N-Q 1 jif0107.txt JIF N-Q 1.31.07 OMB APPROVAL OMB Number: 3235-0578 Expires: May 31, 2007 Estimated average burden hours per response. . . . . . 21.09 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY 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: 1/31/07 Item 1. Schedule of Investments. Janus Balanced Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 48.9% Advertising Sales - 0.7% 336,670 Lamar Advertising Co.* $ 22,314,488 Agricultural Chemicals - 2.8% 164,105 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 25,605,303 196,616 Syngenta A.G.* 36,338,690 651,605 Syngenta A.G. (ADR) 24,154,997 86,098,990 Audio and Video Products - 0.4% 232,985 Sony Corp. (ADR) ** 10,794,195 Automotive - Cars and Light Trucks - 0.6% 321,949 BMW A.G. ** 19,712,773 Beverages - Non-Alcoholic - 0.8% 382,740 PepsiCo, Inc. 24,969,958 Brewery - 0.4% 211,985 Interbrew S.A. ** 13,668,060 Casino Hotels - 0.6% 222,245 Harrah's Entertainment, Inc. 18,775,258 Computers - 1.0% 116,465 Apple Inc.* 9,984,544 463,525 Hewlett-Packard Co. 20,061,362 30,045,906 Computers - Memory Devices - 0.9% 1,907,020 EMC Corp.* 26,679,210 Cosmetics and Toiletries - 1.6% 233,665 Avon Products, Inc. 8,035,739 617,210 Procter & Gamble Co. 40,038,413 48,074,152 Diversified Operations - 2.4% 1,854,880 General Electric Co. 66,868,424 3,431,000 Melco International Development, Ltd.* 7,301,129 74,169,553 E-Commerce/Services - 0.3% 241,284 IAC/InterActiveCorp* 9,265,306 Electronic Components - Semiconductors - 2.4% 47,128 Samsung Electronics Company, Ltd. 29,180,429 1,395,100 Texas Instruments, Inc. 43,513,169 72,693,598 Enterprise Software/Services - 0.8% 1,396,625 Oracle Corp.* 23,966,085 Finance - Consumer Loans - 0.9% 593,405 SLM Corp. 27,272,894 Finance - Credit Card - 1.1% 581,835 American Express Co. 33,874,434 Finance - Investment Bankers/Brokers - 6.2% 1,409,905 JP Morgan Chase & Co. 71,806,462 933,550 Merrill Lynch & Company, Inc. 87,342,937 525,255 Mitsubishi UFJ Securities Company, Ltd. **,# 5,960,171 364,030 UBS A.G. (U.S. Shares) 22,937,530 188,047,100 Finance - Mortgage Loan Banker - 0.9% 492,670 Fannie Mae 27,850,635 Food - Diversified - 0.6% 46,785 Nestle S.A. 17,165,158 Hotels and Motels - 1.9% 587,850 Marriott International, Inc. - Class A 28,299,099 461,480 Starwood Hotels & Resorts Worldwide, Inc. 28,879,418 57,178,517 Industrial Automation and Robotics - 0.3% 140,610 Rockwell Automation, Inc. 8,606,738 Medical - Biomedical and Genetic - 0.7% 161,300 Amgen, Inc.* 11,350,681 179,100 Celgene Corp.* 9,614,088 20,964,769 Medical - Drugs - 4.1% 233,440 Merck & Company, Inc. 10,446,440 231,670 Pfizer, Inc. 6,079,021 418,245 Roche Holding A.G. 78,850,090 24,710 Roche Holding A.G. (ADR) 2,330,153 285,079 Sanofi-Aventis **,# 25,180,203 122,885,907 Medical Products - 1.2% 378,740 Johnson & Johnson 25,299,832 13,300 Nobel Biocare Holding A.G. 4,425,736 72,190 Zimmer Holdings, Inc.*,# 6,079,842 35,805,410 Multimedia - 0.4% 707,645 Publishing & Broadcasting Ltd. 10,852,707 Oil Companies - Exploration and Production - 1.1% 720,950 EnCana Corp. (U.S. Shares) 34,627,229 Oil Companies - Integrated - 2.2% 582,310 ConocoPhillips 38,671,207 129,495 Exxon Mobil Corp. 9,595,580 261,287 Suncor Energy, Inc. 19,361,171 67,627,958 Optical Supplies - 0.2% 39,825 Alcon, Inc. (U.S. Shares) 4,689,792 Pharmacy Services - 0.8% 378,340 Caremark Rx, Inc. 23,177,108 Pipelines - 0.0% 591 Dynegy, Inc. - Class A 4,167 Real Estate Operating/Development - 0.5% 8,488,600 Guangzhou R&F Properties Company, Ltd. # 16,394,554 Retail - Regional Department Stores - 1.3% 920,325 Federated Department Stores, Inc. 38,184,284 Soap and Cleaning Preparations - 1.5% 944,470 Reckitt Benckiser PLC ** 45,569,892 Telecommunication Equipment - Fiber Optics - 0.5% 764,325 Corning, Inc.* 15,928,533 Therapeutics - 0.8% 380,715 Gilead Sciences, Inc.* 24,487,589 Tobacco - 1.9% 646,815 Altria Group, Inc. 56,525,163 Transportation - Railroad - 1.8% 815,759 Canadian National Railway Co. (U.S. Shares) 37,272,029 170,435 Union Pacific Corp. 17,213,935 54,485,964 Transportation - Services - 0.3% 86,915 FedEx Corp. 9,595,416 Web Portals/Internet Service Providers - 1.5% 14,915 Google, Inc. - Class A* 7,476,890 1,294,250 Yahoo!, Inc.* 36,640,217 44,117,107 Wireless Equipment - 0.5% 393,995 QUALCOMM, Inc. 14,837,852 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $1,081,586,250) 1,481,984,409 ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 7.3% Automotive - Cars and Light Trucks - 0.1% $ 2,770,000 General Motors Nova Financial Corp., 6.85%, company guaranteed notes, due 10/15/08 2,763,075 Cable Television - 0.7% 3,821,000 Comcast Corp., 5.66%, company guaranteed notes, due 7/14/09 *** 3,830,117 4,600,000 Comcast Corp., 6.50%, company guaranteed notes, due 1/15/17 4,814,360 8,007,000 Comcast Corp., 6.45%, company guaranteed notes, due 3/15/37 8,032,806 1,296,922 CSC Holdings, Inc., 7.11%, bank loan, due 3/30/13 *** 1,299,853 2,403,359 CSC Holdings, Inc., 7.11%, bank loan, due 3/30/13 *** 2,408,791 1,621,153 CSC Holdings, Inc., 7.12%, bank loan, due 3/30/13 *** 1,624,817 310,045 CSC Holdings, Inc., 7.12063%, bank loan, due 3/30/13 *** 310,746 22,321,490 Commercial Banks - 0.2% 5,490,000 US Bank, 5.70%, subordinated notes, due 12/15/08 5,525,833 Containers - Metal and Glass - 0.6% 9,006,000 Owens-Brockway Glass Container, Inc., 8.875%, company guaranteed notes, due 2/15/09 9,208,635 7,945,000 Owens-Illinois, Inc., 7.35%, senior notes, due 5/15/08 7,984,725 17,193,360 Diversified Financial Services - 0.1% 3,815,000 General Electric Capital Corp., 6.75%, notes, due 3/15/32 4,318,355 Electric - Integrated - 0.7% 2,535,000 CMS Energy Corp., 7.50%, senior notes, due 1/15/09 2,598,375 9,070,000 MidAmerican Energy Holdings Co., 3.50%, senior notes, due 5/15/08 8,850,842 770,000 Pacific Gas and Electric Co., 3.60%, unsecured notes, due 3/1/09 744,182 2,640,000 Pacific Gas and Electric Co., 4.20%, unsecured notes, due 3/1/11 2,523,803 5,485,000 TXU Corp., 5.55%, senior notes, due 11/15/14 5,162,531 1,850,000 TXU Corp., 6.50%, senior notes, due 11/15/24 1,713,181 21,592,914 Finance - Auto Loans - 0.8% 4,342,000 Ford Motor Credit Co., 9.81%, notes, due 4/15/12 *** 4,707,349 7,100,000 Ford Motor Credit Co., 8.00%, senior unsecured notes, due 12/15/16 6,971,271 2,485,000 General Motors Acceptance Corp., 6.15%, bonds, due 4/5/07 2,486,034 3,905,000 General Motors Acceptance Corp., 4.375%, notes, due 12/10/07 3,851,607 6,162,000 General Motors Acceptance Corp., 7.25%, notes, due 3/2/11 6,338,763 24,355,024 Finance - Consumer Loans - 0.2% 7,315,000 Household Finance Corp., 4.75%, notes, due 5/15/09 7,218,413 Finance - Investment Bankers/Brokers - 0.9% 10,541,000 Citigroup, Inc., 5.00%, subordinated notes, due 9/15/14 10,218,446 9,415,000 Credit Suisse First Boston USA, Inc., 3.875%, notes, due 1/15/09 9,179,296 7,640,000 JP Morgan Chase & Co., 3.80%, senior unsecured notes, due 10/2/09 7,358,290 26,756,032 Food - Diversified - 0.2% 7,085,000 Kellogg Co., 2.875%, senior notes, due 6/1/08 6,837,535 Gas - Distribution - 0.2% 4,725,000 ONEOK, Inc., 5.20%, notes, due 6/15/15 4,456,993 Independent Power Producer - 0.0% 1,338,000 NRG Energy, Inc., 7.375%, company guaranteed notes, due 1/15/17 1,338,000 Medical - Hospitals - 0.2% 3,033,000 HCA, Inc., 8.11375%, bank loan, due 11/18/13 *** 3,061,662 4,000,000 HCA, Inc., 9.25%, secured notes, due 11/15/16 (144A) 4,250,000 7,311,662 Multimedia - 0.3% 4,670,000 Viacom, Inc.,6.25%, senior notes, due 4/30/16 4,651,983 4,675,000 Viacom, Inc, 6.875%, senior notes, due 4/30/36 4,656,800 9,308,783 Non-Hazardous Waste Disposal - 0.1% 586,870 Allied Waste Industries, Inc., 5.3219%, bank loan, due 1/15/12 *** 589,364 275,978 Allied Waste Industries, Inc., 7.12%, bank loan, due 1/15/12 *** 277,228 236,552 Allied Waste Industries, Inc., 7.15%, bank loan, due 1/15/12 *** 237,624 591,381 Allied Waste Industries, Inc., 7.17%, bank loan, due 1/15/12 *** 594,059 216,840 Allied Waste Industries, Inc., 7.17%, bank loan, due 1/15/12 *** 217,822 131,376 Allied Waste Industries, Inc., 7.21%, bank loan, due 1/15/12 *** 131,971 2,048,068 Office Supplies and Forms - 0.1% 2,318,000 Acco Brands Corp., 7.625%, company guaranteed notes, due 8/15/15 2,277,435 Oil Companies - Exploration and Production - 0.1% 1,500,000 Sabine Pass LNG, L.P., 7.25%, secured notes, due 11/30/13 (144A) 1,471,875 1,400,000 Sabine Pass LNG, L.P., 7.50%, secured notes, due 11/30/16 (144A) 1,375,500 2,847,375 Photo Equipment and Supplies - 0.1% 838,643 Eastman Kodak Co., 0%, bank loan, due 10/18/12 *** 840,480 735,667 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 737,278 731,989 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 733,592 2,311,350 Pipelines - 0.6% 1,285,000 El Paso Corp., 7.625%, senior notes, due 9/1/08 1,313,913 14,800,000 El Paso Corp., 7.00%, senior notes, due 5/15/11 15,169,999 1,174,000 Kinder Morgan Energy Partners, 6.00%, notes, due 2/1/17 1,177,480 710,000 Kinder Morgan Energy Partners, 6.50%, bonds, due 2/1/37 710,921 18,372,313 Publishing - Periodicals - 0.1% 3,175,000 Idearc, Inc., 7.33%, bank loan, due 11/17/14 *** 3,199,384 Rental Auto/Equipment - 0.1% 3,474,170 Avis Budget Car Rental LLC, 6.61%, bank loan, due 4/19/12 *** 3,462,949 Retail - Building Products - 0.1% 2,597,000 Home Depot, Inc., 5.875%, senior unsecured notes, due 12/16/36 2,530,852 Retail - Major Department Stores - 0.2% 4,630,000 May Department Stores Co., 4.80%, notes, due 7/15/09 4,549,031 Retail - Regional Department Stores - 0.1% 26,443 Neiman Marcus Group, Inc., 7.595%, bank loan, due 4/6/13 *** 26,702 1,771,684 Neiman Marcus Group, Inc., 7.6025%, bank loan, due 4/6/13 *** 1,789,064 1,815,766 Telecommunication Services - 0.3% 10,315,000 Verizon Global Funding Corp., 4.00%, senior unsecured notes, due 1/15/08 10,182,648 Transportation - Railroad - 0.2% 1,910,000 Canadian National Railway Co., 4.25%, notes, due 8/1/09 1,862,756 3,825,000 Canadian National Railway Co., 6.25%, bonds, due 8/1/34 4,008,661 5,871,417 ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $219,381,330) 220,766,057 ------------------------------------------------------------------------------------------------------------------------------------ Mortgage Backed Securities - 0.8% U.S. Government Agency - 0.8% 13,451,493 Federal Home Loan Bank System, 5.27%, due 12/28/12 13,337,155 11,208,647 Freddie Mac, 5.75%, due 12/15/18 11,207,378 ------------------------------------------------------------------------------------------------------------------------------------ Total Mortgage Backed Securities (cost $24,757,865) 24,544,533 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Government Agencies - 1.0% 6,242,000 Fannie Mae, 5.25%, due 12/3/07 6,239,509 2,580,000 Fannie Mae, 2.50%, due 6/15/08 2,488,859 4,110,000 Fannie Mae, 5.25%, due 1/15/09 4,119,391 880,000 Fannie Mae, 6.375%, due 6/15/09 904,604 6,723,000 Fannie Mae, 5.375%, due 11/15/11 6,806,427 5,270,000 Freddie Mac, 5.75%, due 4/15/08 5,300,592 2,155,000 Freddie Mac, 5.75%, due 3/15/09 2,181,709 2,040,000 Freddie Mac, 7.00%, due 3/15/10 2,151,298 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Government Agencies (cost $30,689,496) 30,192,389 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes/Bonds - 23.2% 9,469,000 U.S. Treasury Notes, 3.875%, due 7/31/07 # 9,412,773 1,860,000 U.S. Treasury Notes, 4.00%, due 9/30/07 # 1,846,705 11,219,553 U.S. Treasury Notes, 3.625%, due 1/15/08 #, ## 11,328,248 17,033,000 U.S. Treasury Notes, 3.375%, due 2/15/08 # 16,746,232 11,593,000 U.S. Treasury Notes, 3.75%, due 5/15/08 # 11,412,764 15,625,000 U.S. Treasury Notes, 5.625%, due 5/15/08 # 15,740,359 55,941,000 U.S. Treasury Notes, 4.875%, due 5/31/08 # 55,840,475 16,985,000 U.S. Treasury Notes, 4.375%, due 11/15/08 # 16,817,137 7,089,000 U.S. Treasury Notes, 4.75%, due 12/31/08 # 7,065,741 48,520,000 U.S. Treasury Notes, 4.875%, due 1/31/09 48,470,704 24,069,000 U.S. Treasury Notes, 4.50%, due 2/15/09 # 23,870,623 19,705,000 U.S. Treasury Notes, 3.125%, due 4/15/09 # 18,983,758 2,535,000 U.S. Treasury Notes, 4.875%, due 5/15/09 # 2,533,218 20,882,000 U.S. Treasury Notes, 6.00%, due 8/15/09 # 21,426,081 13,662,000 U.S. Treasury Notes, 4.625%, due 11/15/09 # 13,577,145 25,079,000 U.S. Treasury Notes, 4.00%, due 4/15/10 # 24,464,765 10,818,000 U.S. Treasury Notes, 3.625%, due 