
Automotive - Cars and Light Trucks - 1.9%
	446,264	BMW A.G.**^,^#		24,293,868
	1,570,600	Nissan Motor Company, Ltd.		20,648,911
				44,942,779
Building - Mobile Home and Manufactured Homes - 0.6%
	293,600	Thor Industries, Inc.		14,820,928
Building - Residential and Commercial - 1.4%
	340,620	Desarrolladora Homex S.A. (ADR)*^,#		13,052,558
	577,560	Pulte Homes, Inc.		21,571,866
				34,624,424
Casino Hotels - 1.0%
	295,055	Harrah's Entertainment, Inc.		24,088,290
Casino Services - 1.2%
	760,705	Scientific Games Corp. - Class A*^,#		28,975,253
Cellular Telecommunications - 0.9%
	3,537,500	China Mobile, Ltd.		20,577,206
Commercial Banks - 1.4%
	3,998	Mizuho Financial Group, Inc.		34,093,514
Commercial Services - 1.8%
	351,488	CoStar Group, Inc.*		19,841,498
	640,200	Park24 Company, Ltd.		23,164,484
				43,005,982
Commercial Services - Finance - 0.3%
	134,845	Moody's Corp.		8,361,738
Computer Services - 0.7%
	727,075	Ceridian Corp.*		17,617,027
Computers - 1.0%
	115,210	Apple Computer, Inc.*		8,109,632
	206,600	Research In Motion, Ltd. (U.S. Shares)*^,#		15,831,758
				23,941,390
Computers - Memory Devices - 2.8%
	1,923,395	EMC Corp.*		25,985,066
	659,430	SanDisk Corp.*		42,091,417
				68,076,483
Cosmetics and Toiletries - 0.9%
	356,215	Procter & Gamble Co.		20,735,275

Shares or Principal Amount			Value
Data Processing and Management - 1.1%
	621,370	NAVTEQ Corp.*^,#	$	25,799,282
Diagnostic Kits - 1.3%
	778,776	Dade Behring Holdings, Inc.^#		30,372,264
E-Commerce/Products - 0.7%
	265,600	Submarino S.A.*		7,190,417
	193,300	Submarino S.A. (GDR)*		10,352,471
				17,542,888
E-Commerce/Services - 0.9%
	605,320	eBay, Inc.*		20,829,061
Electronic Components - Semiconductors - 2.6%
	366,485	Advanced Micro Devices, Inc.*		11,855,790
	550,855	Broadcom Corp. - Class A*^,#		22,645,649
	1,182,935	PMC-Sierra, Inc.*^,#		14,703,882
	418,055	Texas Instruments, Inc.		14,510,689
				63,716,010
Electronic Forms - 1.6%
	972,230	Adobe Systems, Inc.*		38,111,416
Electronic Measuring Instruments - 0.3%
	138,354	Trimble Navigation, Ltd.*^,#		6,555,213
Energy - Alternate Sources - 0.5%
	380,300	Suntech Power Holdings Company, Ltd. (ADR)*^,#		13,040,487
Enterprise Software/Services - 2.0%
	896,610	SAP A.G. (ADR)**^,^#		48,981,804
Entertainment Software - 1.4%
	601,425	Electronic Arts, Inc.*		34,160,940
Finance - Credit Card - 2.4%
	451,595	American Express Co.		24,300,327
	644,600	Credit Saison Company, Ltd.		33,796,707
				58,097,034
Finance - Investment Bankers/Brokers - 6.0%
	137,715	Goldman Sachs Group, Inc.		22,074,337
	400,110	Merrill Lynch & Company, Inc.		30,512,389
	1,313,000	Mitsubishi UFJ Securities Company, Ltd.		20,686,971
	1,018,000	Nikko Cordial Corp.		16,477,179
	695,760	optionsXpress Holdings, Inc.		21,916,440
	284,577	UBS A.G.**^,^#		33,730,704
				145,398,020
Finance - Mortgage Loan Banker - 1.0%
	486,030	Fannie Mae		24,593,118
Finance - Other Services - 2.7%
	41,825	Chicago Mercantile Exchange Holdings, Inc.^#		19,155,850
	311,293	Deutsche Boerse A.G.**^,^#		45,026,421
				64,182,271
Food - Retail - 3.3%
	1,155,474	Whole Foods Market, Inc.		70,922,994
	530,681	Wild Oats Markets, Inc.*^,#		9,117,100
				80,040,094
Food - Wholesale/Distribution - 1.0%
	777,745	Sysco Corp.^#		23,246,798
Hazardous Waste Disposal - 0.9%
	319,270	Stericycle, Inc.*^,#		21,020,737

See Notes to Schedules of Investments and Financial Statements.

32 Janus Growth Funds April 30, 2006

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Hotels and Motels - 1.7%
	762,355	Four Seasons Hotels, Inc.	$	41,182,417
Insurance Brokers - 0.9%
	732,500	Marsh & McLennan Companies, Inc.^#		22,465,775
Internet Infrastructure Software - 0.4%
	1,039,960	TIBCO Software, Inc.*^,#		8,964,455
Internet Security - 0.8%
	699,225	McAfee, Inc.*^,#		18,242,780
Medical - Biomedical and Genetic - 5.2%
	2,549,272	Celgene Corp.*		107,477,308
	242,310	Genentech, Inc.*		19,314,530
				126,791,838
Medical - Drugs - 4.5%
	695,145	Cubist Pharmaceuticals, Inc.*		15,758,937
	1,009,100	Merck & Company, Inc.		34,733,222
	377,310	Roche Holding A.G.**		58,017,269
				108,509,428
Medical - Generic Drugs - 1.8%
	1,084,650	Teva Pharmaceutical Industries, Ltd. (ADR)^#		43,928,325
Medical - HMO - 1.8%
	392,985	Coventry Health Care, Inc.*		19,519,565
	460,692	UnitedHealth Group, Inc.		22,914,820
				42,434,385
Medical Instruments - 2.6%
	798,685	Boston Scientific Corp.*^,#		18,561,439
	249,735	Intuitive Surgical, Inc.*		31,716,345
	277,025	Kyphon, Inc.*^,#		11,510,389
				61,788,173
Medical Products - 2.1%
	244,675	Johnson & Johnson		14,340,402
	684,915	Varian Medical Systems, Inc.*^,#		35,875,847
				50,216,249
Networking Products - 1.9%
	1,726,842	Cisco Systems, Inc.*		36,177,340
	566,035	Juniper Networks, Inc.*^,#		10,460,327
				46,637,667
Oil Companies - Exploration and Production - 0.8%
	260,860	EOG Resources, Inc.^#		18,320,198
Publishing - Newspapers - 1.0%
	638,835	Dow Jones & Company, Inc.^#		23,617,730
Radio - 0.5%
	559,165	XM Satellite Radio Holdings, Inc.- Class A*^,#		11,306,316
Real Estate Management/Services - 0.4%
	416,000	Mitsubishi Estate Company, Ltd.		9,097,089
Retail - Apparel and Shoe - 1.0%
	640,935	Nordstrom, Inc.^#		24,567,039
Retail - Discount - 1.0%
	552,765	Wal-Mart Stores, Inc.		24,891,008

Shares or Principal Amount			Value
Retail - Drug Store - 0.6%
	517,275	CVS Corp.	$	15,373,413
Retail - Restaurants - 0.1%
	133,385	Tim Hortons, Inc. (U.S. Shares)*^,#		3,621,403
Schools - 0.9%
	417,795	Apollo Group, Inc. - Class A*^,#		22,828,319
Semiconductor Components/Integrated Circuits - 0.6%
	869,670	Cypress Semiconductor Corp.*^,#		14,923,537
Semiconductor Equipment - 0.7%
	743,460	ASM Lithography Holding N.V. (U.S. Shares)^,*^,^#		15,724,179
Soap and Cleaning Preparations - 0.8%
	538,650	Reckitt Benckiser PLC**		19,635,314
Telecommunication Services - 0.3%
	482,000	Time Warner Telecom, Inc. - Class A*^,#		8,083,140
Therapeutics - 2.5%
	642,369	Neurocrine Biosciences, Inc.*		36,846,286
	408,925	United Therapeutics Corp.*		24,351,484
				61,197,770
Transportation - Services - 2.7%
	690,155	C.H. Robinson Worldwide, Inc.^#		30,608,374
	439,755	United Parcel Service, Inc. - Class B		35,650,938
				66,259,312
Web Portals/Internet Service Providers - 3.0%
	2,198,520	Yahoo!, Inc.*		72,067,486
Wireless Equipment - 2.6%
	1,008,275	Crown Castle International Corp.*^,#		33,928,454
	574,635	QUALCOMM, Inc.		29,501,761
				63,430,215
Total Common Stock (cost $1,787,420,204)				2,306,895,681
Preferred Stock - 1.1%
Electronic Components - Semiconductors - 1.1%
	48,870	Samsung Electronics Company, Ltd. (cost $18,295,111)		26,476,431
Money Market - 2.1%
	50,000,000	Janus Institutional Cash Reserves Fund 4.83% (cost $50,000,000)		50,000,000
Other Securities - 13.1%
	316,899,102	State Street Navigator Securities Lending Prime Portfolio† (cost $316,899,102)		316,899,102
Time Deposit - 0.8%
$	19,900,000	ING Financial, ETD 4.86%, 5/1/06 (cost $19,900,000)		19,900,000
Total Investments (total cost $2,192,514,417) – 112.5%				2,720,171,214
Liabilities, net of Cash, Receivables and Other Assets – (12.5)%				(302,136,913	)
Net Assets – 100%			$	2,418,034,301

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 33

Janus Olympus Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Summary of Investments by Country

Country	Value		% of Investment Securities
Brazil	$	17,542,888		0.6	%
Canada		96,618,239		3.6	%
Cayman Islands		13,040,487		0.5	%
Germany		118,302,093		4.3	%
Hong Kong		20,577,206		0.7	%
Israel		43,928,325		1.6	%
Japan		157,964,855		5.8	%
Mexico		13,052,558		0.5	%
Netherlands		15,724,179		0.6	%
South Korea		26,476,431		1.0	%
Switzerland		91,747,973		3.4	%
United Kingdom		19,635,314		0.7	%
United States††		2,085,560,666		76.7	%
Total	$	2,720,171,214		100.0	%

†† Includes Short-Term Securities and Other Securities (62.5% excluding Short-Term Securities and Other Securities)

Forward Currency Contracts, Open

Currency Sold and Settlement Date	Currency Units Sold		Currency Value in $ U.S.		Unrealized Gain/(Loss)
British Pound 6/28/06		4,600,000	$	8,394,145	$	(167,735	)
British Pound 8/10/06		400,000		730,440		(35,396	)
Euro 6/28/06		28,750,000		36,408,001		(828,151	)
Euro 10/19/06		10,500,000		13,385,163		(198,160	)
Swiss Franc 6/28/06		57,500,000		46,680,489		(503,169	)
Swiss Franc 8/10/06		4,000,000		3,262,057		(163,299	)
Total			$	108,860,295	$	(1,895,910	)

See Notes to Schedules of Investments and Financial Statements.

34 Janus Growth Funds April 30, 2006

Janus Orion Fund (unaudited)

Ticker: JORNX

Fund Snapshot

This focused growth fund invests in a small number of well-researched companies, hand-picked for their upside potential.

Ron Sachs

portfolio manager

Performance Overview

Equity markets roared out of the gate in early 2006, and I am happy to report that the stocks we held in Janus Orion Fund performed well. The Fund was up 22.45% during the six-month period ended April 30, 2006, versus a return of 8.19% for the Fund's primary benchmark, the Russell 3000^® Growth Index, and a return of 9.64% for the S&P 500^® Index, the Fund's secondary benchmark. More importantly, longer-term performance has also been strong. Janus Orion Fund was up 10.72%, annualized for the five-year period ended April 30, 2006, versus a loss of 0.22% for the Russell 3000^® Growth Index and a return of 2.70% for the S&P 500^® Index.

Investment Strategy

I believe it's important to invest with a longer time horizon in mind and have therefore been working to focus on the long term for each stock we analyze and own in the Fund. Few investors focus on the long-term because it is very difficult to do. I must admit that ignoring the short-term noise is challenging when almost every waking hour is spent thinking about companies, stocks and the market. Even the academic literature on investment psychology demonstrates that a short-term focus is wired into our "investment-DNA." The more I understand how this myopia colors investment decision making, the more I believe that taking advantage of the mistakes caused by short-term thinking may lead to good results. That said, it is difficult to ignore some short-term data points on companies in the Fund that I believe are material to stock price movements. Don't expect me to completely disregard the short-term, but do expect me to endeavor to focus more of my analysis on the long-term. I believe thinking about the long-term competitive positioning of the businesses we own is my strength and the strength of the entire Janus research team.

Products of this thinking can be seen in our investments. We own some fast-growing companies with very wide competitive moats that have protected their businesses. Examples and important contributors to the Fund include VistaPrint, Intuitive Surgical and Celgene. I realize that the short-term thinking of the market can lead to short-term volatility in these positions because the stocks appear expensive relative to near-term earnings expectations, but I truly believe that the best strategy is to establish positions in these great businesses for the long-term., I adjust position sizes in an attempt to take advantage of opportunities the market may give us and to reflect the risk of near-term volatility. At the same time, I try not to let the fear of short-term volatility cause me to miss the best long-term opportunities where our valuation models indicate the potential for a significant increase in valuation. For a variety of reasons, most pro fessional investment managers are especially sensitive to short-term volatility in individual holdings – I take advantage of the investment opportunities that their individual position myopia present to us.

You will notice that the number of holdings in the Fund has increased. I am troubled by this. I believe the best investment strategy is to build a concentrated portfolio where our best ideas are meaningful positions that can make a significant impact on the Fund. Position size should increase with our level of conviction that the risk/reward tradeoff for owning the stock is heavily skewed in our favor. You and I both want the best ideas to be big enough positions to impact positive Fund returns. Another way of explaining my view on portfolio concentration is that I believe our 100th best idea should be sold to increase position sizes in our 99 better ideas, if we have conviction in those ideas.

As of April 30, 2006, the Fund is less concentrated than I would like primarily because strong performance has changed the risk/reward tradeoff in many holdings. Also, a number of interesting new ideas were small positions in the Fund during the period. I intend to either develop the conviction to make these positions bigger or to determine through further analysis that the stocks aren't the best risk/reward tradeoffs available and sell them, which may lead to a more concentrated portfolio.

Celgene, ABB and Trimble Navigation Were Important Contributors

Celgene, a leading developer of cancer compounds, was a big contributor to the Fund. Celgene's progress in demonstrating the opportunity for its existing and new compounds for the treatment of a variety of cancers has been rewarded by the market. In my opinion, the market continues to underestimate the size of the opportunity for Celgene's compounds and the profitability of its business model. That said, I believe the risk/reward tradeoff in the stock has changed as its shares have rapidly appreciated. As a result, I may look for opportunities to take profits and reinvest the proceeds in more compelling ideas.

ABB, a leading supplier of electricity transmission and distribution systems based in Zurich, Switzerland, was a standout performer. The company has had continued success in improving margins, as it rationalizes its production facilities and takes advantage of a sustained environment of strong demand to drive improved pricing. ABB's leading market position and technological leadership enable the company to earn attractive returns. I believe the global demand for electricity should continue to grow at multiples of the rate of

Janus Growth Funds April 30, 2006 35

Janus Orion Fund (unaudited)

economic growth, providing a tailwind to the operational improvements the company is working to deliver.

Trimble Navigation was another strong performer. Trimble is a leader in GPS systems for industrial, farming, mining and construction industries. I believe the complexity of these systems and the distribution relationships Trimble has established with heavy equipment suppliers to these industries will create a long-term barrier to competition. Use of GPS gives Trimble customers a high return on investment because Trimble systems drive cost savings in terms of fewer hours of labor and fewer mistakes that need to be corrected. GPS system penetration in these markets remains very low, despite the great results these systems have delivered. That low penetration gives me confidence that Trimble should continue to demonstrate strong growth.

Yahoo! Detracted from Performance

Yahoo!, a leading search engine and online media provider, was the largest detractor from performance for the period. I believe Yahoo!'s large base of regular and registered users is a long-term competitive advantage. The company will soon restructure its paid-search algorithm with the goals of driving more relevant search results and higher revenues from each search. We expect to see these improvements later in 2006 and 2007, and the stock market may wait for clear evidence that the improved revenue generation strategies are working before rewarding Yahoo! shareholders. We don't believe the company's stock price reflects either the short-term opportunity to dramatically improve revenues from paid search or the longer-term opportunity to drive more traditional display advertising. We waited for a pullback in the shares for our buying opportunity, but were clearly prematu re.

Looking Forward

I remain optimistic that we can continue to identify great businesses at reasonable prices in our attempt to deliver strong results in varying economic environments. I look forward to continuing to update you on the Fund's performance.

Thank you for your investment in Janus Orion Fund.

Janus Orion Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Celgene Corp. Biopharmaceutical company - U.S.		2.25	%
ABB, Ltd. Holding company - U.S.		1.61	%
Arcelor Brasil S.A. Steel producer - Brazil		1.60	%
Finansbank A.S. International banking network - Turkey		1.19	%
Trimble Navigation, Ltd. Developer of advanced positioning product (GPS) solutions - U.S.		1.12	%

5 Largest Detractors from Performance – Holdings

	Contribution
Yahoo!, Inc. Global Internet media company - U.S.		(0.49	%)
XM Satellite Radio Holdings, Inc. - Class A Audio entertainment provider - U.S.		(0.47	%)
United Therapeutics Corp. Pharmaceutical developer - U.S.		(0.42	%)
Taro Pharmaceutical Industries, Ltd. Pharmaceutical company - U.S.		(0.39	%)
CNET Networks, Inc. Global web information provider - U.S.		(0.27	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Materials		3.02	%		7.07	%		3.01	%
Retailing		2.46	%		8.13	%		3.59	%
Banks		1.82	%		3.90	%		7.48	%
Pharmaceuticals & Biotechnology		1.72	%		12.04	%		7.88	%
Food, Beverage & Tobacco		1.67	%		3.29	%		4.61	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Media		(0.87	%)		2.23	%		3.32	%
Software & Services		(0.25	%)		4.26	%		5.44	%
Automobiles & Components		0.00	%		0.00	%		0.56	%
Utilities		0.00	%		0.00	%		3.30	%
Household & Personal Products		0.02	%		0.66	%		2.44	%

36 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

Dade Behring Holdings, Inc. Diagnostic Kits	6.7	%
Celgene Corp. Medical - Biomedical and Genetic	4.8	%
CapitalSource, Inc. REIT - Mortgages	4.7	%
VistaPrint, Ltd. Printing - Commercial	4.1	%
National Financial Partners Corp. Investment Management and Advisory Services	4.1	%
	24.4	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 22.3% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 37

Janus Orion Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year- to-Date			One Year			Five Year			Since Inception*
Janus Orion Fund		22.45	%		41.50	%		10.72	%		(0.73	)%
Russell 3000^® Growth Index		8.19	%		16.90	%		(0.22	)%		(6.87	)%
S&P 500^® Index		9.64	%		15.42	%		2.70	%		(0.16	)%
Lipper Quartile		N/A			1	st		1	st		2	nd
Lipper Ranking - based on total return for Multi-Cap Growth Funds		N/A**			11/423			8/288			61/230

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – June 30, 2000

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

The Fund is classified as "nondiversified," meaning it has the ability to take larger positions in a smaller number of issuers than a fund that is classified as "diversified." Nondiversified funds may experience greater price volatility.

Concentration may lead to greater price volatility.

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

The 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 such volatility.

The Fund has experienced significant gains due, in part, to its investments in Brazil. While holdings are subject to change without notice, the Fund's returns and NAV may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in Brazil. This Fund may have significant exposure to emerging markets which may lead to greater price volatility.

Returns have sustained significant gains due to market volatility in the financials and healthcare sectors.

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,224.50	$	5.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91

*Expenses are equal to the annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

38 Janus Growth Funds April 30, 2006

Janus Orion Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock - 98.9%
Agricultural Operations - 0.2%
	5,300	BrasilAgro - Companhia Brasileira de Propriedades Agricolas	$	2,507,570
Beverages - Wine and Spirits - 2.6%
	2,860,628	Davide Campari - Milano S.P.A.		27,969,655
Broadcast Services and Programming - 0.5%
	259,455	Liberty Global, Inc. - Class A*		5,373,313
Building - Residential and Commercial - 1.5%
	381,940	Desarrolladora Homex S.A. (ADR)*^,#		14,635,940
	98,500	Rossi Residencial S.A.		1,038,333
				15,674,273
Cellular Telecommunications - 3.3%
	960,000	America Movil S.A. de C.V. - Series L (ADR)^#		35,433,600
Chemicals - Specialty - 2.4%
	420,860	Cytec Industries, Inc.^#		25,449,404
Commercial Banks - 4.6%
	495,425	Banco Marcro Bansud S.A. (ADR)*		11,478,997
	711,000	Banco Nossa Caixa S.A.		16,046,047
	4,178,657	Finansbank A.S.*		21,801,689
				49,326,733
Commercial Services - 2.5%
	487,775	CoStar Group, Inc.*		27,534,899
Computers - 1.6%
	230,715	Research In Motion, Ltd. (U.S. Shares)*		17,679,690
Diagnostic Kits - 6.7%
	1,871,865	Dade Behring Holdings, Inc.^#		73,002,734
Diversified Minerals - 2.3%
	13,670,230	Caemi Mineracao e Metalurgica S.A.		25,152,699
E-Commerce/Products - 1.4%
	412,660	Submarino S.A.*		11,171,677
	83,000	Submarino S.A. (GDR)*		4,445,190
				15,616,867
E-Commerce/Services - 3.7%
	1,391,769	IAC/InterActiveCorp*		40,180,371
Electronic Components - Semiconductors - 1.6%
	628,150	MIPS Technologies, Inc.*		4,654,592
	378,085	Texas Instruments, Inc.^#		13,123,330
				17,777,922
Electronic Measuring Instruments - 2.1%
	467,890	Trimble Navigation, Ltd.*		22,168,628
Engineering - Research and Development Services - 3.2%
	2,460,267	ABB, Ltd.*^,#		35,112,664
Entertainment Software - 0.9%
	190,677	UbiSoft Entertainment S.A.*^,#		9,449,173
Finance - Other Services - 3.7%
	62,060	Chicago Mercantile Exchange Holdings, Inc.^#		28,423,480
	1,001,720	MarketAxess Holdings, Inc.*		11,179,195
				39,602,675
Home Furnishings - 1.9%
	1,303,305	Tempur-Pedic International, Inc.*^,#		20,579,186
Internet Content - Information/News - 0.8%
	835,179	CNET Networks, Inc.*^,#		9,003,230

Shares or Principal Amount			Value
Investment Management and Advisory Services - 4.1%
	848,945	National Financial Partners Corp.^#	$	44,145,140
Medical - Biomedical and Genetic - 4.8%
	1,228,370	Celgene Corp.*		51,788,078
Medical - Drugs - 2.4%
	168,756	Roche Holding A.G.		25,948,854
Medical - Generic Drugs - 1.6%
	428,390	Teva Pharmaceutical Industries, Ltd. (ADR)^#		17,349,795
Medical Instruments - 1.8%
	152,081	Intuitive Surgical, Inc.*		19,314,287
Multi-Line Insurance - 2.5%
	554,210	Assurant, Inc.		26,696,296
Oil Companies - Exploration and Production - 1.3%
	203,950	EOG Resources, Inc.		14,323,409
Oil Companies - Integrated - 1.0%
	76,830	Amerada Hess Corp.^#		11,007,434
Printing - Commercial - 4.1%
	1,383,900	VistaPrint, Ltd.*^,#		44,257,122
Radio - 1.3%
	684,455	XM Satellite Radio Holdings, Inc. - Class A*^,#		13,839,680
REIT - Mortgages - 4.7%
	2,156,342	CapitalSource, Inc.^#		50,674,037
Retail - Restaurants - 0.2%
	39,235	Chipotle Mexican Grill, Inc. - Class A*^,#		2,047,675
Steel - Producers - 3.6%
	2,118,722	Arcelor Brasil S.A.		39,085,193
Steel - Specialty - 0.8%
	255,689	Companhia Siderurgica Nacional S.A. (ADR)^#		9,002,810
Storage and Warehousing - 2.3%
	757,860	Mobile Mini, Inc.*		24,994,223
Sugar - 1.9%
	1,459,110	Bajaj Hindusthan, Ltd.		16,779,765
	335,300	Bajaj Hindusthan, Ltd. (GDR) (144A)^§		3,854,676
				20,634,441
Telecommunication Services - 2.9%
	907,250	NeuStar, Inc. - Class A*^,#		31,844,475
Therapeutics - 1.3%
	234,460	United Therapeutics Corp.*		13,962,093
Transportation - Marine - 1.3%
	289,145	Alexander & Baldwin, Inc.^#		14,419,661
Transportation - Railroad - 1.1%
	190,500	All America Latina Logistica (GDR)		12,049,787
Transportation - Services - 2.0%
	189,450	FedEx Corp.		21,811,379
Web Hosting/Design - 1.7%
	275,340	Equinix, Inc.*		18,144,906
Web Portals/Internet Service Providers - 2.1%
	22,735	Answers Corp.*		275,094
	674,215	Yahoo!, Inc.*		22,100,767
				22,375,861
Wireless Equipment - 0.6%
	196,465	Crown Castle International Corp.*^#		6,611,047
Total Common Stock (cost $808,626,749)				1,070,922,969

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 39

Janus Orion Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Other Securities - 23.1%
	250,086,433	State Street Navigator Securities Lending Prime Portfolio† (cost $250,086,433)	$	250,086,433
Time Deposit - 1.6%
$	17,100,000	ING Financial, ETD 4.86%, 5/1/06 (cost $17,100,000)		17,100,000
Total Investments (total cost $1,075,813,182) – 123.6%				1,338,109,402
Liabilities, net of Cash, Receivables and Other Assets – (23.6)%				(255,882,516	)
Net Assets – 100%			$	1,082,226,886

Summary of Investments by Country

Country	Value		% of Investment Securities
Argentina	$	11,478,997		0.9	%
Bermuda		44,257,122		3.3	%
Brazil		120,499,306		9.0	%
Canada		17,679,690		1.3	%
France		9,449,173		0.7	%
India		20,634,441		1.6	%
Israel		17,349,795		1.3	%
Italy		27,969,655		2.1	%
Mexico		50,069,540		3.7	%
Switzerland		61,061,518		4.6	%
Turkey		21,801,689		1.6	%
United States††		935,858,476		69.9	%
Total	$	1,338,109,402		100.0	%

††Includes Short-Term Securities and Other Securities (50.0% excluding Short-Term Securities and Other Securities)

See Notes to Schedules of Investments and Financial Statements.

40 Janus Growth Funds April 30, 2006

Janus Triton Fund (unaudited)

Ticker: JATTX

Fund Snapshot

A growth fund that focuses on small- and mid-sized companies believed to have solid growth potential.

Blaine Rollins

portfolio manager

Performance Overview

Janus Triton Fund finished the six months ended April 2006, on a strong note, with small- and medium-sized companies (areas in which Janus Triton Fund primarily invests) as the star performers. This may have taken some investors by surprise, as many market forecasters had predicted that smaller stocks – after leading the way in 2005 – might take a backseat in 2006. Instead, small- and mid-caps continued to surge, seemingly unaffected by market uncertainty over interest rates, which has been the most significant macroeconomic issue in recent months. Early in 2006, the new Federal Reserve Board (Fed) Chairman, Ben Bernanke, expressed his intention to stay focused on containing inflation – a message some investors interpreted as a sign that the Fed's tightening campaign may last longer than expected. This news may have mitigated gains in some areas, but didn' t keep the small- and mid-cap markets from enjoying a bullish quarter.

For the six-month period, the Fund returned 26.98% significantly outperforming its benchmark, the Russell 2500^TM Growth Index, which gave back 19.11%.

