<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created by RR Donnelley IM Processor 6.0.0.0 using Fujitsu Interstage XWand-->
<schema targetNamespace="http://www.janus.com/20121228" elementFormDefault="qualified" xmlns="http://www.w3.org/2001/XMLSchema" xmlns:jif5="http://www.janus.com/20121228" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric">
  <annotation>
    <appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="jif5-20121228_pre.xml" xlink:title="Presentation Links, all" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="jif5-20121228_cal.xml" xlink:title="Calculation Links, all" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="jif5-20121228_def.xml" xlink:title="Definition Links, all" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="jif5-20121228_lab.xml" xlink:title="Label Links, all" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.janus.com/role/DocumentDocumentandEntityInformation" id="DocumentDocumentandEntityInformation">
        <link:definition>000000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/DocumentRiskReturnSummaryUnlabeledJanusDiversifiedAlternativesFundClassACSINTShares" id="DocumentRiskReturnSummaryUnlabeledJanusDiversifiedAlternativesFundClassACSINTShares">
        <link:definition>000011 - Document - Risk/Return Summary {Unlabeled} - Janus Diversified Alternatives Fund (Class A, C, S, I, N, T Shares)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleShareholderFeesJanusDiversifiedAlternativesFund" id="ScheduleShareholderFeesJanusDiversifiedAlternativesFund">
        <link:definition>000012 - Schedule - Shareholder Fees {- Janus Diversified Alternatives Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusDiversifiedAlternativesFund" id="ScheduleAnnualFundOperatingExpensesJanusDiversifiedAlternativesFund">
        <link:definition>000013 - Schedule - Annual Fund Operating Expenses {- Janus Diversified Alternatives Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusDiversifiedAlternativesFund" id="ScheduleExpenseExampleTransposedJanusDiversifiedAlternativesFund">
        <link:definition>000014 - Schedule - Expense Example {Transposed} {- Janus Diversified Alternatives Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusDiversifiedAlternativesFund" id="ScheduleExpenseExampleNoRedemptionTransposedJanusDiversifiedAlternativesFund">
        <link:definition>000015 - Schedule - Expense Example, No Redemption {Transposed} {- Janus Diversified Alternatives Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusDiversifiedAlternativesFundBarChart" id="ScheduleAnnualTotalReturnsJanusDiversifiedAlternativesFundBarChart">
        <link:definition>000016 - Schedule - Annual Total Returns - Janus Diversified Alternatives Fund [BarChart]</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusDiversifiedAlternativesFund" id="ScheduleAverageAnnualTotalReturnsTransposedJanusDiversifiedAlternativesFund">
        <link:definition>000017 - Schedule - Average Annual Total Returns {Transposed} {- Janus Diversified Alternatives Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/DocumentRiskReturnDetailUnlabeledJanusDiversifiedAlternativesFund" id="DocumentRiskReturnDetailUnlabeledJanusDiversifiedAlternativesFund">
        <link:definition>000018 - Document - Risk/Return Detail {Unlabeled} - Janus Diversified Alternatives Fund</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/DisclosureRiskReturnDetailDataElementsJanusDiversifiedAlternativesFundClassACSINTShares" id="DisclosureRiskReturnDetailDataElementsJanusDiversifiedAlternativesFundClassACSINTShares">
        <link:definition>000019 - Disclosure - Risk/Return Detail Data {Elements} - Janus Diversified Alternatives Fund (Class A, C, S, I, N, T Shares)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/DocumentRiskReturnSummaryUnlabeledJanusDiversifiedAlternativesFundClassDShares" id="DocumentRiskReturnSummaryUnlabeledJanusDiversifiedAlternativesFundClassDShares">
        <link:definition>000021 - Document - Risk/Return Summary {Unlabeled} - Janus Diversified Alternatives Fund (Class D Shares)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleShareholderFeesJanusDiversifiedAlternativesFundClassD" id="ScheduleShareholderFeesJanusDiversifiedAlternativesFundClassD">
        <link:definition>000022 - Schedule - Shareholder Fees {- Janus Diversified Alternatives Fund Class D}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleAnnualFundOperatingExpensesJanusDiversifiedAlternativesFundClassD" id="ScheduleAnnualFundOperatingExpensesJanusDiversifiedAlternativesFundClassD">
        <link:definition>000023 - Schedule - Annual Fund Operating Expenses {- Janus Diversified Alternatives Fund Class D}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleExpenseExampleTransposedJanusDiversifiedAlternativesFundClassD" id="ScheduleExpenseExampleTransposedJanusDiversifiedAlternativesFundClassD">
        <link:definition>000024 - Schedule - Expense Example {Transposed} {- Janus Diversified Alternatives Fund Class D}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleExpenseExampleNoRedemptionTransposedJanusDiversifiedAlternativesFundClassD" id="ScheduleExpenseExampleNoRedemptionTransposedJanusDiversifiedAlternativesFundClassD">
        <link:definition>000025 - Schedule - Expense Example, No Redemption {Transposed} {- Janus Diversified Alternatives Fund Class D}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleAnnualTotalReturnsJanusDiversifiedAlternativesFundClassDBarChart" id="ScheduleAnnualTotalReturnsJanusDiversifiedAlternativesFundClassDBarChart">
        <link:definition>000026 - Schedule - Annual Total Returns - Janus Diversified Alternatives Fund Class D [BarChart]</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/ScheduleAverageAnnualTotalReturnsTransposedJanusDiversifiedAlternativesFundClassD" id="ScheduleAverageAnnualTotalReturnsTransposedJanusDiversifiedAlternativesFundClassD">
        <link:definition>000027 - Schedule - Average Annual Total Returns {Transposed} {- Janus Diversified Alternatives Fund Class D}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/DocumentRiskReturnDetailUnlabeledJanusDiversifiedAlternativesFundClassD" id="DocumentRiskReturnDetailUnlabeledJanusDiversifiedAlternativesFundClassD">
        <link:definition>000028 - Document - Risk/Return Detail {Unlabeled} - Janus Diversified Alternatives Fund Class D</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.janus.com/role/DisclosureRiskReturnDetailDataElementsJanusDiversifiedAlternativesFundClassDShares" id="DisclosureRiskReturnDetailDataElementsJanusDiversifiedAlternativesFundClassDShares">
        <link:definition>000029 - Disclosure - Risk/Return Detail Data {Elements} - Janus Diversified Alternatives Fund (Class D Shares)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://xbrl.sec.gov/rr/2012-01-31" schemaLocation="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd" />
  <import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd" />
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <element name="S000039510Member" id="jif5_S000039510Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="ClassCSINTSharesMember" id="jif5_ClassCSINTSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121690Member" id="jif5_C000121690Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121691Member" id="jif5_C000121691Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121692Member" id="jif5_C000121692Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121693Member" id="jif5_C000121693Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121694Member" id="jif5_C000121694Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121695Member" id="jif5_C000121695Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000121696Member" id="jif5_C000121696Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="ClassDSharesMember" id="jif5_ClassDSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
</schema>