6/15/10 # 10,419,508 3,140,000 U.S. Treasury Notes, 4.125%, due 8/15/10 # 3,069,472 4,960,000 U.S. Treasury Notes, 5.75%, due 8/15/10 # 5,107,639 6,970,000 U.S. Treasury Notes, 4.25%, due 10/15/10 # 6,836,315 28,215,000 U.S. Treasury Notes, 4.50%, due 11/15/10 # 27,903,083 3,945,000 U.S. Treasury Notes, 4.375%, due 12/15/10 # 3,883,206 18,785,000 U.S. Treasury Notes, 4.50%, due 2/28/11 # 18,560,463 21,343,000 U.S. Treasury Notes, 4.875%, due 4/30/11 # 21,379,689 9,917,000 U.S. Treasury Bonds, 4.875%, due 7/31/11 # 9,938,698 19,691,000 U.S. Treasury Notes, 5.00%, due 8/15/11 # 19,858,689 4,615,000 U.S. Treasury Bonds, 4.625%, due 8/31/11 # 4,578,043 6,274,000 U.S. Treasury Notes, 4.50%, due 9/30/11 # 6,188,711 1,402,000 U.S. Treasury Bonds, 4.50%, due 11/30/11 # 1,382,613 13,454,000 U.S. Treasury Notes, 4.25%, due 8/15/14 # 12,969,441 25,554,765 U.S. Treasury Notes, 1.875%, due 7/15/15 #, ## 24,547,550 21,665,000 U.S. Treasury Notes, 4.25%, due 8/15/15 # 20,799,245 14,212,000 U.S. Treasury Notes, 4.50%, due 2/15/16 # 13,877,791 34,573,000 U.S. Treasury Notes, 5.125%, due 5/15/16 # 35,314,418 16,055,000 U.S. Treasury Bonds, 7.25%, due 5/15/16 # 18,904,763 4,604,893 U.S. Treasury Notes, 2.50%, due 7/15/16 #, ## 4,647,884 26,244,000 U.S. Treasury Notes, 4.875%, due 8/15/16 # 26,321,918 24,669,000 U.S. Treasury Bonds, 4.625%, due 11/15/16 # 24,287,395 5,809,000 U.S. Treasury Notes, 7.875%, due 2/15/21 # 7,477,728 12,284,000 U.S. Treasury Bonds, 7.25%, due 8/15/22 # 15,214,889 14,852,000 U.S. Treasury Notes, 6.00%, due 2/15/26 # 16,614,517 5,229,054 U.S. Treasury Bonds, 3.375%, due 4/15/32 #, ## 6,298,965 40,509,000 U.S. Treasury Notes, 4.50%, due 2/15/36 # 37,863,276 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes/Bonds (cost $709,149,628) 703,782,637 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 1.2% 14,951,137 Janus Institutional Cash Reserves Fund, 5.30% 14,951,137 22,874,169 Janus Money Market Fund, 5.25% 22,874,169 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $37,825,306) 37,825,306 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 17.6% 2,154,796 Foreign Bonds + 2,154,796 532,907,882 State Street Navigator Securities Lending Prime Portfolio + 532,907,882 ------------------------------------------------------------------------------------------------------------------------------------ Total Other Securities (cost $535,062,678) 535,062,678 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $2,638,452,553) - 100% $3,034,158,009 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Australia $ 10,852,707 0.4% Belgium 13,668,060 0.5 Canada 125,500,224 4.1 China 16,394,554 0.5 France 25,180,203 0.8 Germany 19,712,773 0.6 Hong Kong 7,301,129 0.2 Japan 16,754,366 0.6 South Korea 29,180,429 1.0 Switzerland 190,892,146 6.3 United Kingdom 45,569,892 1.5 United States ++ 2,533,151,526 83.5 -------------------------------------------------------------------------------- Total $3,034,158,009 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities (64.7% excluding Short-Term Securities and Other Securities) Forward Currency Contracts, Open January 31, 2007 (unaudited) Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- British Pound 3/14/07 1,275,000 $ 2,504,547 $ (144,612) British Pound 3/15/07 2,750,000 5,401,944 (268,491) British Pound 6/8/07 7,875,000 15,459,111 (184,761) Euro 6/8/07 11,400,000 14,934,538 (22,426) Japanese Yen 3/14/07 485,000,000 4,041,688 234,077 -------------------------------------------------------------------------------- Total $ 42,341,828 $ (386,213) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. 144A Securities sold under Rule 144A of the Securities Act of 1933 and are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. *** Rate is subject to change. Rate shown reflects current rate. ## Security is a U.S. Treasury Inflation-Protected Security (TIPS). # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Balanced Fund $101,569,014 The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Janus Contrarian Fund Schedule of Investments( unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 88.3% Airport Development - Maintenance - 0.5% 10,583,003 Macquarie Airports** $ 29,349,643 Automotive - Cars and Light Trucks - 0.9% 2,632,479 Tata Motors, Ltd.** 52,351,287 Broadcast Services and Programming - 7.4% 9,609,197 Liberty Global, Inc. - Class A* 288,852,462 2,134,427 Liberty Global, Inc. - Class C*,# 60,254,874 751,766 Liberty Media Holding Corp. - Class A* 76,905,662 426,012,998 Building Products - Cement and Aggregate - 3.2% 3,626,468 Cemex S.A. de C.V. (ADR)*,# 128,304,438 17,643,412 Gujarat Ambuja Cements, Ltd.** 55,068,530 183,372,968 Building Products - Wood - 1.8% 3,263,665 Masco Corp.# 104,404,643 Casino Hotels - 3.3% 533,180 Harrah's Entertainment, Inc. 45,043,046 1,779,915 Station Casinos, Inc. 148,088,928 193,131,974 Commercial Banks - 6.0% 3,371,258 ICICI Bank, Ltd.** 72,224,086 3,818,555 ICICI Bank, Ltd. (ADR)** 168,589,203 6,587 Mitsubishi UFJ Financial Group, Inc.** 79,987,022 3,915 Mizuho Financial Group, Inc.** 28,279,275 349,079,586 Computer Services - 4.4% 8,512,070 Ceridian Corp.*, +++ 255,106,738 Containers - Metal and Glass - 4.2% 10,918,745 Owens-Illinois, Inc.*, +++ 243,051,264 Diversified Minerals - 1.2% 2,049,830 Companhia Vale do Rio Doce (ADR)# 69,550,732 Diversified Operations - 1.1% 1,928,707 Tyco International, Ltd. (U.S. Shares) 61,487,179 Electric - Generation - 2.2% 44,119,070 Datang International Power Generation Company, Ltd.# 44,808,280 26,452,259 National Thermal Power Corporation, Ltd.** 85,078,977 129,887,257 Electric - Integrated - 1.8% 29,053,900 Tenaga Nasional Berhad 102,170,487 Engineering - Research and Development Services - 0.7% 1,175,158 Larsen & Toubro, Ltd.** 42,390,145 Enterprise Software/Services - 1.6% 3,687,150 CA, Inc.# 90,519,533 Finance - Consumer Loans - 3.6% 4,550,440 SLM Corp. 209,138,222 Finance - Investment Bankers/Brokers - 4.6% 2,871,541 E*TRADE Financial Corp.*,# 70,008,170 1,830,815 JP Morgan Chase & Co. 93,243,408 1,110,465 Merrill Lynch & Company, Inc. 103,895,105 267,146,683 Finance - Mortgage Loan Banker - 0.6% 956,565 Housing Development Finance Corporation, Ltd.** 36,411,014 Financial Guarantee Insurance - 1.1% 885,755 MBIA, Inc.** 63,623,782 Food - Diversified - 0.8% 3,883,057 Cadbury Schweppes PLC** 43,927,704 Forestry - 1.5% 2,194,130 Plum Creek Timber Company, Inc.# 88,313,733 Independent Power Producer - 2.5% 2,409,225 NRG Energy, Inc.*,# 144,384,854 Investment Companies - 0.9% 18,763,623 Macquarie Infrastructure Group** 53,520,314 Leisure and Recreation Products - 0.6% 6,887,285 EMI Group PLC** 33,433,574 Machinery - Pumps - 0.3% 431,850 Graco, Inc.# 17,606,525 Medical - HMO - 4.6% 5,206,392 Coventry Health Care, Inc.* 268,389,508 Medical - Nursing Homes - 1.2% 1,287,505 Manor Care, Inc. 68,546,766 Metal - Diversified - 0.6% 3,362,115 Ivanhoe Mines, Ltd. (U.S. Shares)# 32,780,621 Metal Processors and Fabricators - 0.9% 6,997,083 Bharat Forge, Ltd.** 52,991,341 Oil Companies - Exploration and Production - 1.4% 970,525 Chesapeake Energy Corp.# 28,737,245 1,149,465 Forest Oil Corp.* 36,690,923 816,209 Mariner Energy, Inc.*,# 16,413,963 81,842,131 Oil Companies - Integrated - 0.5% 426,420 Suncor Energy, Inc. (U.S. Shares) 31,704,327 Oil Refining and Marketing - 3.3% 4,484,899 Reliance Industries, Ltd.** 138,757,623 704,921 SK Corp.** 53,892,701 192,650,324 Paper and Related Products - 0.5% 10,315,353 Ballarpur Industries, Ltd.**,+++ 29,472,041 Pipelines - 1.8% 2,128,605 Kinder Morgan Management LLC*,# 105,365,948 Public Thoroughfares - 0.1% 6,254,541 Sydney Roads Group** 6,473,410 Publishing - Periodicals - 0.3% 1,672,155 Playboy Enterprises, Inc. - Class B*,+++ 18,460,591 Real Estate Management/Services - 1.2% 2,459,000 Mitsubishi Estate Company, Ltd.**,# 70,463,869 Real Estate Operating/Development - 8.6% 34,383,000 CapitaLand, Ltd.** 151,834,616 31,703,000 New World Development Company, Ltd.# 69,432,396 4,665,580 St. Joe Co.#, +++ 270,137,081 491,404,093 Reinsurance - 1.3% 20,926 Berkshire Hathaway, Inc. - Class B*,# 76,742,966 REIT - Diversified - 1.6% 750,355 Vornado Realty Trust# 91,805,934 REIT - Warehouse and Industrial - 0.6% 569,060 ProLogis# 36,988,900 Retail - Major Department Stores - 0.2% 1,373,468 Pantaloon Retail India, Ltd.** 14,456,434 Semiconductor Components/Integrated Circuits - 0.1% 260,275 Cypress Semiconductor Corp.* 4,802,074 Soap and Cleaning Preparations - 1.3% 1,561,589 Reckitt Benckiser PLC** 75,345,371 Television - 1.0% 5,644,742 British Sky Broadcasting Group PLC** 60,560,680 Transportation - Railroad - 0.4% 2,306,250 All America Latina Logistica (GDR) (144A) 24,958,929 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $3,595,580,215) 5,125,579,097 ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 0% Retail - Discount - 0% $ 16,925,000 Ames Department Stores, Inc., 10.00%, senior notes, due 4/15/06 ***, (a), (b), ##, (cost $7,900,645) 0 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 2.7% 55,078,075 Janus Institutional Cash Reserves Fund, 5.30% 55,078,075 99,211,996 Janus Money Market Fund, 5.25% 99,211,997 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $154,290,072) 154,290,072 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 9.0% 520,082,019 State Street Navigator Securities Lending Prime Portfolio + (cost $520,082,019) 520,082,019 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $4,277,852,951) - 100% $5,799,951,188 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Australia $ 89,343,367 1.5% Bermuda 61,487,179 1.1% Brazil 94,509,661 1.6% Canada 64,484,948 1.1% China 44,808,280 0.8% Hong Kong 69,432,396 1.2% India 747,790,681 12.6% Japan 178,730,166 3.1% Malaysia 102,170,487 1.8% Mexico 128,304,438 2.3% Singapore 151,834,616 2.6% South Korea 53,892,701 0.9% United Kingdom 213,267,329 3.7% United States++ $3,799,894,939 65.7% -------------------------------------------------------------------------------- Total 5,799,951,188 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities(54.0% excluding Short-Term Securities and Other Securities) Forward Currency Contracts, Open Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- Australian Dollar 4/18/07 108,200,000 $ 83,826,271 $ (1,071,017) British Pound 3/15/07 82,100,000 161,272,580 (7,599,409) British Pound 6/8/07 11,100,000 21,789,985 (260,425) Indian Rupee 4/18/07 2,000,000,000 44,900,853 (2,572,811) Japanese Yen 4/18/07 19,681,000,000 164,787,063 5,481,308 South Korean Won 3/14/07 950,000,000 1,010,713 (8,604) South Korean Won 3/15/07 44,130,000,000 46,951,221 (722,433) Singapore Dollar 4/18/07 228,600,000 149,472,010 (1,629,246) -------------------------------------------------------------------------------- Total $ 674,010,696 $ (8,382,637) -------------------------------------------------------------------------------- Schedule of Written Options - Calls MBIA, Inc. expires January 2008 8,857 contracts exercise price $80.00................................. $2,745,670 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total Options Written - Calls 8,857 contracts....................................... $2,745,670 (Premiums received $3,021,970) -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt 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. 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. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. *** Rate is subject to change. Rate shown reflects current rate. (a) Security is a defaulted security in Janus Contrarian Fund with accrued interest in the amount of $601,787 that was written-off August 21, 2001. (b) Security is illiquid. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ## Schedule of Fair Valued Securities as of January 31, 2007 -------------------------------------------------------------------------------- Value as a % of Janus Contrarian Fund Value Investment Securities -------------------------------------------------------------------------------- Ames Department Stores, Inc., 10.00%, senior notes, due 4/15/06 $ -- 0.0% -------------------------------------------------------------------------------- Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to a systematic fair valuation model. +++ 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 peroid ended January 31, 2007.