Since taking over management of the Fund on February 1, I have continued in the same vein as Ron Sachs, the Fund's previous manager, employing a disciplined, bottom-up investment process, leveraging Janus' in-depth research and focusing on what I believe are solid growth companies with top-line revenue growth and strong management teams. Going forward, I expect to increase the breadth of the Fund by adding more positions and diversifying across more geographies.

Contributors Included Advertising, Printing and Agribusiness Stocks

Although we do not specifically target geographical locations – and typically have more stringent growth requirements for companies in emerging markets – our careful selection process, which entails researching potential investments on a name-by-name basis, has yielded many opportunities abroad. Indeed, the leading performer in the period was Focus Media, a Chinese advertising firm that uses liquid crystal display (LCD) panels to target consumers in 44 major Chinese cities.

Another international standout was VistaPrint, a family-run company that operates its business online. This innovative company uses technology to bring long-run print economics to small businesses. It runs all of its business through a Web site where consumers and businesses can purchase business cards, stationery, and other customized printed products that VistaPrint then ships from two centralized locations in North America and Europe. VistaPrint's cost advantage has allowed the company to deliver superior print quality to customers at a significant savings and has generated fantastic margins and returns on capital. The stock has been strong as the company has continued to deliver rapid revenue and earnings growth. We believe VistaPrint should be a long-term share gainer in a huge market for small business and consumer printing. Due to the company's success in marketin g a basic "bricks and mortar" idea using the World Wide Web, it has established one of the top brand name presences for small businesses in the world.

The Fund's third-best performer was another foreign stock, Cosan, a Brazilian company that refines sugar and ethanol from sugar cane. There is a sugar shortage occurring in the world as populations in developing countries are becoming wealthier and changing their diets to include more sugar. On the supply side, the removal of global tariffs (especially in Europe) is causing a decline in the most uneconomical production. A further wrench into the supply/demand balance has been rising energy costs, which has put upward pressure on alternative fuels, ethanol among them. The easiest way to produce ethanol is from sugar cane and the most efficient producers can make it today for $1 per gallon, thus putting the breakeven of ethanol production at about $23 per barrel of crude oil. Our attraction to this company is based on commodity conditions rather than "emerging market" themes.

Detractors Included Internet,
Telecommunications and Healthcare Stocks

Elsewhere, hurting our performance was March Networks, a provider of Internet protocol (IP) based digital video surveillance solutions. We found a great business, in our opinion, but our purchase was ill-timed. We bought the stock after an exceptional quarter and just before Cisco's acquired entry into the business, and therefore suffered a loss during the period. Nonetheless, we believe the business is extremely high quality. Validation of the company's technology came from Wal-Mart, which last year signed a contract to roll out the product to most of the U.S. store base for video recording

Janus Growth Funds April 30, 2006 41

Janus Triton Fund (unaudited)

all cash register checkouts. We therefore maintained a position in March Networks.

Another laggard was Hikari Tsushin, a Japanese company whose core business is the provision of financial call center outsourcing services for insurance companies. We saw Hikari's stock fall in sympathy with other Japanese companies spooked by the Livedoor scandal (Livedoor is not a Fund holding). Livedoor, a provider of services such as concert ticket sales through the Internet, was recently accused of doctoring its financial reports. We remain confident in Hikari, and continue to own the stock for its growing financial call center business, which we believe supports the valuation of the entire enterprise.

Taro Pharmaceuticals was another disappointment during the period. This company focuses on generic ointments and creams, a business that has some very attractive characteristics because of the limited number of competitors that typically enter each product category. It also has superior product line breadth. Unfortunately, Taro's recent results show that the competitive dynamics in its businesses are similar to the cutthroat competition in the pill-based generics industry. Taro's lackluster results indicate that distributors have greater leverage over Taro than our industry analysis leads us to believe. That said, we have subsequently liquidated the holding.

Looking Forward

The small- and mid-cap markets are always rife with opportunity, and we are looking forward to continuing our search for companies poised for growth. Our strategy of buying great businesses at attractive prices remains unchanged. We also expect to maintain a significant cash level in the Fund. Given the high quality of our research, we believe that having funds on hand to facilitate quick action when necessary may be a boon to our shareholders over time.

Thank you for your investment in Janus Triton Fund.

Janus Triton Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Focus Media Holding, Ltd. (ADR) Out-of-home advertising network operator - China		2.72	%
VistaPrint, Ltd. Online graphic design supplier - U.S.		2.51	%
Cosan S.A. Industria e Comercio Food and beverage producer and distributor - Brazil		1.96	%
Submarino S.A. Internet retailer - Brazil		1.83	%
Trimble Navigation, Ltd. Developer of advanced positioning product (GPS) solutions - U.S.		1.74	%

5 Largest Detractors from Performance – Holdings

	Contribution
March Networks Corp. Internet protocol-based digital video surveillance producer - Canada		(0.95	%)
Hikari Tsushin, Inc. Communications and technology distributor - Japan		(0.60	%)
Taro Pharmaceuticals, Inc. - Class B Pharmaceutical company - U.S.		(0.49	%)
United Therapeutics Corp. Biotechnology company - U.S.		(0.43	%)
China GrenTech Corporation, Ltd. (ADR) Wireless communications products and services provider - China		(0.34	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Retailing		4.65	%		11.01	%		6.39	%
Technology Hardware & Equipment		2.96	%		5.04	%		7.42	%
Food, Beverage & Tobacco		2.96	%		3.31	%		0.38	%
Media		2.76	%		3.13	%		2.30	%
Pharmaceuticals & Biotechnology		2.58	%		10.62	%		6.41	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Household & Personal Products		(0.20	%)		0.84	%		0.79	%
Food & Staples Retailing		(0.16	%)		0.37	%		0.33	%
Utilities		0.00	%		0.00	%		0.37	%
Materials		0.03	%		1.31	%		3.47	%
Banks		0.04	%		0.42	%		3.21	%

42 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

VistaPrint, Ltd. Printing - Commercial	3.5	%
W-H Energy Services, Inc. Oil - Field Services	2.8	%
Bankrate, Inc. Commercial Services - Finance	2.4	%
Kenexa Corp. Human Resources	2.1	%
Cosan S.A. Industria e Comercio Sugar	2.0	%
	12.8	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 12.3% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 43

Janus Triton Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year- to-Date			One Year			Since Inception*
Janus Triton Fund		26.98	%		43.55	%		31.37	%
Russell 2500^TM Growth Index		19.11	%		34.07	%		18.93	%
Lipper Quartile	N/A				1	st		1	st
Lipper Ranking - based on total return for Small-Cap Growth Funds	N/A**				59/533			14/520

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – February 25, 2005

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

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

Janus Capital Management LLC has contractually agreed to waive the Fund's total operating expenses to levels indicated in the prospectus until at least March 1, 2007. Without such waivers, total return would have been lower.

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

Funds that emphasize investments in smaller companies may experience greater price volatility.

Due to certain investment strategies, the Fund may have an increased position in cash for temporary defensive purposes.

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,269.80	$	6.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.44	$	5.41

*Expenses are equal to the annualized expense ratio of 1.08%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses may include the effect of contractual waivers by Janus Capital.

44 Janus Growth Funds April 30, 2006

Janus Triton Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock - 88.7%
Advertising Sales - 1.3%
	35,325	Focus Media Holding, Ltd. (ADR)*	$	2,133,277
Aerospace and Defense - 0.6%
	38,130	TransDigm Group, Inc.*		942,955
Apparel Manufacturers - 1.8%
	55,735	Quiksilver, Inc.*		761,897
	62,705	Volcom, Inc.*		2,236,688
				2,998,585
Applications Software - 0.9%
	87,335	Quest Software, Inc.*		1,503,035
Auction House - Art Dealer - 1.6%
	13,500	Ritchie Bros. Auctioneers, Inc. (U.S. Shares)		727,650
	66,665	Sotheby's Holdings, Inc. - Class A*		1,999,283
				2,726,933
Beverages - Wine and Spirits - 0.4%
	61,855	Davide Campari - Milano S.P.A.		604,784
Building - Residential and Commercial - 0.9%
	39,730	Desarrolladora Homex S.A. (ADR)*		1,522,454
Building and Construction Products - Miscellaneous - 0.9%
	23,065	NCI Building Systems, Inc.*		1,498,994
Business to Business/E-Commerce - 1.3%
	231,110	webMethods, Inc.*		2,211,723
Cellular Telecommunications - 0.8%
	21,100	Hikari Tsushin, Inc.		1,304,562
Chemicals - Specialty - 0.8%
	21,090	Cytec Industries, Inc.		1,275,312
Commercial Banks - 0.7%
	23,450	SVB Financial Group*		1,190,557
Commercial Services - 1.3%
	38,580	CoStar Group, Inc.*		2,177,841
Commercial Services - Finance - 2.4%
	83,710	Bankrate, Inc.*		4,040,682
Computers - Memory Devices - 0.5%
	13,785	SanDisk Corp.*		879,897
Diagnostic Equipment - 0.5%
	22,860	Neurometrix, Inc.*		862,279
Dialysis Centers - 0.6%
	84,415	Dialysis Corporation of America*		1,065,317
Diversified Operations - 0.8%
	542,562	Triveni Engineering & Industries, Ltd.		1,258,526
E-Commerce/Products - 1.9%
	114,960	Submarino S.A.*		3,112,238
Electric - Distribution - 0.4%
	79,500	Equatorial Energia S.A.*		590,441
Electronic Components - Semiconductors - 5.7%
	439,123	ARM Holdings PLC		1,089,039
	70,225	LSI Logic Corp.*		747,896
	28,665	Microsemi Corp.*		783,128
	74,475	MIPS Technologies, Inc.*		551,860
	41,150	Netlogic Microsystems, Inc.*		1,657,111
	109,165	PMC-Sierra, Inc.*		1,356,921
	66,454	Silicon-On-Insulator Technologies (SOITEC)*		2,168,910
	29,675	SiRF Technology Holdings, Inc.*		1,013,401
				9,368,266

Shares or Principal Amount			Value
Electronic Measuring Instruments - 0.7%
	23,855	Trimble Navigation, Ltd.*	$	1,130,250
E-Marketing/Information - 0.8%
	127,455	24/7 Real Media, Inc.*		1,289,845
Enterprise Software/Services - 1.7%
	12,300	Nomura Research Institute, Ltd.		1,527,440
	92,205	Omnicell, Inc.*		1,228,171
				2,755,611
E-Services/Consulting - 1.0%
	87,545	RightNow Technologies, Inc.*		1,620,458
Fiduciary Banks - 0.8%
	21,660	Northern Trust Corp.		1,275,557
Finance - Investment Bankers/Brokers - 2.4%
	70,000	Mitsubishi UFJ Securities Company, Ltd.		1,102,885
	93,550	optionsXpress Holdings, Inc.		2,946,825
				4,049,710
Finance - Other Services - 0.6%
	86,070	MarketAxess Holdings, Inc.*		960,541
Food - Retail - 1.1%
	15,340	Whole Foods Market, Inc.		941,569
	48,920	Wild Oats Markets, Inc.*		840,446
				1,782,015
Human Resources - 4.9%
	183,000	104 Corp.		1,646,117
	118,200	51job, Inc. (ADR)*		2,976,276
	104,410	Kenexa Corp.*		3,469,544
				8,091,937
Internet Applications Software - 1.3%
	95,818	March Networks Corp.*		2,218,799
Internet Connectivity Services - 1.6%
	115,410	Redback Networks, Inc.*		2,585,184
Investment Management and Advisory Services - 0.5%
	15,665	National Financial Partners Corp.		814,580
Leisure and Recreation Products - 0.6%
	32,335	WMS Industries, Inc.*		1,010,469
Machinery - Electrical - 0.6%
	28,550	Baldor Electric Co.		947,860
Machinery - Material Handling - 1.0%
	64,560	Columbus McKinnon Corp.*		1,728,271
Medical - Drugs - 0.7%
	50,510	Cubist Pharmaceuticals, Inc.*		1,145,062
Medical Instruments - 3.5%
	115,655	Abaxis, Inc.*		3,020,909
	418,610	Cambridge Heart, Inc.*		1,218,155
	12,650	Intuitive Surgical, Inc.*		1,606,550
				5,845,614
Medical Laser Systems - 0.7%
	105,900	IRIDEX Corp.*		1,209,378
Metal Processors and Fabricators - 0.9%
	24,675	Precision Castparts Corp.		1,554,032
MRI and Medical Diagnostic Imaging Center - 0.8%
	51,210	Nighthawk Radiology Holdings, Inc.*		1,240,818
Multimedia - 0.7%
	4,836,000	Tom Group, Ltd.*		1,085,298

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 45

Janus Triton Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Office Furnishings - Original - 1.0%
	73,340	Knoll, Inc.	$	1,595,145
Oil - Field Services - 2.8%
	92,005	W-H Energy Services, Inc.*		4,623,251
Oil Companies - Exploration and Production - 0.2%
	11,130	Complete Production Services, Inc.*		294,166
Printing - Commercial - 3.5%
	180,595	VistaPrint, Ltd.*		5,775,428
Public Thoroughfares - 0.5%
	68,400	Obrascon Huarte Lain Brasil S.A.*		835,417
Real Estate Operating/Development - 0.2%
	26,060	Gafisa S.A.*		265,969
Recreational Vehicles - 0.5%
	16,165	Polaris Industries, Inc.		774,304
REIT - Mortgages - 1.3%
	93,124	CapitalSource, Inc.		2,188,414
Research and Development - 1.5%
	691,240	Qinetiq PLC*		2,539,933
Respiratory Products - 0.6%
	28,320	Respironics, Inc.*		1,037,078
Retail - Apparel and Shoe - 2.5%
	83,485	American Eagle Outfitters, Inc.		2,704,914
	78,540	Bebe Stores, Inc.		1,388,587
				4,093,501
Retail - Computer Equipment - 1.8%
	43,883	GameStop Corp. - Class A*		2,071,277
	21,665	GameStop Corp. - Class B*		920,113
				2,991,390
Semiconductor Components/Integrated Circuits - 1.8%
	22,245	Actions Semiconductor Company, Ltd. (ADR)*		221,115
	2,152,000	Advanced Semiconductor Manufacturing Corp.*		535,689
	129,440	Cypress Semiconductor Corp.*		2,221,191
				2,977,995
Sugar - 3.6%
	233,309	Bajaj Hindusthan, Ltd.		2,683,054
	42,800	Cosan S.A. Industria e Comercio*		3,293,569
				5,976,623
Telecommunication Services - 2.5%
	68,740	NeuStar, Inc. - Class A*		2,412,774
	99,430	Time Warner Telecom, Inc. - Class A*		1,667,441
				4,080,215
Therapeutics - 1.7%
	14,970	Neurocrine Biosciences, Inc.*		858,679
	58,165	Nuvelo, Inc.*		952,161
	17,920	United Therapeutics Corp.*		1,067,136
				2,877,976
Transportation - Equipment and Leasing - 0.8%
	28,535	GATX Corp.		1,335,438
Transportation - Marine - 1.0%
	126,320	Horizon Lines, Inc. - Class A		1,729,321
Transportation - Railroad - 1.3%
	34,210	All America Latina Logistica (GDR)		2,163,901

Shares or Principal Amount			Value
Transportation - Truck - 1.9%
	29,620	Landstar System, Inc.	$	1,258,554
	64,010	Swift Transportation Company, Inc.*		1,917,099
				3,175,653
Water Treatment Services - 1.5%
	81,190	Woongjin Coway Company, Ltd.		2,410,221
Web Hosting/Design - 1.6%
	40,285	Equinix, Inc.*		2,654,782
Wireless Equipment - 1.6%
	24,685	EFJ, Inc.*		252,281
	94,105	SBA Communications Corp. - Class A*		2,363,917
				2,616,198
Total Common Stock (cost $132,671,100)				146,622,266
Repurchase Agreement - 6.5%
$	10,800,000	Bear Stearns & Company, Inc., 4.830% dated 4/28/06, maturing 5/1/06 to be repurchased at $10,804,347 collateralized by $11,767,217 in U.S. Government Agencies 4.50% - 5.00%, 8/25/25 - 10/15/32 with a value of $11,016,044 (cost $10,800,000)		10,800,000
Time Deposit - 4.8%
	8,000,000	Dexia CLF Finance Co., ETD 4.85%, 5/1/06 (cost $8,000,000)		8,000,000
Total Investments (total cost $151,471,100) – 100%				165,422,266
Liabilities, net of Cash, Receivables and Other Assets – 0%				(51,376	)
Net Assets – 100%			$	165,370,890

Summary of Investments by Country

Country	Value		% of Investments Securities
Bermuda	$	5,775,428		3.5	%
Brazil		10,261,535		6.2	%
Canada		2,946,449		1.8	%
Cayman Islands		6,415,966		3.9	%
China		535,689		0.3	%
France		2,168,909		1.3	%
India		3,941,580		2.4	%
Italy		604,784		0.4	%
Japan		3,934,887		2.4	%
Mexico		1,522,454		0.9	%
South Korea		2,410,221		1.5	%
Taiwan		1,646,117		1.0	%
United Kingdom		3,628,972		2.2	%
United States††		119,629,275		72.2	%
Total	$	165,422,266		100.0	%

††Includes Short-Term Securities (61.0% excluding Short-Term Securities)

See Notes to Schedules of Investments and Financial Statements.

46 Janus Growth Funds April 30, 2006

Janus Twenty Fund (unaudited) (closed to new investors)

Ticker: JAVLX

Fund Snapshot

This focused growth fund invests in a concentrated portfolio of 20-30 companies, including many market leaders whose products and services are being used more often every day.

Scott Schoelzel

portfolio manager

Performance Overview

For the six months ended April 30, 2006, Janus Twenty Fund returned 7.46%. This compares to a 7.06% return for our primary benchmark, the Russell 1000^® Growth Index, and a 9.64% return for our secondary benchmark, the S&P 500^® Index. In addition to the Fund's performance, the operating metrics of the Fund remained stellar. Turnover remained a modest 31%, and the Fund's expenses remained among the most competitive in the industry at 0.87%. These total results, when added to the peer-beating returns we have delivered over the past few years, add to our conviction that we continue to head in the right direction. Janus Twenty Fund remains in the top quartile of all Lipper Large Cap Growth Funds for the 1-, 3-, 5- and 10-year periods.

One Year

Three Years

Five Years

Ten Years

Lipper Quartile

(Rank as of 4/30/06,
based on total return for Lipper Large-Cap Growth Funds)

(36 out of 698)

(6 out of 590)

(56 out of 474)

(2 out of 165)

I am particularly pleased with our performance during this period, as we had to navigate the reduction of two of our largest and longest-held positions, UnitedHealth Group and Genentech. One of the criticisms leveled at Janus over the years has been that we lacked a "sell discipline." Needless to say, I would argue otherwise, and I think these large, timely sales are illustrative of our selling prowess.

Two of Our Largest and Longest Held Positions were Reduced

Our position in UnitedHealth was established many years ago, and we have watched it nearly triple in value as it grew to become one of the largest positions in the portfolio, cresting at just over 15% of the Fund's assets at its peak. We have begun to meaningfully reduce the position, with the bulk of the sales occurring during this six-month period. More specifically, we sold nearly 65% of the entire position (over 10 million shares) during the past six months at prices within 15% of UnitedHealth's all-time high, and before the controversy surrounding the timing of the pricing of the company's stock options for its senior executives became front-page news. In fairness, we had no idea UnitedHealth would become entangled in an option pricing investigation, but this occurred after the stock had begun to fall. Meanwhile, our proactive sales were based on the belief that there was some underappreciated maturation of the company's insured busines s, and our market surveys began to detect an increasingly competitive pricing environment.

During the period we also sold just over 50% of our position in biotechnology company, Genentech. Like UnitedHealth, Genentech was one of our largest and longest-held positions. Genentech had more than quadrupled in value since the stock was acquired, and there were certainly many opportunities to sell the stock along the way. Nevertheless, after nearly seven years we felt that much of what we had anticipated for the company in terms of new indications for their cancer-fighting lineup of bio-engineered drugs was more fully reflected in the price, and we began to cut the position size in half, with all of the sales occurring within 20% of the stock's all-time high.

To be fair, the reduction in these two positions was far from perfect. We didn't (nor was it our intention to) sell the positions to zero. We believe both investments still have merits, and while both detracted from Janus Twenty Fund's positive performance during the period, I am confident that the net result of our sales did indeed benefit the Fund's investors.

Holdings on the Positive Side of the Ledger

Celgene, an emerging powerhouse in the biotechnology field, and ConocoPhillips, the vertically integrated international oil company contributed to Fund performance. I wrote about both of these companies in my last letter to you and, once again, they were among the Fund's strongest performers. In October, Celgene had just received approval for the sale of its cancer-fighting drug, Revlimid. Since that time, Revlimid sales have gotten off to a fast start and we are pleased with the company's progress. Of possibly greater interest, we anticipate that Celgene will receive additional approvals for use of Revlimid, which we believe should expand the company's market opportunities.

Our investment in ConocoPhillips continues to progress and is emblematic of the Funds' overweighted investment in the "oil complex." As we have said from the beginning, we are not believers in "$100 oil," but we do continue to believe there is

Janus Growth Funds April 30, 2006 47

Janus Twenty Fund (unaudited)

an ongoing tightness in the oil complex globally, and we have purchased the stocks we think are best positioned to capitalize on this ongoing opportunity. There is a lot of skepticism about the sustainability of the imbalances currently present in the oil markets, as evidenced by Conoco's very low price/earnings multiple* of 6. We continue to closely monitor supply increases, refining capacity and above all, global demand. While we expect continued volatility in these markets, we believe the natural decline curve of the world's reservoirs to be understated and the world's demand to be stronger than largely recognized, particularly in the Middle East.

Fund Outlook

On the macro front, six months ago I thought we would start to see interest rates begin to crest and the year-over-year change in the price of oil begin to moderate, thereby laying the foundation for an improving equities market. At the time of this writing, neither has happened as quickly as I anticipated. Though oil has shown some signs of moderating (albeit at an overall higher level), the continued rise in interest rates has been of some concern. The Federal Reserve now has raised rates 14 consecutive times, yet gross domestic product growth continues to be stronger than expected with corresponding strength in the commodities markets, especially copper and gold. This, together with a continued weakness in the U.S. dollar, has the markets on edge. I do think that oil, commodities and interest rates will moderate, but the soft slowdown I was anticipating could end up b eing more abrupt. Despite these continued macroeconomic headwinds, we believe there are still companies that will continue to thrive in this environment, and I am confident that our analysts will continue to do masterful work in uncovering those opportunities for our investors. Finally, as has been the case for many years, not only am I the portfolio manager of Janus Twenty Fund, but I am also one of the Fund's largest investors; side by side with each of you.

Thank you for your continued confidence and investment in Janus Twenty Fund.

*Price earnings multiple is a valuation ratio of a company's current share price compared to its per-share earnings.

Janus Twenty Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Celgene Corp. Biopharmaceutical company - U.S.		1.65	%
Occidental Petroleum Corp. Crude oil and natural gas company - U.S.		1.23	%
Peabody Energy Corp. Coal company - U.S.		1.15	%
Harrah's Entertainment, Inc. Casino operator - U.S.		0.94	%
Goldman Sachs Group, Inc. Investment banking and securities firm - U.S.		0.73	%

5 Largest Detractors from Performance – Holdings

	Contribution
Alcon, Inc. (U.S. Shares) Eye care company - U.S.		(0.89	%)
Genentech, Inc. Biotechnology company - U.S.		(0.80	%)
UnitedHealth Group, Inc Organized health systems company - U.S.		(0.79	%)
eBay, Inc. Online marketplace - U.S.		(0.44	%)
Yahoo!, Inc. Global Internet media company - U.S.		(0.28	%)

5 Largest Contributors to Performance – Sectors

Group	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Energy		4.40	%		29.04	%		9.65	%
Technology Hardware & Equipment		1.18	%		5.52	%		7.04	%
Consumer Services		1.13	%		3.66	%		1.65	%
Pharmaceuticals & Biotechnology		0.96	%		16.81	%		7.88	%
Banks		0.73	%		4.47	%		7.48	%

5 Largest Detractors from Performance – Sectors

Group	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Healthcare Equipment & Services		(1.90	%)		11.86	%		5.17	%
Software & Services		(0.15	%)		12.70	%		5.44	%
Consumer Durables & Apparel		(0.11	%)		3.45	%		1.31	%
Food Beverage & Tobacco		(0.05	%)		0.04	%		4.61	%
Food & Staples Retailing		(0.01	%)		0.08	%		2.38	%

48 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

ConocoPhillips Oil Companies - Integrated	6.4	%
Wells Fargo & Co. Super-Regional Banks	4.5	%
Occidental Petroleum Corp. Oil Companies - Integrated	4.4	%
Celgene Corp. Medical - Biomedical and Genetic	4.1	%
Roche Holding A.G. Medical - Drugs	4.0	%
	23.4	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 49

Janus Twenty Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Ten Year			Since Inception*
Janus Twenty Fund		7.46	%		24.20	%		2.05	%		10.70	%		13.48	%
Russell 1000^®Growth Index		7.06	%		15.18	%		(0.76	)%		6.21	%		11.33	%
S&P 500^® Index		9.64	%		15.42	%		2.70	%		8.94	%		12.64	%
Lipper Quartile		N/A			1	st		1	st		1	st		1	st
Lipper Ranking - based on total return for Large-Cap Growth Funds		N/A**			36/698			56/474			2/165			1/40

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – April 30, 1985

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

Concentration may lead to greater price volatility.

Due to certain investment strategies, the Fund may have an increased position in cash for temporary defensive purposes.

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

Closed to new investors.

Returns have sustained significant gains due to market volatility in the healthcare sector.

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,074.60	$	4.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.43	$	4.41

*Expenses are equal to the annualized expense ratio of 0.88%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

50 Janus Growth Funds April 30, 2006

Janus Twenty Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount					Value
Common Stock - 85.5%
Agricultural Chemicals - 5.3%
	2,448,265	Potash Corporation of Saskatchewan, Inc. (U.S. Shares)			$	231,801,730
	2,064,226	Syngenta A.G.*				287,946,378
						519,748,108
Agricultural Operations - 1.0%
	1,877,315	Bunge, Ltd.^#				100,154,755
Athletic Footwear - 2.0%
	2,365,465	NIKE, Inc. - Class B^#				193,589,656
Casino Hotels - 3.8%
	4,535,340	Harrah's Entertainment, Inc.^#				370,265,158
Coal - 2.5%
	3,867,870	Peabody Energy Corp.^#				247,002,178
Computers - 4.2%
	2,893,185	Apple Computer, Inc.*				203,651,292
	2,645,620	Research In Motion, Ltd. (U.S. Shares)*^,#				202,733,861
						406,385,153
Computers - Memory Devices - 0.8%
	6,032,545	EMC Corp.*				81,499,683
Cosmetics and Toiletries - 3.4%
	5,694,740	Procter & Gamble Co.				331,490,815
E-Commerce/Services - 1.0%
	2,825,268	eBay, Inc.*^.#				97,217,472
Entertainment Software - 3.8%
	6,540,970	Electronic Arts, Inc.*				371,527,096
Finance - Consumer Loans - 0.4%
	812,550	SLM Corp.				42,967,644
Finance - Investment Bankers/Brokers - 3.3%
	2,012,435	Goldman Sachs Group, Inc.				322,573,206
Food - Retail - 0.3%
	527,555	Whole Foods Market, Inc.^#				32,381,326
Machinery - Farm - 1.0%
	1,147,550	Deere & Co.				100,731,939
Medical - Biomedical and Genetic - 7.2%
	9,580,736	Celgene Corp.*				403,923,830
	3,703,431	Genentech, Inc.*^,#				295,200,485
						699,124,315
Medical - Drugs - 4.0%
	2,574,542	Roche Holding A.G.				395,875,794
Medical - HMO - 3.0%
	5,923,260	UnitedHealth Group, Inc.				294,622,952
Oil Companies - Exploration and Production - 6.0%
	5,268,280	Apache Corp.				374,258,611
	3,052,487	EOG Resources, Inc.^#				214,376,162
						588,634,773
Oil Companies - Integrated - 16.4%
	1,348,515	Amerada Hess Corp.^#				193,201,744
	4,764,910		BP	PLC (ADR)^#		351,269,165
	9,273,605	ConocoPhillips				620,404,176
	4,188,610	Occidental Petroleum Corp.				430,337,791
						1,595,212,876
Oil Refining and Marketing - 2.2%
	3,333,975	Valero Energy Corp.				215,841,542
Optical Supplies - 2.4%
	2,280,710	Alcon, Inc. (U.S. Shares)^#				231,971,014
Retail - Apparel and Shoe - 0.6%
	1,467,404	Industria de Diseno Textil S.A.				59,704,000
Retail - Restaurants - 0.7%
	1,883,830	Starbucks Corp.*^,#				70,210,344

Shares or Principal Amount				Value
Super-Regional Banks - 4.5%
	6,354,825	Wells Fargo & Co.		$	436,512,929
Therapeutics - 1.0%
	2,000,000	Amylin Pharmaceuticals, Inc.*^,#			87,100,000
Web Portals/Internet Service Providers - 2.7%
	626,395	Google, Inc. - Class A*^,#			261,795,526
Wireless Equipment - 2.0%
	3,701,505	QUALCOMM, Inc.			190,035,267
Total Common Stock (cost $5,664,599,433)					8,344,175,521
Money Market - 11.9%
200,000,000 Janus Government Money Market Fund 4.76			%		200,000,000
485,000,000 Janus Institutional Cash Reserves Fund 4.83			%		485,000,000
	475,000,000	Janus Money Market Fund, 4.77%			475,000,000
Total Money Market (cost $1,160,000,000)					1,160,000,000
Other Securities - 3.6%
	355,131,715	State Street Navigator Securities Lending Prime Portfolio† (cost $355,131,715)			355,131,715
Repurchase Agreements - 0.9%
$41,600,000 Bear Stearns & Company, Inc., 4.830% dated 4/28/06, maturing 5/1/06 to be repurchased at $41,616,744 collateralized by $45,325,577 in U.S. Government Agencies 4.50% - 5.00%, 8/25/25 - 10/15/32 with a value of $42,432,170		(cost $41,600,000)			41,600,000
48,700,000 Fortis Bank N.V., 4.850% dated 4/28/06, maturing 5/1/06 to be repurchased at $48,719,683 collateralized by $60,754,512 in U.S. Government Agencies 5.048% - 7.125%, 2/15/23 - 10/25/35 with a value of $49,674,057		(cost $48,700,000)			48,700,000
Total Repurchase Agreements (cost $90,300,000)					90,300,000
Short-Term Corporate Note - 0.3%
	25,000,000	Wells Fargo & Co., 4.84%, 5/24/06 (amortized cost $24,922,694)			24,922,694
Time Deposit - 0.2%
	19,700,000	Dexia CLF Finance Co., ETD 4.85%, 5/1/06 (cost $19,700,000)			19,700,000
Total Investments (total cost $7,314,653,842) – 102.4%					9,994,229,930
Liabilities, net of Cash, Receivables and Other Assets – (2.4)%					(238,766,149	)
Net Assets – 100%				$	9,755,463,781

Summary of Investments by Country

Country	Value		% of Investment Securities
Bermuda	$	100,154,755		1.0	%
Canada		434,535,591		4.3	%
Spain		59,704,000		0.6	%
Switzerland		915,793,186		9.2	%
United Kingdom		351,269,165		3.5	%
United States††		8,132,773,233		81.4	%
Total	$	9,994,229,930		100.0	%

†† Includes Short-Term Securities and Other Securities (64.9% excluding Short-Term Securities and Other Securities)

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 51

Janus Venture Fund (unaudited) (closed to new investors)

Ticker: JAVTX

Fund Snapshot

This growth fund focuses on small companies, where there's less Wall Street coverage and more opportunity for a research edge.

Will Bales

portfolio manager

Performance Overview

Volatile energy markets and the Federal Reserve's unwavering campaign to raise short-term interest rates dimmed investor enthusiasm at the end of 2005. Overshadowing solid corporate profit growth and healthy gross domestic product reports, the malaise weighed on consumers, who responded with a relatively lackluster holiday shopping season. In the first three months of 2006, however, there was a strong rally across several major equity indices, with the S&P 500^® Index posting its best first-quarter performance in six years. Despite a strong earnings season and healthy financial indicators, enthusiasm was somewhat dampened by fears of consumer spending slowing as oil prices exceeded $70 per barrel, and the expectation that the Federal Reserve would continue its steady inching up of interest rates. In this environment, Janus Venture Fund returned 22.17%, outperforming both its primary and secondary benchmarks, the Russell 2000^® Growth Index and the Russell 2000^® Index, which returned 20.31% and 18.91%, respectively.

Holdings that Contributed to Fund Performance

The strongest contributor to the Fund's performance over the six-month period from November 2005 to April 30, 2006 was Ultimate Software, a provider of web-based payroll and employee management software geared toward helping mid-sized companies more efficiently manage employee communications, benefits, payroll and staffing functions. Ultimate Software's method of charging per employee per month is achieving scale in terms of both the number of customers overall and the number of large customers in particular, which has enabled the company to raise its prices. With its recurring revenue-type model and current pricing power, Ultimate appears to be solidifying its position in the industry.

Also posting positive returns was documentation company American Reprographics, which advanced as the market increasingly recognized the viability of its business plan. By digitizing the blueprint and document development process for the architectural and construction industries, among others, American Reprographics is streamlining a traditionally time- and labor-intensive process.

Within the financial sector, the International Securities Exchange (ISE), an electronic exchange for options trading located in New York, continued to show significant year-over-year growth. As a result it contributed significantly to our performance. Created by former E*TRADE and New York Stock Exchange executives, ISE was demutualized in 2002, and has since become the world's largest equity options exchange based on volume. Consolidation discussions among exchanges worldwide have generated a great deal of interest in recent years, and more consolidations are anticipated. The exchanges have very good business models due to their incremental margins, which is attractive to investors seeking potential gains in unpredictable markets.

Holdings that Detracted from Fund Performance

On the downside, SeraCare Life Sciences, a manufacturer of diagnostic tests for various diseases, was the Fund's poorest performer during the period. At the end of 2005, a recently hired audit firm had expressed concerns over the company's revenue recognition practices. We discussed the matter with management and found that due to differing client requirements, there are a myriad of ways the customers accepted products from the company. We were convinced that SeraCare's fundamentals were sound and felt that the company's problems would prove to be short-lived, and padded our stake as a result. However, in March, the company's internal audit committee recommended restating the financial statements for up to three quarters. Shortly thereafter, as there was no way to value the company without the restatements, SeraCare was delisted by NASDAQ and the Securities and Exchange Commission, and we sold our entire position.

Another disappointment came from medical device firm FoxHollow Technologies. The company developed a catheter device – the Silver Hawk – that treats peripheral artery disease, which affects blood flow through the legs. While conducting ongoing studies into the effectiveness of its device, FoxHollow continued aggressive marketing efforts, which resulted in near-term pressure on earnings. In turn, the CEO, Robert Thomas, stepped aside. We continue to believe in the firm and decided to increase our stake on the weakness at the end of 2005, though we are watching new developments closely.

Optimal Group, an online payment processing company, lagged on uncertainty regarding Internet gaming. A large

52 Janus Growth Funds April 30, 2006

(unaudited)

portion of Optimal's business is credit card processing for international online gambling. The entire industry is currently down because of uncertainty regarding whether Congress will legalize or prohibit Internet gaming.

Looking Ahead

Although it looks as if the Fed may be close to ending its rate-hike campaign, the behavior of long-term rates, which moved little through 2005, continues to lurk as an unknown

in 2006. Any sharp moves could further dampen consumer attitudes, as could the worsening turmoil in the energy markets. In addition, the direction of the housing market is uncertain and there are whispers of a global slowdown. These headwinds will not change our long-term focus on investing in small-cap companies with promising growth potential.

Thank you for your continued investment with Janus.

Janus Venture Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Ultimate Software Group, Inc. Web-based payroll software solutions provider - U.S.		1.36	%
Submarino S.A. Internet retailer - Brazil		1.32	%
Equinix, Inc. Internet exchange services producer - U.S.		1.18	%
American Reprographics Co. Reprographic technology and services provider - U.S.		1.06	%
International Securities Exchange, Inc. Fully electronic equity trading platform provider - U.S.		1.00	%

5 Largest Detractors from Performance – Holdings

	Contribution
SeraCare Life Sciences, Inc. Plasma-based diagnostic products producer - U.S.		(0.61	%)
Axesstel, Inc. Developer of broadband data products for telecommunications markets - U.S.		(0.33	%)
FoxHollow Technologies, Inc. Medical devices producer - U.S.		(0.32	%)
Optimal Robotics Corp. - Class A (U.S. Shares) Payments and services company - U.S.		(0.25	%)
Idenix Pharmaceuticals, Inc. Biopharmaceutical company - U.S.		(0.25	%)

5 Largest Contributors to Performance – Sectors

Group	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Software & Services		6.57	%		22.76	%		7.58	%
Commercial Services & Supplies		3.11	%		10.45	%		3.46	%
Diversified Financials		2.17	%		4.23	%		2.06	%
Healthcare Equipment & Services		2.08	%		15.95	%		6.87	%
Energy		2.07	%		6.60	%		6.44	%

5 Lowest Contributors/Detractors to Performance – Sectors

Group	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Pharmaceuticals & Biotechnology		(0.23	%)		5.42	%		5.57	%
Telecommunication Services		(0.04	%)		0.99	%		1.42	%
Utilities		0.00	%		0.00	%		2.38	%
Household & Personal Products		0.00	%		0.00	%		0.53	%
Food & Staples Retailing		0.00	%		0.00	%		0.80	%

Janus Growth Funds April 30, 2006 53

Janus Venture Fund (unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

Ultimate Software Group, Inc. Enterprise Software/Services	3.1	%
Jarden Corp. Consumer Products - Miscellaneous	2.4	%
CoStar Group, Inc. Commercial Services	2.3	%
Submarino S.A. E-Commerce/Products	2.3	%
TALX Corp. Computers - Voice Recognition	2.1	%
	12.2	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 5.0% of total net assets.

*Includes cash and cash equivalents of (0.2)%.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

54 Janus Growth Funds April 30, 2006

(unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Ten Year			Since Inception*
Janus Venture Fund		22.17	%		32.58	%		9.14	%		9.29	%		13.88	%
Russell 2000^®Growth Index		20.31	%		36.13	%		6.05	%		4.70	%		8.43	%
Russell 2000^® Index		18.91	%		33.47	%		10.90	%		9.58	%		11.27	%
Lipper Quartile		N/A			3	rd		1	st		2	nd		1	st
Lipper Ranking - based on total return for Small-Cap Growth Funds		N/A**			311/533			70/363			44/117			1/10

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – April 30, 1985

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

Funds that emphasize investments in smaller companies may experience greater price volatility.

The Fund has been significantly impacted, either positively or negatively, by investing in initial public offerings ("IPOs").

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

Closed to new investors.

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,221.70	$	5.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.28	$	4.56

*Expenses are equal to the annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Janus Growth Funds April 30, 2006 55

Janus Venture Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount					Value
Common Stock - 100.0%
Advanced Materials/Products - 0.8%
	215,851	Ceradyne, Inc.*^,#			$	11,440,103
Aerospace and Defense - 0.5%
	301,305	TransDigm Group, Inc.*				7,451,273
Apparel Manufacturers - 3.8%
	391,625	Carter's, Inc.*^,#				26,379,859
	810,655	Quiksilver, Inc.*^,#				11,081,654
	514,154	Volcom, Inc.*^,#				18,339,873
						55,801,386
Applications Software - 2.4%
	687,310	American Reprographics Co.*^,#				24,378,885
	610,060	Quest Software, Inc.*^,#				10,499,133
						34,878,018
Auction House - Art Dealer - 1.0%
	462,760	Sotheby's Holdings, Inc. - Class A*^,#				13,878,172
Building - Residential and Commercial - 0.4%
	148,000	Rossi Residencial S.A.				1,560,134
	190,580	WCI Communities, Inc.*^,#				4,884,566
						6,444,700
Commercial Banks - 0.1%
	23,190	SVB Financial Group*	^,	^#		1,177,356
Commercial Services - 3.6%
	610,295	CoStar Group, Inc.*				34,451,152
	2,346,939	Intermap Technologies, Ltd.*^,£				12,951,669
	115,690	Providence Service Corp.*^,#				3,623,411
	346,800	Traffic.com, Inc.*^,#				2,174,436
						53,200,668
Commercial Services - Finance - 3.3%
	193,212	Bankrate, Inc.*^,#				9,326,343
	615,431	Euronet Worldwide, Inc.*^,#				21,995,503
	544,620	Heartland Payment Systems, Inc.*^,#				14,290,829
	91,715	Wright Express Corp.*^,#				2,823,905
						48,436,580
Computer Services - 1.4%
	3,080,025	LivePerson, Inc.*^,£				21,159,772
Computer Software - 1.2%
	813,544	Blackbaud, Inc.				17,092,559
Computers - Voice Recognition - 2.1%
	1,214,822	TALX Corp.^#,£				31,597,520
Consulting Services - 4.0%
	478,300	Advisory Board Co.*^,#				26,842,195
	643,125	Huron Consulting Group, Inc.*^,#				22,863,094
	446,125	Navigant Consulting, Inc.*^,#				9,404,315
						59,109,604
Consumer Products - Miscellaneous - 2.4%
	1,044,990	Jarden Corp.*^,#				35,529,660
Data Processing and Management - 1.8%
	2,158,853	Infocrossing, Inc.*^,#,£				26,920,897
Dialysis Centers - 0%
	13,350	Dialysis Corporation of America*				168,477

Shares or Principal Amount			Value
Direct Marketing - 1.6%
	1,704,932	ValueVision Media, Inc.*^,^£	$	21,311,650
	211,690	ValueVision Media, Inc. - Class A*		2,646,125
				23,957,775
Distribution/Wholesale - 1.8%
	481,880	Beacon Roofing Supply, Inc.*^,#		17,829,560
	249,889	MWI Veterinary Supply, Inc.*^,#		8,883,554
				26,713,114
Drug Delivery Systems - 0.8%
	904,930	I-Flow Corp.*^,#		12,379,442
E-Commerce/Products - 2.4%
	29,670	Baby Universe, Inc.*^,#		265,843
	46,420	Blue Nile, Inc.*^,#		1,615,416
	1,235,550	Submarino S.A.*		33,449,246
				35,330,505
E-Commerce/Services - 0.5%
	4,957,152	Workstream, Inc. (U.S. Shares)*^,£		6,692,155
E-Marketing/Information - 1.2%
	232,475	Liquidity Services, Inc.*		3,136,088
	896,380	ValueClick, Inc.*^,#		15,104,003
				18,240,091
E-Services/Consulting - 1.0%
	804,165	GSI Commerce, Inc.*		14,064,846
Electronic Components - Semiconductors - 0.7%
	1,011,147	MIPS Technologies, Inc.*		7,492,600
	92,675	SiRF Technology Holdings, Inc.*		3,164,851
				10,657,451
Electronic Measuring Instruments - 1.0%
	296,781	Trimble Navigation, Ltd.*^,#		14,061,484
Enterprise Software/Services - 5.0%
	183,440	Emageon, Inc.*^,#		3,256,060
	1,927,879	Omnicell, Inc.*^,£		25,679,348
	1,775,000	Ultimate Software Group, Inc.*^,£		45,386,749
				74,322,157
Entertainment Software - 0.3%
	1,943,905	Excapsa Software, Inc.*		3,987,916
Finance - Investment Bankers/Brokers - 0.9%
	417,485	optionsXpress Holdings, Inc.		13,150,778
Finance - Other Services - 2.0%
	624,060	International Securities Exchange, Inc.^#		27,427,437
	185,015	MarketAxess Holdings, Inc.*		2,064,767
				29,492,204
Food - Canned - 0.8%
	468,575	TreeHouse Foods, Inc.*		12,276,665
Footwear and Related Apparel - 0.3%
	160,845	Crocs, Inc.*^,#		4,809,266
Gambling - Non-Hotel - 1.1%
	1,528,091	Century Casinos, Inc.*^,£		15,449,000
Hotels and Motels - 2.2%
	174,740	Four Seasons Hotels, Inc.		9,439,455
	569,445	Orient-Express Hotel, Ltd. - Class A		23,347,245
				32,786,700

See Notes to Schedules of Investments and Financial Statements.

56 Janus Growth Funds April 30, 2006

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Human Resources - 1.9%
	347,695	Barrett Business Services, Inc.*	$	9,186,102
	334,420	Kenexa Corp.*^,#		11,112,777
	298,770	Resources Connection, Inc.*^,#		8,036,913
				28,335,792
Industrial Audio and Video Products - 1.0%
	794,468	Sonic Solutions*^,#		14,077,973
Internet Applications Software - 0.8%
	354,835	DealerTrack Holdings, Inc.*^,#		7,912,820
	229,610	Vocus, Inc.*^,#		3,503,849
				11,416,669
Internet Content - Entertainment - 0.8%
	2,308,435	Harris Interactive, Inc.*^,#		11,149,741
Investment Companies - 0.3%
	230,960	UTEK Corp.*		3,736,933
Investment Management and Advisory Services - 0.8%
	302,505	Calamos Asset Management, Inc. - Class A^#		11,725,094
Leisure and Recreation Products - 0.2%
	94,050	WMS Industries, Inc.*^,#		2,939,063
Marine Services - 0.4%
	1,748,955	Odyssey Marine Exploration, Inc.*^,#		6,173,811
Medical - Biomedical and Genetic - 0.2%
	139,240	Coley Pharmaceutical Group*^,#		2,226,448
Medical - Drugs - 0.7%
	176,305	Adams Respiratory Therapeutics, Inc.*^,#		7,561,721
	50,000	Cubist Pharmaceuticals, Inc.*		1,133,500
	196,264	Idenix Pharmaceuticals, Inc.*^,#		1,970,491
				10,665,712
Medical - HMO - 2.6%
	973,779	Centene Corp.*		25,016,383
	325,130	WellCare Health Plans, Inc.*^,#		13,616,444
				38,632,827
Medical - Hospitals - 1.4%
	642,502	United Surgical Partners International, Inc.*^,#		21,208,991
Medical - Outpatient and Home Medical Care - 3.1%
	1,549,375	Hythiam, Inc.*^,#,£		13,851,413
	602,940	LHC Group LLC*^,#		10,491,156
	852,209	Radiation Therapy Services, Inc.*^,#		21,773,939
				46,116,508
Medical - Wholesale Drug Distributors - 0.3%
	6,100,000	DrugMax, Inc.*^,£		3,965,000
	590,098	DrugMax, Inc.*		383,564
				4,348,564
Medical Instruments - 2.7%
	41,974	CONMED Corp.		915,453
	259,605	Dexcom, Inc.*^,#		6,531,662
	464,590	ev3, Inc.*^,#		7,289,417
	298,150	FoxHollow Technologies, Inc.*^,#		9,287,373
	92,485	Intuitive Surgical, Inc.*		11,745,594
	92,970	Ventana Medical Systems, Inc.*^,#		4,527,639
				40,297,138
Medical Labs and Testing Services - 0.2%
	142,544	Bio-Reference Laboratories, Inc.*^,#		2,722,590

Shares or Principal Amount			Value
Medical Products - 1.3%
	939,425	PSS World Medical, Inc.*^,#	$	16,947,227
	665,834	ThermoGenesis Corp.*^,#		2,749,894
				19,697,121
Miscellaneous Manufacturing - 1.2%
	505,410	American Railcar Industries, Inc.		18,043,137
Motion Pictures and Services - 1.9%
	2,880,100	Lions Gate Entertainment Corp. (U.S. Shares)*		28,138,577
Music - 0.5%
	3,562,500	Genius Products, Inc.*^,oo,§,£		5,775,525
	1,187,500	Genius Products, Inc.*		2,291,875
				8,067,400
Office Furnishings - Original - 0.8%
	545,040	Knoll, Inc.^#		11,854,620
Oil - Field Services - 1.9%
	229,860	Basic Energy Services, Inc.*^,#		7,661,234
	168,592	Flint Energy Services, Ltd.*		9,575,235
	644,820	Key Energy Services, Inc.*^,#		11,019,974
				28,256,443
Oil Companies - Exploration and Production - 2.3%
	277,860	Carrizo Oil & Gas, Inc.*^,#		8,163,527
��	103,235	Complete Production Services, Inc.*		2,728,501
	1,157,115	Gasco Energy, Inc.*^,#		6,479,844
	518,645	Western Oil Sands, Inc. - Class A*		15,683,903
				33,055,775
Optical Recognition Equipment - 1.0%
	951,750	Optimal Robotics Corp. - Class A (U.S. Shares)*^,#		14,647,433
Pharmacy Services - 1.2%
	446,875	HealthExtras, Inc.*^,#		12,986,188
	1,591,512	Ronco Fi-Tek, Inc.*^,oo,§,£		5,100,000
				18,086,188
Quarrying - 0.2%
	277,245	Birch Mountain Resources, Ltd. (U.S. Shares)*^,#		2,059,930
Real Estate Operating/Development - 0.3%
	454,470	Gafisa S.A.*		4,638,338
REIT - Mortgages - 0.8%
	503,349	CapitalSource, Inc.^#		11,828,702
Research and Development - 0.3%
	185,350	PRA International*^,#		4,311,241
Resorts and Theme Parks - 0.6%
	236,755	Intrawest Corp. (U.S. Shares)		8,499,505
Retail - Apparel and Shoe - 0.2%
	185,355	Bebe Stores, Inc.		3,277,076
Retail - Computer Equipment - 0.5%
	394,085	Insight Enterprises, Inc.*^,#		7,791,060
Retail - Petroleum Products - 2.1%
	763,405	World Fuel Services Corp.^#		30,566,736
Semiconductor Components/Integrated Circuits - 0.5%
	202,857	Hittite Microwave Corp.*^,#		7,893,166
Sugar - 0.6%
	2,077,918	Balrampur Chini Mills, Ltd.		8,705,042

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 57

Janus Venture Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Telecommunication Services - 1.0%
	422,685	NeuStar, Inc. - Class A*^,#	$	14,836,244
Therapeutics - 2.9%
	718,850	MGI Pharma, Inc.*^,#		13,428,118
	246,796	Neurocrine Biosciences, Inc.*		14,156,219
	202,080	United Therapeutics Corp.*		12,033,864
	543,405	ViaCell, Inc.*^,#		3,146,315
				42,764,516
Toys - 1.4%
	1,078,010	Marvel Entertainment, Inc.*^,#		21,031,975
Transactional Software - 1.7%
	893,710	Open Solutions, Inc.*^,#		24,326,786
Transportation - Railroad - 1.7%
	397,700	All America Latina Logistica (GDR)		25,155,907
Transportation - Services - 1.1%
	491,425	Pacer International, Inc.^#		16,850,963
Travel Services - 0.1%
	1,145,454	OneTravel Holdings, Inc.*^,£		630,000
Web Hosting/Design - 2.1%
	473,610	Equinix, Inc.*		31,210,899
	Total Common Stock (cost $1,005,548,027)			1,474,656,928

Shares or Principal Amount			Value
Preferred Stock - 0%
Computers - Peripheral Equipment - 0%
	665,000	Candescent Technologies Corp. - Series E^ß,•,ºº (cost $3,657,500)	$	0
Warrants - 0.2%
Data Processing and Management - 0.2%
	521,660	Infocrossing, Inc. - expires 10/16/08^ß,oo		2,404,853
Medical - Wholesale Drug Distributors - 0%
	3,050,000	DrugMax, Inc. - expires 9/29/10^oo,§		0
Music - 0%
	1,425,000	Genius Products, Inc. - expires 12/5/10^oo,§		529,245
Travel Services - 0%
	458,181	OneTravel Holdings, Inc. - expires 4/14/10^oo,§		0
	Total Warrants (cost $1,464,250)			2,934,098
Other Securities - 24.7%
	364,896,141	State Street Navigator Securities Lending Prime Portfolio^† (cost $364,896,141)		364,896,141
	Total Investments (total cost $1,375,565,918) – 124.9%		$	1,842,487,167
	Liabilities, net of Cash, Receivables and Other Assets – (24.9)%			(367,391,779	)
	Net Assets – 100%		$	1,475,095,388

Summary of Investments by Country

Country	Value		% of Investment Securities
Bermuda	$	23,347,245		1.3	%
Brazil		64,803,625		3.5	%
Canada		111,675,778		6.0	%
India		8,705,042		0.5	%
United States††		1,633,955,477		88.7	%
Total	$	1,842,487,167		100.0	%

††Includes Other Securities (68.9% excluding Other Securities)

See Notes to Schedules of Investments and Financial Statements.

58 Janus Growth Funds April 30, 2006

Janus Global Life Sciences Fund (unaudited)

Ticker: JAGLX

Fund Snapshot

This fund seeks companies around the world that are dedicated to improving the quality of life for a growing and aging world.

Thomas Malley

portfolio manager

Performance Overview

Although the outlook for long-term interest rates remained murky and the Federal Reserve kept pushing up short-term yields, small capitalization stocks sparkled during the six-month period ended April 30, 2006, posting double-digit gains that topped the otherwise solid returns posted by mid-cap and large-cap equities.

In the life sciences sector, investors soured on biotechnology and managed healthcare companies late in the period, resulting in a sizeable pullback in both groups, which had previously been standouts. While valuation concerns arose in the biotechnology space, especially in relation to more speculative names, rising medical costs weighed on managed healthcare companies. As a result, the two groups closed out the period ranked among the poorest performing sectors in the industry.

Elsewhere, government reimbursement uncertainties proved increasingly worrisome to medical device companies. Interestingly, large pharmaceutical companies, which have contended with such concerns for much longer, tended to fair better during the period. Holding significant exposure to biotechnology companies and health insurers, the Fund generated a 4.44% return during the period, trailing its benchmarks, the S&P 500^® Index and the Morgan Stanley Capital International World Health Care Index^SM, which advanced 9.64% and 6.63%, respectively.

Our exposure to the biotechnology group focused heavily on small capitalization companies, which tend to be tied to drug-related developments. During much of the period, we also sensed an urgency among larger pharmaceutical concerns to acquire cutting edge compounds. We have found that once a small company announces measurable success in a Phase III trial, the market immediately figures the company has added leverage, in terms of a possible licensing deal or potential acquisition, and generally pushes the stock upward. As the price climbs, however, risk factors increase as well, and we regularly assess our reasons for investing.

Detractors from Fund Performance

The largest detractor from performance, United Therapeutics, rose sharply during the first 8 months of 2005 on good earnings growth. However, it fell during the period as the company suffered from inventory destocking and higher market costs. United Therapeutics was one of the names that perhaps got ahead of itself before falling in the wake of a disappointing earnings report. The company's Remodulin treatment for high blood pressure has enjoyed increased sales and it is developing an inhaled version of the drug that we believe holds further promise. In addition, United Therapeutics recently expanded its sales force and has an ovarian cancer antibody, Ovarex, in Phase III trials. Given the potential catalysts for future growth, we continue to hold the stock.

We upped our exposure to another biotechnology laggard, Idenix Pharmaceuticals. The company's stock dropped over misperceptions that experiential trials on the hepatitis C drug it's developing with Novartis of Switzerland were scrapped. Instead, side effects from the treatment prompted researchers to cut the dosage level, and Novartis responded by reiterating its support for the drug development effort.

Conversely, the outlook for LifePoint Hospitals worsened, prompting us to exit the stock. The aftereffects of Hurricane Katrina lingered longer than anticipated for this owner and operator of 53 rural hospitals, including five in Louisiana. Issues with Medicare reimbursement policies and the integration of Province Healthcare, which was acquired in 2005, added to the company's woes, which convinced us to move on.

Contributors to Fund Performance

While investing in small biotechnology companies can indeed be precarious, the Fund also enjoyed some stellar returns from the group, including top performer Adolor, which surged as it released preliminary trial data that showed its Entereg treatment was effective at helping patients recover more quickly from opiod-induced constipation after surgery. On track for a 2007 approval from the Food and Drug Administration (FDA), the drug significantly reduced post-operative intestinal distress among trial subjects. It's also being studied for relief of bowel dysfunction from chronic opiod use.