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Contrarian Fund Ballarpur Industries, Ltd. -- $ -- -- $ -- $ -- $ 346,250 $ 29,472,041 Ceridian Corp. -- -- -- -- -- -- 255,106,738 Owens-Illinois, Inc. 100,000 1,807,379 -- -- -- -- 243,051,264 Playboy Enterprises, Inc. - Class B -- -- -- -- -- -- 18,460,591 St. Joe Co. -- -- -- -- -- 746,493 270,137,081 ------------------------------------------------------------------------------------------------------------------------------------ $ 1,807,379 $ -- $ -- $ 1,092,743 $816,227,715 ------------------------------------------------------------------------------------------------------------------------------------
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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Contrarian Fund $ 1,498,088,043 Janus Enterprise Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 90.7% Advertising Sales - 3.2% 974,505 Lamar Advertising Co.* $ 64,590,191 Aerospace and Defense - 1.3% 120,480 Embraer-Empresa Brasileira de Aeronautica S.A. (ADR) 4,885,464 683,915 Spirit Aerosystems Holdings, Inc.* 20,948,316 25,833,780 Agricultural Chemicals - 2.2% 283,855 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 44,289,896 Airlines - 1.2% 273,073 Ryanair Holdings PLC (ADR)*,# 23,672,698 Batteries and Battery Systems - 0.6% 139,195 Energizer Holdings, Inc.* 11,863,590 Building - Mobile Home and Manufactured Homes - 0.2% 79,760 Thor Industries, Inc. 3,370,658 Building - Residential and Commercial - 0.9% 25,410 NVR, Inc.*,# 17,596,933 Casino Hotels - 1.8% 786,905 Melco PBL Entertainment (Macau), Ltd. (ADR)* 15,218,743 259,300 Station Casinos, Inc. 21,573,760 36,792,503 Casino Services - 1.2% 791,005 Scientific Games Corp. - Class A*,# 24,552,795 Cellular Telecommunications - 1.2% 318,905 N.I.I. Holdings, Inc.* 23,535,189 Commercial Banks - 0.6% 116,575 Commerce Bancorp, Inc.# 3,937,904 183,970 SVB Financial Group*,# 8,582,200 12,520,104 Commercial Services - 1.0% 698,517 Iron Mountain, Inc.*,# 19,544,506 Commercial Services - Finance - 3.2% 113,030 Equifax, Inc. 4,694,136 429,780 Jackson Hewitt Tax Service, Inc. 15,717,055 311,723 Moody's Corp. 22,306,897 532,351 Paychex, Inc. 21,299,364 64,017,452 Computer Services - 2.1% 843,640 Ceridian Corp.* 25,283,891 457,655 IHS, Inc. - Class A* 17,418,349 42,702,240 Computers - 0.9% 210,702 Apple Inc.* 18,063,482 Computers - Memory Devices - 0.3% 159,290 SanDisk Corp.* 6,403,458 Consulting Services - 1.1% 95,630 Corporate Executive Board Co. 8,676,510 589,055 Gartner Group, Inc.*,# 12,876,742 21,553,252 Containers - Metal and Glass - 4.2% 1,084,495 Ball Corp. 50,233,809 1,545,605 Owens-Illinois, Inc.* 34,405,167 84,638,976 Data Processing and Management - 0.6% 351,130 NAVTEQ Corp.*,# 12,458,092 Dental Supplies and Equipment - 1.5% 383,375 Patterson Companies, Inc.*,# 14,418,734 344,855 Sirona Dental Systems, Inc. 14,766,691 29,185,425 Diagnostic Kits - 1.5% 701,180 Dade Behring Holdings, Inc. 29,505,654 Distribution/Wholesale - 0.9% 886,500 Esprit Holdings, Ltd. 9,058,917 2,701,600 Li & Fung, Ltd. 8,516,927 17,575,844 Diversified Operations - 0.6% 35,394,279 Polytec Asset Holdings, Ltd.ss 11,824,401 E-Commerce/Products - 0.5% 151,000 Submarino S.A. (GDR) (144A) 9,165,504 E-Commerce/Services - 0.6% 321,980 IAC/InterActiveCorp*,# 12,364,032 Electric Products - Miscellaneous - 1.0% 606,857 AMETEK, Inc. 21,033,664 Electronic Components - Semiconductors - 1.7% 684,810 Advanced Micro Devices, Inc.* 10,648,796 445,695 International Rectifier Corp.*,# 18,598,851 196,710 SiRF Technology Holdings, Inc.* 5,775,406 35,023,053 Electronic Measuring Instruments - 0.9% 323,845 Trimble Navigation, Ltd.* 18,323,150 Entertainment Software - 1.5% 1,333,031 Activision, Inc.* 22,701,518 148,480 Electronic Arts, Inc.* 7,424,000 30,125,518 Fiduciary Banks - 0.8% 280,590 Northern Trust Corp. 17,045,843 Finance - Consumer Loans - 0.3% 190,905 Nelnet, Inc. - Class A* 5,282,341 Finance - Investment Bankers/Brokers - 0.4% 366,035 optionsXpress Holdings, Inc. 8,693,331 Finance - Other Services - 1.6% 58,575 Chicago Mercantile Exchange Holdings, Inc. 32,995,298 Food - Canned - 0.9% 582,729 TreeHouse Foods, Inc.* 17,371,151 Hotels and Motels - 0.5% 160,935 Starwood Hotels & Resorts Worldwide, Inc. 10,071,312 Independent Power Producer - 0.6% 200,115 NRG Energy, Inc.*,# 11,992,892 Industrial Automation and Robotics - 0.5% 148,015 Rockwell Automation, Inc. 9,059,998 Instruments - Controls - 1.7% 117,590 Mettler-Toledo International, Inc.* 9,736,452 499,274 Thermo Electron Corp.* 23,890,261 33,626,713 Insurance Brokers - 0.4% 220,520 Willis Group Holdings, Ltd. 9,010,447 Investment Management and Advisory Services - 3.4% 272,665 National Financial Partners Corp. 13,387,852 1,133,730 T. Rowe Price Group, Inc. 54,407,702 67,795,554 Machinery - Pumps - 0.5% 252,575 Graco, Inc. 10,297,483 Medical - Biomedical and Genetic - 3.7% 1,120,438 Celgene Corp.* 60,145,112 248,160 Invitrogen Corp.* 15,194,837 75,339,949 Medical - HMO - 1.7% 649,733 Coventry Health Care, Inc.* 33,493,736 Medical - Nursing Homes - 1.0% 373,885 Manor Care, Inc. 19,905,637 Medical Instruments - 1.0% 77,200 Intuitive Surgical, Inc.* 7,597,252 254,595 Kyphon, Inc.*,# 11,912,500 19,509,752 Medical Labs and Testing Services - 0.4% 131,200 Covance, Inc.* 8,088,480 Medical Products - 0.9% 371,535 Varian Medical Systems, Inc.* 17,138,910 Metal Processors and Fabricators - 1.2% 276,555 Precision Castparts Corp.# 24,582,974 Multi-Line Insurance - 1.2% 425,345 Assurant, Inc. 23,640,675 Networking Products - 0.4% 401,950 Juniper Networks, Inc.* 7,283,334 Oil and Gas Drilling - 0.6% 380,810 Nabors Industries, Ltd.*,# 11,530,927 Oil Companies - Exploration and Production - 3.5% 256,350 Chesapeake Energy Corp.# 7,590,524 798,985 EOG Resources, Inc. 55,233,832 210,155 Forest Oil Corp.* 6,708,148 69,532,504 Physician Practice Management - 0.7% 262,115 Pediatrix Medical Group, Inc.* 13,771,522 Pipelines - 0% 1,164 Dynegy, Inc. - Class A 8,206 Power Converters and Power Supply Equipment - 0.2% 103,595 Hubbell, Inc. 4,993,279 Property and Casualty Insurance - 0.6% 346,367 W. R. Berkley Corp. 11,461,284 Real Estate Management/Services - 0.7% 388,500 CB Richard Ellis Group, Inc.* 14,611,485 Real Estate Operating/Development - 0.5% 180,700 St. Joe Co.# 10,462,530 Recreational Vehicles - 0.5% 230,255 Polaris Industries, Inc.# 10,766,724 Reinsurance - 1.7% 9,399 Berkshire Hathaway, Inc. - Class B*,# 34,469,423 REIT - Mortgages - 1.1% 812,335 CapitalSource, Inc.# 22,574,790 Rental Auto/Equipment - 0.2% 196,015 Hertz Global Holdings, Inc.* 3,649,799 Respiratory Products - 1.5% 726,720 Respironics, Inc.* 30,958,272 Retail - Apparel and Shoe - 2.0% 302,230 Abercrombie & Fitch Co. - Class A 24,039,374 170,800 J. Crew Group, Inc.* 6,205,164 187,675 Nordstrom, Inc. 10,455,374 40,699,912 Retail - Gardening Products - 0.6% 246,055 Tractor Supply Co.*,# 12,383,948 Retail - Office Supplies - 2.0% 299,625 Office Depot, Inc.* 11,202,979 1,118,815 Staples, Inc. 28,775,922 39,978,901 Schools - 0.4% 201,754 Apollo Group, Inc. - Class A*,# 8,756,124 Semiconductor Components/Integrated Circuits - 2.4% 1,582,555 Cypress Semiconductor Corp.*,# 29,198,140 1,038,310 Marvell Technology Group, Ltd.* 18,990,690 48,188,830 Telecommunication Equipment - 0.3% 156,170 CommScope, Inc.* 5,045,853 Telecommunication Services - 1.7% 562,260 Amdocs, Ltd. (U.S. Shares)* 19,499,177 625,400 Time Warner Telecom, Inc. - Class A* 14,559,312 34,058,489 Therapeutics - 1.5% 283,827 Gilead Sciences, Inc.* 18,255,752 474,035 Mannkind Corp.*,# 7,850,020 91,860 United Therapeutics Corp.* 4,923,696 31,029,468 Toys - 0.8% 567,292 Marvel Entertainment, Inc.* 15,838,793 Transportation - Equipment and Leasing - 0.4% 170,715 GATX Corp.# 7,784,604 Transportation - Marine - 0.5% 219,495 Alexander & Baldwin, Inc.# 10,851,833 Transportation - Railroad - 0.7% 325,590 Canadian National Railway Co. (U.S. Shares) 14,876,207 Transportation - Services - 0.8% 382,610 Expeditors International of Washington, Inc. 16,333,621 Transportation - Truck - 0.7% 327,920 Landstar System, Inc. 13,867,737 Web Hosting/Design - 1.1% 254,376 Equinix, Inc.* 21,385,390 Wireless Equipment - 1.4% 830,135 Crown Castle International Corp.* 29,187,547 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $1,189,833,486) 1,823,409,852 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 1.0% 7,824,800 Janus Institutional Cash Reserves Fund, 5.30% 7,824,800 13,361,200 Janus Money Market Fund, 5.25% 13,361,200 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $21,186,000) 21,186,000 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 8.3% 229,211 Foreign Bonds+ 229,211 166,235,253 State Street Navigator Securities Lending Prime Portfolio+ 166,235,253 ------------------------------------------------------------------------------------------------------------------------------------ Total Other Securities (cost $166,464,464) 166,464,464 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $1,377,483,950) - 100% $2,011,060,316 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 57,107,908 2.8% Brazil 14,050,968 0.7% Canada 59,166,103 2.9% Cayman Islands 11,824,401 0.6% Hong Kong 15,218,743 0.8% Ireland 23,672,698 1.2% United Kingdom 19,499,177 1.0% United States ++ 1,810,520,318 90.0% -------------------------------------------------------------------------------- Total $2,011,060,316 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities (80.7% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933 and 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 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. # Loaned security; a portion or all of the security is on loan at January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ss. Schedule of Restricted and Illiquid Securities (as of January 31, 2007)
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ----------------------------------------------------------------------------------------------------------------------------------- Janus Enterprise Fund Polytec Asset Holdings, Ltd. 5/5/06 $ 9,134,007 $ 11,824,401 0.6% -----------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. Janus Federal Tax-Exempt Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Municipal Securities - 98.0% Alaska - 1.1% 1,000,000 Aleutians East Borough, Alaska, Project Revenue Bonds, (Aleutian Pribilof Islands Association, Inc. Project), (ACA Insured), 5.00%, due 6/1/12 $ 1,028,600 Arizona - 1.1% 1,000,000 Pinal County, Arizona, Industrial Development Authority, Correctional Facility Contract Revenue, (Florence West Prison Project), (ACA Insured), Series A, 5.25%, due 10/1/12 1,049,750 Arkansas - 0.2% 200,000 Norphlet, Arkansas, Industrial Development Revenue Bonds, (Norphlet Chemical, Inc. Project), (ADED-GTD Insured), 5.00%, due 2/1/12 204,532 California - 1.6% 500,000 California Mobile Home Park Financing Authority Revenue, (Union City), Series B, 5.00%, due 12/15/21 492,530 1,000,000 California Pollution Control Financing Authority, Solid Waste Disposal, (Republic Services, Inc. Project), Series B, 5.25%, due 6/1/23** 1,060,990 1,553,520 Colorado - 3.7% 510,000 Colorado Educational & Cultural Facilities Authority Revenue, (Academy Charter School Project), Series A, 5.00%, due 12/15/15 541,737 1,000,000 Colorado Health Facilities Authority Revenue, (Evangelical Lutheran Project), 5.25%, due 6/1/17** 1,070,680 815,000 Colorado Health Facilities Authority Revenue, (Evangelical Lutheran Project), 5.25%, due 6/1/23 862,343 940,000 Jefferson County, Colorado, Section 14 Metropolitan District, (RDN Insured), 5.00%, due 12/1/18 992,978 3,467,738 District of Columbia - 1.1% 1,000,000 District of Columbia Revenue, Friendship Public Charter School, (ACA Insured), 5.00%, due 6/1/35 1,028,450 Florida - 6.7% 2,160,000 Glades County, Florida, Correctional Development Corporation, First Mortgage Revenue, (Glades County Detention Center Project), 5.00%, due 3/1/11** 2,151,381 2,000,000 Hillsborough County, Florida, Industrial Development Authority Hospital Revenue, (Tampa General Hospital Project), Series B, 5.25%, due 10/1/28 2,101,760 1,000,000 Jacksonville, Florida, Aviation Authority Revenue, (AMBAC Insured), 5.00%, due 10/1/18 1,053,170 1,000,000 St. Johns County, Florida, Industrial Development Authority Health Care, (Glenmoor Project), Series A, 5.25%, due 1/1/26 1,011,040 6,317,351 Georgia - 1.1% 1,000,000 Valdosta and Lowndes County, Georgia, Hospital Authority Revenue, (South Georgia Medical Center Project), 5.00%, due 10/1/33 1,036,750 Illinois - 8.4% 2,000,000 Chicago, Illinois, O'Hare International Airport Revenue, (AMT-Third Lein), (MBIA Insured), Series B, 5.00%, due 1/1/26** 2,074,280 1,215,000 Hampshire, Illinois, Special Service Area No. 9, Special Tax, (RDN Insured), 5.00%, due 12/30/20 1,272,956 1,000,000 Illinois Finance Authority Revenue, (Franciscan Communities), 5.50%, due 5/15/37 1,007,970 815,000 Illinois Finance Authority Revenue, (Lutheran Hillside Village), 5.00%, due 2/1/13 849,646 500,000 Illinois Finance Authority Revenue, (Montgomery Place Project), Series A, 5.50%, due 5/15/26 507,940 2,200,000 Illinois Housing Development Authority, Family Revenue, (Sunrise Apartments), Series D, 5.00%, due 1/1/42 2,221,274 7,934,066 Indiana - 6.5% 1,860,000 Danville, Indiana, 5/6 & 7/8 School Building Corp., First Mortgage, (FSA Insured), 5.00%, due 7/15/24** 1,970,521 1,000,000 Indiana Health and Educational Facility Financing Authority Revenue, Baptist Homes of Indiana, 5.00%, due 11/15/12 1,034,470 2,000,000 Indiana Health and Educational Facility Financing Authority Revenue, Clarian Health Obligation Group, Series B, 5.00%, due 2/15/24 2,070,500 1,000,000 Noblesville, Indiana, Redevelopment Authority Economic Development, Lease Rental Bonds, (Hamilton Town Center Project), Series B, 5.00%, due 8/1/25 1,034,360 6,109,851 Kansas - 3.6% 1,360,000 Norwich, Kansas, Industrial Revenue, (Farrar Corp), 5.75%, due 8/1/17 1,376,415 2,000,000 University of Kansas Hospital Authority Health Facilities Revenue, (University of Kansas Health System), 5.00%, due 9/1/36 2,066,000 3,442,415 Kentucky - 0.7% 680,000 Louisville-Jefferson County, Kentucky, Farmdale Improvement, 5.50%, due 12/1/26 668,562 Maryland - 0.5% 500,000 Maryland State Health and Higher Educational Facilities Authority Revenue, King