Another innovative company, Alexion Pharmaceuticals, reported positive developments in Phase III trials for its Soliris treatment for paroxysmal nocturnal hemoglobinuria (PNH). The disease, in which a body's immune system attacks red blood cells, affects about 10,000 people in North America and Europe. If approved, Soliris will significantly reduce the number of required blood transfusions for PNH sufferers, which represents a large quality of life benefit. Pleased with the stock's rally, we took the opportunity to book some profits.

Gilead Sciences continued to see success in the uptake of its once-a-day HIV medication, Truvada, which has steadily taken market share from GlaxoSmithKline's Combivir. Looking ahead, the company has filed for FDA approval of another once-daily combination pill which will mix Truvada and the popular Sustiva treatment from Bristol-Myers Squibb. Given the developments and rise in the stock price, we pared our exposure during the period.

Adding to 2006 gains was Celgene, a biotechnology concern that initiated a fresh rally in the closing days of December when the FDA approved its Revlimid drug for

Janus Growth Funds April 30, 2006 59

Janus Global Life Sciences Fund (unaudited)

treating myelodysplastic syndromes (MDS), a blood-borne cancer. Weeks later, the FDA announced that it had granted a priority review of the company's application for Revlimid to treat multiple myeloma, a bone marrow-based cancer, and a decision was expected by the end of June. Meanwhile, our surveys of physicians suggest Revlimid will enjoy high adoption rates for both indications, so our outlook for the company remains bright. We have moved our position into a six month structured note with Goldman Sachs to reduce volatility to the Fund during the launch period of Revlimid. Our investment position remains the same and at the end of the note, we will receive our old shares back.

Moving beyond healthcare, we actively look for stocks that improve the quality of life in other areas of the market as well. One such industry is agribusiness, an area of the economy that is gaining increased attention as consumer wealth rises across the globe. A new position that meets this criteria and lifted returns immediately was Brazilian agribusiness Cosan, the world's largest processor of sugar cane. Along with Syngenta, another Top 10 performer in the Fund, Cosan has benefited from increases in core food prices around the world, due in part to greater demand from fast-growing Asian countries. Another new name included Stada Arzneimittel of Germany, a leader in the growing European generic drug market.

Looking Ahead

Increasingly, concerns over future Medicare reimbursement levels are dominating discussions within the domestic life sciences sector. From the government plan's massive drug spend to decisions on medical devices and HMO services, fears over healthcare companies' future abilities to effectively raise prices are widespread. Interestingly, in Japan and Europe, price cuts are part of the fundamental equation and are now built into stock prices.

While acknowledging that the U.S. reimbursement debate will likely add to market volatility, we feel good about the long-term potential in the life sciences sector. We believe many of our companies are improving the practices of healthcare and improving the treatment of disease and we're excited about the potential for strong positive developments. Of course, to attempt to mitigate dramatic swings within any individual sector, we will continue to run what we believe to be a balanced, well-diversified portfolio of holdings.

Thank you for your continued investment in Janus Global Life Sciences Fund.

Janus Global Life Sciences Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Adolor Corp. Therapeutic-based biopharmaceutical company - U.S.		1.54	%
Celgene Corp. Global biopharmaceutical company - U.S.		1.06	%
Cosan S.A. Industria e Comercio Food and beverage producer and distributor - Brazil		0.88	%
Alexion Pharmaceuticals, Inc. Biopharmaceutical company - U.S.		0.86	%
Gilead Sciences, Inc. Biopharmaceutical company - U.S.		0.76	%

5 Largest Detractors from Performance – Holdings

	Contribution
United Therapeutics Corp. Vascular pharmaceutical developer - U.S.		(0.73	%)
Nabi Biopharmaceuticals Biopharmaceutical company - U.S.		(0.72	%)
Idenix Pharmaceuticals, Inc. Biopharmaceutical company - U.S.		(0.68	%)
Aetna, Inc. Healthcare and related benefits provider - U.S.		(0.66	%)
LifePoint Hospitals, Inc. Health care services provider - U.S.		(0.51	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Pharmaceuticals & Biotechnology		5.90	%		58.24	%		7.88	%
Food, Beverage & Tobacco		0.74	%		2.13	%		4.61	%
Materials		0.64	%		2.51	%		3.01	%
Insurance		0.03	%		0.31	%		4.75	%
Commercial Services & Supplies		0.00	%		0.00	%		0.73	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Healthcare Equipment & Services		(2.90	%)		36.82	%		5.17	%
Utilities		0.00	%		0.00	%		3.30	%
Transportation		0.00	%		0.00	%		1.84	%
Telecommunication Services		0.00	%		0.00	%		3.15	%
Technology Hardware & Equipment		0.00	%		0.00	%		7.04	%

60 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Holdings – (% of Net Assets)

As of April 30, 2006

Goldman Sachs Group, Inc., convertible, (Celgene Corp.), 0% Finance - Investment Bankers/Brokers	5.2	%
Roche Holding A.G. Medical - Drugs	4.2	%
Coventry Health Care, Inc. Medical - HMO	3.5	%
Aetna, Inc. Medical - HMO	3.5	%
United Therapeutics Corp. Therapeutics	3.1	%
	19.5	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 4.4% of total net assets.

*Includes short sale of (0.8%).

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 61

Janus Global Life Sciences Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Since Inception*
Janus Global Life Sciences Fund		4.44	%		15.74	%		3.59	%		10.10	%
S&P 500^® Index		9.64	%		15.42	%		2.70	%		2.45	%
Morgan Stanley Capital International World Health Care Index^SM		6.63	%		8.46	%		2.84	%		1.91	%
Lipper Quartile		N/A			2	nd		2	nd		2	nd
Lipper Ranking - based on total return for Health/Biotechnology Funds		N/A**			57/176			55/127			15/48

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – December 31, 1998

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

The Fund emphasizes investments in certain industry groups, which may react similarly to market developments (resulting in greater price volatility), and may have significant exposure to foreign markets (which include risks such as currency fluctuation and political uncertainty).

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

A 2% redemption fee may be imposed on shares held for 3 months or less. Performance shown does not reflect this redemption fee and, if reflected, performance would have been lower.

Returns have sustained significant gains due to market volatility in the healthcare sector.

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

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,044.40	$	5.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96

*Expenses are equal to the annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

62 Janus Growth Funds April 30, 2006

Janus Global Life Sciences Fund

Schedule of Investments and Securities Sold Short (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock – 94.2%
Agricultural Chemicals - 2.9%
	228,405	Syngenta A.G.^,*	$	31,861,043
Dental Supplies and Equipment - 1.4%
	476,605	Patterson Companies, Inc.*^,#		15,527,791
Diagnostic Kits - 2.0%
	566,076	Dade Behring Holdings, Inc.		22,076,964
Drug Delivery Systems - 1.2%
	337,935	Hospira, Inc.*		13,027,394
Food - Dairy Products - 1.2%
	353,700	Dean Foods Co.*		14,010,057
Instruments - Scientific - 2.2%
	348,790	Fisher Scientific International, Inc.*^,#		24,607,135
Medical - Biomedical and Genetic - 10.0%
	443,900	Advanced Magnetics, Inc.*^,#		11,585,790
	533,280	Alexion Pharmaceuticals, Inc.*		18,126,187
	239,080	Amgen, Inc.^,*		16,185,716
	1,271,821	Fibrogen, Inc.*^,oo,§		9,106,238
	209,500	Genentech, Inc.*		16,699,245
	201,300	Genmab A/S*^,#		7,131,719
	175,140	Genzyme Corp.*		10,711,562
	325,845	Invitrogen Corp.*^,#		21,509,029
				111,055,486
Medical - Drugs - 28.6%
	438,955	Abbott Laboratories		18,760,937
	1,229,248	Adolor Corp.*^,#		28,911,913
	1,163,340	Cubist Pharmaceuticals, Inc.*		26,372,918
	516,825	Endo Pharmaceuticals Holdings, Inc.*		16,254,146
	475,580	Forest Laboratories, Inc.*		19,203,920
	653,784	Idenix Pharmaceuticals, Inc.*^,#		6,563,991
	513,175	K-V Pharmaceutical Co. - Class A*^,#		11,074,317
	1,346,445	Ligand Pharmaceuticals, Inc. - Class B*^,#		16,493,951
	765,535	Merck & Company, Inc.		26,349,715
	321,039	Novartis A.G.**^,#		18,417,937
	907,225	Pfizer, Inc.		22,980,009
	308,325	Roche Holding A.G.**		47,409,753
	505,770	Shire PLC (ADR)**^,#		23,953,267
	416,486	Stada Arzneimittel A.G.^#		20,087,631
	314,625	Wyeth		15,312,799
				318,147,204
Medical - Generic Drugs - 3.0%
	178,110	Barr Pharmaceuticals, Inc.*		10,784,561
	559,510	Teva Pharmaceutical Industries, Ltd. (ADR)^#		22,660,155
				33,444,716
Medical - HMO - 11.3%
	998,455	Aetna, Inc.		38,440,518
	900,750	Centene Corp.*^,#		23,140,268
	788,267	Coventry Health Care, Inc.*		39,153,221
	493,130	UnitedHealth Group, Inc.		24,528,286
				125,262,293
Medical - Hospitals - 0.9%
	291,799	United Surgical Partners International, Inc.*^,#		9,632,285
Medical - Nursing Homes – 1.7%
	432,305	Manor Care, Inc.^#		18,956,574

Shares or Principal Amount			Value
Medical - Wholesale Drug Distributors - 2.9%
	486,750	Cardinal Health, Inc.	$	32,782,613
Medical Instruments - 2.3%
	755,725	Boston Scientific Corp.*		17,563,049
	720,985	Stereotaxis, Inc.*^,#		8,536,462
				26,099,511
Medical Products - 2.2%
	267,695	Stryker Corp.		11,711,656
	241,355	Varian Medical Systems, Inc.*		12,642,175
				24,353,831
Optical Supplies - 1.1%
	120,010	Alcon, Inc. (U.S. Shares)**		12,206,217
Pharmacy Services - 1.6%
	331,950	Medco Health Solutions, Inc.*		17,669,699
Physical Therapy and Rehabilitation Centers - 1.7%
	4,097,185	HEALTHSOUTH Corp.*^,#		18,765,107
Respiratory Products - 1.4%
	418,860	Respironics, Inc.*		15,338,653
Sugar - 2.4%
	342,900	Cosan S.A. Industria e Comercio*		26,387,034
Therapeutics - 12.2%
	318,255	Amylin Pharmaceuticals, Inc.*^,#		13,860,005
	588,160	Gilead Sciences, Inc.*		33,819,200
	1,094,490	MGI Pharma, Inc.*^,#		20,445,073
	367,920	Neurocrine Biosciences, Inc.*		21,103,891
	763,560	Nuvelo, Inc.*^,#		12,499,477
	578,984	United Therapeutics Corp.*		34,478,498
				136,206,144
Total Common Stock (cost $818,081,137)				1,047,417,751
Preferred Stock - 0.3%
Medical - Biomedical and Genetic - 0.3%
	1,678,901	Cougar Technology, Inc.^{oo, §} (cost $2,904,499)		2,904,499
Equity-Linked Structured Note - 5.2%
Finance - Investment Bankers/Brokers - 5.2%
	721,700	Goldman Sachs Group, Inc., convertible (Celgene Corp.), 0% ^ß (cost $50,584,242)		57,727,340
Other Securities - 15.6%
	174,002,620	State Street Navigator Securities Lending Prime Portfolio ^† (cost $174,002,620)		174,002,620
Securities Sold Short - (0.8)%
Medical - Nursing Homes - (0.8)%
	354,350	Kindred Healthcare, Inc.* (proceeds $8,353,528)		(8,596,531	)
Total Investments and Securities Sold Short (total cost $1,037,218,970) – 114.5%				1,273,455,679
Liabilities, net of Cash, Receivables and Other Assets – (14.5)%				(160,986,274	)
Net Assets – 100%			$	1,112,469,405

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 63

Janus Global Life Sciences Fund

Schedule of Investments and Securities Sold Short (unaudited)

As of April 30, 2006

Summary of Investments by Country

Country	Value		% of Investment Securities
Brazil	$	26,387,034		2.1	%
Denmark		7,131,719		0.5	%
Germany		20,087,631		1.6	%
Israel		22,660,155		1.8	%
Switzerland		109,894,950		8.6	%
United Kingdom		23,953,267		1.9	%
United States††		1,063,340,923		83.5	%
Total	$	1,273,455,679		100.0	%

†† Includes Other Securities (69.8% excluding Other Securities)

Forward Currency Contracts, Open

Currency Sold and Settlement Date	Currency Units Sold		Currency Value in $ U.S.		Unrealized Gain/(Loss)
British Pound 8/10/06		2,500,000	$	4,565,248	$	(221,223	)
British Pound 10/19/06		600,000		1,096,905		(22,839	)
Swiss Franc 6/28/06		26,750,000		21,716,576		(405,334	)
Swiss Franc 8/10/06		4,700,000		3,832,917		(191,877	)
Total			$	31,211,646	$	(841,273	)

See Notes to Schedules of Investments and Financial Statements.

64 Janus Growth Funds April 30, 2006

Janus Global Technology Fund (unaudited)

Ticker: JAGTX

Fund Snapshot

This fund pursues forward-thinking companies around the globe that are advancing the frontiers of technology in profitable ways.

Team Based Approach

Led by Brad Slingerlend and Barney Wilson

Performance Overview

As inflationary fears and budget deficit concerns simmered beneath an otherwise healthy domestic economic environment, global equities generally outperformed U.S. stocks during the six-month period ended April 30, 2006.

The Federal Reserve did little to help underlying sentiments as it continued its steady drumbeat of quarter-point rate hikes – adding 1.00% to the overnight lending rate during the period.

Buoyed by a number of solid overseas companies, Janus Global Technology Fund generated a 19.01% return during the period, outperforming its benchmarks, the S&P 500^® Index, which advanced 9.64%, and the Morgan Stanley Capital International World Information Technology Index^SM, which gained 12.02%.

Investment Strategy

On February 1, 2006, we assumed management responsibility for the Fund and it spent part of the period in transition. While the Fund has always relied on the excellent work done by the Janus technology research team, we've decided to sharpen its focus on the group's best ideas. Accordingly, we're striving for 90% of the Fund's holdings to be "buy" or "strong buy" rated by Janus analysts. As part of the refinement process during the period, we scaled back the number of the Fund's holdings and finished within our ideal target of between 50 and 70 names.

Contributors to Fund Performance

Leading the way on a performance basis was Hon Hai Precision. The Taiwanese contract manufacturer reported a phenomenal 68.3% gain in sales during 2005 while it expanded its share of the personal computer, consumer electronic and enterprise technology markets. As the growth rate slowed somewhat through the first four months of 2006, we're watching carefully to assess this long-term holding's prospects going forward.

Elsewhere, wireless technology developer Research in Motion (RIM) of Canada rallied after resolving a problematic patent issue with its popular BlackBerry communications service. Having tracked the company for several years, we frequently supplemented its own information with subscriber data from wireless service carriers. Thus, we believed that separate from the legal issues, it was still a high growth company with great returns and a courtroom battle wasn't going to stop that from continuing. We added heavily to the Fund's stake in 2005 as a reflection of our conviction. Once the settlement with rival NTP was announced in March, RIM's stock appreciated significantly and we were pleased to take some profits.

Glassworks innovator Corning is another longtime holding that rewarded us during the period. Again, by leveraging our global research efforts and the wide reach of the Janus technology analyst team, we determined the full extent of the company's leadership position in the liquid crystal display (LCD) market.

Following discussions with Corning customers and plant visits in the U.S. and Asia, we concluded that the company, relying on a proprietary manufacturing technology, frequently leads the industry into the next generation of glass displays, both in size and related technology. This edge has proven critical as television manufacturers keep expanding the market for large LCD screens. The first-mover advantage translates into higher margins, which are especially valuable when end-market demand accelerates quicker than anticipated, which happened during the period. However, as Corning's stock climbed, it reached our target price so we liquidated the position.

Our global research efforts also led us to SOITEC, a French developer of silicon technology that essentially provides an insulation layer for semiconductor chips. The structure allows microprocessors to run faster with lower heat, which provides a performance advantage for chip manufacturers. Currently used in a small number of circumstances, we believe the technology will gain traction and proliferate through the chip industry and we'll see more supplier agreements such as the one it recently signed with Advanced Micro Devices. Based on our confidence in the company, we significantly increased the Fund's exposure.

A company with a similarly promising outlook that's already well-entrenched in the industry is business software developer SAP of Germany. Validating SAP's strong marketing message that the company's enterprise software improves business metrics and makes companies more competitive, we believe the return on investment for SAP clients is remarkably high. As the company has consistently delivered on its promises, we believe SAP's growth rate will exceed that of the technology sector for a multi-year period.

Detractors from Fund Performance

Weighing on performance was Internet services outfit Yahoo!, which sagged amid mixed reviews of its search-generated revenue growth rate. We actually believed the response was overblown, viewed the compelling valuation as an opportunity and increased the Fund's position. Ultimately, we believe the potential for paid search and other advertising revenues, along with the increasing complexity of content available on the Web, outweighs any short-term setbacks.

We witnessed another opportunistic shortfall in Internet protocol (IP) network gear Juniper Networks. Underwhelming quarterly results contributed to an extended selloff in the stock, although we added to the Fund's stake. We believe the sagging revenues will prove to be of temporary consequence, rather than the early inklings of a long-term fundamental problem. Eventually, we believe that voice, video and data

Janus Growth Funds April 30, 2006 65

Janus Global Technology Fund (unaudited)

delivery will all converge on IP networks, leading to steady demand for Juniper's equipment, perhaps most notably from the large telecommunication services carriers which will need to upgrade their networks.

Computer maker Dell also declined amid short-term revenue growth issues. Although we locked in some profits on the stock as share prices approached near-term targets, we continue to hold a significant stake in the company. Ultimately, we believe the value of its well-honed direct-distribution model and its track record of strong execution will return to the fore, especially considering double-digit growth projections for computer sales during 2006.

Online auction host eBay continued to disappoint as its flagship domestic marketplace business faltered. Despite steady growth in merchandise listings, the increase in revenue gains eased modestly, tempering management's optimism. The company's PayPal division is a steady outperformer and the voice over Internet protocol service provider Skype boasts high user volumes, although generating revenues from that business has proven challenging. While maintaining a stake in eBay, we're carefully gauging its ability to execute and drive new earnings going forward.

Looking Ahead

As Janus' grassroots research efforts delve deep into company fundamentals, our analysts frequently find stocks that are undervalued in relation to the company's potential. Furthermore, by narrowing the Fund's focus to the team's top 50-70 ideas, we believe we're concentrating on the best prospects for appreciation in the world.

In the coming quarters, the emphasis on company-level research will likely gain in importance as we don't believe any dramatic, broad-based themes will emerge from the technology sector. Instead, we believe exciting names with potential exist in virtually all corners of the technology universe, independent of any overall outlook for the group.

By seeking out and investing in companies that are underestimated, misunderstood and undervalued by the broader market, we will attempt to continue to deliver benchmark-beating returns from the technology sector.

Thank you for your investment in Janus Global Technology Fund.

Janus Global Technology Fund At a Glance

5 Largest Contributors to Performance – Holdings

	Contribution
Hon Hai Precision Industry Company, Ltd. Personal computer parts company - Taiwan		1.56	%
Marvell Technology Group, Ltd. Communication-related integrated circuits provider - U.S.		1.17	%
Advanced Micro Devices, Inc. Integrated circuits provider - U.S.		0.97	%
Broadcom Corp. - Class A Integrated silicon solutions provider - U.S.		0.94	%
Samsung Electronics Company, Ltd. Diversified electronics manufacturer - Korea		0.91	%

5 Largest Detractors from Performance – Holdings

	Contribution
Yahoo!, Inc. Global Internet media company - U.S.		(0.49	%)
Juniper Networks, Inc. Internet infrastructure solutions provider - U.S.		(0.42	%)
Dell, Inc. Worldwide computer systems and services - U.S.		(0.38	%)
eBay, Inc. Online marketplace - U.S.		(0.20	%)
Check Point Software Technologies, Ltd. (U.S. Shares) Internet security provider - U.S.		(0.18	%)

5 Largest Contributors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Semiconductors & Semiconductor Equipment		8.31	%		26.59	%		3.15	%
Technology Hardware & Equipment		6.04	%		31.06	%		7.04	%
Software & Services		3.60	%		32.24	%		5.44	%
Consumer Durables & Apparel		0.83	%		2.18	%		1.31	%
Retailing		0.43	%		2.91	%		3.59	%

5 Lowest Contributors/Detractors to Performance – Sectors

	Fund Contribution			Fund Weighting (% of Net Assets)			Primary Benchmark Weighting
Pharmaceuticals & Biotechnology		(0.05	%)		0.32	%		7.88	%
Utilities		0.00	%		0.00	%		3.30	%
Transportation		0.00	%		0.00	%		1.84	%
Real Estate		0.00	%		0.00	%		0.79	%
Insurance		0.00	%		0.00	%		4.75	%

66 Janus Growth Funds April 30, 2006

(unaudited)

5 Largest Equity Holdings – (% of Net Assets)

As of April 30, 2006

Yahoo!, Inc. Web Portals/Internet Service Providers	3.8	%
Advanced Micro Devices, Inc. Electronic Components - Semiconductors	3.2	%
Oracle Corp. Enterprise Software/Services	2.9	%
Amdocs, Ltd. (U.S. Shares) Telecommunication Services	2.9	%
QUALCOMM, Inc. Wireless Equipment	2.7	%
	15.5	%

Asset Allocation – (% of Net Assets)

As of April 30, 2006

Emerging markets comprised 9.1% of total net assets.

5 Largest Country Allocations – (% of Investment Securities)

As of April 30, 2006				As of October 31, 2005

Janus Growth Funds April 30, 2006 67

Janus Global Technology Fund (unaudited)

Performance

Average Annual Total Return – for the periods ended April 30, 2006

	Fiscal Year-to-Date			One Year			Five Year			Since Inception*
Janus Global Technology Fund		19.01	%		34.60	%		(4.49	)%		3.90	%
S&P 500^® Index		9.64	%		15.42	%		2.70	%		2.45	%
Morgan Stanley Capital International World Information Technology Index^SM		12.02	%		22.49	%		(3.36	)%		(2.35	)%
Lipper Quartile		N/A			2	nd		3	rd		1	st
Lipper Ranking - based on total return for Science & Technology Funds		N/A**			94/292			132/230			17/76

Visit janus.com to view up to date performance and characteristic information

See Notes to Schedules of Investments for index definitions.

*The Fund's inception date – December 31, 1998

**The Fund's fiscal year-to-date Lipper ranking is not available.

See "Explanations of Charts, Tables and Financial Statements."

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

A 2% redemption fee may be imposed on shares held for 3 months or less. Performance shown does not reflect this redemption fee and, if reflected, performance would have been lower.

This Fund may at times have significant exposure to certain industry groups, which may react similarly to market developments (resulting in greater price volatility). The Fund also may have significant exposure to foreign markets (which include risks such as currency fluctuation and political uncertainty).

Returns have sustained significant gains due to market volatility in the information technology sector.

Effective 2/1/06, Mike Lu is no longer the portfolio manager of Janus Global Technology Fund. Brad Slingerlend and Barney Wilson are now leading the Janus Technology Team in selecting investments for the Fund.

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

Fund Expenses

Expense Example	Beginning Account Value (11/1/05)		Ending Account Value (4/30/06)		Expenses Paid During Period (11/1/05-4/30/06)*
Actual	$	1,000.00	$	1,190.10	$	5.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49	$	5.36

*Expenses are equal to the annualized expense ratio of 1.07%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

68 Janus Growth Funds April 30, 2006

Janus Global Technology Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Common Stock - 96.8%
Applications Software - 5.5%
	285,885	Citrix Systems, Inc.*	$	11,412,529
	187,877	Infosys Technologies, Ltd.		13,137,372
	845,450	Microsoft Corp.		20,417,618
	843,085	Quest Software, Inc.*		14,509,493
				59,477,012
Audio and Video Products - 1.3%
	276,300	Sony Corp.**		13,879,910
Chemicals - Diversified - 0.6%
	108,600	Shin-Etsu Chemical Company, Ltd.**		6,275,748
Commercial Services - Finance - 1.3%
	343,235	Paychex, Inc.		13,863,262
Computer Services - 1.2%
	517,490	Ceridian Corp.*		12,538,783
Computers - 3.8%
	209,355	Apple Computer, Inc.*		14,736,498
	410,465	Dell, Inc.*		10,754,183
	205,105	Research In Motion, Ltd. (U.S. Shares)*		15,717,197
				41,207,878
Computers - Memory Devices - 4.3%
	1,996,425	EMC Corp.*		26,971,702
	303,405	SanDisk Corp.*		19,366,341
				46,338,043
Computers - Peripheral Equipment - 1.2%
	322,018	Logitech International S.A.*		13,371,978
Data Processing and Management - 0.9%
	231,270	NAVTEQ Corp.*		9,602,330
E-Commerce/Products - 2.6%
	325,608	Amazon.com, Inc.*^,#		11,464,658
	592,030	Submarino S.A.*		16,027,645
				27,492,303
E-Commerce/Services - 1.0%
	315,505	eBay, Inc.*		10,856,527
Electric Products - Miscellaneous - 1.3%
	2,238,000	Toshiba Corp.**		14,249,769
Electronic Components - Miscellaneous - 2.5%
	2,125,026	Hon Hai Precision Industry Company, Ltd.**		14,419,487
	367,912	Koninklijke (Royal) Philips Electronics N.V.**		12,694,783
				27,114,270
Electronic Components - Semiconductors - 17.1%
	1,060,245	Advanced Micro Devices, Inc.*		34,298,926
	10,164,115	ARM Holdings PLC**		25,207,331
	338,540	International Rectifier Corp.*^,#		15,302,008
	1,141,490	LSI Logic Corp.*		12,156,869
	410,610	Microsemi Corp.*^,#		11,217,865
	924,658	MIPS Technologies, Inc.*		6,851,716
	38,600	Samsung Electronics Company, Ltd.**		26,355,386
	406,976	Silicon-On-Insulator Technologies (SOITEC)^,*^,#		13,282,788
	314,420	SiRF Technology Holdings, Inc.*^,#		10,737,443
	833,715	Texas Instruments, Inc.		28,938,248
				184,348,580
Electronic Forms - 2.1%
	568,245	Adobe Systems, Inc.*		22,275,204

Shares or Principal Amount			Value
Electronic Measuring Instruments - 0.7%
	166,585	Trimble Navigation, Ltd.*	$	7,892,797
Energy - Alternate Sources - 2.5%
	780,900	Suntech Power Holdings Company, Ltd. (ADR)*		26,777,061
Enterprise Software/Services - 5.3%
	481,410	CA, Inc.^#		12,208,558
	2,146,740	Oracle Corp.*		31,320,936
	63,967	SAP A.G.**		13,993,588
				57,523,082
Entertainment Software - 2.8%
	1,026,980	Activision, Inc.*		14,572,846
	282,055	Electronic Arts, Inc.*		16,020,724
				30,593,570
Internet Connectivity Services - 1.4%
	288,911	NDS Group PLC (ADR)^,*		14,561,114
Internet Infrastructure Software - 1.7%
	180,625	Akamai Technologies, Inc.*^,#		6,085,256
	1,386,990	TIBCO Software, Inc.*^,#		11,955,854
				18,041,110
Internet Security - 2.3%
	562,875	Check Point Software Technologies, Ltd. (U.S. Shares)*		10,891,631
	550,755	McAfee, Inc.*		14,369,198
				25,260,829
Medical - Drugs - 1.2%
	568,024	Cubist Pharmaceuticals, Inc.*		12,877,104
Networking Products - 3.8%
	656,249	Cisco Systems, Inc.*		13,748,417
	1,467,360	Juniper Networks, Inc.*		27,116,812
				40,865,229
Semiconductor Components/Integrated Circuits - 7.2%
	530,134	Actions Semiconductor Company, Ltd. (ADR)*^,#		5,269,532
	10,378,000	Advanced Semiconductor Manufacturing Corp.*		2,583,357
	1,518,470	Cypress Semiconductor Corp.*^,#		26,056,946
	205,145	Marvell Technology Group, Ltd.*		11,711,728
	497,355	Maxim Integrated Products, Inc.		17,536,737
	6,801,646	Taiwan Semiconductor Manufacturing Company, Ltd.**		14,517,398
				77,675,698
Semiconductor Equipment - 3.4%
	1,151,475	ASM Lithography Holding N.V. (U.S. Shares)^,*^,^#		24,353,696
	244,610	KLA-Tencor Corp.		11,780,418
				36,134,114
Telecommunication Equipment - 1.1%
	987,019	Arris Group, Inc.*^,#		11,696,175
Telecommunication Services - 4.3%
	829,690	Amdocs, Ltd. (U.S. Shares)^,*		30,864,468
	433,665	NeuStar, Inc. - Class A*		15,221,642
				46,086,110

See Notes to Schedules of Investments and Financial Statements.

Janus Growth Funds April 30, 2006 69

Janus Global Technology Fund

Schedule of Investments (unaudited)

As of April 30, 2006

Shares or Principal Amount			Value
Television - 1.2%
	1,340,443	British Sky Broadcasting Group PLC**	$	12,845,158
Web Hosting/Design - 0.6%
	96,580	Equinix, Inc.*		6,364,622
Web Portals/Internet Service Providers - 5.3%
	38,140	Google, Inc. - Class A*		15,940,232
	1,261,728	Yahoo!, Inc.*		41,359,443
				57,299,675
Wireless Equipment - 5.3%
	642,870	Nokia Oyj (ADR)**		14,567,434
	568,190	QUALCOMM, Inc.		29,170,875
	370,890	Telefonaktiebolaget LM Ericsson (ADR)^#		13,155,468
				56,893,777
Total Common Stock (cost $778,455,685)				1,042,278,822
Corporate Bonds - 0%
$	31,700,000	Candescent Technologies Corp., 8.00% convertible senior subordinated debentures due 5/1/03 (144A) (cost $4,368,283) ^{‡,¥,ºº,§}		0
Preferred Stock - 0.5%
Wireless Equipment - 0.5%
	102,750	Crown Castle International Corp. convertible, 6.25% (cost $5,137,500)		5,651,250
Other Securities - 7.1%
	76,982,279	State Street Navigator Securities Lending Prime Portfolio^† (cost $76,982,279)		76,982,279
Time Deposit - 4.6%
$	49,800,000	ING Financial, ETD, 4.86%, 5/1/06 (cost $49,800,000)		49,800,000
Total Investments (total cost $914,743,747) – 109.0%				1,174,712,351
Liabilities, net of Cash, Receivables and Other Assets – (9.0)%				(96,805,525	)
Net Assets – 100%			$	1,077,906,826

Summary of Investments by Country

Country	Value		% of Investments Securities
Bermuda	$	11,711,728		1.0	%
Brazil		16,027,645		1.4	%
Canada		15,717,197		1.3	%
Cayman Islands		32,046,593		2.7	%
China		2,583,357		0.2	%
Finland		14,567,434		1.2	%
France		13,282,788		1.1	%
Germany		13,993,588		1.2	%
India		13,137,372		1.1	%
Israel		10,891,631		0.9	%
Japan		34,405,427		2.9	%
Netherlands		37,048,479		3.2	%
South Korea		26,355,386		2.2	%
Sweden		13,155,468		1.1	%
Switzerland		13,371,978		1.1	%
Taiwan		28,936,885		2.5	%
United Kingdom		83,478,071		7.2	%
United States††		794,001,324		67.7	%
Total	$	1,174,712,351		100.0	%

†† Includes Short-Term Securities and Other Securities (56.8% excluding Short-Term Securities and Other Securities)

Forward Currency Contracts, Open

Currency Sold and Settlement Date	Currency Units Sold		Currency Value in $ U.S.		Unrealized Gain/(Loss)
British Pound 10/19/06		7,735,000	$	14,140,942	$	(294,441	)
Euro 6/28/06		13,500,000		17,095,931		(527,230	)
Japanese Yen 6/28/06		924,000,000		8,187,333		31,845
South Korean Won 10/19/06		6,200,000,000		6,614,886		(34,891	)
Taiwan Dollar 10/19/06		213,000,000		6,824,225		(56,950	)
Total			$	52,863,317	$	(881,667	)

See Notes to Schedules of Investments and Financial Statements.

70 Janus Growth Funds April 30, 2006

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Janus Growth Funds April 30, 2006 71

Statements of Assets and Liabilities

As of April 30, 2006 (unaudited) (all numbers in thousands except net asset value per share)	Janus Fund			Janus Enterprise Fund			Janus Mercury Fund			Janus Olympus Fund			Janus Orion Fund
Assets:
Investments at cost⁽¹⁾	$	9,970,199		$	1,471,744		$	3,982,370		$	2,192,514		$	1,075,813
Investments at value⁽¹⁾	$	12,113,654		$	2,123,957		$	4,399,978		$	2,720,171		$	1,338,109
Cash		16,950			1,198			1,019			1,090			1,354
Cash denominated in foreign currency⁽²⁾		2,190			50			217			587			–
Deposits with broker for short sales		–			–			–			–			–
Receivables:
Investments sold		261,846			–			71,439			29,746			–
Fund shares sold		2,226			930			795			1,106			1,828
Dividends		12,367			744			2,891			1,756			84
Interest		985			33			84			81			56
Other assets		200			10			24			16			5
Forward currency contracts		–			–			–			–			–
Total Assets		12,410,418			2,126,922			4,476,447			2,754,553			1,341,436
Liabilities:
Payables:
Short sales, at value⁽³⁾		–			–			–			–			–
Due to custodian		–			–			–			–			–
Collateral for securities loaned (Note 1)		522,863			229,175			394,235			316,899			250,086
Investments purchased		199,533			12,588			20,541			14,072			6,823
Fund shares repurchased		45,845			1,330			3,045			1,445			476
Dividends and distributions		–			–			–			–			–
Advisory fees		6,140			993			2,145			1,274			550
Transfer agent fees and expenses		2,183			437			974			553			212
Non-interested Trustees' fees and expenses		1			2			4			2			1
Foreign tax liability		666			–			3,620			27			949
Accrued expenses		1,588			300			716			351			112
Forward currency contracts		6,216			–			3,837			1,896			–
Total Liabilities		785,035			244,825			429,117			336,519			259,209
Net Assets	$	11,625,383		$	1,882,097		$	4,047,330		$	2,418,034		$	1,082,227
Net Assets Consist of:
Capital (par value and paid in surplus)*	$	15,163,970		$	5,462,489		$	8,760,686		$	3,418,918		$	1,324,824
Undistributed net investment income/(loss)*		21,559			(1,134	)		3,927			124			2,579
Undistributed net realized gain/(loss) from investments and foreign currency transactions*		(5,696,955	)		(4,231,473	)		(5,127,467	)		(1,526,781	)		(506,526	)
Unrealized appreciation/(depreciation) of investments and foreign currency translations		2,136,809	⁽⁴⁾		652,215			410,184	⁽⁴⁾		525,773	⁽⁴⁾		261,350	⁽⁴⁾
Total Net Assets	$	11,625,383		$	1,882,097		$	4,047,330		$	2,418,034		$	1,082,227
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		430,725			41,709			169,382			70,953			114,120
Net Asset Value Per Share	$	26.99		$	45.12		$	23.89		$	34.08		$	9.48

As of April 30, 2006 (unaudited) (all numbers in thousands except net asset value per share)	Janus Triton Fund			Janus Twenty Fund			Janus Venture Fund			Janus Global Life Sciences Fund			Janus Global Technology Fund
Assets:
Investments at cost⁽¹⁾	$	151,471		$	7,314,654		$	1,375,566		$	1,045,572		$	914,744
Investments at value⁽¹⁾	$	165,422		$	9,994,230		$	1,842,487		$	1,282,052		$	1,174,712
Cash		156			1,375			–			–			1,581
Cash denominated in foreign currency⁽²⁾		298			–			53			–			151
Deposits with broker for short sales		–			–			–			8,354			–
Receivables:
Investments sold		3,320			230,835			32,621			14,400			464
Fund shares sold		1,003			2,670			184			168			196
Dividends		50			4,845			101			175			583
Interest		8			3,906			95			39			66
Other assets		–			96			27			14			15
Forward currency contracts		–			–			–			–			32
Total Assets		170,257			10,237,957			1,875,568			1,305,202			1,177,800
Liabilities:
Payables:
Short sales, at value⁽³⁾		–			–			–			8,597	⁽³⁾		–
Due to custodian		–			–			10,938			1,390			–
Collateral for securities loaned (Note 1)		–			355,132			364,896			174,003			76,982
Investments purchased		4,436			113,023			22,452			5,244			20,005
Fund shares repurchased		196			6,338			455			1,438			857
Dividends and distributions		–			–			–			–			–
Advisory fees		81			5,040			771			601			570
Transfer agent fees and expenses		29			1,650			235			270			271
Non-interested Trustees' fees and expenses		–			3			3			3			3
Foreign tax liability		98			–			487			99			59
Accrued expenses		46			1,307			236			247			232
Forward currency contracts		–			–			–			841			914
Total Liabilities		4,886			482,493			400,473			192,733			99,893
Net Assets	$	165,371		$	9,755,464		$	1,475,095		$	1,112,469		$	1,077,907
Net Assets Consist of:
Capital (par value and paid in surplus)*	$	145,102		$	9,273,238		$	961,148		$	1,702,561		$	3,392,671
Undistributed net investment income/(loss)*		101			20,420			(3,289	)		(2,505	)		(2,679	)
Undistributed net realized gain/(loss) from investments and foreign currency transactions*		6,313			(2,218,536	)		50,782			(822,886	)		(2,571,128	)
Unrealized appreciation/(depreciation) of investments and foreign currency translations		13,855	⁽⁴⁾		2,680,342			466,454	⁽⁴⁾		235,299	⁽⁴⁾		259,043	⁽⁴⁾
Total Net Assets	$	165,371		$	9,755,464		$	1,475,095		$	1,112,469		$	1,077,907
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,049			190,971			22,346			55,003			83,312
Net Asset Value Per Share	$	13.73		$	51.08		$	66.01		$	20.23		$	12.94

* See Note 4 in Notes to Financial Statements

(1) Investments at cost and value include $505,930,469, $223,640,930, $381,881,851, $307,516,553, $243,484,769, $347,802,617, $355,947,289, $168,908,989 and $74,889,311 of securities loaned for Janus Fund, Janus Enterprise Fund, Janus Mercury Fund, Janus Olympus Fund, Janus Orion Fund, Janus Twenty Fund, Janus Venture Fund, Janus Global Life Sciences Fund and Janus Global Technology Fund, respectively (Note 1).

(2) Includes cost of $2,144,138, $49,480, $212,366, $574,272, $296,403, $53,492 and $150,818 for Janus Fund, Janus Enterprise Fund, Janus Mercury Fund, Janus Olympus Fund, Janus Triton Fund, Janus Venture Fund and Janus Global Technology Fund, respectively.

(3) Includes proceeds of $8,353,528 on short sales for Janus Global Life Sciences Fund.

(4) Net of foreign taxes on investments of $665,761, $3,619,824, $26,574, $948,727, $97,695, $486,618, $99,084 and $59,234 for Janus Fund, Janus Mercury Fund, Janus Olympus Fund, Janus Orion Fund, Janus Triton Fund, Janus Venture Fund, Janus Global Life Sciences Fund and Janus Global Technology Fund, respectively.

See Notes to Financial Statements.

72 Janus Growth Funds April 30, 2006

Janus Growth Funds April 30, 2006 73

Statements of Operations

For the six-month period ended April 30, 2006 (unaudited) (all numbers in thousands)	Janus Fund			Janus Enterprise Fund			Janus Mercury Fund			Janus Olympus Fund			Janus Orion Fund
Investment Income:
Interest	$	4,318		$	709		$	1,485		$	830		$	1,067
Securities lending income		744			141			226			174			152
Dividends		65,810			6,766			22,910			10,888			8,862
Dividends from affiliates		3,834			86			489			26			80
Foreign tax withheld		(1,758	)		(20	)		(600	)		(401	)		(207	)
Total Investment Income		72,948			7,682			24,510			11,517			9,954
Expenses:
Advisory fees		36,533			5,845			13,926			7,578			2,851
Transfer agent fees and expenses		12,447			2,388			5,484			3,131			1,138
Registration fees		140			21			34			10			19
Postage and mailing expenses		298			126			238			182			50
Custodian fees		125			13			63			50			52
Professional fees		32			17			20			16			17
Non-interested Trustees' fees and expenses		149			29			67			40			15
Printing expenses		353			147			260			241			51
Other expenses		1,765			322			766			339			160
Non-recurring costs (Note 2)		–			–			–			–			–
Costs assumed by Janus Capital Management LLC (Note 2)		–			–			–			–			–
Total Expenses		51,842			8,908			20,858			11,587			4,353
Expense and Fee Offset		(420	)		(92	)		(275	)		(127	)		(50	)
Net Expenses		51,422			8,816			20,583			11,460			4,303
Net Investment Income/(Loss)		21,526			(1,134	)		3,927			57			5,651
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain/(loss) from securities transactions		1,020,240			133,446			1,050,667			162,790			42,057
Net realized gain/(loss) from foreign currency transactions		4,290			(1	)		(1,745	)		(424	)		(75	)⁽¹⁾
Net realized gain/(loss) from short sales		–			–			–			–			–
Net realized gain/(loss) from option contracts		–			–			–			–			–
Change in net unrealized appreciation or depreciation of investments and foreign currency translations		102,385	⁽²⁾		108,675			(683,433	)⁽²⁾		63,601	⁽²⁾		129,409	⁽²⁾
Payment from affiliate (Note 2)		47			–			–			1			–
Net Gain/(Loss) on Investments		1,126,962			242,120			365,489			225,968			171,391
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	1,148,488		$	240,986		$	369,416		$	226,025		$	177,042

For the six-month period ended April 30, 2006 (unaudited) (all numbers in thousands)	Janus Triton Fund			Janus Twenty Fund			Janus Venture Fund			Janus Global Life Sciences Fund			Janus Global Technology Fund
Investment Income:
Interest	$	324		$	9,989		$	12		$	146		$	580
Securities lending income		–			105			485			166			136
Dividends		392			41,107			2,300			3,021			2,337
Dividends from affiliates		–			12,852			96			–			–
Foreign tax withheld		(6	)		(1,223	)		(21	)		(149	)		(170	)
Total Investment Income		710			62,830			2,872			3,184			2,883
Expenses:
Advisory fees		290			30,877			4,415			3,732			3,406
Transfer agent fees and expenses		110			9,615			1,322			1,544			1,626
Registration fees		23			25			11			14			18
Postage and mailing expenses		3			280			62			56			131
Custodian fees		16			102			103			35			71
Professional fees		18			21			18			18			28
Non-interested Trustees' fees and expenses		3			132			29			26			23
Printing expenses		8			354			84			96			131
Other expenses		19			1,443			238			230			233
Non-recurring costs (Note 2)		–			–			–			–			–
Costs assumed by Janus Capital Management LLC (Note 2)		–			–			–			–			–
Total Expenses		490			42,849			6,282			5,751			5,667
Expense and Fee Offset		(6	)		(292	)		(46	)		(62	)		(99	)
Net Expenses		484			42,557			6,236			5,689			5,568
Net Investment Income/(Loss)		226			20,273			(3,364	)		(2,505	)		(2,685	)
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain/(loss) from securities transactions		6,534			1,073,122			114,121			101,400			209,720
Net realized gain/(loss) from foreign currency transactions		(50	)⁽¹⁾		(108	)		57			1,420	⁽¹⁾		(78	)⁽¹⁾
Net realized gain/(loss) from short sales		–			–			–			15			–
Net realized gain/(loss) from option contracts		–			–			–			37			–
Change in net unrealized appreciation or depreciation of investments and foreign currency translations		11,694	⁽²⁾		(388,964	)		165,631	⁽²⁾		(48,739	)⁽²⁾		(24,328	)⁽²⁾
Payment from affiliate (Note 2)		–			17			–			–			4
Net Gain/(Loss) on Investments		18,178			684,067			279,809			54,133			185,318
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	18,404		$	704,340		$	276,445		$	51,628		$	182,633

(1) Net of foreign taxes on investments of $8,190, $13,096, $883 and $3,591 for Janus Orion Fund, Janus Triton Fund, Janus Global Life Sciences Fund and Janus Global Technology Fund, respectively.

(2) Net of foreign taxes on investments of $665,761, $3,619,824, $26,574, $948,727, $97,695, $486,618, $99,084 and $59,234 for Janus Fund, Janus Mercury Fund, Janus Olympus Fund, Janus Orion Fund, Janus Triton Fund, Janus Venture Fund, Janus Global Life Sciences Fund and Janus Global Technology Fund, respectively.

See Notes to Financial Statements.

74 Janus Growth Funds April 30, 2006

Janus Growth Funds April 30, 2006 75

Statements of Changes in Net Assets

For the six-month period ended April 30, 2006 (unaudited) and the fiscal year ended October 31, 2005 (all numbers in thousands)	Janus Fund						Janus Enterprise Fund						Janus Mercury Fund
	2006			2005			2006			2005			2006			2005
Operations:
Net investment income/(loss)	$	21,526		$	8,063		$	(1,134	)	$	(5,103	)	$	3,927		$	18,801
Net realized gain/(loss) from investment transactions		1,024,530			2,416,218			133,445			178,530			1,048,922			411,889
Change in unrealized net appreciation/(depreciation) of investments and foreign currency translations		102,385			(1,439,602	)		108,675			97,620			(683,433	)		146,894
Payment from affiliate (Note 2)		47			1			–			–			–			–
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,148,488			984,680			240,986			271,047			369,416			577,584
Dividends and Distributions to Shareholders:
Net investment income*		(7,997	)		–			–			–			(12,423	)		(6,427	)
Net realized gain/(loss) from investment transactions*		–			–			–			–			–			–
Net Decrease from Dividends and Distributions		(7,997	)		–			–			–			(12,423	)		(6,427	)
Capital Share Transactions:
Shares sold		835,253			378,642			149,492			228,604			192,578			703,654
Reinvested dividends and distributions		7,772			–			–			–			11,886			6,103
Shares repurchased		(1,501,054	)		(3,497,874	)		(211,923	)		(476,067	)		(987,558	)		(1,278,997	)
Net Increase/(Decrease) from Capital Share Transactions		(658,029	)		(3,119,232	)		(62,431	)		(247,463	)		(783,094	)		(569,240	)
Net Increase/(Decrease) in Net Assets		482,462			(2,134,552	)		178,555			23,584			(426,101	)		1,917
Net Assets:
Beginning of period		11,142,921			13,277,473			1,703,542			1,679,958			4,473,431			4,471,514
End of period	$	11,625,383		$	11,142,921		$	1,882,097		$	1,703,542		$	4,047,330		$	4,473,431
Undistributed net investment income/(loss)*	$	21,559		$	8,030		$	(1,134	)	$	–		$	3,927		$	12,423

For the six-month period ended April 30, 2006 (unaudited) and the fiscal year ended October 31, 2005 (all numbers in thousands)	Janus Olympus Fund						Janus Orion Fund
	2006			2005			2006			2005
Operations:
Net investment income/(loss)	$	57		$	762		$	5,651		$	3,091
Net realized gain/(loss) from investment transactions		162,366			302,052			41,982			67,290
Change in unrealized net appreciation/(depreciation) of investments and foreign currency translations		63,601			72,243			129,409			56,341
Payment from affiliate (Note 2)		1			1			–			–
Net Increase/(Decrease) in Net Assets Resulting from Operations		226,025			375,058			177,042			126,722
Dividends and Distributions to Shareholders:
Net investment income*		(637	)		–			(6,052	)		–
Net realized gain/(loss) from investment transactions*		–			–			–			–
Net Decrease from Dividends and Distributions		(637	)		–			(6,052	)		–
Capital Share Transactions:
Shares sold		135,323			94,217			308,061			167,198
Reinvested dividends and distributions		624			–			5,942			–
Shares repurchased		(200,189	)		(572,853	)		(94,167	)		(132,323	)
Net Increase/(Decrease) from Capital Share Transactions		(64,242	)		(478,636	)		219,836			34,875
Net Increase/(Decrease) in Net Assets		161,146			(103,578	)		390,826			161,597
Net Assets:
Beginning of period		2,256,888			2,360,466			691,401			529,804
End of period	$	2,418,034		$	2,256,888		$	1,082,227		$	691,401
Undistributed net investment income/(loss)*	$	124		$	705		$	2,579		$	2,980

* See Note 4 in Notes to Financial Statements.

See Notes to Financial Statements.

76 Janus Growth Funds April 30, 2006

Janus Growth Funds April 30, 2006 77

Statements of Changes in Net Assets (continued)

For the six-month period ended April 30, 2006 (unaudited) and for the fiscal year or period ended October 31, 2005 (all numbers in thousands)	Janus Triton Fund						Janus Twenty Fund						Janus Venture Fund
	2006			2005⁽¹⁾			2006			2005			2006			2005
Operations:
Net investment income/(loss)	$	226		$	(43	)	$	20,273		$	20,063		$	(3,364	)	$	(8,736	)
Net realized gain/(loss) from investment transactions		6,484			(40	)		1,073,014			1,469,039			114,178			117,762
Net realized gain/(loss) from short sales		–			–			–			–			–			–
Net realized gain/(loss) from option contracts		–			–			–			–			–			–
Change in unrealized net appreciation/(depreciation) of investments and foreign currency translations		11,694			2,161			(388,964	)		254,049			165,631			25,372
Payment from affiliate (Note 2)		–			–			17			7			–			–
Net Increase/(Decrease) in Net Assets Resulting from Operations		18,404			2,078			704,340			1,743,158			276,445			134,398
Dividends and Distributions to Shareholders:
Net investment income*		(125	)		–			(20,136	)		(2,651	)		–			–
Net realized gain/(loss) from investment transactions*		(88	)		–			–			–			(65,399	)		–
Net Decrease from Dividends and Distributions		(213	)		–			(20,136	)		(2,651	)		(65,399	)		–
Capital Share Transactions:
Shares sold		123,872			45,861			232,842			542,721			17,012			36,715
Redemption fees		N/A			N/A			N/A			N/A			N/A			N/A
Reinvested dividends and distributions		209			–			19,712			2,597			62,815			–
Shares repurchased		(14,596	)		(10,244	)		(793,797	)		(1,696,801	)		(108,928	)		(205,051	)
Net Increase/(Decrease) from Capital Share Transactions		109,485			35,617			(541,243	)		(1,151,483	)		(29,101	)		(168,336	)
Net Increase/(Decrease) in Net Assets		127,676			37,695			142,961			589,024			181,945			(33,938	)
Net Assets:
Beginning of period		37,695			–			9,612,503			9,023,479			1,293,150			1,327,088
End of Period	$	165,371		$	37,695		$	9,755,464		$	9,612,503		$	1,475,095		$	1,293,150
Undistributed net investment income/(loss)*	$	101		$	–		$	20,420		$	20,284		$	(3,289	)	$	75

For the six-month period ended April 30, 2006 (unaudited) and for the fiscal year or period ended October 31, 2005 (all numbers in thousands)	Janus Global Life Sciences Fund						Janus Global Technology Fund
	2006			2005			2006			2005
Operations:
Net investment income/(loss)	$	(2,505	)	$	(5,782	)	$	(2,685	)	$	758
Net realized gain/(loss) from investment transactions		102,820			175,006			209,642			99,671
Net realized gain/(loss) from short sales		15			–			–			–
Net realized gain/(loss) from option contracts		37			–			–			–
Change in unrealized net appreciation/(depreciation) of investments and foreign currency translations		(48,739	)		51,675			(24,328	)		33,644
Payment from affiliate (Note 2)		–			–			4			–
Net Increase/(Decrease) in Net Assets Resulting from Operations		51,628			220,899			182,633			134,073
Dividends and Distributions to Shareholders:
Net investment income*		–			–			(719	)		–
Net realized gain/(loss) from investment transactions*		–			–			–			–
Net Decrease from Dividends and Distributions		–			–			(719	)		–
Capital Share Transactions:
Shares sold		42,048			51,664			40,983			46,171
Redemption fees		35			35			54			80
Reinvested dividends and distributions		–			–			703			–
Shares repurchased		(130,908	)		(306,428	)		(139,410	)		(441,684	)
Net Increase/(Decrease) from Capital Share Transactions		(88,825	)		(254,729	)		(97,670	)		(395,433	)
Net Increase/(Decrease) in Net Assets		(37,197	)		(33,830	)		84,244			(261,360	)
Net Assets:
Beginning of period		1,149,666			1,183,496			993,663			1,255,023
End of Period	$	1,112,469		$	1,149,666		$	1,077,907		$	993,663
Undistributed net investment income/(loss)*	$	(2,505	)	$	–		$	(2,679	)	$	725

* See Note 4 in Notes to Financial Statements.

(1) Period from February 25, 2005 (inception date) through October 31, 2005.

See Notes to Financial Statements.

78 Janus Growth Funds April 30, 2006

Janus Growth Funds April 30, 2006 79

Financial Highlights

	Janus Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	24.44		$	22.69		$	22.52		$	18.39		$	22.11		$	44.00
Income from Investment Operations:
Net investment income/(loss)		.05			.02			–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾
Net gains/(losses) on securities (both realized and unrealized)		2.52			1.73			.17			4.13			(3.72	)		(17.50	)
Total from Investment Operations		2.57			1.75			.17			4.13			(3.72	)		(17.50	)
Less Distributions and Other:
Dividends (from net investment income)*		(.02	)		–			–			–			–			–
Distributions (from capital gains)*		–			–			–			–			–			(4.39	)
Payment from affiliate		–	⁽²⁾		–	⁽²⁾		–	⁽²⁾		–			–			–
Total Distributions and Other		(.02	)		–			–			–			–			(4.39	)
Net Asset Value, End of Period	$	26.99		$	24.44		$	22.69		$	22.52		$	18.39		$	22.11
Total Return**		10.51	%⁽³⁾		7.71	%⁽³⁾		0.75	%⁽³⁾		22.46	%		(16.82	)%		(43.42	)%
Net Assets, End of Period (in thousands)	$	11,625,383		$	11,142,921		$	13,277,473		$	17,426,458		$	16,320,421		$	23,513,436
Average Net Assets for the Period (in thousands)	$	11,539,726		$	12,310,464		$	15,433,191		$	16,206,681		$	21,651,285		$	34,254,548
Ratio of Gross Expenses to Average Net Assets***⁽⁴⁾⁽⁵⁾		0.91	%		0.88	%		0.90	%		0.89	%		0.85	%		0.84	%
Ratio of Net Expenses to Average Net Assets***⁽⁴⁾		0.90	%		0.87	%		0.90	%		0.89	%		0.84	%		0.83	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.38	%		0.07	%		(0.17	)%		(0.17	)%		(0.24	)%		(0.16	)%
Portfolio Turnover Rate***		110	%		78	%		21	%		22	%		27	%		51	%
	Janus Enterprise Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	39.48		$	33.73		$	30.02		$	22.93		$	29.67		$	68.41
Income from Investment Operations:
Net investment income/(loss)		(.03	)		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾
Net gains/(losses) on securities (both realized and unrealized)		5.67			5.75			3.71			7.09			(6.74	)		(38.74	)
Total from Investment Operations		5.64			5.75			3.71			7.09			(6.74	)		(38.74	)
Less Distributions:
Dividends (from net investment income)*		–			–			–			–			–			–
Distributions (from capital gains)*		–			–			–			–			–			–
Total Distributions		–			–			–			–			–			–
Net Asset Value, End of Period	$	45.12		$	39.48		$	33.73		$	30.02		$	22.93		$	29.67
Total Return**		14.29	%		17.05	%		12.36	%		30.92	%		(22.72	)%		(56.63	)%
Net Assets, End of Period (in thousands)	$	1,882,097		$	1,703,542		$	1,679,958		$	1,916,706		$	1,854,192		$	3,071,818
Average Net Assets for the Period (in thousands)	$	1,842,337		$	1,728,579		$	1,795,534		$	1,741,680		$	2,518,273		$	4,858,360
Ratio of Gross Expenses to Average Net Assets***⁽⁴⁾⁽⁵⁾		0.98	%		0.96	%		1.04	%		1.02	%		0.93	%		0.92	%
Ratio of Net Expenses to Average Net Assets***⁽⁴⁾		0.97	%		0.95	%		1.03	%		1.02	%		0.90	%		0.90	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.12	)%		(0.30	)%		(0.46	)%		(0.46	)%		(0.43	)%		(0.55	)%
Portfolio Turnover Rate***		44	%		28	%		27	%		32	%		64	%		85	%

* 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.