Farm Presbyterian Community, Series A, 5.30%, due 1/1/37 504,875 Michigan - 2.7% 1,000,000 Conner Creek Academy East, Michigan Public School Revenue, 5.25%, due 11/1/31 1,005,000 1,530,000 Kentwood, Michigan, Economic Development Limited Obligation, (Holland Home), Series A, 5.25%, due 11/15/14 1,588,446 2,593,446 Minnesota - 0.5% 500,000 Inver Grove Heights, Minnesota, Nursing Home Revenue, (Presbyterian Homes Care), 5.50%, due 10/1/33 505,880 Missouri - 1.3% 1,280,000 Jennings, Missouri, Tax Increment Revenue, (Northland Redevelopment Area Project), 5.00%, due 11/1/23 1,265,242 Nevada - 0.9% 850,000 Reno, Nevada, Redevelopment Agency Tax Allocation, Series C, 5.40%, due 6/1/27 845,725 New Hampshire - 0.5% 500,000 New Hampshire Health and Educational Facilities Authority Revenue, (Southern New Hampshire University), (ACA Insured), 5.00%, due 1/1/27 519,785 New Jersey - 2.8% 200,000 New Jersey Economic Development Authority, (Glimcher Properties LP Project), 6.00%, due 11/1/28 202,376 500,000 New Jersey Economic Development Authority, (Seashore Gardens Project), 5.30%, due 11/1/26 507,410 2,000,000 New Jersey Tobacco Settlement Financing Corporation, Series 1A, 5.00%, due 6/1/41 1,968,300 2,678,086 New York - 4.7% 1,000,000 Hudson Yards Infrastructure Corp., New York, Revenue Bonds, Series A, 5.00%, due 2/15/47 1,044,090 1,130,000 Niagara County, New York, Industrial Development Agency, Multi Family Revenue, (Foxwood), (GNMA Insured), 5.00%, due 7/20/38 1,133,492 2,200,000 Onondaga County, New York, Industrial Development Agency, Pollution Control Revenue, (Anheuser-Busch Project), Series B, 4.95%, due 7/1/36 2,236,432 4,414,014 North Carolina - 2.2% 2,000,000 North Carolina Medical Care Community Health Systems Revenue, (Mission Health Combined Group), 5.00%, due 10/1/36 2,087,240 Ohio - 2.2% 2,000,000 Richland County, Ohio, Hospital Facilities Revenue, Medcentral Health System Obligation, 5.125%, due 11/15/21 2,110,820 Oklahoma - 2.9% 1,000,000 Comanche County, Oklahoma, Development Financial Authority Revenue, (Comanche County Memorial Hospital Project), Series B, 6.60%, due 7/1/31 1,094,670 1,610,000 Pottawatomie County, Oklahoma, Facilities Authority, Educational Facilities Lease Revenue, (Shawnee Public Schools Project), 5.00%, due 9/1/13 1,670,117 2,764,787 Pennsylvania - 8.4% 1,698,560 Abington Township, Pennsylvania, Municipal Authority Revenue, (Scranton Cultural Center), 5.00%, due 2/15/17* 1,698,560 500,000 Allegheny County, Pennsylvania, Airport Revenue, (MBIA Insured), Series B, 5.00%, due 1/1/22 533,085 1,000,000 Cumberland County, Pennsylvania, Municipal Authority Revenue, (Diakon Lutheran Ministries Project), 5.00%, due 1/1/36 1,022,670 1,000,000 Cumberland County, Pennsylvania, Municipal Authority Revenue, (Diakon Lutheran Ministries Project), 5.00%, due 1/1/27 1,028,910 1,000,000 Harrisburg, Pennsylvania, Authority University Revenue, Harrisburg University of Science, Series B, 6.00%, due 9/1/36 1,014,830 1,500,000 Lancaster County, Pennsylvania, Hospital Authority Revenue, (Lancaster General Hospital), 5.00%, due 3/15/31 1,579,005 1,000,000 Philadelphia, Pennsylvania, Authority for Industrial Development Revenue, (Franklin Towne Charter High School Project), Series A, 5.375%, due 1/1/32 1,031,200 7,908,260 Rhode Island - 1.2% 1,000,000 Rhode Island State Economic Development Corp., Providence Place Mall, (RDN Insured), 6.125%, due 7/1/20 1,094,710 South Carolina - 4.5% 1,000,000 South Carolina Jobs-Economic Development Authority, First Mortgage Health Facilities Revenue, (Wesley Commons Project), 5.125%, due 10/1/26 1,006,360 1,000,000 South Carolina Jobs-Economic Development Authority, Hospital Revenue, (Hampton Regal Medical), 5.25%, due 11/1/28 979,110 1,040,000 South Carolina Jobs-Economic Development Authority, Student Housing Revenue, (Coastal Housing Foundation LLC Project), (CIFG Insured), Series A, 5.00%, due 4/1/17 1,104,272 1,095,000 South Carolina Jobs-Economic Development Authority, Student Housing Revenue, (Coastal Housing Foundation LLC Project), (CIFG Insured), Series A, 5.00%, due 4/1/18 1,159,560 4,249,302 Texas - 12.5% 2,000,000 Austin, Texas, Convention Enterprises, Inc., Convention Center Hotel First Tier Revenue Bonds, (XLCA Insured), Series A, 5.00%, due 1/1/34 2,088,900 1,790,000 Beasley, Texas, Higher Education Finance Corporation Revenue, (Uplift Education), (ACA Insured), Series A, 5.25%, due 12/1/18** 1,878,534 835,000 Cameron, Texas, Education Corporation Revenue, (Faith Family Academy Charter School Project), (ACA Insured), Series A, 5.00%, due 8/15/15 869,085 500,000 Health Facilities Development Corporation Revenue, (Retirement Facility Revenue Bonds), Series A, 5.25%, due 10/12/06 503,645 780,000 HFDC of Central Texas, Inc., Retirement Facilities Revenue, (The Village at Gleannloch Farms Project), Series A, 5.25%, due 2/15/16 793,198 1,130,000 La Vernia, Texas, Higher Education Financial Revenue, (Southwest Winners Foundation), (ACA Insured), Series A, 5.00%, due 2/15/21 1,165,392 1,495,000 Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, (AMBAC Insured), 5.00%, due 1/1/20 1,579,841 1,795,000 Pecos County, Texas, Iraan General Hospital, (RDN Insured), 5.00%, due 2/15/26** 1,862,492 1,000,000 Willacy County, Texas, Local Government Corporate Revenue, 6.00%, due 3/1/09 1,013,750 11,754,837 Utah - 1.1% 1,000,000 Spanish Fork City, Utah, Charter School Revenue, (American Leadership Academy), 5.55%, due 11/15/21ss. 1,004,910 Virginia - 1.1% 1,000,000 Norfolk Virginia Economic Development Authority, (Old Dominion University), 6.00%, due 11/1/36 1,007,380 Washington - 6.1% 500,000 Port Kalama, Washington, Revenue Bonds, Series B, 5.25%, due 10/25/06 530,390 2,045,000 Seattle, Washington, Housing Authority Revenue, (Capital Funding Program - High-Rise Rehab II), (FSA Insured), 5.00%, due 11/1/26 2,144,674 1,000,000 Washington State Health Care Facilities Authority Revenue, (Group Health Coop), (RDN Insured), 5.00%, due 12/1/25 1,040,890 2,000,000 Washington State Higher Education Facilities Authority Revenue, (Pacific Lutheran University), (RDN Insured), 5.00%, due 11/1/31 2,092,480 5,808,434 Wisconsin - 6.1% 1,500,000 Milwaukee County, Wisconsin, Airport Revenue, (MBIA Insured), Series A, 5.00%, due 12/1/21 1,579,620 1,050,000 Milwaukee, Wisconsin, Redevelopment Authority Revenue, (Science Education Consortium Project), Series A, 5.125%, due 8/1/15 1,052,153 1,000,000 Wisconsin Health and Educational Facilities Authority Revenue Bonds, (Milwaukee Catholic Home), 5.00%, due 7/1/26 1,029,450 1,940,000 Wisconsin Health and Educational Facilities Authority Revenue Bonds, (SynergyHealth, Inc.), 6.00%, due 11/15/23 2,104,453 5,765,676 ------------------------------------------------------------------------------------------------------------------------------------ Total Municipal Securities (cost $ 92,973,278) 92,724,994 ------------------------------------------------------------------------------------------------------------------------------------ Short-Term Municipal Securities - 2.0% Wisconsin - 2.0% 1,900,000 Wisconsin State Health & Educational Facilities Authority Revenue, (Gundersen Lutheran), (FGIC Insured), Series B, Variable Rate, 3.60%, 5/1/33 (cost $ 1,900,000) 1,900,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $94,873,278) - 100% $ 94,624,994 ------------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) ACA American Capital Access Corp. ADED-GTD Arkansas Department of Economic Development - Guaranteed AMBAC American Municipal Bond Assurance Corp. CIFG CDC IXIS Financial Guaranty Group FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GNMA Government National Mortgage Association MBIA Municipal Bond Investors Assurance Corp. RDN Radian Asset Assurance, Inc. XLCA XL Capital Assurance, Inc. * Security is illiquid. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. ss. Schedule of Restricted and Illiquid Securities
Value as a % of Acquisition Acquisition Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Federal Tax-Exempt Fund Spanish Fork City, Utah, Charter School Revenue, (American Leadership Academy), 5.55%, due 11/15/21 11/6/06 $ 1,007,620 $ 1,004,910 1.1% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. 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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Federal Tax-Exempt Fund $9,448,156 The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Janus Flexible Bond Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 26.6% Agricultural Operations - 0.2% $ 1,421,000 Bunge Limited Finance Corp., 4.375%, company guaranteed notes, due 12/15/08 $ 1,389,634 Automotive - Cars and Light Trucks - 0.1% 775,000 General Motors Corp., 7.745%, bank loan, due 11/29/13 *** 781,107 Building and Construction Products - Miscellaneous - 0.3% 2,135,000 CRH America, Inc., 6.00%, company guaranteed notes, due 9/30/16 2,154,986 Building Products - Cement and Aggregate - 0.6% 1,300,000 C5 Capital S.P.V., Ltd., 6.196%, debentures, due 12/29/49 (144A) ***, ss. 1,284,062 1,700,000 C10 Capital S.P.V., Ltd., 6.722%, debentures, due 12/29/49 (144A) ***, ss. 1,689,205 865,000 Lafarge S.A., 6.50%, notes, due 7/15/16 ** 899,338 860,000 Lafarge S.A., 7.125%, notes, due 7/15/36 ** 931,863 4,804,468 Cable Television - 1.8% 2,775,000 Comcast Corp., 5.85%, company guaranteed notes, due 1/15/10 2,813,140 3,395,000 Comcast Corp., 6.50%, company guaranteed notes, due 1/15/17 3,553,206 1,295,000 Comcast Corp., 6.45%, company guaranteed notes, due 3/15/37 1,299,174 3,850,000 Cox Communications, Inc., 4.625%, notes, due 1/15/10 3,762,820 729,755 CSC Holdings, Inc., 7.11%, bank loan, due 3/30/13 *** 731,404 1,352,326 CSC Holdings, Inc., 7.11%, bank loan, due 3/30/13 *** 1,355,383 912,193 CSC Holdings, Inc., 7.12%, bank loan, due 3/30/13 *** 914,255 174,457 CSC Holdings, Inc., 7.12063%, bank loan, due 3/30/13 *** 174,851 14,604,233 Casino Hotels - 0.3% 2,155,000 Hard Rock Hotel, Inc., 8.875%, notes, due 6/1/13 2,335,481 Cellular Telecommunications - 0.5% 2,200,000 Nextel Communications, Inc., 6.875%, company guaranteed notes, due 10/31/13 2,230,730 2,000,000 Rogers Wireless Communications, Inc., 8.485%, secured notes, due 12/15/10 *** 2,040,000 4,270,730 Commercial Banks - 0.9% 3,825,000 ICICI Bank, Ltd., 7.25%, bonds, due 10/31/16 (144A) *** 3,931,626 875,000 PartnerRe Finance ,6.44%,, company guaranteed notes, due 12/1/66 *** 870,879 1,325,000 Shinsei Bank, Ltd., 6.418%, bonds, due 1/20/49 (144A) *** 1,317,259 1,090,000 Standard Chartered PLC, 6.409%, subordinated notes, due 12/29/49 (144A) *** 1,072,248 7,192,012 Commercial Services - 0.1% 825,000 Iron Mountain, Inc., 8.625%, company guaranteed notes, due 4/1/13 847,688 Computer Services - 0.2% 1,320,000 SunGard Data Systems, Inc., 9.125%, company guaranteed notes, due 8/15/13 1,389,300 Computers - Memory Devices - 0.1% 875,000 Seagate Technology HDD Holdings, 6.375%, company guaranteed notes, due 10/1/11 872,813 Consumer Products - Miscellaneous - 0.1% 887,000 Visant Holding Corp., 8.75%, senior notes, due 12/1/13 931,350 Containers - Metal and Glass - 0.5% 2,153,000 Owens-Brockway Glass Container, Inc., 8.875%, company guaranteed notes, due 2/15/09 2,201,443 1,720,000 Owens-Illinois, Inc., 7.35%, senior notes, due 5/15/08 1,728,600 3,930,043 Diversified Financial Services - 1.0% 5,145,000 General Electric Capital Corp., 4.875%, notes, due 10/21/10 5,081,763 2,600,000 General Electric Capital Corp., 4.375%, unsecured notes, due 11/21/11 2,502,019 7,583,782 Diversified Minerals - 0.1% 645,000 Vale Overseas, Ltd., 6.875%, company guaranteed notes, due 11/21/36 656,456 Diversified Operations - 0.5% 405,000 3M Co., 5.125%, notes, due 11/6/09 404,567 875,000 Crane, Co., 6.55%, senior unsecured notes, due 11/15/36 863,616 2,750,000 Textron, Inc., 6.375%, notes, due 11/15/08 2,793,959 4,062,142 Diversified Operations - Commercial Services - 0.2% 583,849 Aramark Corp., 7.10%, bank loan, due 1/26/14 *** 590,014 41,151 Aramark Corp., 7.10%, bank loan, due 1/26/14 *** 41,600 750,000 Aramark Corp., 8.50%, senior notes, due 2/1/15 (144A) 767,813 1,399,427 Electric - Generation - 0.2% 1,453,000 Edison Mission Energy, 7.75%, senior unsecured notes, due 6/15/16 1,536,548 Electric - Integrated - 2.4% 1,275,000 Consolidated Edison, Inc., 5.50%, debentures, due 9/15/16 1,265,165 1,900,000 MidAmerican Energy Holdings Co., 3.50%, senior notes, due 5/15/08 1,854,090 4,035,000 Monongahela Power Co., 6.70%, first mortgage notes, due 6/15/14 4,261,069 1,785,000 Pacific Gas and Electric Co., 4.80%, unsecured notes, due 3/1/14 1,710,110 4,350,000 Southern California Edison Co., 7.625%, notes, due 1/15/10 4,596,239 1,575,000 Southern California Edison Co., 6.00%, first mortgage notes, due 1/15/34 1,592,859 2,335,000 TXU Corp., 4.80%, senior notes, due 11/15/09 2,274,867 1,150,000 TXU Corp., 6.50%, senior notes, due 11/15/24 1,064,951 18,619,350 Electronic Components - Semiconductors - 0.3% 773,023 Advanced Micro Devices, Inc., 7.62%, bank loan, due 12/30/13 *** 778,967 495,000 Freescale Semiconductor, Inc., 7.3694%, bank loan, due 12/2/13 *** 498,094 725,000 Spansion LLC, 8.37531%, bank loan, due 11/1/12 *** 728,023 2,005,084 Finance - Auto Loans - 0.8% 843,000 Ford Motor Credit Co., 9.75%, senior unsecured notes, due 9/15/10 (144A) 899,229 2,550,000 Ford Motor Credit Co., 9.81%, notes, due 4/15/12 *** 2,764,564 2,000,000 General Motors Acceptance Corp., 6.125%, notes, due 8/28/07 2,000,556 865,000 General Motors Acceptance Corp., 6.75%, notes, due 12/1/14 877,639 6,541,988 Finance - Consumer Loans - 0.2% 1,579,000 John Deere Capital Corp., 4.875%, notes, due 10/15/10 1,549,307 Finance - Investment Bankers/Brokers - 1.2% 770,000 E*TRADE Financial Corp., 8.005%, senior notes, due 6/15/11 803,688 2,190,000 E*TRADE Financial Corp., 7.375%, senior notes, due 9/15/13 2,272,125 1,700,000 Goldman Sachs Group, Inc., 5.75%, senior notes, due 10/1/16 1,707,315 2,175,000 Goldman Sachs Group, Inc., 5.625%, subordinated notes, due 1/15/17 2,147,027 805,000 Jefferies Group, Inc., 5.50%, senior notes, due 3/15/16 778,036 2,235,000 Jefferies Group, Inc., 6.25%, senior unsecured notes, due 1/15/36 2,137,232 9,845,423 Finance - Leasing Companies - 0.4% 3,450,000 Orix Corp., 5.48%, unsubordinated notes, due 11/22/11 3,427,047 Financial Guarantee Insurance - 0.2% 1,325,000 Financial Security Assurance Holdings, Ltd., 6.40%, junior subordinated debentures due 12/15/66 (144A) *** 1,327,503 Food - Retail - 0.1% 1,010,000 Stater Brothers Holdings, Inc., 8.125%, senior notes, due 6/15/12 1,025,150 Foreign Government - 0.4% 3,150,000 Quebec Province, 6.125%, unsecured notes, due 1/22/11 3,251,039 Gas - Distribution - 0.1% 1,030,000 Southern Star Central Corp., 6.00%, notes, due 6/1/16 (144A) 1,022,275 Independent Power Producer - 0.4% 232,192 NRG Energy, Inc., 7.36375%, bank loan, due 2/1/13 *** 233,861 2,753,187 NRG Energy, Inc., 7.36375%, bank loan, due 2/1/13 *** 2,777,003 3,010,864 Investment Management and Advisory Services - 1.4% 2,995,000 Ameriprise Financial, Inc., 7.5185%, junior subordinated notes, due 6/1/66 *** 3,270,052 2,755,000 Franklin Resources, Inc., 3.70%, notes, due 4/15/08 2,694,517 2,080,000 Nuveen Investments, 5.00%, senior notes, due 9/15/10 2,039,255 2,845,000 Nuveen Investments, 5.50%, senior notes, due 9/15/15 2,765,092 10,768,916 Life and Health Insurance - 0.5% 1,340,000 Americo Life, Inc., 7.875%, notes, due 5/1/13 (144A) ss. 1,400,636 2,520,000 StanCorp Financial Group, Inc., 6.875%, senior notes, due 10/1/12 2,637,654 4,038,290 Medical - Hospitals - 0.6% 4,225,000 HCA, Inc., 9.25%, secured notes, due 11/15/16 (144A) 4,489,063 Metal - Aluminum - 0.1% 550,000 Alcoa, Inc., 5.55%, notes, due 2/1/17 546,655 550,000 Alcoa, Inc.,5.9%, bonds, due 2/1/27 543,625 1,090,280 Multi-Line Insurance - 0.2% 1,295,000 Metlife, Inc., 6.40%, junior subordinated notes, due 12/15/36 1,297,446 Multimedia - 0.2% 1,075,000 Time Warner, Inc., 6.50%, company guaranteed notes, due 11/15/36 1,069,953 850,000 Viacom, Inc.,6.25%, senior notes, due 4/30/16 846,721 1,916,674 Mutual Insurance - 0.3% 2,125,000 Liberty Mutual Group, 7.50%, bonds, due 8/15/36 (144A) ss. 2,310,432 Non-Hazardous Waste Disposal - 0.7% 2,900,000 Allied Waste Industries, Inc., 6.50%, secured notes, due 11/15/10 2,903,625 2,400,000 Waste Management, Inc., 7.375%, senior notes, due 8/1/10 2,541,859 5,445,484 Office Automation and Equipment - 0.6% 4,875,000 Xerox Corp., 6.75%, senior unsecured notes, due 2/1/17 4,996,875 Oil Companies - Exploration and Production - 1.2% 525,000 Apache Corp., 5.625%, notes, due 1/15/17 525,200 1,325,000 Apache Corp., 6.00%, notes, due 1/15/37 1,319,526 2,110,000 Kerr-McGee Corp., 6.875%, secured notes, due 9/15/11 2,216,088 1,080,000 Magnum Hunter Resources, Inc., 9.60%, company guaranteed notes, due 3/15/12 1,132,650 600,000 Pemex Project Funding Master Trust, 5.75%, company guaranteed notes, due 12/15/15 585,000 500,000 Pemex Project Funding Master Trust, 8.625%, company guaranteed notes, due 2/1/22 *** 611,250 1,025,000 Ras Laffan LNG III, 5.838%, bonds, due 9/30/27 (144A) 969,384 2,200,000 Sabine Pass LNG, L.P., 7.50%, secured notes, due 11/30/16 (144A) 2,161,500 9,520,598 Oil Companies - Integrated - 0.2% 1,325,000 Marathon Oil Corp., 6.85%, notes, due 3/1/08 1,341,357 Paper and Related Products - 0.3% 100,012 Georgia Pacific Corporation, Inc., 7.345%, bank loan, due 12/20/12 *** 100,872 1,600,197 Georgia Pacific Corporation, Inc., 7.35313%, bank loan, due 12/20/12 *** 1,613,958 179,022 Georgia Pacific Corporation, Inc., 7.36375%, bank loan, due 12/20/12 *** 180,562 200,025 Georgia Pacific Corporation, Inc., 7.36375%, bank loan, due 12/20/12 *** 201,745 2,097,137 Photo Equipment and Supplies - 0.2% 446,302 Eastman Kodak Co., 0%, bank loan, due 10/18/12 *** 447,279 391,493 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 392,350 389,526 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 390,379 1,230,008 Pipelines - 1.0% 3,255,000 El Paso Corp., 7.625%, senior notes, due 9/1/08 3,328,238 1,100,000 Kinder Morgan Energy Partners, 6.00%, notes, due 2/1/17 1,103,260 650,000 Kinder Morgan Energy Partners, 6.50%, bonds, due 2/1/37 650,843 850,000 Kinder Morgan Finance Co., 5.70%, company guaranteed notes, due 1/5/16 792,276 1,275,000 ONEOK Partners, L.P., 6.15%, company guaranteed notes, due 10/1/16 1,291,162 1,075,000 ONEOK Partners L.P., 6.65%, company guaranteed notes, due 10/1/36 1,106,753 8,272,532 Property and Casualty Insurance - 0.6% 3,805,000 Kingsway America, Inc., 7.50%, senior notes, due 2/1/14 3,833,648 905,000 Markel Corp., 7.35% senior notes, due 8/15/34 963,611 4,797,259 Publishing - Periodicals - 0.4% 1,475,000 Dex Media East LLC, 12.125%, company guaranteed notes, due 11/15/12 1,622,500 1,025,000 Idearc, Inc., 7.33%, bank loan, due 11/17/14 *** 1,032,872 879,000 Idearc, Inc., 8.00%, senior notes, due 11/15/16 (144A) ss. 893,284 3,548,656 Reinsurance - 0.2% 1,400,000 Berkshire Hathaway, Inc., 4.625%, company guaranteed notes, due 10/15/13 1,339,528 Retail - Building Products - 0.2% 730,000 Home Depot, Inc., 5.25%, senior unsecured notes, due 12/16/13 722,201 1,080,000 Home Depot, Inc., 5.875%, senior unsecured notes, due 12/16/36 1,052,492 1,774,693 Retail - Drug Store - 0.2% 1,270,000 CVS Corp., 5.75%, senior unsecured notes, due 8/15/11 1,283,054 Retail - Pet Food and Supplies - 0.0% 162,500 Petco Animal Supplies, Inc., 8.095%, bank loan, due 10/28/13 *** 163,956 162,500 Petco Animal Supplies, Inc., 8.11%, bank loan, due 10/28/13 *** 163,956 327,912 Retail - Regional Department Stores - 0.0% 4,975 Neiman Marcus Group, Inc., 7.595%, bank loan, due 4/6/13 *** 5,023 333,304 Neiman Marcus Group, Inc., 7.6025%, bank loan, due 4/6/13 *** 336,574 341,597 Rubber - Tires - 0.1% 600,000 Goodyear Tire & Rubber Co., 8.625%, senior notes, due 12/1/11 (144A) 631,500 Satellite Telecommunications - 0.2% 1,414,000 INTELSAT Bermuda, 7.10%, bank loan, due 2/1/14 *** 1,423,728 Savings/Loan/Thrifts - 0.5% 525,000 Sovereign Bancorp, Inc., 4.80%, senior notes, due 9/1/10 (144A) 512,079 2,120,000 Webster Bank, 5.875%, subordinated notes, due 1/15/13 2,111,628 1,025,000 Webster Capital Trust II, 10.00%, company guaranteed notes, due 4/1/27 1,080,723 3,704,430 Schools - 0.1% 628,169 Education Management LLC, 7.875%, bank loan, due 6/1/13 *** 633,509 Special Purpose Entity - 0.9% 1,702,000 JPMorgan Chase Capital XX, 6.55%, junior subordinated notes, due 9/29/36 1,739,019 3,250,000 OneAmerica Financial Partners, 7.00%, bonds, due 10/15/33 (144A) 3,337,219 2,146,000 Resona Preferred Securities, Ltd., 7.191%, bonds, due 12/29/49 (144A) **,*** 2,244,362 7,320,600 Telecommunication Services - 0.1% 1,065,000 Embarq Corp., 7.082%, senior unsecured notes, due 6/1/16 1,082,112 Telephone - Integrated - 0.6% 2,950,000 BellSouth Corp., 4.75%, senior unsecured notes, due 11/15/12 2,846,036 750,000 Qwest Corp., 8.61%, senior notes, due 6/15/13 *** 817,500 1,275,000 Telefonica Emisiones S.A.U., 5.984%, company guaranteed notes, due 6/20/11 ** 1,295,248 4,958,784 Transportation - Equipment and Leasing - 0.3% 2,125,000 GATX Corp., 5.50%, senior notes, due 2/15/12 2,100,325 Transportation - Railroad - 0.3% 2,545,000 Kansas City Southern, 7.50% company guaranteed notes, due 6/15/09 2,579,994 Transportation - Services - 0.2% 1,270,000 Fedex Corp., 5.50%, company guaranteed notes, due 8/15/09 1,271,634 ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $208,877,126) 210,301,637 ------------------------------------------------------------------------------------------------------------------------------------ Foreign Bonds - 0.2% Cable Television - 0.2% EUR 971,100 Telenet Communications N.V., 9.00%, senior notes, due 12/15/13 **(cost $1,246,983) 1,385,930 ------------------------------------------------------------------------------------------------------------------------------------ Mortgage Backed Securities - 40.9% U.S. Government Agencies - 40.9% 3,342,841 Fannie Mae, 7.00%, due 9/1/14 3,438,226 817,110 Fannie Mae, 6.50%, due 11/1/17 835,563 2,348,113 Fannie Mae, 5.00%, due 11/1/18 2,301,845 1,619,240 Fannie Mae, 4.50%, due 5/1/19 1,555,530 5,166,896 Fannie Mae, 4.50%, due 5/1/19 4,963,604 4,307,933 Fannie Mae, 4.50%, due 5/1/19 4,138,437 528,868 Fannie Mae, 5.50%, due 8/1/19 527,154 4,416,242 Fannie Mae, 5.00%, due 8/1/19 4,323,899 247,429 Fannie Mae, 5.50%, due 9/1/19 246,775 903,027 Fannie Mae, 5.50%, due 9/1/19 900,102 590,856 Fannie Mae, 4.50%, due 4/1/20 567,161 2,706,966 Fannie Mae, 6.00%, due 10/1/21 2,737,402 5,059,353 Fannie Mae, 5.50%, due 9/1/24 5,010,630 3,607,343 Fannie Mae, 5.00%, due 5/1/25 3,492,636 868,586 Fannie Mae, 7.00%, due 11/1/28 896,291 1,011,552 Fannie Mae, 6.50%, due 2/1/31 1,038,896 2,075,058 Fannie Mae, 7.00%, due 2/1/32 2,141,247 1,912,496 Fannie Mae, 6.50%, due 5/1/32 1,960,013 904,794 Fannie Mae, 6.50%, due 7/1/32 925,289 5,979,442 Fannie Mae, 6.00%, due 10/1/32 6,020,752 8,231,686 Fannie Mae, 5.50%, due 2/1/33 8,118,695 1,486,572 Fannie Mae, 6.50%, due 3/1/33 1,520,246 3,282,682 Fannie Mae, 5.50%, due 11/1/33 3,236,996 4,298,862 Fannie Mae, 5.00%, due 11/1/33 4,135,301 10,298,192 Fannie Mae, 5.00%, due 3/1/34 9,906,371 1,658,337 Fannie Mae, 5.00%, due 4/1/34 1,595,242 4,100,599 Fannie Mae, 5.00%, due 4/1/34 3,942,280 3,568,104 Fannie Mae, 5.00%, due 6/1/34 3,430,344 6,343,105 Fannie Mae, 6.00%, due 7/1/34 6,389,014 1,514,258 Fannie Mae, 5.00%, due 7/1/34 1,455,794 2,376,607 Fannie Mae, 6.50%, due 8/1/34 2,431,902 467,535 Fannie Mae, 6.50%, due 9/1/34 479,899 6,057,141 Fannie Mae, 5.50%, due 11/1/34 5,968,928 937,976 Fannie Mae, 5.50%, due 11/1/34 924,316 4,206,773 Fannie Mae, 5.50%, due 3/1/35 4,140,069 2,977,365 Fannie Mae, 5.00%, due 5/1/35 2,858,566 2,681,476 Fannie Mae, 4.50%, due 6/1/35 2,497,235 2,927,061 Fannie Mae, 5.50%, due 7/1/35 2,880,648 1,214,062 Fannie Mae, 5.00%, due 7/1/35 1,165,620 2,583,536 Fannie Mae, 4.50%, due 9/1/35 2,406,025 2,937,611 Fannie Mae, 4.50%, due 9/1/35 2,735,772 1,754,293 Fannie Mae, 5.00%, due 9/1/35 1,684,295 8,282,403 Fannie Mae, 5.50%, due 9/1/35 8,151,074 3,514,023 Fannie Mae, 6.00%, due 9/1/35 3,533,052 3,975,290 Fannie Mae, 5.50%, due 12/1/35 3,912,256 2,863,108 Fannie Mae, 6.00%, due 12/1/35 2,874,203 476,232 Fannie Mae, 7.00%, due 1/1/36 487,954 1,882,512 Fannie Mae, 6.50%, due 1/1/36 1,913,874 3,893,793 Fannie Mae, 5.50%, due 2/1/36 3,832,052 5,299,024 Fannie Mae, 5.00%, due 2/1/36 5,087,589 3,025,062 Fannie Mae, 5.50%, due 3/1/36 2,977,096 4,280,133 Fannie Mae, 6.00%, due 3/1/36 4,295,855 5,577,476 Fannie Mae, 5.50%, due 4/1/36 5,489,037 5,304,067 Fannie Mae, 5.00%, due 5/1/36 5,092,431 348,009 Fannie Mae, 7.00%, due 5/1/36 356,574 982,002 Fannie Mae, 6.50%, due 7/1/36 998,361 1,711,561 Fannie Mae, 5.50%, due 7/1/36 1,683,350 4,207,687 Fannie Mae, 6.50%, due 8/1/36 4,277,785 1,997,252 Fannie Mae, 6.50%, due 8/1/36 2,030,525 1,204,060 Fannie Mae, 6.00%, due 8/1/36 1,208,483 3,387,678 Fannie Mae, 6.00%, due 8/1/36 3,400,122 805,662 Fannie Mae, 6.50%, due 9/1/36 819,084 2,392,940 Fannie Mae, 6.00%, due 10/1/36 2,401,730 3,442,738 Fannie Mae, 5.50%, due 11/1/36 3,385,992 5,204,333 Fannie Mae, 6.00%, due 11/1/36 5,223,450 2,075,856 Fannie Mae, 5.50%, due 12/1/36 2,041,640 3,475,000 Fannie Mae, 6.00%, due 1/1/37 3,487,765 1,750,614 Fannie Mae, 6.00%, due 1/1/37 1,757,044 4,087,070 Federal Home Loan Bank System, 5.27%, due 12/28/12 4,052,329 2,753,551 Federal Home Loan Bank System, 5.50%, due 12/1/34 2,715,251 3,343,242 Federal Home Loan Bank System, 5.50%, due 12/1/34 3,296,739 1,954,910 Federal Home Loan Bank System, 5.00%, due 10/1/35 1,878,679 2,413,530 Federal Home Loan Bank System, 6.00%, due 12/1/36 2,423,106 1,253,566 Freddie Mac, 5.50%, due 1/1/16 1,250,437 1,883,108 Freddie Mac, 5.50%, due 1/1/18 1,877,434 6,446,200 Freddie Mac, 4.50%, due 2/1/18 6,196,417 3,579,127 Freddie Mac, 5.00%, due 9/1/18 3,506,701 6,254,394 Freddie Mac, 5.75%, due 12/15/18 6,253,686 1,642,205 Freddie Mac, 4.00%, due 4/1/19 1,536,673 1,779,212 Freddie Mac, 5.00%, due 2/1/20 1,740,024 1,527,686 Freddie Mac, 5.50%, due 2/1/21 1,519,812 1,390,041 Freddie Mac, 5.00%, due 4/1/21 1,359,023 2,168,676 Freddie Mac, 5.50%, due 11/1/33 2,139,723 1,781,923 Freddie Mac, 6.00%, due 11/1/33 1,793,300 3,436,670 Freddie Mac, 6.00%, due 2/1/34 3,459,918 1,466,674 Freddie Mac, 5.00%, due 5/1/34 1,411,419 2,143,720 Freddie Mac, 5.00%, due 5/1/34 2,063,958 808,084 Freddie Mac, 6.50%, due 7/1/34 826,199 368,048 Freddie Mac, 6.50%, due 7/1/34 376,283 433,664 Freddie Mac, 6.50%, due 6/1/35 441,853 6,410,398 Freddie Mac, 5.50%, due 6/1/35 6,321,233 8,277,411 Freddie Mac, 5.00%, due 7/1/35 7,954,635 1,179,222 Freddie Mac, 5.50%, due 9/1/35 1,161,340 3,638,411 Freddie Mac, 5.50%, due 9/1/35 3,583,236 5,291,844 Freddie Mac, 5.00%, due 9/1/35 5,085,489 3,833,845 Freddie Mac, 5.50%, due 10/1/35 3,777,043 2,717,847 Freddie Mac, 5.00%, due 6/1/36 2,611,866 1,357,347 Freddie Mac, 6.50%, due 8/1/36 1,379,958 4,284,612 Freddie Mac, 5.00%, due 10/1/36 4,114,955 4,475,451 Freddie Mac, 3.756%, due 7/1/34 4,325,755 1,525,774 Ginnie Mae, 6.00%, due 2/15/33 1,542,156 4,865,788 Ginnie Mae, 6.00%, due 10/20/34 4,903,436 1,761,916 Ginnie Mae, 6.50%, due 2/20/35 1,798,582 5,331,936 Ginnie Mae, 5.50%, due 3/20/35 5,269,734 3,794,909 Ginnie Mae, 5.50%, due 5/20/35 3,750,638 6,836,150 Ginnie Mae, 5.00%, due 10/15/35 6,602,496 3,455,607 Ginnie Mae, 5.50%, due 3/15/36 3,420,813 ------------------------------------------------------------------------------------------------------------------------------------ Total Mortgage Backed Securities (cost $327,431,793) 322,365,717 ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.9% Finance - Other Services - 0.3% 38,945 Chevy Chase Preferred Capital Corp., Series A, convertible, 10.375% 2,066,422 REIT - Diversified - 0.3% 96,600 iStar Financial, Inc., 7.875% 2,492,280 Savings/Loan/Thrifts - 0.3% 91,960 Chevy Chase Bank FSB, 8.00% 2,413,030 ------------------------------------------------------------------------------------------------------------------------------------ Total Preferred Stock (cost $7,083,886) 6,971,732 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Government Agencies - 15.4% 35,095,000 Fannie Mae, 5.50%, due 3/15/11 35,594,225 20,655,000 Fannie Mae, 5.25%, due 8/1/12 20,620,878 6,645,000 Fannie Mae, 5.25%, due 9/15/16 6,692,033 4,710,000 Fannie Mae, 6.625%, due 11/15/30 5,512,297 13,945,000 Federal Home Loan Bank System, 5.625%, due 6/13/16 14,215,087 4,126,000 Freddie Mac, 4.875%, due 2/17/09 4,105,948 30,135,000 Freddie Mac, 5.25%, due 5/21/09 30,222,090 4,200,000 Freddie Mac, 5.50%, due 9/15/11 4,267,066 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Government Agencies (cost $120,894,408) 121,229,624 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes/Bonds - 7.1% 3,655,000 U.S. Treasury Notes, 5.125%, due 6/30/08 # 3,660,709 8,335,000 U.S. Treasury Notes, 5.125%, due 6/30/11 # 8,433,327 555,000 U.S. Treasury Bonds, 4.625%, due 10/31/11 # 550,252 4,239,000 U.S. Treasury Bond, 4.50%, due 11/30/11 # 4,180,383 7,246,000 U.S. Treasury Bonds, 4.625%, due 11/15/16 # 7,133,912 3,110,000 U.S. Treasury Notes, 8.875%, due 8/15/17 # 4,122,694 6,145,000 U.S. Treasury Notes, 8.875%, due 2/15/19 # 8,321,676 6,480,000 U.S. Treasury Bonds, 7.25%, due 8/15/22 # 8,026,089 6,651,000 U.S. Treasury Bonds, 6.25%, due 8/15/23 # 7,557,718 4,275,000 U.S. Treasury Notes, 4.50%, due 2/15/36 # 3,995,791 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes/Bonds (cost $56,921,883) 55,982,551 ------------------------------------------------------------------------------------------------------------------------------------ Commercial Paper - 0.6% 4,380,000 Ford Motor Credit Co., 5.77%, 2/22/07 (amortized cost $4,365,258) 4,365,258 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 3.0% 5,939,400 Janus Institutional Cash Reserves Fund, 5.30% 5,939,400 17,987,600 Janus Money Market Fund, 5.25% 17,987,600 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $23,927,000) 23,927,000 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 5.3% 41,749,678 State Street Navigator Securities Lending Prime Portfolio + (cost $41,749,678) 41,749,678 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $792,498,015) - 100% $ 788,279,127 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) Country Value % of Investment Securities -------------------------------------------------------------------------------- Belgium $ 1,385,930 0.2% Canada 6,083,315 0.8 Cayman Islands 3,561,621 0.5 France 1,831,201 0.2 India 3,931,626 0.5 Japan 3,427,047 0.4 Mexico 2,973,267 0.4 Qatar 969,384 0.1 Spain 1,295,248 0.2 United Kingdom 1,072,248 0.1 United States ++ 761,748,240 96.6 -------------------------------------------------------------------------------- Total $788,279,127 100.0% ============ ===== ++ Includes Short-Term Securities and Other Securities (88.3% excluding Short-Term Securities and Other Securities) Forward Currency Contracts, Open January 31, 2007 (unaudited) Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- Euro 6/8/07 1,025,000 $ 1,342,798 $ (2,016) -------------------------------------------------------------------------------- Total $ 1,342,798 $ (2,016) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust 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. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. *** Rate is subject to change. Rate shown reflects current rate. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ss. Schedule of Restricted and Illiquid Securities
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Flexible Bond Fund Americo Life, Inc., 7.875% notes, due 5/1/13 (144A) 4/25/03 - 10/5/06 $1,342,577 $1,400,636 0.2% C5 Capital S.P.V., Ltd., 6.196% debentures, due 12/29/49 (144A) 12/11/06 1,300,000 1,284,062 0.2% C10 Capital S.P.V., Ltd., 6.722% debentures, due 12/29/49 (144A) 12/11/06 1,700,000 1,689,205 0.2% Idearc, Inc., 8.00% senior notes, due 11/15/16 (144A) 11/1/06 879,000 893,284 0.1% Liberty Mutual Group, 7.50% bonds, due 8/15/36 (144A) 8/10/06 - 9/12/06 2,134,622 2,310,432 0.3% ------------------------------------------------------------------------------------------------------------------------------------ $7,356,199 $7,577,619 1.0% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Flexible Bond Fund $5,991,190 The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Janus Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 95.7% Aerospace and Defense - 5.0% 7,078,564 BAE Systems PLC** $ 58,522,891 4,460,335 Boeing Co.** 399,467,602 1,298,395 Lockheed Martin Corp. 126,191,010 584,181,503 Agricultural Chemicals - 2.6% 2,773,380 Monsanto Co. 152,785,504 820,225 Syngenta A.G.* 151,594,487 304,379,991 Agricultural Operations - 0.6% 2,185,565 Archer-Daniels-Midland Co.** 69,938,080 Audio and Video Products - 0.5% 1,220,400 Sony Corp.** 56,450,310 Automotive - Cars and Light Trucks - 1.1% 2,044,576 BMW A.G.**,# 125,188,348 Building - Residential and Commercial - 0.4% 66,445 NVR, Inc.*,# 46,014,491 Casino Hotels - 1.8% 1,415,475 Harrah's Entertainment, Inc. 119,579,328 1,132,040 Station Casinos, Inc. 94,185,728 213,765,056 Cellular Telecommunications - 0.9% 2,226,110 America Movil S.A. de C.V. - Series L (ADR) 98,750,240 Chemicals - Diversified - 0.6% 1,068,600 Shin-Etsu Chemical Company, Ltd.** 69,861,736 Commercial Services - Finance - 1.3% 826,385 Moody's Corp. 59,136,111 2,388,592 Paychex, Inc. 95,567,566 154,703,677 Computers - 2.7% 1,975,165 Apple Inc.*,** 169,330,896 2,013,595 Hewlett-Packard Co. 87,148,392 418,570 Research In Motion, Ltd. (U.S. Shares)* 53,484,875 309,964,163 Computers - Memory Devices - 2.0% 13,959,850 EMC Corp.*,# 195,298,302 926,645 SanDisk Corp.*,# 37,251,129 232,549,431 Consumer Products - Miscellaneous - 1.1% 1,779,455 Kimberly-Clark Corp.# 123,494,177 Containers - Metal and Glass - 0.7% 1,843,442 Ball Corp. 85,388,233 Cosmetics and Toiletries - 3.7% 1,456,843 Avon Products, Inc.# 50,100,831 5,808,380 Procter & Gamble Co. 376,789,610 426,890,441 Distribution/Wholesale - 0.6% 7,139,500 Esprit Holdings, Ltd. 72,956,726 Diversified Operations - 2.7% 8,798,325 General Electric Co. 317,179,616 E-Commerce/Services - 1.6% 2,391,743 eBay, Inc.*,# 77,468,556 2,869,872 IAC/InterActiveCorp*,**,# 110,203,085 187,671,641 Electric - Integrated - 1.3% 2,775,355 TXU Corp.# 150,091,198 Electric Products - Miscellaneous - 0.5% 1,327,630 Emerson Electric Co. 59,703,521 Electronic Components - Semiconductors - 2.8% 7,370,575 Advanced Micro Devices, Inc.* 114,612,441 6,934,640 Texas Instruments, Inc. 216,291,422 330,903,863 Electronic Forms - 0.7% 2,104,745 Adobe Systems, Inc.* 81,811,438 Enterprise Software/Services - 1.7% 6,094,540 Oracle Corp.* 104,582,307 2,069,110 SAP A.G. (ADR)**,# 95,882,557 200,464,864 Entertainment Software - 1.3% 3,095,341 Electronic Arts, Inc.*,** 154,767,050 Finance - Consumer Loans - 0.7% 1,863,695 SLM Corp. 85,655,422 Finance - Credit Card - 1.3% 2,590,390 American Express Co. 150,812,506 Finance - Investment Bankers/Brokers - 7.0% 7,786,505 JP Morgan Chase & Co. 396,566,699 1,828,110 Merrill Lynch & Company, Inc. 171,037,972 2,121,572 UBS A.G. 133,354,605 1,721,105 UBS A.G. (U.S. Shares) 108,446,826 809,406,102 Finance - Mortgage Loan Banker - 1.4% 2,891,555 Fannie Mae 163,459,604 Finance - Other Services - 1.0% 137,307 Chicago Mercantile Exchange Holdings, Inc.**,# 77,345,033 1,512,955 Western Union Co. 33,799,415 111,144,448 Food - Retail - 0.5% 1,277,315 Whole Foods Market, Inc.# 55,167,235 Food - Wholesale/Distribution - 0.7% 2,190,805 Sysco Corp. 75,692,313 Independent Power Producer - 2.0% 3,947,340 NRG Energy, Inc.*,# 236,564,086 Industrial Automation and Robotics - 0.8% 1,612,725 Rockwell Automation, Inc.# 98,714,897 Insurance Brokers - 0.6% 2,522,535 Marsh & McLennan Companies, Inc.# 74,414,783 Internet Infrastructure Software - 0.6% 1,219,305 Akamai Technologies, Inc.*,**,# 68,500,555 Investment Management and Advisory Services - 0.8% 926,045 Legg Mason, Inc.# 97,095,818 Medical - Biomedical and Genetic - 1.9% 2,985,261 Celgene Corp.* 160,248,810 672,078 Genentech, Inc.* 58,719,455 218,968,265 Medical - Drugs - 4.3% 3,734,245 Merck & Company, Inc. 167,107,464 1,786,843 Roche Holding A.G. 336,866,506 503,973,970 Medical - HMO - 1.8% 4,044,475 Coventry Health Care, Inc.* 208,492,686 Medical - Wholesale Drug Distributors - 1.1% 1,757,455 Cardinal Health, Inc. 125,517,436 Medical Instruments - 0.4% 472,765 Intuitive Surgical, Inc.* 46,524,804 Medical Products - 0.4% 1,031,070 Varian Medical Systems, Inc.*,# 47,563,259 Metal Processors and Fabricators - 1.9% 2,432,910 Precision Castparts Corp. 216,261,370 Networking Products - 0.5% 2,353,870 Cisco Systems, Inc.* 62,589,403 Oil and Gas Drilling - 0.6% 2,477,495 Nabors Industries, Ltd.*,# 75,018,549 Oil Companies - Exploration and Production - 1.1% 942,695 Apache Corp. 68,788,455 1,205,280 EnCana Corp. (U.S. Shares) 57,889,598 126,678,053 Oil Companies - Integrated - 3.4% 4,366,860 Exxon Mobil Corp. 323,584,326 1,223,220 Hess Corp.# 66,041,648 389,625,974 Oil Refining and Marketing - 0.6% 1,302,935 Valero Energy Corp. 70,723,312 Pharmacy Services - 1.0% 1,859,440 Caremark Rx, Inc. 113,909,294 Reinsurance - 0.9% 27,981 Berkshire Hathaway, Inc. - Class B*,# 102,616,120 Retail - Apparel and Shoe - 2.7% 2,171,841 Industria de Diseno Textil S.A.** 123,670,915 3,400,065 Nordstrom, Inc. 189,417,621 313,088,536 Retail - Building Products - 0.7% 2,400,205 Lowe's Companies, Inc. 80,910,911 Retail - Consumer Electronics - 0.5% 1,195,585 Best Buy Company, Inc. 60,257,484 Retail - Drug Store - 0.8% 2,642,835 CVS Corp.# 88,931,398 Retail - Office Supplies - 1.2% 5,554,802 Staples, Inc. 142,869,507 Savings/Loan/Thrifts - 0.9% 3,702,675 Hudson City Bancorp, Inc.# 50,985,835 3,033,949 NewAlliance Bancshares, Inc.# 48,543,184 99,529,019 Semiconductor Components/Integrated Circuits - 0.4% 2,227,685 Marvell Technology Group, Ltd.*,# 40,744,359 Soap and Cleaning Preparations - 1.2% 2,837,113 Reckitt Benckiser PLC** 136,888,343 Telecommunication Services - 0.6% 2,329,690 NeuStar, Inc. - Class A* 71,964,124 Telephone - Integrated - 0.7% 13,163,170 Level 3 Communications, Inc.*,**,# 81,743,286 Therapeutics - 1.6% 1,799,760 Amylin Pharmaceuticals, Inc.* 69,794,693 1,860,404 Gilead Sciences, Inc.* 119,661,185 189,455,878 Tobacco - 0.5% 712,840 Altria Group, Inc. 62,295,088 Transportation - Railroad - 1.3% 1,923,680 Canadian National Railway Co. (U.S. Shares) 87,892,939 612,905 Union Pacific Corp. 61,903,405 149,796,344 Transportation - Services - 1.2% 2,662,595 C.H. Robinson Worldwide, Inc.# 141,250,665 Web Portals/Internet Service Providers - 3.4% 303,565 Google, Inc. - Class A*,** 152,177,135 8,581,825 Yahoo!, Inc.*,# 242,951,465 395,128,600 Wireless Equipment - 2.5% 2,496,905 Crown Castle International Corp.*,# 87,791,180 2,803,700 Nokia Oyj (ADR)** 61,961,770 3,862,260 QUALCOMM, Inc. 145,452,711 295,205,661 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $8,776,834,817) 11,142,219,261 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes - 0.8% $ 12,430,000 U.S. Treasury Notes, 6.25%, due 2/15/07** 12,433,878 76,419,000 U.S. Treasury Notes, 3.375%, due 2/28/07** 76,317,516 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes (cost $88,756,548) 88,751,394 ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0% 321,000 Janus Money Market Fund, 5.25% (cost $321,000) 321,000 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 3.5% 407,010,066 State Street Navigator Securities Lending Prime Portfolio+ (cost $407,010,066) 407,010,066 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $9,272,922,431) - 100% $11,638,301,721 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 188,719,634 1.6% Canada 199,267,412 1.7% Finland 61,961,770 0.5% Germany 221,070,905 1.9% Japan 126,312,046 1.1% Mexico 98,750,240 0.8% Spain 123,670,915 1.1% Switzerland 730,262,424 6.3% United Kingdom 195,411,234 1.7% United States ++ 9,692,875,140 83.3% -------------------------------------------------------------------------------- Total $11,638,301,720 100.0% =============== ===== ++ Includes Short-Term Securities and Other Securities (79.8% excluding Short-Term Securities and Other Securities) Forward Currency Contracts Open at January 31, 2007 Currency Sold and Currency Currency Value Unrealized Settlement Date Units Sold in $ U.S. Gain/(Loss) -------------------------------------------------------------------------------- British Pound 3/15/07 18,300,000 $ 35,947,481 $ (1,786,688) Euro 4/18/07 8,500,000 11,113,958 (37,353) Euro 6/8/07 69,900,000 91,572,301 (137,509) Japanese Yen 4/18/07 3,000,000,000 25,118,703 1,837,291 Total $ 163,752,443 $ (124,259) Value -------------------------------------------------------------------------------- Schedule of Written Options - Calls Akamai Technologies, Inc. Expires February 2007 1,307 contracts Exercise price $65.00 $ (32,675) Apple, Inc. Expires February 2007 1,194 contracts Exercise price $115.00 (5,970) Apple, Inc. Expires February 2007 1,790 contracts Exercise price $125.00 (8,950) Apple, Inc. Expires April 2007 3,256 contracts Exercise price $120.00 (65,120) Archer-Daniels-Midland Co. Expires February 2007 2,380 contracts Exercise price $35.00 (47,600) Boeing Co. Expires February 2007 1,190 contracts Exercise price $95.00 (17,850) Chicago Mercantile Exchange Holdings, Inc. Expires February 2007 100 contracts Exercise price $630.00 (3,000) Chicago Mercantile Exchange Holdings, Inc. Expires February 2007 418 contracts Exercise price $660.00 (2,090) Chicago Mercantile Exchange Holdings, Inc. Expires March, 2007 100 contracts Exercise price $640.00 (16,800) Chicago Mercantile Exchange Holdings, Inc. Expires March, 2007 100 contracts Exercise price $670.00 (4,500) Electronic Arts, Inc. Expires February, 2007 3,175 contracts Exercise price $55.00 (127,000) Google, Inc. Expires February, 2007 320 contracts Exercise price $570.00 (51,200) IAC/InterActiveCorp Expires February, 2007 1,984 contracts Exercise price $42.50 (29,760) Level 3 Communications, Inc. Expires February, 2007 167 contracts Exercise price $7.50 (835) -------------------------------------------------------------------------------- Total Written Options - Calls 17,481 contracts (Premiums received $1,254,081) $(413,350) -------------------------------------------------------------------------------- Value -------------------------------------------------------------------------------- Schedule of Written Options - Puts Best Buy Company, Inc. Expires February 2007 5,580 contracts Exercise price $42.50 $ (16,740) Best Buy Company, Inc. Expires February 2007 3,175 contracts Exercise price $45.00 (28,575) Electronic Arts, Inc. Expires February 2007 3,175 contracts Exercise price $45.00 (79,375) Nabors Industries, Ltd. Expires February 2007 4,000 contracts Exercise price $27.50 (20,000) QUALCOMM, Inc. Expires February 2007 3,175 contracts Exercise price $35.00 (41,275) TXU Corp. Expires February 2007 1,993 contracts Exercise price $47.50 (9,965) -------------------------------------------------------------------------------- Total Written Options - Puts 21,098 contracts (Premiums received $689,628) $(195,930) -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. # Loaned security; a portion or all of the security is on loan at January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Fund $964,823,298 Janus Fundamental Equity Fund Schedule of Investments (unaudited)