(1) Net investment income/(loss) aggregated less than $.01 on a per share basis for the fiscal year ended.

(2) Payment from affiliate aggregated less than $.01 on a per share basis for the fiscal year or period ended.

(3) During the fiscal year or period ended, Janus Capital and/or Janus Services LLC ("Janus Services") fully reimbursed the Fund for a loss on a transaction resulting from certain trading, pricing and/or shareholder activity errors, which otherwise would have reduced total return by less than 0.01%.

(4) See "Explanations of Charts, Tables and Financial Statements."

(5) The effect of non-recurring costs assumed by Janus Capital (Note 2) is included in the ratio of gross expenses to average net assets and was less than 0.01%.

See Notes to Financial Statements.

80 Janus Growth Funds April 30, 2006

	Janus Mercury Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	22.05		$	19.48		$	18.14		$	14.92		$	19.14		$	40.59
Income from Investment Operations:
Net investment income/(loss)		.02			.09			–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		.04
Net gains/(losses) on securities (both realized and unrealized)		1.88			2.51			1.34			3.22			(4.18	)		(17.05	)
Total from Investment Operations		1.90			2.60			1.34			3.22			(4.18	)		(17.01	)
Less Distributions:
Dividends (from net investment income)*		(.06	)		(.03	)		–			–			(.04	)		(.03	)
Distributions (from capital gains)*		–			–			–			–			–			(4.41	)
Total Distributions		(.06	)		(.03	)		–			–			(.04	)		(4.44	)
Net Asset Value, End of Period	$	23.89		$	22.05		$	19.48		$	18.14		$	14.92		$	19.14
Total Return**		8.63	%		13.35	%		7.39	%		21.58	%		(21.88	)%		(46.21	)%
Net Assets, End of Period (in thousands)	$	4,047,330		$	4,473,431		$	4,471,514		$	5,282,164		$	5,034,041		$	7,910,482
Average Net Assets for the Period (in thousands)	$	4,391,354		$	4,447,616		$	5,007,156		$	5,088,567		$	6,783,864		$	11,243,108
Ratio of Gross Expenses to Average Net Assets***⁽²⁾⁽³⁾		0.96	%		0.93	%		0.97	%		0.96	%		0.94	%		0.89	%
Ratio of Net Expenses to Average Net Assets***⁽²⁾		0.95	%		0.92	%		0.97	%		0.95	%		0.92	%		0.88	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.18	%		0.42	%		(0.26	)%		(0.31	)%		(0.07	)%		0.16	%
Portfolio Turnover Rate***		186	%		38	%		43	%		54	%		97	%		83	%
	Janus Olympus Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	30.96		$	26.30		$	25.22		$	20.60		$	24.59		$	50.50
Income from Investment Operations:
Net investment income/(loss)		–			.01			–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		.13
Net gains/(losses) on securities (both realized and unrealized)		3.13			4.65			1.08			4.62			(3.88	)		(25.42	)
Total from Investment Operations		3.13			4.66			1.08			4.62			(3.88	)		(25.29	)
Less Distributions and Other:
Dividends (from net investment income)*		(.01	)		–			–			–			(.11	)		(.23	)
Distributions (from capital gains)*		–			–			–			–			–			(.39	)
Payment from affiliate		–	⁽⁴⁾		–	⁽⁴⁾		–	⁽⁴⁾		–			–			–
Total Distributions and Other		(.01	)		–			–			–			(.11	)		(.62	)
Net Asset Value, End of Period	$	34.08		$	30.96		$	26.30		$	25.22		$	20.60		$	24.59
Total Return**		10.11	%⁽⁵⁾		17.72	%⁽⁵⁾		4.28	%⁽⁵⁾		22.38	%		(15.89	)%		(50.61	)%
Net Assets, End of Period (in thousands)	$	2,418,034		$	2,256,888		$	2,360,466		$	2,772,209		$	2,136,167		$	3,074,317
Average Net Assets for the Period (in thousands)	$	2,388,082		$	2,282,832		$	2,575,897		$	2,378,814		$	2,882,934		$	4,767,090
Ratio of Gross Expenses to Average Net Assets***⁽²⁾⁽³⁾		0.98	%		0.97	%		1.03	%		0.99	%		0.94	%		0.91	%
Ratio of Net Expenses to Average Net Assets***⁽²⁾		0.97	%		0.96	%		1.03	%		0.98	%		0.91	%		0.89	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.00	%		0.03	%		(0.36	)%		(0.14	)%		(0.13	)%		0.34	%
Portfolio Turnover Rate***		98	%		119	%		76	%		84	%		90	%		118	%

*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.

(1) Net investment income/(loss) aggregated less than $.01 on a per share basis for the fiscal year ended.

(2) See "Explanations of Charts, Tables and Financial Statements."

(3) The effect of non-recurring costs assumed by Janus Capital (Note 2) is included in the ratio of gross expenses to average net assets and was less than 0.01%.

(4) Payment from affiliate aggregated less than $.01 on a per share basis for the fiscal year or period ended.

(5) During the fiscal year or period ended, Janus Capital and/or Janus Services fully reimbursed the Fund for a loss on a transaction resulting from certain trading, pricing and/or shareholder activity errors, which otherwise would have reduced total return by less than 0.01%.

See Notes to Financial Statements.

Janus Growth Funds April 30, 2006 81

Financial Highlights (continued)

	Janus Orion Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	7.80		$	6.25		$	5.64		$	4.33		$	5.21		$	8.81
Income from Investment Operations:
Net investment income/(loss)		.05			.03			–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾
Net gains/(losses) on securities (both realized and unrealized)		1.69			1.52			.61			1.31			(.88	)		(3.58	)
Total from Investment Operations		1.74			1.55			.61			1.31			(.88	)		(3.58	)
Less Distributions and Other:
Dividends (from net investment income)*		(.06	)		–			–			–			–			(.02	)
Distributions (from capital gains)*		–			–			–			–			–			–
Payment from affiliate		–			–			–	⁽²⁾		–			–			–
Total Distributions and Other		(.06	)		–			–			–			–			(.02	)
Net Asset Value, End of Period	$	9.48		$	7.80		$	6.25		$	5.64		$	4.33		$	5.21
Total Return**		22.45	%		24.80	%		10.82	%⁽³⁾		29.95	%		(16.70	)%		(40.69	)%
Net Assets, End of Period (in thousands)	$	1,082,227		$	691,401		$	529,804		$	513,708		$	421,458		$	602,303
Average Net Assets for the Period (in thousands)	$	899,038		$	590,421		$	540,305		$	431,124		$	562,457		$	762,142
Ratio of Gross Expenses to Average Net Assets***⁽⁴⁾⁽⁵⁾		0.98	%		1.02	%		1.09	%		1.10	%		1.09	%		1.06	%
Ratio of Net Expenses to Average Net Assets***⁽⁴⁾		0.97	%		1.01	%		1.08	%		1.08	%		1.04	%		1.03	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.27	%		0.52	%		(0.05	)%		(0.43	)%		(0.30	)%		(0.06	)%
Portfolio Turnover Rate***		54	%		68	%		69	%		72	%		161	%		206	%

	Janus Triton Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through the period ended October 31	2006			2005⁽⁶⁾
Net Asset Value, Beginning of Period	$	10.86		$	10.00
Income from Investment Operations:
Net investment income/(loss)		.04			–
Net gains/(losses) on securities (both realized and unrealized)		2.88			.86
Total from Investment Operations		2.92			.86
Less Distributions:
Dividends from net investment income*		(.03	)		–
Distributions from net realized gains*		(.02	)		–
Total Distributions		(.05	)		–
Net Asset Value, End of Period	$	13.73		$	10.86
Total Return**		26.98	%		8.60	%
Net Assets, End of Period	$	165,371		$	37,695
Average Net Assets for the Period	$	91,310		$	25,904
Ratio of Gross Expenses to Average Net Assets***⁽⁴⁾⁽⁵⁾		1.08	%		1.27	%⁽⁷⁾
Ratio of Net Expenses to Average Net Assets***⁽⁴⁾		1.07	%		1.25	%
Ratio of Net Invest Income to Average Net Assets***		0.50	%		(0.24	)%
Portfolio Turnover Rate***		215	%		48	%

*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.

(1) Net investment income/(loss) aggregated less than $.01 on a per share basis for the fiscal year ended.

(2) Payment from affiliate aggregated less than $.01 on a per share basis for the fiscal year ended.

(3) During the fiscal year ended, Janus Capital and/or Janus Services fully reimbursed the Fund for a loss on a transaction resulting from certain trading, pricing and/or shareholder activity errors, which otherwise would have reduced total return by less than 0.01%.

(4) See "Explanations of Charts, Tables and Financial Statements."

(5) The effect of non-recurring costs assumed by Janus Capital (Note 2) is included in the ratio of gross expenses to average net assets and was less than 0.01%.

(6) Period from February 25, 2005 (inception date) through October 31, 2005.

(7) The ratio was 1.85% in 2005 before waiver of certain fees incurred by the Fund.

See Notes to Financial Statements.

82 Janus Growth Funds April 30, 2006

	Janus Twenty Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	47.63		$	39.60		$	34.06		$	30.47		$	36.31		$	71.07
Income from Investment Operations:
Net investment income/(loss)		.11			.10			.03			.17			.21			.32
Net gains/(losses) on securities (both realized and unrealized)		3.44			7.94			5.68			3.63			(5.71	)		(33.33	)
Total from Investment Operations		3.55			8.04			5.71			3.80			(5.50	)		(33.01	)
Less Distributions and Other:
Dividends (from net investment income)*		(.10	)		(.01	)		(.17	)		(.21	)		(.34	)		–
Distributions (from capital gains)*		–			–			–			–			–			(1.75	)
Payment from affiliate		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–			–			–
Total Distributions and Other		(.10	)		(.01	)		(.17	)		(.21	)		(.34	)		(1.75	)
Net Asset Value, End of Period	$	51.08		$	47.63		$	39.60		$	34.06		$	30.47		$	36.31
Total Return**		7.46	%⁽²⁾		20.31	%⁽²⁾		16.85	%⁽²⁾		12.60	%		(15.35	)%		(47.43	)%
Net Assets, End of Period (in thousands)	$	9,755,464		$	9,612,503		$	9,023,479		$	9,821,492		$	10,107,243		$	14,378,453
Average Net Assets for the Period (in thousands)	$	9,820,060		$	9,458,921		$	9,319,532		$	9,749,457		$	12,572,984		$	20,320,750
Ratio of Gross Expenses to Average Net Assets***⁽³⁾⁽⁴⁾		0.88	%		0.86	%		0.89	%		0.88	%		0.84	%		0.84	%
Ratio of Net Expenses to Average Net Assets***⁽³⁾		0.87	%		0.86	%		0.89	%		0.88	%		0.83	%		0.84	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.42	%		0.21	%		0.06	%		0.52	%		0.56	%		0.63	%
Portfolio Turnover Rate***		31	%		44	%		14	%		44	%		53	%		50	%
	Janus Venture Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	56.82		$	51.57		$	47.77		$	31.59		$	36.99		$	82.39
Income from Investment Operations:
Net investment income/(loss)		(.15	)		–	⁽⁵⁾		–	⁽⁵⁾		–	⁽⁵⁾		–	⁽⁵⁾		–	⁽⁵⁾
Net gains/(losses) on securities (both realized and unrealized)		12.27			5.25			3.80			16.18			(5.40	)		(29.02	)
Total from Investment Operations		12.12			5.25			3.80			16.18			(5.40	)		(29.02	)
Less Distributions:
Dividends (from net investment income)*		–			–			–			–			–			–
Distributions (from capital gains)*		(2.93	)		–			–			–			–			(16.38	)
Total Distributions		(2.93	)		–			–			–			–			(16.38	)
Net Asset Value, End of Period	$	66.01		$	56.82		$	51.57		$	47.77		$	31.59		$	36.99
Total Return**		22.17	%		10.18	%		7.95	%		51.22	%		(14.60	)%		(40.67	)%
Net Assets, End of Period (in thousands)	$	1,475,095		$	1,293,150		$	1,327,088		$	1,392,358		$	756,323		$	1,009,278
Average Net Assets for the Period (in thousands)	$	1,391,021		$	1,367,775		$	1,355,755		$	988,156		$	992,760		$	1,312,759
Ratio of Gross Expenses to Average Net Assets***⁽³⁾⁽⁴⁾		0.91	%		0.87	%		0.90	%		0.94	%		0.88	%		0.87	%
Ratio of Net Expenses to Average Net Assets***⁽³⁾		0.90	%		0.87	%		0.90	%		0.93	%		0.87	%		0.86	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.49	)%		(0.64	)%		(0.74	)%		(0.67	)%		(0.73	)%		(0.36	)%
Portfolio Turnover Rate***		56	%		63	%		61	%		75	%		90	%		70	%

*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.

(1) Payment from affiliate aggregated less than $.01 on a per share basis for the fiscal year or period ended.

(2) During the fiscal year or period ended, Janus Capital and/or Janus Services fully reimbursed the Fund for a loss on a transaction resulting from certain trading, pricing and/or shareholder activity errors, which otherwise would have reduced total return by less than 0.01%.

(3) See "Explanations of Charts, Tables and Financial Statements."

(4) The effect of non-recurring costs assumed by Janus Capital (Note 2) is included in the ratio of gross expenses to average net assets and was less than 0.01%.

(5) Net investment income/(loss) aggregated less than $.01 on a per share basis for the fiscal year ended.

See Notes to Financial Statements.

Janus Growth Funds April 30, 2006 83

Financial Highlights (continued)

	Janus Global Life Sciences Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	19.37		$	16.08		$	14.61		$	12.82		$	16.96		$	22.41
Income from Investment Operations:
Net investment income/(loss)		(.05	)		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾		–	⁽¹⁾
Net gains/(losses) on securities (both realized and unrealized)		.91			3.29			1.47			1.79			(4.14	)		(5.43	)
Total from Investment Operations		.86			3.29			1.47			1.79			(4.14	)		(5.43	)
Less Distributions and Other:
Dividends (from net investment income)*		–			–			–			–			–			(.02	)
Distributions (from capital gains)*		–			–			–			–			–			–
Redemption fees		–	⁽²⁾		–	⁽²⁾		–	⁽²⁾		–	⁽²⁾		N/A			N/A
Payment from affiliate		–			–			–	⁽³⁾		–			–			–
Total Distributions and Other		–			–			–			–			–			(.02	)
Net Asset Value, End of Period	$	20.23		$	19.37		$	16.08		$	14.61		$	12.82		$	16.96
Total Return**		4.44	%		20.46	%		10.06	%⁽⁴⁾		13.87	%		(24.35	)%		(24.26	)%
Net Assets, End of Period (in thousands)	$	1,112,469		$	1,149,666		$	1,183,496		$	1,264,220		$	1,389,723		$	2,415,086
Average Net Assets for the Period (in thousands)	$	1,175,835		$	1,181,741		$	1,288,416		$	1,296,095		$	1,927,734		$	2,957,777
Ratio of Gross Expenses to Average Net Assets***⁽⁵⁾⁽⁶⁾		0.99	%		0.97	%		1.02	%		0.99	%		0.89	%		0.93	%
Ratio of Net Expenses to Average Net Assets***⁽⁵⁾		0.98	%		0.96	%		1.01	%		0.98	%		0.88	%		0.91	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.43	)%		(0.49	)%		(0.52	)%		(0.28	)%		(0.42	)%		(0.32	)%
Portfolio Turnover Rate***		84	%		77	%		78	%		135	%		73	%		84	%
	Janus Global Technology Fund
For a share outstanding during the six-month period ended April 30, 2006 (unaudited) and through each fiscal year ended October 31	2006			2005			2004			2003			2002			2001
Net Asset Value, Beginning of Period	$	10.88		$	9.70		$	10.44		$	7.41		$	10.83		$	27.44
Income from Investment Operations:
Net investment income/(loss)		(.03	)		.01			.02			–	⁽¹⁾		(.01	)		.36
Net gains/(losses) on securities (both realized and unrealized)		2.10			1.17			(.76	)		3.03			(3.41	)		(16.64	)
Total from Investment Operations		2.07			1.18			(.74	)		3.03			(3.42	)		(16.28	)
Less Distributions and Other:
Dividends (from net investment income)*		(.01	)		–			–			–			–			(.16	)
Distributions (from capital gains)*		–			–			–			–			–			–
Tax return of capital*		–			–			–			–			–			(.17	)
Redemption fees		–	⁽²⁾		–	⁽²⁾		–	⁽²⁾		–	⁽²⁾		N/A			N/A
Payment from affiliate		–	⁽³⁾		–			–	⁽³⁾		–			–			–
Total Distributions and Other		(.01	)		–			–			–			–			(.33	)
Net Asset Value, End of Period	$	12.94		$	10.88		$	9.70		$	10.44		$	7.41		$	10.83
Total Return**		19.01	%⁽⁷⁾		12.16	%		(7.09	)%⁽⁴⁾		41.08	%		(31.67	)%		(59.95	)%
Net Assets, End of Period (in thousands)	$	1,077,907		$	993,663		$	1,255,023		$	1,655,731		$	1,249,514		$	2,275,691
Average Net Assets for the Period (in thousands)	$	1,073,047		$	1,109,908		$	1,480,508		$	1,332,510		$	1,906,518		$	4,009,850
Ratio of Gross Expenses to Average Net Assets***⁽⁵⁾⁽⁶⁾		1.07	%		1.04	%		1.07	%		1.07	%		0.96	%		0.92	%
Ratio of Net Expenses to Average Net Assets***⁽⁵⁾		1.05	%		1.03	%		1.07	%		1.06	%		0.94	%		0.90	%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.50	)%		0.07	%		(0.37	)%		(0.27	)%		(0.14	)%		0.55	%
Portfolio Turnover Rate***		110	%		31	%		24	%		48	%		66	%		60	%

*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.

(1) Net investment income/(loss) aggregated less than $.01 on a per share basis for the fiscal year or period ended.

(2) Redemption fees aggregated less than $.01 on a per share basis for the fiscal year or period ended.

(3) Payment from affiliate aggregated less than $.01 on a per share basis for the fiscal year or period ended.

(4) During the fiscal year ended, Janus Capital and/or Janus Services fully reimbursed the Fund for a loss on a transaction resulting from certain trading, pricing and/or shareholder activity errors, which otherwise would have reduced total return by less than 0.01%.

(5) See "Explanations of Charts, Tables and Financial Statements."

(6) The effect of non-recurring costs assumed by Janus Capital (Note 2) is included in the ratio of gross expenses to average net assets and was less than 0.01%.

(7) During the period ended, Janus Capital and/or Janus Service's fully reimbursed the Fund for a loss on a transaction resulting from certain trading, pricing and/or shareholder activity errors, which otherwise would have reduced total return by 0.01%.

See Notes to Financial Statements.

84 Janus Growth Funds April 30, 2006

Notes to Schedules of Investments and
Securities Sold Short (unaudited)

Lipper Health/Biotechnology Funds				Funds that invest at least 65% of their equity portfolio in shares of companies engaged in healthcare, medicine, and biotechnology.

Lipper Large-Cap Growth Funds				Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500^® Index.

Lipper Mid-Cap Growth Funds				Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.

Lipper Multi-Cap Growth Funds				Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index.

Lipper Science and Technology Funds				Funds that invest at least 65% of their equity portfolio in science and technology stocks.

Lipper Small-Cap Growth Funds				Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Morgan Stanley Capital International World Information Technology Index^SM				Is a capitalization weighted index that monitors the performance of information technology stocks from around the world.

Morgan Stanley Capital International World Health Care Index^SM				Is a capitalization weighted index that monitors the performance of healthcare stocks from developed market countries in North America, Europe, and the Asia/Pacific Region.

Russell 1000^® Growth Index				Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Growth Index				Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Index				Measures the performance of the 2,000 smallest companies in the Russell 3000^® Index.

Russell 2500^TM Growth Index				Measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 3000^® Growth Index				Measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth or the Russell 2000^® Growth Indices.

Russell Midcap^® Growth Index				Consists of stocks from the Russell Midcap^® Index with a greater-than-average growth orientation. The Russell Midcap^® Index consists of the smallest 800 companies in the Russell 1000^® Index, as ranked by total market capitalization.

Janus Growth Funds April 30, 2006 85

Notes to Schedules of Investments and
Securities Sold Short (unaudited) (continued)

S&P 500^® Index				The Standard & Poor's Composite Index of 500 stocks is a widely recognized, unmanaged index of common stock prices.

S&P MidCap 400 Index				An unmanaged group of 400 domestic stocks chosen for their market size, liquidity and industry group representation.

144A				Securities sold under Rule 144A of the Securities Act of 1933 are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act.

ADR				American Depositary Receipt

ETD				Euro Time Deposit

GDR				Global Depositary Receipt

PLC				Public Limited Company

REIT				Real Estate Investment Trust

U.S. Shares				Securities of foreign companies trading on an American Stock Exchange

* Non-income-producing security.

** A portion of this holding has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, short sales, securities with extended settlement dates and/or option contracts.

¥ Security is a defaulted security in Janus Global Technology Fund with accrued interest in the amount of $1,268,000 that was written-off December 10, 2001. A principal payment was received by the Fund on July 13, 2005. It is anticipated that sometime during the third quarter of 2006 a second principal payment will be received by the Fund.

ß Security is illiquid.

# Loaned security; a portion or all of the security is on loan as of April 30, 2006.

† The security is purchased with the cash collateral received from Securities on Loan (Note 1).

• Security is a defaulted security.

^ºº Schedule of Fair Valued Securities (as of April 30, 2006)

	Value		Value as a % of Net Assets
Janus Venture Fund
Candescent Technologies Corp. - Series E	$	–		0.0	%
DrugMax, Inc.		–		0.0	%
Genius Products, Inc.		5,775,525		0.4	%
Genius Products, Inc.		529,245		0.0	%
Infocrossing, Inc. - expires 5/10/07		2,404,853		0.2	%
OneTravel Holdings, Inc.		–		0.0	%
Ronco Fi-Tek, Inc.		5,100,000		0.3	%
	$	13,809,623		0.9	%
Janus Global Life Sciences Fund
Cougar Technology, Inc.	$	2,904,499		0.3	%
Fibrogen, Inc.		9,106,238		0.8	%
	$	12,010,737		1.1	%
Janus Global Technology Fund
Candescent Technologies Corp., 8.00% convertible senior subordinated debentures due 5/1/03 (144A)	$	–		0.0	%

Securities are valued at "fair value" pursuant to procedures adopted by the Funds' Trustees. The Schedule of Fair Valued Securities does not include international activities fair valued pursuant to a systematic fair valuation model.

86 Janus Growth Funds April 30, 2006

§ Schedule of Restricted and Illiquid Securities

	Acquisition Date	Acquisition Cost		Value		Value as a % of Net Assets
Janus Enterprise Fund
Morgan Stanley Co., convertible, (Celgene Corp.), 0% (144A)	2/21/06	$	13,162,450	$	15,166,903		0.8	%
Janus Mercury Fund
Morgan Stanley Co., convertible, (Celgene Corp.), 0% (144A)	2/21/06	$	30,050,300	$	34,626,531		0.9	%
Janus Orion Fund
Bajaj Hindusthan, Ltd. (GDR) (144A)	1/27/06	$	2,722,636	$	3,854,676		0.4	%
Janus Venture Fund
DrugMax, Inc.ºº	9/23/05	$	381,250	$	–		0.0	%
Genius Products, Inc.ºº	12/5/05		6,312,750		5,775,525		0.4	%
Genius Products, Inc.ºº	12/5/05		1,083,000		529,245		0.0	%
OneTravel Holdings, Inc.ºº	4/15/05		–		–		0.0	%
Ronco Fi-Tek, Inc.ºº	6/24/05		6,000,000		5,100,000		0.3	%
		$	13,777,000	$	11,404,770		0.7	%
Janus Global Life Sciences Fund
Cougar Technology, Inc.ºº	3/31/06	$	2,904,499	$	2,904,499		0.3	%
Fibrogen, Inc.ºº	12/28/04 - 11/8/05		5,786,786		9,106,238		0.8	%
		$	8,691,285	$	12,010,737		1.1	%
Janus Global Technology Fund
Candescent Technologies Corp., 8.00% convertible senior subordinated debentures due 5/1/03 (144A)ºº	3/6/00 - 2/23/01	$	2,614,147	$	–		0.0	%

The Funds have registration rights for certain restricted securities held as of April 30, 2006. The issuer incurs all registration costs.

Janus Growth Funds April 30, 2006 87

Notes to Schedules of Investments and
Securities Sold Short (unaudited) (continued)

£ The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended April 30, 2006.

Purchases

Sales

Realized

Dividend

Value

Shares

Cost

Shares

Cost

Gain/(Loss)

Income

at 4/30/06

Janus Venture Fund

Axesstel, Inc.

–

2,128,965

8,515,860

(6,726,042

)

–

Century Casinos, Inc.⁽¹⁾

–

15,449,000

DrugMax, Inc.

–

3,965,000

Genius Products, Inc.

–

5,775,525

Hythiam, Inc.

911,420

4,329,245

–

13,851,413

Infocrossing, Inc.

170,270

1,248,391

–

26,920,897

Intermap Technologies, Ltd.

–

12,951,669

LivePerson, Inc.

1,930

12,560

–

21,159,772

Omnicell, Inc.

562,280

6,162,534

–

25,679,348

OneTravel Holdings, Inc.

–

630,000

Ronco Fi-Tek, Inc.

–

5,100,000

SeraCare Life Sciences, Inc.

92,760

923,389

935,380

11,272,767

(10,678,539

)

–

TALX Corp.⁽²⁾

–

394,603

7,652,913

10,326,610

96,005

31,597,520

TechTeam Global, Inc.

–

644,992

8,326,760

(1,574,281

)

–

TransAct Technologies, Inc.

–

799,760

10,407,198

(3,037,746

)

–

Ultimate Software Group, Inc.

–

125,000

1,375,000

1,868,590

–

45,386,749

ValueVision Media, Inc.

–

21,311,650

Workstream, Inc. (U.S. Shares)

–

6,692,155

12,676,119

47,550,498

(9,821,408

)

96,005

236,470,698

(1) Includes 1 for 1 share conversion 11/14/05
(2) Adjusted for 3 for 2 stock split 1/18/06

Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2006 are noted below.

Fund	Aggregate Value
Growth
Janus Fund	$	980,397,580
Janus Mercury Fund		415,581,452
Janus Olympus Fund		162,878,399
Specialty Growth
Janus Global Life Sciences Fund		116,384,462
Janus Global Technology Fund		243,544,483

Variable rate notes are notes for which the interest rate is based on an index or market interest rates and is subject to change. Rates in the security description are as of April 30, 2006.

Repurchase Agreements held by a Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or subcustodian. The collateral is evaluated daily to ensure its market value equals or 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.

88 Janus Growth Funds April 30, 2006

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 Fund, Janus Enterprise Fund, Janus Mercury Fund, Janus Olympus Fund, Janus Orion Fund, Janus Triton Fund, Janus Twenty Fund, Janus Venture Fund, Janus Global Life Sciences Fund and Janus Global Technology Fund (collectively the "Funds" and individually a "Fund") are series funds. The Funds are part of Janus Investment Fund (the "Trust"), which was 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 has thirty-two funds. Each of the Funds in this report is classified as diversified as defined in the 1940 Act, with the exception of Janus Orion Fund and Janus Twenty Fund, which are classified as nondiversified. The Funds are no-load investments.