Shares/Principal/Contract Amounts Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 95.5% Advertising Sales - 1.7% 623,235 Clear Channel Outdoor Holdings, Inc.*,# $ 18,023,956 Aerospace and Defense - 2.0% 244,710 Boeing Co. 21,916,228 Agricultural Operations - 0.7% 248,430 Archer-Daniels-Midland Co. 7,949,760 Casino Hotels - 2.1% 272,990 Harrah's Entertainment, Inc. 23,062,195 Coal - 0.9% 240,550 Peabody Energy Corp. 9,821,657 Commercial Banks - 2.0% 633,860 Commerce Bancorp, Inc.# 21,411,791 Computers - 2.1% 165,705 Apple Inc.* 14,205,889 352,050 Dell, Inc.* 8,537,213 22,743,102 Computers - Memory Devices - 2.6% 2,006,295 EMC Corp.* 28,068,067 Cosmetics and Toiletries - 2.3% 381,265 Procter & Gamble Co. 24,732,661 Diversified Operations - 4.0% 1,211,370 General Electric Co. 43,669,889 Electronic Components - Semiconductors - 5.4% 1,180,905 Advanced Micro Devices, Inc.* 18,363,073 87,355 NVIDIA Corp.* 2,677,431 17,430 Samsung Electronics Company, Ltd. 10,792,202 645,435 Spansion, Inc. - Class A*,# 8,280,931 584,255 Texas Instruments, Inc. 18,222,913 58,336,550 Electronic Forms - 2.0% 558,735 Adobe Systems, Inc.* 21,718,029 Energy - Alternate Sources - 0.6% 82,620 First Solar, Inc.*,# 2,674,409 112,170 Suntech Power Holdings Company, Ltd. (ADR)*,# 4,127,856 6,802,265 Enterprise Software/Services - 2.5% 1,024,560 Oracle Corp.* 17,581,450 194,585 SAP A.G. (ADR)** 9,017,069 26,598,519 Entertainment Software - 1.1% 247,325 Electronic Arts, Inc.* 12,366,250 Finance - Credit Card - 1.2% 218,920 American Express Co. 12,745,522 Finance - Investment Bankers/Brokers - 11.9% 726,750 Citigroup, Inc. 40,065,728 902,675 JP Morgan Chase & Co. 45,973,237 459,675 Merrill Lynch & Company, Inc. 43,007,192 129,046,157 Finance - Mortgage Loan Banker - 2.5% 471,245 Fannie Mae 26,639,480 Finance - Other Services - 0.3% 25,475 Nymex Holdings, Inc.*,# 3,281,944 Food - Canned - 0.6% 234,335 TreeHouse Foods, Inc.* 6,985,526 Food - Retail - 0.8% 212,770 Whole Foods Market, Inc. 9,189,536 Hotels and Motels - 0.7% 93,460 Four Seasons Hotels, Inc. 7,781,480 Industrial Automation and Robotics - 1.2% 211,335 Rockwell Automation, Inc. 12,935,815 Medical - Biomedical and Genetic - 1.6% 326,685 Celgene Corp.* 17,536,451 Medical - Drugs - 7.1% 677,325 Merck & Company, Inc. 30,310,294 171,895 Roche Holding A.G. 32,406,690 159,009 Sanofi-Aventis**,# 14,044,805 76,761,789 Medical - HMO - 2.2% 463,785 Coventry Health Care, Inc.* 23,908,117 Multimedia - 0.4% 174,650 News Corporation, Inc. - Class B 4,270,193 Oil - Field Services - 0.8% 278,450 Halliburton Co. 8,225,413 Oil and Gas Drilling - 0.6% 83,385 Transocean, Inc. (U.S. Shares)* 6,451,497 Oil Companies - Exploration and Production - 3.6% 185,665 Apache Corp. 13,547,975 329,895 EnCana Corp. (U.S. Shares) 15,844,857 137,920 EOG Resources, Inc. 9,534,410 38,927,242 Oil Companies - Integrated - 9.3% 151,040 ConocoPhillips 10,030,566 287,905 Exxon Mobil Corp. 21,333,761 588,175 Hess Corp. 31,755,568 133,275 Marathon Oil Corp. 12,040,064 343,088 Suncor Energy, Inc. 25,422,564 100,582,523 Oil Refining and Marketing - 2.3% 463,654 Valero Energy Corp. 25,167,139 Retail - Consumer Electronics - 1.2% 247,772 Best Buy Company, Inc. 12,487,709 Retail - Drug Store - 2.6% 823,040 CVS Corp. 27,695,296 Retail - Jewelry - 1.5% 408,275 Tiffany & Co.# 16,028,877 Retail - Regional Department Stores - 1.8% 462,790 Federated Department Stores, Inc. 19,201,157 Steel - Producers - 1.3% 1,373,034 Tata Steel, Ltd. 14,452,747 Telecommunication Equipment - Fiber Optics - 1.6% 852,190 Corning, Inc.* 17,759,640 Therapeutics - 0.8% 103,650 Gilead Sciences, Inc.* 6,666,768 125,700 Neurocrine Biosciences, Inc.* 1,757,286 8,424,054 Transportation - Railroad - 2.4% 276,474 Canadian National Railway Co. (U.S. Shares) 12,632,097 135,385 Union Pacific Corp. 13,673,885 26,305,982 Web Portals/Internet Service Providers - 2.7% 1,036,875 Yahoo!, Inc.* 29,353,931 Wireless Equipment - 0.5% 232,130 Nokia Oyj (ADR) 5,130,073 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $865,539,587) 1,034,496,209 ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Calls - 0.1% 921 Proctor & Gamble Co., expires January 2008 exercise price $70.00 221,040 922 ConocoPhillips, expires January 2009 exercise price $70.00 875,900 ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Calls (premiums paid $1,138,874) 1,096,940 ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0.8% 9,211,648 Janus Institutional Cash Reserves Fund, 5.30% (cost $9,211,648) 9,211,648 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 3.6% 38,667,897 State Street Navigator Securities Lending Prime Portfolio+ (cost $38,667,897) 38,667,897 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $914,558,006) - 100% $1,083,472,694 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments by Country January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Canada $ 61,680,998 5.7% Cayman Islands 10,579,353 1.0% Finland 5,130,073 0.5% France 14,044,805 1.3% Germany 9,017,069 0.8% India 14,452,747 1.3% South Korea 10,792,202 1.0% Switzerland 32,406,690 3.0% United States++ $ 925,368,757 85.4% -------------------------------------------------------------------------------- Total $1,083,472,694 100.0% ============== ===== ++ Includes Short-Term and Other Securities (81.0% excluding Short-Term Securities and Other Securities) Forward Currency Contracts, Open Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- Euro 6/8/07 5,545,000 $ 7,264,212 $ (10,908) -------------------------------------------------------------------------------- Total $ 7,264,212 $ (10,908) -------------------------------------------------------------------------------- Schedule of Written Options - Puts Procter & Gamble Co. expires January 2008 460 contracts exercise price $55.00 $ (31,740) Procter & Gamble Co. expires January 2008 460 contracts exercise price $60.00 (71,300) Total Written Options - Puts 920 contracts (premiums received $133,433) $(103,040) -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Fundamental Equity Fund $ 18,341,381 Janus Global Life Sciences Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ----------------------------------------------------------------------------------------------------------------------------------- Common Stock - 88.5% Agricultural Chemicals - 1.9% 100,452 Syngenta A.G.*,** $ 18,565,600 Diagnostic Kits - 1.1% 262,246 Dade Behring Holdings, Inc. 11,035,312 Dialysis Centers - 1.3% 92,474 Fresenius Medical Care AG & Co.** 12,421,638 Drug Delivery Systems - 2.0% 522,440 Hospira, Inc.*,# 19,215,343 Life and Health Insurance - 1.3% 92,510 CIGNA Corp. 12,248,324 Medical - Biomedical and Genetic - 15.2% 791,043 Acorda Therapeutics, Inc.*,** 13,677,133 260,860 Advanced Magnetics, Inc.*,# 15,894,200 435,871 Alexion Pharmaceuticals, Inc.*,# 18,119,157 169,835 Amgen, Inc.* 11,951,289 554,305 Celgene Corp.* 29,755,092 700,630 Exelixis, Inc.*,# 6,866,174 1,271,821 Fibrogen, Inc.*, ***, ss. 9,538,658 188,015 Genentech, Inc.* 16,426,871 189,960 Genzyme Corp.* 12,486,071 178,875 Millipore Corp.*,# 12,249,360 146,964,005 Medical - Drugs - 24.9% 293,720 Achillion Pharmaceuticals, Inc.* 5,657,047 224,085 Adams Respiratory Therapeutics, Inc.*,# 10,050,212 691,672 Cubist Pharmaceuticals, Inc.* 12,726,765 783,005 Dr. Reddy's Laboratories, Ltd. (ADR) # 13,209,294 334,605 Eli Lilly and Co. 18,108,823 527,085 K-V Pharmaceutical Co. - Class A*,# 13,298,355 796,720 Merck & Company, Inc. 35,653,220 291,015 New River Pharmaceuticals, Inc.*,# 16,267,739 364,927 Novartis A.G.** 21,071,289 288,120 OSI Pharmaceuticals, Inc.*,# 9,801,842 219,357 Roche Holding A.G.** 41,354,515 188,418 Sanofi-Aventis** 16,642,416 233,529 Stada Arzneimittel A.G.** 13,490,512 271,900 Wyeth 13,434,579 240,766,608 Medical - HMO - 6.1% 413,357 Coventry Health Care, Inc.* 21,308,553 221,595 UnitedHealth Group, Inc. 11,580,555 337,875 WellPoint, Inc.* 26,482,643 59,371,751 Medical - Nursing Homes - 2.6% 473,005 Manor Care, Inc. 25,182,786 Medical - Wholesale Drug Distributors - 2.1% 277,480 Cardinal Health, Inc. 19,817,622 Medical Instruments - 3.1% 229,040 Medtronic, Inc. 12,242,188 426,675 St. Jude Medical, Inc.* 18,244,623 30,486,811 Medical Products - 2.9% 48,366 Nobel Biocare Holding A.G.** 16,094,374 248,355 Varian Medical Systems, Inc.*,# 11,456,616 27,550,990 Optical Supplies - 3.2% 139,865 Alcon, Inc. (U.S. Shares)** 16,470,502 126,945 Allergan, Inc. # 14,815,751 31,286,253 Pharmacy Services - 1.8% 297,445 Medco Health Solutions, Inc.* 17,611,718 Physical Therapy and Rehabilitation Centers - 1.4% 587,616 HEALTHSOUTH Corp.*,# 13,744,338 Physician Practice Management - 1.4% 248,855 Pediatrix Medical Group, Inc.* 13,074,842 REIT - Health Care - 1.5% 316,980 Ventas, Inc. 14,660,325 Respiratory Products - 1.6% 369,310 Respironics, Inc.* 15,732,606 Retail - Drug Store - 3.1% 883,139 CVS Corp. # 29,717,627 Soap and Cleaning Preparations - 1.5% 302,488 Reckitt Benckiser PLC** 14,594,794 Therapeutics - 8.5% 266,130 Amylin Pharmaceuticals, Inc.* 10,320,521 384,855 Gilead Sciences, Inc.* 24,753,874 599,370 Mannkind Corp.*,# 9,925,567 556,145 MGI Pharma, Inc.*,# 10,689,107 495,814 United Therapeutics Corp.* 26,575,631 82,264,700 ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stock (cost $667,775,284) 856,313,993 ----------------------------------------------------------------------------------------------------------------------------------- Preferred Stock - 1.5% Medical - Biomedical and Genetic - 0.3% 644,882 Cougar Biotechnology, Inc. ***, ss. 2,904,549 Medical - Generic Drugs - 0.8% 8,364,183 Mediquest Therapeutics ***, ss. 7,527,764 Medical Instruments - 0.4% 44,502,593 GMP Companies, Inc. ***, ss. 3,925,129 ----------------------------------------------------------------------------------------------------------------------------------- Total Preferred Stock (cost $11,797,872) 14,357,442 ----------------------------------------------------------------------------------------------------------------------------------- Warrants - 0.2% Medical - Generic Drugs - 0.1% 2,093,750 Mediquest Therapeutics -expires 6/15/11 ***, ss. 628,125 Medical Instruments - 0.1% 21,509,194 GMP Companies, Inc. -expires 6/1/11 ***, ss. 473,202 3,679,948 GMP Companies, Inc. -expires 6/1/11 (144A) ***, ss. 176,638 649,840 ----------------------------------------------------------------------------------------------------------------------------------- Total Warrants (cost $0) 1,277,965 ----------------------------------------------------------------------------------------------------------------------------------- Other Securities - 10.3% 99,582,926 State Street Navigator Securities Lending Prime Portfolio + (cost $99,582,926) 99,582,926 ----------------------------------------------------------------------------------------------------------------------------------- Securities Sold Short - (0.5)% Pharmacy Services - (0.5)% 66,435 Express Scripts, Inc. - Class A* (proceeds $4,564,888) $ (4,618,561) ----------------------------------------------------------------------------------------------------------------------------------- Total Investments (total cost $774,591,194) - 100% $ 966,913,765 -----------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- France $ 16,642,416 1.7% Germany 25,912,150 2.7 India 13,209,294 1.4 Switzerland 113,556,280 11.7 United Kingdom 14,594,794 1.5 United States ++ 782,998,831 81.0 -------------------------------------------------------------------------------- Total $966,913,765 100.0% ============ ===== ++ Includes Other Securities (70.7% excluding Other Securities) Forward Currency Contracts Open January 31, 2007 (unaudited) Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) ------------------------------------------------------------------------------- British Pound 3/14/07 1,793,000 $ 3,522,082 $ (203,363) Euro 3/15/07 5,900,000 7,703,379 (248,434) Swiss Franc 3/14/07 12,700,000 10,250,979 136,294 Swiss Franc 6/8/07 14,450,000 11,748,944 27,747 ------------------------------------------------------------------------------- Total $ 33,225,384 $ (287,756) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. 144A Securities sold under Rule 144A of the Securities Act of 1933 and are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. *** Schedule of Fair Valued Securities as of January 31, 2007 (unaudited) Value as a % of Janus Global Life Sciences Fund Value Investment Securities -------------------------------------------------------------------------------- Cougar Biotechnology, Inc. $ 2,904,549 0.3% Fibrogen, Inc. 9,538,658 1.0 GMP Companies, Inc 3,925,129 0.4 GMP Companies, Inc- expires 6/1/11 473,202 0.0 GMP Companies, Inc- expires 6/1/11 (144A) 176,638 0.0 Mediquest Therapeutics 7,527,764 0.8 Mediquest Therapeutics- expires 6/15/11 628,125 0.1 -------------------------------------------------------------------------------- $ 25,174,065 2.6% Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international activities fair valued pursuant to a systematic fair valuation model. ss. Schedule of Restricted and Illiquid Securities (unaudited)