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

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 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. Foreign securities and currencies are con verted 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. The Funds may use a systematic fair valuation model provided by an independent third party to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the NYSE.

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 and may be subject to withholding taxes in these 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.

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.

Securities Lending

Under procedures adopted by the Trustees, the Funds may lend securities to qualified parties (typically brokers or other financial institutions) who need to borrow securities in order to complete certain transactions such as covering short sales, avoiding failures to deliver securities or completing arbitrage activities. The Funds may seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital Management LLC ("Janus Capital") makes efforts to balance the benefits and risks from granting such loans.

The Funds do not have the right to vote on securities while they are being lent; however, the Funds may attempt to call back the loan and vote the proxy if time permits. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, money market mutual funds or other money market accounts, or such other collateral permitted by the Securities and Exchange Commission ("SEC"). Cash collateral may be invested in affiliated money market funds or other accounts advised by Janus Capital to the extent consistent with exemptive relief obtained from the SEC. Cash collateral may also be invested in unaffiliated money market funds or other accounts.

State Street Bank and Trust Company (the "Lending Agent") may also invest the cash collateral in the State Street Navigator Securities Lending Prime Portfolio or investments in unaffiliated money market funds or accounts, mutually agreed to by the Funds and the Lending Agent, that comply with Rule 2a-7 of the 1940 Act relating to money market funds.

Janus Growth Funds April 30, 2006 89

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2006, the following Funds had on loan securities valued as indicated:

Fund	Value at April 30, 2006
Growth
Janus Fund	$	505,930,469
Janus Enterprise Fund		223,640,930
Janus Mercury Fund		381,881,851
Janus Olympus Fund		307,516,553
Janus Orion Fund		243,484,769
Janus Twenty Fund		347,802,617
Janus Venture Fund		355,947,289
Specialty Growth
Janus Global Life Sciences Fund		168,908,989
Janus Global Technology Fund		74,889,311

As of April 30, 2006, the following Funds received cash collateral for securities lending activity as indicated:

Fund	Cash Collateral at April 30, 2006
Growth
Janus Fund	$	522,862,639
Janus Enterprise Fund		229,175,404
Janus Mercury Fund		394,234,533
Janus Olympus Fund		316,899,102
Janus Orion Fund		250,086,433
Janus Twenty Fund		355,131,715
Janus Venture Fund		364,896,141
Specialty Growth
Janus Global Life Sciences Fund		174,002,620
Janus Global Technology Fund		76,982,279

As of April 30, 2006, all cash collateral received was invested in the State Street Navigator Securities Lending Prime Portfolio, except for Janus Mercury Fund, which also invested $5,354,957 in foreign bonds.

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

The borrower pays fees at the Funds' direction to its Lending Agent. The Lending Agent may retain a portion of the interest earned. The cash collateral invested by the Lending Agent is disclosed in the Schedule of Investments. The lending fees and the Funds' portion of the interest income earned on cash collateral are included on the Statement of Operations (if applicable).

During the six-month period ended April 30, 2006, there were no securities lending arrangements for Janus Triton Fund.

Interfund Lending

Pursuant to an exemptive order received from the SEC, each of the Funds may be party to an interfund lending agreement between the Fund and other Janus Capital sponsored mutual funds, which permit it to borrow or lend cash at a rate beneficial to both the borrowing and lending funds. Outstanding borrowings from all sources totaling 10% or more of a borrowing Fund's total assets must be collateralized at 102% of the outstanding principal value of the loan; loans of less than 10% may be unsecured. During the six-month period ended April 30, 2006, there were no outstanding borrowing or lending arrangements for the Funds.

Short Sales

All Funds may engage in "short sales against the box." Short sales against the box involve selling either a security that the Funds own, or a security equivalent in kind and amount to the security sold short that the Funds have the right to obtain, for delivery at a specified date in the future. The Funds may enter into a short sale against the box in anticipation of an expected decline in the market price of that security. If the value of the securities sold short increases prior to the scheduled delivery date, the Funds lose the opportunity to participate in the gain.

All Funds may also engage in "naked" short sales. Naked short sales involve a Fund selling a security it does not own to a purchaser at a specified price. To complete the transaction, a Fund must borrow the security to deliver it to the purchaser and buy that same security in the market to return it to the lender. Although the potential for gain is limited to the difference between the price at which a Fund sold the security short and the cost of borrowing the security, its potential for loss could be unlimited because there is no limit to the replacement cost of the borrowed security. There is no assurance that a Fund will be able to close out a short position at any particular time. A gain or a loss will be recognized upon termination of a short sale. There is no limit on the size of any loss that a Fund may recognize upon termination of a short sale. Short sales held by the Funds are fully collateralized by other securities, which are den oted in the accompanying Schedule of Investments (if applicable).

Forward Currency Transactions

The Funds may enter into forward currency contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings and to lock in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. 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 foreign currency transactions" on the Statement of Operations (if applicable).

90 Janus Growth Funds April 30, 2006

Forward currency contracts held by the Funds are fully collateralized by other securities, which are denoted in the accompanying Schedule of Investments (if applicable). The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.

Foreign Currency Translations

The Funds do not isolate that portion of the results of operations resulting from 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 on investments and foreign currency translation 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 security transactions and income.

Foreign-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and market 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.

Options Contracts

The Funds may purchase or write put and call options on futures contracts or foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized, and on portfolio securities for hedging purposes or as a substitute for an investment. 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 market 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.

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 is adjusted by the amount of premium received or paid.

Holdings designated to cover outstanding written options are noted in the Schedule of Investments (if applicable). Options written are reported as a liability on the Statement of Assets and Liabilities (if applicable). Gains and losses are reported on the Statement of Operations (if applicable). Janus Global Life Sciences Fund recognized realized gains for written options of $37,700 during the six-month period ended April 30, 2006.

The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movement 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 that the Funds may recognize due to written call options.

Written option activity for the six-month period ended April 30, 2006 was as follows:

Put Options	Number of Options			Premiums Received
Janus Global Life Sciences Fund
Options outstanding at October 31, 2005		–		$	–
Options written		290			58,580
Options closed		(290	)		(58,580	)
Options expired		–			–
Options exercised		–			–
Options outstanding at April 30, 2006		–			–

When-issued Securities

The Funds may purchase or sell securities on a when-issued or forward commitment basis. 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. As of April 30, 2006, there were no Funds invested in when-issued securities.

Equity-Linked Structured Notes

The Funds may invest in equity-linked structured notes. Equity-linked structured notes are debt securities which combine the characteristics of common stock and the sale of an option. The return component is based upon the performance of a single equity security, a basket of equity securities, or an equity index and the sale of an option which is recognized as income. Equity-linked structured notes are typically offered in limited transactions to financial institutions by investment banks, examples of which include performance equity-linked redemption quarterly pay securities ("PERQS"), yield-enhanced securities ("YES"), and yield enhanced equity-linked debt securities ("YEELDS"). There is no guaranteed return of principal with these securities. The appreciation

Janus Growth Funds April 30, 2006 91

Notes to Financial Statements (unaudited) (continued)

potential of these securities may be limited by a maximum payment or call right and can be influenced by many unpredictable factors.

Initial Public Offerings

The Funds may invest in initial public offerings ("IPOs"). IPOs and other investment techniques may have a magnified performance impact on a fund with a small asset base. The Funds may not experience similar performance as their assets grow.

Restricted Security Transactions

Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. 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 a 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.

Dividend Distributions

Each Fund generally declares and distributes dividends of net investment income and capital gains (if any) annually. The majority of dividends and capital gains distributions from a Fund will be automatically reinvested into additional shares of that Fund, based on the discretion of the shareholder.

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.

Federal Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

2. INVESTMENT ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Each Fund pays a monthly advisory fee to Janus Capital based upon average daily net assets and calculated at the annual rate of 0.64%.

Effective February 1, 2006 for Janus Mercury Fund, the investment advisory fee rates changed from a fixed rate to a rate that adjusts upward or downward based upon the Fund's performance relative to a selected benchmark index. This change does not impact the current investment advisory fee until one year after the effective date when the performance adjustment takes effect.

Until at least March 1, 2007, provided that Janus Capital remains investment adviser to the Funds, Janus Capital has agreed to reimburse the Janus Triton Fund by the amount, if any, that such Fund's normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the brokerage commissions, interest, taxes and extraordinary expenses, exceed the annual rate of 1.25%. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as Excess Expense Reimbursement on the Statement of Operations.

Each of the Funds pays Janus Services LLC ("Janus Services"), a wholly-owned subsidiary of Janus Capital, an asset-weighted average annual fee based on the proportion of each Fund's total net assets sold directly and the proportion of each Fund's net assets sold through financial intermediaries. The applicable fee rates are 0.16% of net assets on the proportion of assets sold directly and 0.21% on the proportion of assets sold through intermediaries. In addition, Janus Services receives $4.00 per open shareholder account (excluding Janus Twenty Fund and Janus Venture Fund) for transfer agent services.

During the six-month period ended April 30, 2006, Janus Services reimbursed the following Funds as a result of dilutions caused by incorrectly processed shareholder activity as indicated in the table below.

Funds
Growth
Janus Fund	$	47,274
Janus Olympus Fund		954
Janus Twenty Fund		16,870
Special Growth
Janus Global Technology Fund		3,607

For the six-month period ended April 30, 2006, Janus Capital assumed $14,642 of legal, consulting and Trustee costs and fees incurred by the funds in Janus Investment Fund, Janus Aspen Series and Janus Adviser Series (the "Portfolios") in connection with the regulatory and civil litigation matters discussed in Note 6. These non-recurring costs were allocated to all Portfolios, based upon the Portfolios' respective net assets as of July 31, 2004. No fees were allocated to Janus Research Fund, Janus Triton Fund and the Janus Smart Portfolios as the funds commenced operations after July 31, 2004. Additionally, all future non-recurring costs will be allocated based upon the Portfolios' respective net assets on July 31, 2004. These non-recurring costs and offsetting waivers are shown on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the "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 credited to the account. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance to the Plan. No deferred fees were paid to any Trustee under the Plan during the six-month period ended April 30, 2006.

92 Janus Growth Funds April 30, 2006

Certain officers of the Funds may also be officers and/or directors of Janus Capital. Such officers receive no compensation from the Funds, except for the Funds' Chief Compliance Officer. Effective January 1, 2006, the Funds began reimbursing the adviser for a portion of the compensation paid to the Chief Compliance Officer of the Funds. $59,577 of total compensation was paid by the funds of the Trust. The Funds' portion is reported as part of "Other Expenses" on the Statement of Operations.

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 Offsets on the Statement of Operations. The transfer agent fee offsets received during the period reduce Transfer Agent Fees and Expenses. Custodian offsets received reduce Custodian Fees. 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.

A 2.00% redemption fee may be imposed on shares of Janus Global Life Sciences Fund and Janus Global Technology Fund held for three months or less. This fee is paid to the Funds rather than Janus Capital, and is designed to deter excessive short-term trading and to offset the brokerage commissions, market impact, and other costs associated with changes in the Funds' asset levels and cash flow due to short-term money movements in and out of the Funds. The redemption fee is accounted for as an addition to Paid-in Capital. Total redemption fees received by Janus Global Life Sciences Fund and Janus Global Technology Fund were $34,817 and $53,668, respectively, for the six-month period ended April 30, 2006.

The Funds may invest in money market funds, including funds managed by Janus Capital. During the six-month period ended April 30, 2006, the following Funds recorded distributions from affiliated investment companies as affiliated dividend income, and had the following affiliated purchases and sales:

	Purchases Shares/Cost		Sales Shares/Cost		Dividend Income		Value at 4/30/06
Janus Government Money Market Fund
Janus Mercury Fund	$	40,000,000	$	40,000,000	$	42,970	$	–
Janus Twenty Fund		290,000,000		90,000,000		812,816		200,000,000
	$	330,000,000	$	130,000,000	$	855,786	$	200,000,000
Janus Institutional Cash Reserves Fund
Janus Fund	$	625,000,000	$	620,000,000	$	2,988,404	$	165,000,000
Janus Enterprise Fund		40,000,000		40,000,000		85,742		–
Janus Mercury Fund		285,000,000		205,000,000		197,059		80,000,000
Janus Olympus Fund		50,000,000		–		25,932		50,000,000
Janus Orion Fund		50,000,000		50,000,000		79,918		–
Janus Twenty Fund		310,000,000		25,000,000		7,533,225		485,000,000
	$	1,360,000,000	$	940,000,000	$	10,910,280	$	780,000,000
Janus Money Market Fund
Janus Fund	$	345,000,000	$	420,000,000	$	845,792	$	25,000,000
Janus Mercury Fund		200,000,000		200,000,000		489,495		–
Janus Twenty Fund		850,000,000		425,000,000		4,506,308		475,000,000
	$	1,395,000,000	$	1,045,000,000	$	5,841,595	$	500,000,000

3. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the six-month period ended April 30, 2006, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options) were as follows:

Fund

Purchase of
Securities

Proceeds from Sales
of Securities

Purchase of Long-
Term U.S. Government
Obligations

Proceeds from Sales
of Long-Term U.S.
Government Obligations

Growth

Janus Fund

6,002,248,571

6,005,476,689

–

Janus Enterprise Fund

389,076,524

448,203,962

–

Janus Mercury Fund

3,926,916,069

4,764,826,802

–

Janus Olympus Fund

1,126,738,823

1,198,009,293

–

Janus Orion Fund

432,782,648

227,100,902

–

Janus Triton Fund

181,318,581

87,018,400

–

Janus Twenty Fund

1,312,845,778

2,471,691,294

–

Janus Venture Fund

383,839,508

482,334,685

–

Specialty Growth

Janus Global Life Sciences Fund

482,728,209

567,324,791

–

Janus Global Technology Fund

564,591,921

675,069,940

–

Janus Growth Funds April 30, 2006 93

Notes to Financial Statements (unaudited) (continued)

4. FEDERAL INCOME TAX

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

The Funds have 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.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of April 30, 2006 are also 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.

Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Tax Appreciation/ (Depreciation)
Growth
Janus Fund	$	9,986,114,406	$	2,266,219,618	$	(138,680,425	)	$	2,127,539,193
Janus Enterprise Fund		1,471,902,239		677,581,263		(25,526,663	)		652,054,600
Janus Mercury Fund		3,992,672,519		506,388,474		(99,083,441	)		407,305,033
Janus Olympus Fund		2,195,856,693		552,099,156		(27,784,635	)		524,314,521
Janus Orion Fund		1,075,813,195		279,033,045		(16,736,838	)		262,296,207
Janus Triton Fund		151,608,743		17,306,762		(3,493,239	)		13,813,523
Janus Twenty Fund		7,330,756,041		2,681,929,402		(18,455,513	)		2,663,473,889
Janus Venture Fund		1,375,566,249		520,366,251		(53,445,333	)		466,920,918
Specialty Growth
Janus Global Life Sciences Fund		1,046,239,534		257,306,772		(30,090,627	)		227,216,145
Janus Global Technology Fund		916,597,277		284,030,559		(25,915,485	)		258,115,074

Net capital loss carryovers as of October 31, 2005 are indicated in the table below. These losses may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The table below shows the expiration dates of the carryovers.

Capital Loss Carryover Expiration Schedule

For the fiscal year ended October 31, 2005

Fund	October 31, 2007			October 31, 2008			October 31, 2009			October 31, 2010			October 31, 2011			Accumulated Capital Losses
Growth
Janus Fund⁽¹⁾	$	–		$	(27,832,088	)	$	(3,409,665,900	)	$	(2,692,706,418	)	$	(569,521,625	)	$	(6,699,726,031	)
Janus Enterprise Fund⁽¹⁾		(2,880,396	)		(220,932,903	)		(2,924,501,200	)		(1,180,687,781	)		(35,756,979	)		(4,364,759,259	)
Janus Mercury Fund		–			–			(3,254,153,236	)		(2,677,021,633	)		(222,598,721	)		(6,153,773,590	)
Janus Olympus Fund⁽¹⁾		–			(3,298,969	)		(1,147,259,588	)		(533,548,088	)		–			(1,684,106,645	)
Janus Orion Fund		–			–			(480,697,899	)		(67,772,191	)		–			(548,470,090	)
Janus Triton Fund		–			–			–			–			–			–
Janus Twenty Fund		–			–			(2,514,552,821	)		(117,584,500	)		(643,606,306	)		(3,275,743,627	)
Janus Venture Fund⁽¹⁾		–			–			(50,323,147	)		(12,580,788	)		–			(62,903,935	)
Specialty Growth
Janus Global Life Sciences Fund		–			(109,162,517	)		(451,314,670	)		(251,753,591	)		(103,237,607	)		(915,468,385	)
Janus Global Technology Fund		–			(6,230,420	)		(1,827,246,526	)		(857,178,929	)		(83,082,507	)		(2,773,738,382	)

(1) Capital loss carryovers subject to annual limitations.

94 Janus Growth Funds April 30, 2006

During the fiscal year ended October 31, 2005, the following capital loss carryovers were utilized by the Funds as indicated in the table below.

Fund	Capital Carryover Loss Utilized
Growth
Janus Fund	$	2,439,165,545
Janus Enterprise Fund		178,030,460
Janus Mercury Fund		337,995,565
Janus Olympus Fund		299,430,515
Janus Orion Fund		65,588,058
Janus Twenty Fund		1,463,811,386
Janus Venture Fund		52,004,445
Specialty Growth
Janus Global Life Sciences Fund		170,843,244
Janus Global Technology Fund		97,986,731

5. CAPITAL SHARE TRANSACTIONS

For the six-month period ended April 30, 2006 (unaudited) and the fiscal year ended October 31, 2005	Janus Fund						Janus Enterprise Fund						Janus Mercury Fund						Janus Olympus Fund
(all numbers in thousands)	2006			2005			2006			2005			2006			2005			2006			2005
Transactions in Fund Shares
Shares sold		31,817			15,753			3,442			6,111			8,253			33,707			4,050			3,301
Reinvested distributions		300			–			–			–			513			289			19			–
Shares repurchased		(57,269	)		(145,132	)		(4,880	)		(12,764	)		(42,266	)		(60,613	)		(6,007	)		(20,158	)
Net Increase/(Decrease) in Capital Share Transactions		(25,152	)		(129,379	)		(1,438	)		(6,653	)		(33,500	)		(26,617	)		(1,938	)		(16,857	)
Shares Outstanding, Beginning of Period		455,877			585,256			43,147			49,800			202,882			229,499			72,891			89,748
Shares Outstanding, End of Period		430,725			455,877			41,709			43,147			169,382			202,882			70,953			72,891
For the six-month period ended April 30, 2006 (unaudited) and the fiscal year or period ended October 31, 2005	Janus Orion Fund						Janus Triton Fund						Janus Twenty Fund						Janus Venture Fund
(all numbers in thousands)	2006			2005			2006			2005⁽¹⁾			2006			2005			2006			2005
Transactions in Fund Shares
Shares sold		35,447			22,671			9,686			4,486			4,666			12,470			273			653
Reinvested distributions		712			–			18			–			399			59			1,108			–
Shares repurchased		(10,726	)		(18,685	)		(1,126	)		(1,015	)		(15,907	)		(38,601	)		(1,795	)		(3,628	)
Net Increase/(Decrease) in Capital Share Transactions		25,433			3,986			8,578			3,471			(10,842	)		(26,072	)		(414	)		(2,975	)
Shares Outstanding, Beginning of Period		88,687			84,701			3,471			–			201,813			227,885			22,760			25,735
Shares Outstanding, End of Period		114,120			88,687			12,049			3,471			190,971			201,813			22,346			22,760

For the six-month period ended April 30, 2006 (unaudited) and the fiscal year ended October 31, 2005	Janus Global Life Sciences Fund						Janus Global Technology Fund
(all numbers in thousands)	2006			2005			2006			2005
Transactions in Fund Shares
Shares sold		2,030			2,837			3,293			4,449
Reinvested distributions		–			–			59			–
Shares repurchased		(6,395	)		(17,065	)		(11,332	)		(42,493	)
Net Increase/(Decrease) in Capital Share Transactions		(4,365	)		(14,228	)		(7,980	)		(38,044	)
Shares Outstanding, Beginning of Period		59,368			73,596			91,292			129,336
Shares Outstanding, End of Period		55,003			59,368			83,312			91,292

(1) Period from February 25, 2005 (inception date) through October 31, 2005.

Janus Growth Funds April 30, 2006 95

Notes to Financial Statements (unaudited) (continued)

6. PENDING LEGAL MATTERS

In the fall of 2003, the Securities and Exchange Commission ("SEC"), the Office of the New York State Attorney General ("NYAG"), the Colorado Attorney General ("COAG"), and the Colorado Division of Securities ("CDS") announced that they were investigating alleged frequent trading practices in the mutual fund industry. On August 18, 2004, Janus Capital announced that it had reached final settlements with the SEC, the NYAG, the COAG, and the CDS related to such regulators' investigations into Janus Capital's frequent trading arrangements.

A number of civil lawsuits were brought against Janus Capital and certain of its affiliates, the Janus funds, and related entities and individuals based on allegations similar to those announced by the above regulators and were filed in several state and federal jurisdictions. Such lawsuits alleged a variety of theories for recovery including, but not limited to, the federal securities laws, other federal statutes (including ERISA), and various common law doctrines. The Judicial Panel on Multidistrict Litigation transferred these actions to the U.S. District Court for the District of Maryland (the "Court") for coordinated proceedings. On September 29, 2004, five consolidated amended complaints were filed in that Court that generally include: (i) claims by a putative class of investors in certain Janus funds asserting claims on behalf of the investor class; (ii) derivative claims by investors in certain Janus funds ostensibly on behalf of suc h funds; (iii) claims on behalf of participants in the Janus 401(k) plan; (iv) claims brought on behalf of shareholders of Janus Capital Group Inc. ("JCGI") on a derivative basis against the Board of Directors of JCGI; and (v) claims by a putative class of shareholders of JCGI asserting claims on behalf of the shareholders. Each of the five complaints initially named JCGI and/or Janus Capital as a defendant. In addition, the following were also named as defendants in one or more of the actions: Janus Investment Fund ("JIF"), Janus Aspen Series ("JAS"), Janus Adviser Series ("JAD"), Janus Distributors LLC, Enhanced Investment Technologies, LLC ("INTECH"), Bay Isle Financial LLC ("Bay Isle"), Perkins, Wolf, McDonnell and Company, LLC ("Perkins"), the Advisory Committee of the Janus 401(k) plan, and the current or former directors of JCGI.

On August 25, 2005, the Court entered orders dismissing most of the claims asserted against Janus Capital and its affiliates by fund investors (actions (i) and (ii) described above), except certain claims under Section 10(b) of the Securities Exchange Act of 1934 and under Section 36(b) of the Investment Company Act of 1940. The complaint in the 401(k) plan class action (action (iii) described above) was voluntarily dismissed, but was refiled using a new named plaintiff and asserting claims similar to the initial complaint. As a result of the above events, JCGI, Janus Capital, the Advisory Committee of the Janus 401(k) plan, and the current or former directors of JCGI are the remaining defendants in one or more of the actions.

The Attorney General's Office for the State of West Virginia filed a separate market timing related civil action against Janus Capital and several other non-affiliated mutual fund companies, claiming violations under the West Virginia Consumer Credit and Protection Act. The civil action requests certain monetary penalties, among other relief. This action has been removed to federal court and transferred to the Multidistrict Litigation case in the U.S. District Court of Baltimore, Maryland described above. In addition, the Auditor of the State of West Virginia, in his capacity as securities commissioner, has issued an order indicating an intent to initiate administrative proceedings against most of the defendants in the market timing cases (including Janus Capital) and seeking disgorgement and other monetary relief based on similar market timing allegations.

In addition to the "market timing" actions described above, Janus Capital is a defendant in a consolidated lawsuit in the U.S. District Court for the District of Colorado challenging the investment advisory fees charged by Janus Capital to certain Janus funds. The action was filed in 2004 by fund investors asserting breach of fiduciary duty under Section 36(b) of the Investment Company Act of 1940. The plaintiffs seek declaratory and injunctive relief and an unspecified amount of damages.

In 2001, Janus Capital's predecessor was also named as a defendant in a class action suit in the U.S. District Court for the Southern District of New York, alleging that certain underwriting firms and institutional investors violated antitrust laws in connection with initial public offerings. The U.S. District Court dismissed the plaintiff's antitrust claims in November 2003, however, the U.S. Court of Appeals vacated that decision and remanded it for further proceedings.

Additional lawsuits may be filed against certain of the Janus funds, Janus Capital, and related parties in the future. Janus Capital does not currently believe that these pending actions will materially affect its ability to continue providing services it has agreed to provide to the Janus funds.

96 Janus Growth Funds April 30, 2006

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: (i) without charge, upon request, by calling 1-800-525-3713 (toll free); (ii) on the Funds' website at www.janus.com; 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 www.janus.com 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 1-800-525-3713 (toll free).

Approval of Advisory Agreements During the Period

Amendments to Advisory Agreements to Conform to Prevailing Industry Practice

On September 20, 2005, the Board of Trustees, including all of the Independent Trustees, voted unanimously to approve an amended Investment Advisory Agreement ("Amended Agreement") for each Fund and authorized the submission of each Amended Agreement to the Fund's shareholders for approval. Shareholders approved the Amended Agreement for their Fund at a special meeting of Shareholders held on December 29, 2005 for Janus Fund, Janus Orion Fund, Janus Triton Fund, Janus Twenty Fund, and Janus Venture Fund; and on January 9, 2006 for Janus Enterprise Fund, Janus Mercury Fund, Janus Olympus Fund, Janus Global Life Sciences Fund, and Janus Global Technology Fund.

In approving the proposed Amended Agreements, the Trustees considered the recommendations of an independent compliance consultant engaged by Janus Capital regarding the form of each of those agreements and concluded that the proposed changes were consistent with industry practice and would reflect an appropriate delegation of authority to Janus Capital clarifying its investment discretion over the Funds it manages.

In connection with their most recent consideration of the investment advisory agreements for all of the Funds, the Trustees received and reviewed a substantial amount of information provided by Janus Capital and the respective subadvisers for subadvised Funds in response to requests of the Independent Trustees and their counsel. They also received and reviewed a considerable amount of information and analysis provided to the Trustees by an independent fee consultant. Throughout their consideration of the agreements, the Independent Trustees were advised by their independent legal counsel. The Independent Trustees met on two separate occasions with Janus Capital management to consider the agreements, and at each of those meetings they also met separately in executive session with their counsel.

Based on their evaluation of the information provided by Janus Capital, subadvisers, the independent fee consultant, Lipper Inc. ("Lipper"), and other information, the Trustees determined that the overall arrangements between the Funds and Janus Capital were fair and reasonable in light of the nature 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. In considering the 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 agreements are discussed separately below.

Nature, Extent, and Quality of Services

The Trustees reviewed the nature, extent, and quality of the services of 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. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, especially those who provide investment 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, serving as the Funds' administrator, monitoring adherence to the Funds' investment restrictions, producing shareholder reports, providing support services for the Trustees and Trustee committees, and overseeing the activities of other service provider s, including monitoring compliance with various policies and procedures of the Funds and with applicable securities laws and regulations. The Trustees also reviewed the enhanced compliance program of Janus Capital and the actions taken by Janus Capital in response to various legal and regulatory proceedings since the fall of 2003.

Janus Growth Funds April 30, 2006 97

Additional Information (unaudited) (continued)

The Trustees concluded that the nature, extent, and quality of the services provided by Janus Capital and, if applicable, the subadviser to each Fund were appropriate and consistent with the terms of the respective advisory agreements, that the quality of those services had been consistent with or superior to quality norms in the industry, and that 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 and retain well-qualified personnel.

Performance of the Funds

The Trustees considered the short-term and longer term performance of each Fund. They reviewed information comparing each Fund's performance with the performance of comparable funds and peer groups identified by Lipper and with the Fund's benchmark index. They concluded that the performance of most Funds was good to very good. Although the performance of some Funds lagged that of their peers for certain periods, they also concluded that Janus Capital had taken appropriate steps to address the under-performance and that the more recent performance of most of those Funds had been improving.

Costs of Services Provided

The Trustees examined information on the fees and expenses of each Fund in comparison to information for other comparable funds as provided by Lipper. They noted that the rate of management (investment advisory and administrative) fees for each Fund, after contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by Lipper.

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

The Trustees also reviewed Janus Capital's management fees for its separate account clients and for its subadvised funds (for which Janus Capital provides only portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fees for Funds having a similar strategy, the Trustees noted that Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administrative services, oversight of the Funds' other service providers, trustee support, regulatory compliance, and numerous other services. Moreover, they noted that the spread between the average fees charged to the Funds and the fees that Janus Capital charged to its separate account clients was significantly smaller than the average spread for such fees of o ther advisers, based on publicly available data and research conducted by their independent fee consultant.

The Trustees also considered the profitability to Janus Capital and its affiliates of their relationships with each Fund and found Janus Capital's profitability not to be unreasonable.

Finally, the Trustees considered the financial condition of Janus Capital, which they found to be sound.

The Trustees concluded that the management fees and any other compensation payable by each Fund to Janus Capital and its affiliates, as well as the fees paid by Janus Capital or a Fund to the subadvisers of subadvised Funds, were reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies and the fees Janus Capital charges to other clients. 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, the investment performance of the Fund, and the expense limitations agreed to by Janus Capital.

Economies of Scale

The Trustees received and considered information about the potential of Janus Capital to experience economies of scale as the assets of the Funds increase. They noted that, although each Fund (except four Funds that have breakpoints) pays an advisory fee at a fixed rate as a percentage of net assets, without any breakpoints, the management fee paid by each Fund, after any applicable contractual expense limitations, was below the mean management fee rate of the Fund's peer group selected by Lipper. The Trustees also took note that, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, the Funds have benefited from having advisory fee rates that have remained constant rather than fees with breakpoints and higher fee rates at low er asset levels in which the effective fee rate might have increased as assets declined. The Trustees considered certain Amended Agreements that included a change to the advisory fee to reflect a performance-based structure under which the rate of fee would increase or decrease from the current fixed rate if the Fund outperforms or underperforms its benchmark index over a trailing period. Such a fee structure is likely to increase or decrease Janus Capital's economies of scale, depending on whether the effective rate of the fee is increased or decreased. The Trustees also noted that the Funds share directly in economies of scale through lower charges of third party

98 Janus Growth Funds April 30, 2006

service providers based on the combined scale of all of the Funds. Based on all of the information they reviewed, the Trustees concluded that the fee structure in each of the advisory agreements was reasonable and that the current rates of fees reflect a sharing between Janus Capital and the Fund of economies of scale at the current asset level of the Fund.

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to Janus Capital and its affiliates from their relationship with the Funds. They recognized that affiliates of Janus Capital separately serve the Funds as transfer agent and distributor, respectively. The Trustees also considered Janus Capital's use of commissions paid by most Funds on their portfolio brokerage transactions to obtain proprietary research products and services benefiting the Funds and/or other clients of Janus Capital, as well as Janus Capital's agreement not to use any Fund's portfolio brokerage transactions to obtain third party research through brokers. The Trustees concluded that Janus Capital's use of "soft" commission dollars to obtain proprietary research products and services was consistent with regulatory requirements and was likely to benefit the Funds. 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 proprietary 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 each Fund could attract other business to Janus Capital or its other 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, including all of the Independent Trustees, concluded that the current Investment Advisory Agreement for each Fund was in the best interest of the Fund and its shareholders. In approving the Amended Agreements, the Independent Trustees also concluded that the Amended Agreement, as proposed, was in the best interest of the Fund and its shareholders.

Performance-Based Investment Advisory Fee Proposal — For Janus Mercury Fund

On September 20, 2005 and October 19, 2005, the Board of Trustees, including all of the Independent Trustees, voted unanimously to approve an Amended Investment Advisory Agreement for the Fund ("Proposed Agreement") and authorized the submission of the Proposed Agreement to the Fund's shareholders for approval. The Proposed Agreement changed the advisory fee paid by the Fund from a fixed rate to a rate that adjusts upward or downward based upon the Fund's performance relative to a selected benchmark index. Shareholders of the Fund approved the Proposed Agreement at a special meeting of Shareholders held on January 9, 2006.

For more than a year the Independent Trustees and their independent fee consultant, in consultation with independent legal counsel to the Independent Trustees, have explored the possibility of modifying the fee structure for certain funds to provide for a performance-based adjustment to the current investment advisory fee rate that would increase or decrease the fee based on whether the Fund's total return performance exceeds or lags a stated relevant benchmark index.

The Independent Trustees also worked with Janus Capital to develop a performance structure that was acceptable to Janus Capital. In doing so, the Independent Trustees were seeking to provide a closer alignment of the interests of Janus Capital with those of the Funds and their shareholders. They believe that the fee structure proposed for each Fund will achieve that objective. Included as part of their analysis of the overall performance fee structure, the Trustees, in consultation with their independent fee consultant, considered the appropriate performance range for achieving the maximum and minimum advisory fee that would result in the Performance Adjustment of up to 0.15% (positive or negative) of a Fund's average daily net assets during the applicable performance measurement period. The Trustees reviewed information provided by Janus Capital and prepared by their independent fee consultant with respect to an appropriate deviation of exc ess/under returns relative to a Fund's benchmark index, taking into consideration expected tracking error of the Fund, expected returns and potential risks and economics involved both for Janus Capital and the Fund's shareholders. The Trustees also reviewed the structure of performance fees applied by other mutual fund complexes. Based on this information, the Trustees determined that a performance range that approximates one standard deviation of excess/under returns relative to a Fund's benchmark index was appropriate for calculating the maximum range (positive or negative) of the Performance Adjustment.

As described above, the Performance Adjustment that will be added to or subtracted from the "Base Fee" (as defined in the Proposed Agreement) as a result of a Fund's performance relative to its benchmark index is a variable up to 0.15% of average net assets during the performance measurement period. Importantly, the performance is computed after deducting the Fund's operating expenses (including advisory fees), which means that in order to receive any upward adjustment from the Base Fee, Janus Capital must deliver a

Janus Growth Funds April 30, 2006 99

Additional Information (unaudited) (continued)

total return after expenses that exceeds the return of the benchmark index, which does not incur any expenses.

The Trustees determined that the benchmark index specified in each of the Proposed Agreements for purposes of computing the performance fee adjustments is appropriate for the respective Fund based on a number of factors, including the fact that the index is broad-based and is composed of securities of the types in which the Fund may invest. The Trustees believe that divergence between the Fund's performance and performance of the index can be attributed, in part, to the ability of the portfolio manager in making investment decisions within the parameters of the Fund's investment objective and investment policies and restrictions.

The Trustees determined that the class of shares of each Fund selected for purposes of calculating the Performance Adjustment as applied to the Fund is the most appropriate class for use in calculating such Fund's Performance Adjustment. In making that determination, the Trustees considered the fee structure and expenses paid by each class of shares, any fees paid to or retained by Janus Capital or its affiliates, as well as the distribution channel for each class of shares.

The time periods to be used in determining any Performance Adjustment were also judged to be of appropriate length to ensure proper correlation and to prevent fee adjustments from being based upon random or insignificant differences between the performance of the Fund and of the index. In that regard, the Trustees concluded that it would be appropriate for there to be no adjustment from the Base Fee for the first 12 months after the effective date of each Proposed Agreement before implementation of any Performance Adjustment, and that, once implemented, the Performance Adjustment should reflect only the Fund's performance subsequent to that effective date. Moreover, the Trustees believed that, upon reaching the thirty-sixth month after the effective date, the performance measurement period would be fully implemented, and that the Performance Adjustment should thereafter be based upon a thirty-six month rolling performance measurement period.

In addition to considering the performance fee structure reflected in each Proposed Agreement, in approving each of those agreements, the Trustees followed the process and considered the factors and reached the conclusions described above under "Amendments to Advisory Agreements to Conform to Prevailing Industry Practice."

100 Janus Growth Funds April 30, 2006

Explanations of Charts, Tables and
Financial Statements (unaudited)

1. PERFORMANCE OVERVIEWS

Performance overview graphs compare the performance of a hypothetical $10,000 investment in each 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 a 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 a Fund invested in the index.

Average annual total returns are also quoted for each Fund. 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 any dividends, distributions and capital gains, 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.

2. SCHEDULES OF INVESTMENTS

Following the performance overview section is each Fund's Schedule of Investments. This schedule reports the industry concentrations and types of securities held in each 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.

Funds that invest in foreign securities 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 in which the company is incorporated.

2A. FORWARD CURRENCY CONTRACTS

A table listing forward currency contracts follows each Fund's Schedule of Investments (if applicable). Forward currency contracts are agreements to deliver or receive a preset amount of currency at a future date. Forward currency contracts are used to hedge against foreign currency risk in the Fund's long-term holdings.

The table provides the name of the foreign currency, the settlement date of the contract, the amount of the contract, the value of the currency in U.S. dollars and the amount of unrealized gain or loss. The amount of unrealized gain or loss reflects the change in currency exchange rates from the time the contract was opened to the last day of the reporting period.

2B. FUTURES

A table listing futures contracts follows each Fund's Schedule of Investments (if applicable). Futures contracts are contracts that obligate the buyer to receive and the seller to deliver an instrument or money at a specified price on a specified date. Futures are used to hedge against adverse movements in securities prices, currency risk or interest rates.

The table provides the name of the contract, number of contracts held, the expiration date, the principal amount, value and the amount of unrealized gain or loss. The amount of unrealized gain or loss reflects the marked-to-market amount for the last day of the reporting period.

2C. OPTIONS

A table listing options contracts follows each Fund's Schedule of Investments (if applicable). Option contracts are contracts that obligate a Fund to sell or purchase an underlying security at a fixed price, upon exercise of the option. Options are used to hedge against adverse movements in securities prices, currency risk or interest rates.

The table provides the name of the contract, number of contracts held, the expiration date, exercise price, value and premiums received.

3. STATEMENT OF ASSETS AND LIABILITIES

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

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

The section entitled "Net Assets Consist of" breaks down the components of the Funds' net assets. Because Funds must distribute substantially all earnings, you'll notice that a significant portion of net assets is shareholder capital.

Janus Growth Funds April 30, 2006 101

Explanations of Charts, Tables and
Financial Statements (unaudited) (continued)

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 Funds' net assets (assets minus liabilities) by the number of shares outstanding.

4. STATEMENT OF OPERATIONS

This statement details the Funds' income, expenses, gains and losses on securities and currency transactions, and appreciation or depreciation of current Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from stocks and interest earned from interest-bearing securities in the Funds.

The next section reports the expenses and expense offsets incurred by the Funds, 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, if any, are also shown.

The last section lists the increase or decrease in the value of securities held in the Funds. Funds realize a gain (or loss) when they sell their position in a particular security. An unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Funds 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.

5. STATEMENT OF CHANGES IN NET ASSETS

This statement reports the increase or decrease in the Funds' net assets during the reporting period. Changes in the Funds' net assets are attributable to investment operations, dividends, distributions and capital share transactions. This is important to investors because it shows exactly what caused the Funds' 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 Funds' investment performance. The Funds' net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends in cash, money is taken out of the Fund to pay the distribution. If investors reinvest their dividends, the Fund's net assets will not be affected. If you compare each Fund's "Net Decrease from Dividends and Distributions" to the "Reinvested dividends and distributions," you'll notice that dividend distributions had little effect on each Fund's net assets. This is because the majority of Janus investors reinvest their distributions.

The reinvestment of dividends is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Funds through purchases or withdraw via redemptions. The "Redemption Fees" refers to the fee paid to the Funds for shares held for three months or less by a shareholder. The Funds' net assets will increase and decrease in value as investors purchase and redeem shares from the Funds.

6. FINANCIAL HIGHLIGHTS

This schedule provides a per-share breakdown of the components that affect the Funds' NAV for current and past reporting periods. Not only does this table provide you with total return, it also reports total distributions, asset size, expense 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 per share, which comprises dividends and interest income earned on securities held by the Funds. Following is the total of gains/(losses), realized and unrealized. Dividends and distributions are then subtracted to arrive at the NAV per share at the end of the period.

The next line reflects the average annual total return reported the last day of the period.

Also included are the expense ratios, or the percentage of net assets that were used to cover operating expenses during the period. Expense ratios vary across the Funds for a number of reasons, including the differences in management fees, the average shareholder account size and the extent of foreign investments, which entail greater transaction costs.

The Funds' expenses may be reduced through expense reduction arrangements. These arrangements may include the use of balance credits or transfer agent fee offsets. The Statement of Operations reflects total expenses before any such offset, the amount of offset and the net expenses. The expense ratios listed in the Financial Highlights reflect total expenses prior to any expense offsets (gross expense ratio) and after the expense offsets (net expense ratio). Both expense ratios reflect expenses after waivers (reimbursements), if applicable.

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

The next ratio is the portfolio turnover rate, which measures the buying and selling activity in a Fund. Portfolio turnover is affected by market conditions, changes in the asset size of a Fund, the nature of the Fund's investments and the investment style of the portfolio manager. A 100% rate implies that an amount equal to the value of the entire portfolio is turned over in a 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 portfolio is traded every six months.

102 Janus Growth Funds April 30, 2006

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Janus Growth Funds April 30, 2006 103

Shareholder Meeting (unaudited)

A Special Meeting of Shareholders of the Funds was held on November 22, 2005 and adjourned and reconvened to December 29, 2005 and January 9, 2006. At the meetings, the following matters were voted on and approved by the Shareholders. Each vote reported represents one dollar of net asset value held on the record date of the meeting. The results of the Special Meeting of Shareholders are noted below.

Proposal 1

Elect nine Trustees, including eight "independent" candidates.

	Record		Number of Votes						Percentage of Total Outstanding Votes									Percentage of Voted
Trustees	Date Votes		Affirmative		Withheld		Total		Affirmative			Withheld			Total			Affirmative			Withheld			Total
Jerome S. Contro		72,431,132,779		28,415,846,253		806,823,785		29,222,670,038		39.23	%		1.12	%		40.35	%		97.24	%		2.76	%		100.00	%
William F. McCalpin		72,431,132,779		28,431,830,093		790,839,945		29,222,670,038		39.26	%		1.09	%		40.35	%		97.29	%		2.71	%		100.00	%
John W. McCarter, Jr.		72,431,132,779		28,410,815,406		811,854,632		29,222,670,038		39.23	%		1.12	%		40.35	%		97.22	%		2.78	%		100.00	%
Dennis B. Mullen		72,431,132,779		28,408,140,530		814,529,508		29,222,670,038		39.22	%		1.13	%		40.35	%		97.21	%		2.79	%		100.00	%
James T. Rothe		72,431,132,779		28,421,678,938		800,991,100		29,222,670,038		39.24	%		1.11	%		40.35	%		97.26	%		2.74	%		100.00	%
William D. Stewart		72,431,132,779		28,426,971,191		795,698,847		29,222,670,038		39.25	%		1.10	%		40.35	%		97.28	%		2.72	%		100.00	%
Martin H. Waldinger		72,431,132,779		28,400,077,651		822,592,387		29,222,670,038		39.21	%		1.14	%		40.35	%		97.18	%		2.82	%		100.00	%
Linda S. Wolf		72,431,132,779		28,406,316,741		816,353,297		29,222,670,038		39.22	%		1.13	%		40.35	%		97.21	%		2.79	%		100.00	%
Thomas H. Bailey		72,431,132,779		28,395,482,070		827,141,468		29,222,623,538		39.21	%		1.14	%		40.35	%		97.17	%		2.83	%		100.00	%

Proposal 3a

To approve certain amendments to the Fund's investment advisory agreement with Janus Capital to conform to prevailing industry practice.

			Number of Votes								Percentage of Total Outstanding Votes												Percentage of Voted
Fund	Record Date Votes		Affirmative		Against		Abstain		Broker Non-Votes		Affirmative			Against			Abstain			Broker Non-Votes			Affirmative			Against			Abstain			Broker Non-Votes
Growth
Janus Fund		11,815,883,814		5,141,704,247		298,128,737		253,100,803		1,597,577,073		43.52	%		2.52	%		2.14	%		13.52	%		70.53	%		4.09	%		3.47	%		21.91	%
Janus Enterprise Fund		1,768,581,761		655,989,507		39,765,195		30,146,258		223,066,755		37.09	%		2.25	%		1.71	%		12.61	%		69.13	%		4.19	%		3.18	%		23.50	%
Janus Mercury Fund		4,543,442,548		1,750,195,166		110,854,182		93,469,589		480,923,905		38.52	%		2.44	%		2.06	%		10.59	%		71.86	%		4.55	%		3.84	%		19.75	%
Janus Olympus Fund		2,299,460,931		871,255,022		60,570,362		45,247,870		271,664,004		37.89	%		2.63	%		1.97	%		11.81	%		69.77	%		4.85	%		3.62	%		21.76	%
Janus Orion Fund		671,127,831		291,456,936		21,189,706		14,196,184		65,470,079		43.43	%		3.16	%		2.11	%		9.76	%		74.29	%		5.40	%		3.62	%		16.69	%
Janus Triton Fund		34,409,032		18,943,291		1,137,454		571,245		2,189,775		55.05	%		3.31	%		1.66	%		6.36	%		82.93	%		4.98	%		2.50	%		9.59	%
Janus Twenty Fund		9,824,414,895		4,511,070,075		270,345,145		161,625,541		1,308,505,546		45.92	%		2.75	%		1.65	%		13.32	%		72.16	%		4.33	%		2.58	%		20.93	%
Janus Venture Fund		1,406,700,835		631,791,354		51,270,013		35,124,403		150,422,355		44.91	%		3.65	%		2.50	%		10.69	%		72.74	%		5.90	%		4.04	%		17.32	%
Specialty Growth
Janus Global Life Sciences Fund		1,213,179,543		502,255,257		36,813,843		25,335,504		142,457,413		41.40	%		3.03	%		2.09	%		11.74	%		71.06	%		5.21	%		3.58	%		20.15	%
Janus Global Technology Fund		1,059,507,132		426,902,165		31,772,093		22,473,123		99,490,344		40.29	%		3.00	%		2.12	%		9.39	%		73.52	%		5.47	%		3.87	%		17.14	%

Proposal 3b

To approve an amended investment advisory agreement between the Fund and Janus Capital to change the investment advisory fee rate from a fixed rate to a rate that adjusts upward or downward based upon the Fund's performance relative to its benchmark index.

			Number of Votes								Percentage of Total Outstanding Votes												Percentage of Voted
Fund	Record Date Votes		Affirmative		Against		Abstain		Broker Non-Votes		Affirmative			Against			Abstain			Broker Non-Votes			Affirmative			Against			Abstain			Broker Non-Votes
Growth
Janus Mercury Fund		4,543,442,548		1,660,646,635		207,789,473		86,082,829		480,923,905		36.55	%		4.57	%		1.90	%		10.59	%		68.19	%		8.53	%		3.53	%		19.75	%

104 Janus Growth Funds April 30, 2006

Janus Growth Funds April 30, 2006 105

Janus provides access to a wide range of investment disciplines.

Asset Allocation

Janus asset allocation funds invest in several underlying mutual funds, rather than individual securities, in an attempt to offer investors an instantly diversified portfolio. Janus Smart Portfolios are unique in their combination of funds that leverage the fundamental research approach of Janus with funds supported by the risk-managed, mathematical investment process of INTECH (a Janus subsidiary).

Growth

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.

Core

Janus core funds seek investments in more stable and predictable companies. These funds look for a strategic combination of steady growth and for certain funds, some degree of income.

Risk-Managed

Our risk-managed fund seeks to outperform its index while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), this fund uses a mathematical process in an attempt to build a more "efficient" portfolio than the index.

Value

Janus value funds invest in companies they believe are poised for a turnaround or are trading at a significant discount to fair value. The goal is to gain unique insight into a company's true value and identify and evaluate potential catalysts that may unlock shareholder value.

International & Global

Janus international and global 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.

Bond & Money Market

Janus bond 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 maximum current income consistent with stability of capital.

For more information about our funds, go to www.janus.com.

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 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.

151 Detroit Street

Denver, CO 80206

1-800-525-3713

Funds distributed by Janus Distributors LLC (6/06)

C-0606-22 111-24-103 06-06

2006 Semiannual Report

Janus Core, Risk-Managed and Value Funds

Core

Janus Balanced Fund

Janus Contrarian Fund

Janus Core Equity Fund

Janus Growth and Income Fund

Janus Research Fund

Risk-Managed

INTECH Risk-Managed Stock Fund

Value

Janus Mid Cap Value Fund

Janus Small Cap Value Fund

Look Inside. . .

• Portfolio manager perspective

• Investment strategy behind your fund

• Fund performance, characteristics and holdings

Table of Contents

Janus Core, Risk-Managed and Value Funds

President and CEO Letter to Shareholders					1

Portfolio Managers' Commentaries and Schedules of Investments

Janus Balanced Fund					6

Janus Contrarian Fund					14

Janus Core Equity Fund					21

Janus Growth and Income Fund					28

Janus Research Fund					35

INTECH Risk-Managed Stock Fund					42

Janus Mid Cap Value Fund					51

Janus Small Cap Value Fund					58

Statements of Assets and Liabilities					64

Statements of Operations					66

Statements of Changes in Net Assets					68

Financial Highlights					71

Notes to Schedules of Investments					76

Notes to Financial Statements					79

Additional Information					89

Explanations of Charts, Tables and Financial Statements					95

Shareholder Meeting					98

CEO's Letter

Gary Black

President and Chief Executive Officer

Dear Shareholders,

Staying Focused on Consistent Performance

...our goal is to ensure consistency in our investment returns across different market cycles...

Combined, we believe these elements of our research process will help us as we strive to deliver strong fund performance in all market environments.

Corporate Profits Remained Strong

Greater Diversification Sought by Investors

Janus Core, Risk-Managed and Value Funds April 30, 2006 1

Continued

A Compelling Case for Growth

Sincerely,

Gary Black
Chief Executive Officer and
Chief Investment Officer

2 Janus Core, Risk-Managed and Value Funds April 30, 2006

Lipper Rankings

Lipper Rankings – Based on total return as of 4/30/06

ONE YEAR

THREE YEAR

FIVE YEAR

TEN YEAR

SINCE INCEPTION

LIPPER CATEGORY

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

PERCENTILE
RANK (%)

RANK/
TOTAL FUNDS

Janus Investment Funds

(Inception Date)

Janus Fund (2/70)

Large-Cap Growth Funds

296/698

280/590

374/474

72/165

1/19

Janus Enterprise Fund⁽¹⁾ (9/92)

Mid-Cap Growth Funds

324/563

134/461

257/357

88/128

20/49

Janus Mercury Fund⁽¹⁾ (5/93)

Large-Cap Growth Funds

210/698

53/590

306/474

18/165

1/84

Janus Olympus Fund⁽¹⁾ (12/95)

Multi-Cap Growth Funds

186/423

190/359

188/288

25/95

13/88

Janus Orion Fund (6/00)

Multi-Cap Growth Funds

11/423

3/359

8/288

N/A

61/230

Janus Triton Fund (2/05)

Small-Cap Growth Funds

59/533

N/A

14/520

Janus Twenty Fund* (4/85)

Large-Cap Growth Funds

36/698

6/590

56/474

2/165

1/40

Janus Venture Fund* (4/85)

Small-Cap Growth Funds

311/533

45/453

70/363

44/117

1/10

Janus Global Life Sciences Fund (12/98)

Health/Biotechnology Funds

57/176

39/161

55/127

N/A

15/48

Janus Global Technology Fund (12/98)

Science & Technology Funds

94/292

113/265

132/230

N/A

17/76

Janus Balanced Fund⁽¹⁾ (9/92)

Mixed-Asset Target Allocation Moderate Funds

49/395

140/271

81/210

2/81

1/27

Janus Contrarian Fund (2/00)

Multi-Cap Core Funds

3/834

3/588

11/421

N/A

29/332

Janus Core Equity Fund⁽¹⁾ (6/96)

Large-Cap Core Funds

9/864

20/746

16/618

N/A

3/248

Janus Growth and Income Fund⁽¹⁾ (5/91)

Large-Cap Core Funds

35/864

65/746

90/618

5/240

5/96

Janus Research Fund (2/05)

Multi-Cap Growth Funds

31/423

N/A

26/410

INTECH Risk-Managed Stock Fund (2/03)

Multi-Cap Core Funds

483/834

129/588

N/A

150/586

Janus Mid Cap Value Fund - Inv⁽¹⁾⁽²⁾ (8/98)

Mid-Cap Value Funds

201/267

114/216

51/146

N/A

4/81

Janus Small Cap Value Fund - Inv*⁽²⁾ (10/87)

Small-Cap Core Funds

612/633

456/504

243/373

N/A

Janus Federal Tax-Exempt Fund (5/93)

General Municipal Debt Funds

155/260

221/249

156/221

122/142

64/77

Janus Flexible Bond Fund⁽¹⁾ (7/87)

Intermediate Investment Grade Debt Funds

172/473

146/406

74/320

35/147

6/25

Janus High-Yield Fund (12/95)

High Current Yield Funds

164/439

276/385

169/311

10/111

3/104

Janus Short-Term Bond Fund⁽¹⁾ (9/92)

Short Investment Grade Debt Funds

68/228

38/181

63/129

13/66

11/25

Janus Global Opportunities Fund⁽¹⁾ (6/01)

Global Funds

100

360/362

154/286

N/A

50/224

Janus Overseas Fund⁽¹⁾ (5/94)

International Funds

2/910

2/770

114/599

8/230

2/120

Janus Worldwide Fund⁽¹⁾ (5/91)

Global Funds

339/362

279/286

217/220

56/82

5/17

(2)Rating is for the Investor share class only; other classes may have different performance characteristics.

*Closed to new investors.

Data presented represents past performance, which is no guarantee of future results.

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

Janus Core, Risk-Managed and Value Funds April 30, 2006 3

Performance

	Average Annual Total Return for the periods ended 4/30/06
	ONE YEAR			THREE YEAR			FIVE YEAR			10 YEAR			SINCE INCEPTION
Fund/Index
(Inception Date)
Janus Fund (2/70)		17.28	%		11.85	%		(2.62	)%		6.67	%		13.86	%
Janus Contrarian Fund^(1)(2)(3) (2/00)		38.81	%		31.63	%		10.68	%		N/A			9.63	%
Janus Core Equity Fund⁽³⁾ (6/96)		31.00	%		19.14	%		5.74	%		N/A			13.43	%
Janus Enterprise Fund (9/92)		29.21	%		22.74	%		1.87	%		6.69	%		11.63	%
Janus Growth and Income Fund (5/91)		25.82	%		16.82	%		3.44	%		12.02	%		13.80	%
Janus Mercury Fund (5/93)		19.00	%		15.42	%		(1.74	)%		8.56	%		12.70	%
Janus Mid Cap Value Fund - Investor Shares⁽³⁾⁽⁴⁾ (8/98)		20.64	%		23.27	%		12.45	%		N/A			17.97	%
Janus Olympus Fund (12/95)		26.44	%		16.83	%		0.45	%		9.78	%		11.77	%
Janus Orion Fund^(1)(5)(6)(7) (6/00)		41.50	%		27.95	%		10.72	%		N/A			(0.73	)%
Janus Small Cap Value Fund - Investor Shares* (10/87)		20.30	%		20.76	%		10.80	%		15.60	%		N/A
Janus Twenty Fund*⁽⁴⁾⁽⁶⁾ (4/85)		24.20	%		19.02	%		2.05	%		10.70	%		13.48	%
Janus Venture Fund*⁽⁸⁾ (4/85)		32.58	%		27.53	%		9.14	%		9.29	%		13.88	%
INTECH Risk-Managed Stock Fund⁽³⁾ (2/03)		17.81	%		19.16	%		N/A			N/A			20.50	%
S&P 500^® Index		15.42	%		14.68	%		2.70	%		8.94	%		N/A
Russell 1000^® Growth Index		15.18	%		12.05	%		(0.76	)%		6.21	%		N/A