Value as a % investment Acquisition Date Acquisition Cost Value Securities --------------------------------------------------------------------------------------------------------------------------- Janus Global Life Sciences Fund Cougar Biotechnology, Inc. oo 3/31/06 $ 2,904,496 $ 2,904,549 0.3% Fibrogen, Inc. oo 12/28/04 - 11/8/05 5,786,786 9,538,658 1.0% GMP Companies, Inc. oo 5/31/06 - 10/4/06 3,874,867 3,925,129 0.4% GMP Companies, Inc. - expires 6/1/11 oo 5/31/06 - 10/4/06 -- 473,202 0.0% GMP Companies, Inc. - expires 6/1/11 (144A) oo 5/31/06 -- 176,638 0.0% Mediquest Therapeutics oo 5/11/06 - 6/15/06 5,018,510 7,527,764 0.8% Mediquest Therapeutics - expires 6/15/11 oo 5/11/06 - 6/15/06 -- 628,125 0.1% --------------------------------------------------------------------------------------------------------------------------- $ 17,584,659 $25,174,065 2.6% ---------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Global Life Sciences Fund $ 175,788,901 Janus Global Opportunities Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 93.8% Agricultural Chemicals - 2.3% 20,007 Syngenta A.G.* $ 3,697,706 Broadcast Services and Programming - 5.0% 266,573 Liberty Global, Inc. - Class A* 8,013,184 Cellular Telecommunications - 2.0% 1,105,391 Vodafone Group PLC 3,227,620 Computers - 7.4% 493,500 Dell, Inc.* 11,967,375 Dental Supplies and Equipment - 2.8% 120,725 Patterson Companies, Inc.*,# 4,540,467 Distribution/Wholesale - 4.9% 773,500 Esprit Holdings, Ltd. 7,904,199 Diversified Operations - 5.6% 282,615 Tyco International, Ltd. (U.S. Shares) 9,009,766 E-Commerce/Products - 3.1% 130,055 Amazon.com, Inc.*,# 4,899,172 E-Commerce/Services - 9.3% 299,987 Expedia, Inc.* 6,434,721 223,737 IAC/InterActiveCorp* 8,591,502 15,026,223 Electronic Components - Miscellaneous - 4.3% 177,115 Koninklijke (Royal) Philips Electronics N.V. 6,918,878 Finance - Consumer Loans - 2.6% 49,350 Acom Company, Ltd. 1,874,822 62,850 Promise Company, Ltd. 2,228,541 4,103,363 Finance - Investment Bankers/Brokers - 4.6% 144,565 JP Morgan Chase & Co. 7,362,695 Food - Canned - 2.8% 152,820 TreeHouse Foods, Inc.* 4,555,564 Food - Catering - 2.9% 364,629 Nissin Healthcare Food Service Company, Ltd. 4,672,487 Food - Retail - 4.0% 93,430 Metro A.G. 6,399,344 Insurance Brokers - 5.7% 225,575 Willis Group Holdings, Ltd. 9,216,995 Multimedia - 2.3% 89,822 Vivendi Universal S.A. # 3,710,848 Property and Casualty Insurance - 3.8% 745,000 Nipponkoa Insurance Company, Ltd. 6,122,288 Reinsurance - 2.1% 913 Berkshire Hathaway, Inc. - Class B* 3,348,291 Retail - Apparel and Shoe - 1.8% 74,223 Next PLC 2,848,319 Rubber/Plastic Products - 3.2% 288,100 Tenma Corp. 5,054,967 Savings/Loan/Thrifts - 3.3% 329,060 NewAlliance Bancshares, Inc. # 5,264,960 Schools - 3.5% 130,470 Apollo Group, Inc. - Class A* 5,662,398 Television - 4.5% 680,669 British Sky Broadcasting Group PLC 7,302,686 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $120,018,422) 150,829,795 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 0.5% 393,600 Janus Institutional Cash Reserves Fund, 5.30% 393,600 460,195 Janus Money Market Fund, 5.25% 460,195 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $853,795) 853,795 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 5.7% 9,167,223 State Street Navigator Securities Lending Prime Portfolio + (cost $9,167,223) 9,167,223 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $130,039,440) - 100% $ 160,850,813 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 26,130,960 16.2% France 3,710,848 2.3 Germany 6,399,344 4.0 Japan 19,953,105 12.4 Netherlands 6,918,878 4.3 Switzerland 3,697,706 2.3 United Kingdom 13,378,625 8.3 United States ++ 80,661,347 50.2 -------------------------------------------------------------------------------- Total $160,850,813 100.0% ============ ===== ++ Includes Short-Term Securities and Other Securities (44.0% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Janus Global Research Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 85.8% Advertising Sales - 0.4% 9,875 Lamar Advertising Co.*,# $ 654,515 Advertising Services - 1.1% 119,038 WPP Group PLC 1,751,273 Aerospace and Defense - 3.0% 280,550 BAE Systems PLC 2,319,480 17,385 Boeing Co. 1,557,001 18,695 Embraer-Empresa Brasileira de Aeronautica S.A. (ADR) 758,082 4,634,563 Agricultural Chemicals - 2.6% 14,510 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 2,263,995 8,983 Syngenta A.G.* 1,660,244 3,924,239 Agricultural Operations - 1.8% 14,635 Bunge, Ltd. 1,126,163 2,218,000 Chaoda Modern Agriculture Holdings, Ltd. 1,566,410 2,692,573 Apparel Manufacturers - 0.7% 388,000 Ports Design, Ltd. 1,067,901 Applications Software - 0.5% 31,610 Red Hat, Inc.*,# 718,495 Audio and Video Products - 1.0% 34,400 Sony Corp. (WI) 1,591,192 Automotive - Cars and Light Trucks - 3.0% 22,401 BMW A.G.# 1,371,601 17,069 Hyundai Motor Company, Ltd. 1,221,827 160,600 Nissan Motor Company, Ltd.# (WI) 2,007,506 4,600,934 Brewery - 1.1% 26,485 Interbrew S.A. 1,707,661 Broadcast Services and Programming - 1.3% 42,645 Grupo Televisa S.A. (ADR) 1,256,322 22,630 Liberty Global, Inc. - Class A* 680,258 1,936,580 Building - Residential and Commercial - 0.9% 1,895 NVR, Inc.*,# 1,312,325 Cable Television - 0.2% 17,310 Premiere A.G.*,# 335,489 Casino Hotels - 1.0% 9,290 Harrah's Entertainment, Inc. 784,819 8,420 Station Casinos, Inc. 700,544 1,485,363 Casino Services - 0.6% 31,180 Scientific Games Corp. - Class A*,# 967,827 Cellular Telecommunications - 0.7% 21,400 Hikari Tsushin, Inc. 1,003,273 Chemicals - Diversified - 0.9% 21,000 Shin-Etsu Chemical Company, Ltd. (WI) 1,372,915 Commercial Banks - 0.8% 20,527 Standard Chartered PLC 592,756 12,470 SVB Financial Group*,# 581,726 1,174,482 Commercial Services - 0.3% 33,700 Park24 Company, Ltd. 486,007 Computer Services - 0.6% 28,110 Ceridian Corp.*,# 842,457 Computers - 0.9% 15,950 Apple Inc.* 1,367,394 Computers - Memory Devices - 1.1% 87,500 EMC Corp.* 1,224,125 12,770 SanDisk Corp.*,# 513,354 1,737,479 Computers - Peripheral Equipment - 0.7% 37,852 Logitech International S.A.* 1,092,993 Consumer Products - Miscellaneous - 0.6% 12,425 Kimberly-Clark Corp. 862,295 Containers - Metal and Glass - 1.9% 15,365 Ball Corp. 711,707 99,245 Owens-Illinois, Inc.* 2,209,194 2,920,901 Cosmetics and Toiletries - 0.4% 19,945 Avon Products, Inc. 685,909 Data Processing and Management - 0.4% 15,725 NAVTEQ Corp.*,# 557,923 Diagnostic Kits - 0.5% 16,500 Dade Behring Holdings, Inc. 694,320 Distribution/Wholesale - 1.2% 90,500 Esprit Holdings, Ltd. 924,796 303,600 Li & Fung, Ltd. 957,114 1,881,910 Diversified Minerals - 1.9% 85,940 Companhia Vale do Rio Doce (ADR) 2,915,944 Diversified Operations - 2.4% 47,595 General Electric Co. 1,715,801 121,000 Hutchison Whampoa, Ltd. 1,208,593 317,000 Melco International Development, Ltd.* 674,572 3,598,966 Drug Delivery Systems - 0.7% 28,705 Hospira, Inc.* 1,055,770 E-Commerce/Products - 0.5% 27,020 Submarino S.A. 820,503 Electronic Components - Semiconductors - 3.2% 488,129 ARM Holdings PLC 1,165,478 27,685 Microsemi Corp.*,# 503,867 1,655 Samsung Electronics Company, Ltd. 1,024,733 34,640 SiRF Technology Holdings, Inc.* 1,017,030 38,860 Texas Instruments, Inc.# 1,212,042 4,923,150 Electronic Forms - 0.6% 23,405 Adobe Systems, Inc.* 909,752 Energy - Alternate Sources - 0.9% 36,615 Suntech Power Holdings Company, Ltd. (ADR)*,# 1,347,432 Entertainment Software - 0.5% 16,195 Electronic Arts, Inc.* 809,750 Finance - Consumer Loans - 0.3% 10,660 SLM Corp. 489,934 Finance - Credit Card - 0.7% 11,270 American Express Co.** 656,139 11,400 Credit Saison Company, Ltd.# (WI) 411,902 1,068,041 Finance - Investment Bankers/Brokers - 4.7% 22,280 JP Morgan Chase & Co. 1,134,720 27,789 Macquarie Bank, Ltd.# 1,751,792 16,855 Merrill Lynch & Company, Inc. 1,576,954 53,375 optionsXpress Holdings, Inc.# 1,267,656 21,062 UBS A.G. 1,323,884 7,055,006 Finance - Mortgage Loan Banker - 0.9% 25,175 Fannie Mae 1,423,143 Food - Diversified - 1.0% 131,983 Cadbury Schweppes PLC 1,493,079 Food - Retail - 1.9% 21,569 Metro A.G. 1,477,336 166,965 Tesco PLC 1,374,512 2,851,848 Food - Wholesale/Distribution - 0.5% 20,390 Sysco Corp. 704,475 Independent Power Producer - 1.0% 26,457 NRG Energy, Inc.*,# 1,585,568 Insurance Brokers - 0.3% 13,565 Marsh & McLennan Companies, Inc. 400,168 Investment Management and Advisory Services - 0.9% 27,815 National Financial Partners Corp. 1,365,717 Medical - Biomedical and Genetic - 0.5% 13,675 Celgene Corp.* 734,074 Medical - Drugs - 3.8% 20,440 Cubist Pharmaceuticals, Inc.*,# 376,096 20,940 Merck & Company, Inc. 937,065 15,403 Novartis A.G. 889,386 9,748 Roche Holding A.G. 1,837,751 19,702 Sanofi-Aventis# 1,740,221 5,780,519 Medical - HMO - 0.7% 21,120 Coventry Health Care, Inc.* 1,088,736 Medical - Nursing Homes - 0.7% 21,120 Manor Care, Inc. 1,124,429 Medical Instruments - 0.9% 6,710 Intuitive Surgical, Inc.*,# 660,331 18,370 St. Jude Medical, Inc.* 785,501 1,445,832 Medical Products - 0.4% 12,765 Varian Medical Systems, Inc.* 588,849 Oil - Field Services - 0.9% 20,965 Schlumberger, Ltd. (U.S. Shares) 1,331,068 Oil and Gas Drilling - 0.8% 41,720 Nabors Industries, Ltd.*,# 1,263,282 Oil Companies - Exploration and Production - 1.9% 20,902 Apache Corp. 1,525,219 30,142 EnCana Corp. 1,445,884 2,971,103 Oil Companies - Integrated - 1.2% 13,820 Lukoil (ADR) 1,093,576 10,515 Suncor Energy, Inc. 779,154 1,872,730 Oil Refining and Marketing - 1.5% 72,355 Reliance Industries, Ltd. 2,238,581 Power Converters and Power Supply Equipment - 1.0% 31,855 Hubbell, Inc.# 1,535,411 Real Estate Management/Services - 0.4% 20,000 Mitsubishi Estate Company, Ltd. 573,110 Real Estate Operating/Development - 1.2% 430,000 CapitaLand, Ltd. (WI) 1,898,871 Reinsurance - 0.7% 287 Berkshire Hathaway, Inc. - Class B*,# 1,052,529 Respiratory Products - 0.5% 19,085 Respironics, Inc.* 813,021 Retail - Apparel and Shoe - 2.2% 13,535 Abercrombie & Fitch Co. - Class A 1,076,574 17,352 Industria de Diseno Textil S.A. 988,073 21,965 Nordstrom, Inc. 1,223,670 3,288,317 Retail - Consumer Electronics - 1.1% 16,510 Best Buy Company, Inc. 832,104 10,810 Yamada Denki Company, Ltd.# (WI) 899,200 1,731,304 Retail - Drug Store - 0.6% 26,040 CVS Corp. 876,246 Retail - Restaurants - 0.3% 8,110 Chipotle Mexican Grill, Inc. - Class A*,# 481,896 Semiconductor Components/Integrated Circuits - 0.7% 60,840 Cypress Semiconductor Corp.*,# 1,122,498 Semiconductor Equipment - 0.7% 41,805 ASM Lithography Holding N.V. (U.S. Shares)*,# 1,066,864 Soap and Cleaning Preparations - 1.0% 30,518 Reckitt Benckiser PLC 1,472,468 Telecommunication Equipment - Fiber Optics - 0.7% 53,870 Corning, Inc.* 1,122,651 Telecommunication Services - 1.8% 36,910 Amdocs, Ltd. (U.S. Shares)* 1,280,039 20,230 SAVVIS, Inc.*,# 906,709 20,865 Time Warner Telecom, Inc. - Class A* 485,737 2,672,485 Television - 1.2% 176,879 British Sky Broadcasting Group PLC 1,897,680 Therapeutics - 1.3% 18,090 Amylin Pharmaceuticals, Inc.* 701,530 11,295 Gilead Sciences, Inc.* 726,495 11,110 United Therapeutics Corp.*,# 595,496 2,023,521 Tobacco - 0.9% 14,910 Altria Group, Inc. 1,302,985 Transportation - Services - 0.8% 16,385 United Parcel Service, Inc. - Class B 1,184,308 Transportation - Truck - 0.4% 15,840 Landstar System, Inc. 669,874 Web Hosting/Design - 0.0% 582 Equinix, Inc.* 48,929 Web Portals/Internet Service Providers - 0.6% 30,925 Yahoo!, Inc.* 875,487 Wireless Equipment - 1.3% 22,690 Crown Castle International Corp.* 797,780 29,495 QUALCOMM, Inc. 1,110,782 1,908,562 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $114,418,588) 130,937,654 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 2.3% 2,284,446 Janus Institutional Cash Reserves Fund, 5.30% 2,284,446 1,231,800 Janus Money Market Fund, 5.25% 1,231,800 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $3,516,246) 3,516,246 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 11.9% 12,741 Foreign Bonds+ 12,741 18,217,832 State Street Navigator Securities Lending Prime Portfolio+ 18,217,832 ------------------------------------------------------------------------------------------------------------------------------------ Total Other Securities (cost $18,230,573) 18,230,573 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $136,165,407) - 100% $ 152,684,473 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Australia 1,751,792 1.1% Belgium 1,707,661 1.1% Bermuda 5,339,256 3.4% Brazil 4,494,529 2.9% Canada 4,489,033 2.9% Cayman Islands 2,913,842 2.0% France 1,740,221 1.1% Germany 3,184,426 2.1% Hong Kong 1,883,165 1.3% India 2,238,581 1.5% Japan 8,345,105 5.5% Mexico 1,256,322 0.9% Netherlands 2,397,932 1.6% Russia 1,093,576 0.7% Singapore 1,898,871 1.2% South Korea 2,246,560 1.5% Spain 988,073 0.6% Switzerland 6,804,258 4.5% United Kingdom 13,346,765 8.7% United States++ 84,564,505 55.4% -------------------------------------------------------------------------------- Total $152,684,473 100.0% ============ ===== ++ Includes Short-Term Securities and Other Securities (41.2% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. WI When-Issued Securities * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. # Loaned security; a portion or all of the security is on loan at January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. 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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Global Research Fund $121,680 Janus Global Technology Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ----------------------------------------------------------------------------------------------------------------------------------- Common Stock - 90.1% Advertising Sales - 0.9% 137,645 Lamar Advertising Co.* $ 9,123,111 Aerospace and Defense - 0.6% 659,278 BAE Systems PLC** 5,450,661 Aerospace and Defense - Equipment - 1.0% 118,790 Alliant Techsystems, Inc.* 9,621,990 Applications Software - 4.6% 204,735 Infosys Technologies, Ltd. 10,491,254 484,542 Patni Computer Systems Ltd. 4,913,328 616,120 Quest Software, Inc.*,# 9,198,672 661,935 Red Hat, Inc.*,**,# 15,045,783 112,945 Salesforce.com, Inc.* 4,950,379 44,599,416 Audio and Video Products - 2.5% 530,800 Sony Corp.** 24,552,462 Cable Television - 1.1% 249,000 Comcast Corp. - Special Class A* 10,821,540 Chemicals - Diversified - 0.7% 108,600 Shin-Etsu Chemical Company, Ltd.** 7,099,929 Commercial Services - Finance - 1.1% 274,130 Paychex, Inc. 10,967,941 Computer Services - 1.6% 517,490 Ceridian Corp.* 15,509,175 Computers - 5.1% 193,160 Apple, Inc.*,** 16,559,607 520,200 Hewlett-Packard Co. 22,514,256 76,980 Research In Motion, Ltd. (U.S. Shares)* 9,836,504 48,910,367 Computers - Memory Devices - 2.4% 985,970 EMC Corp.* 13,793,720 226,425 SanDisk Corp.* 9,102,285 22,896,005 Computers - Peripheral Equipment - 1.3% 436,762 Logitech International S.A.* 12,611,697 Consulting Services - 0.5% 618,705 BearingPoint, Inc.*,# 4,955,827 Data Processing and Management - 0.5% 126,645 NAVTEQ Corp.*,# 4,493,365 E-Commerce/Products - 0.9% 272,030 Submarino S.A. 8,260,604 Electronic Components - Miscellaneous - 3.5% 5,017,000 AU Optronics Corp.** 6,693,683 1,877,431 Hon Hai Precision Industry Company, Ltd.** 12,850,034 367,912 Koninklijke (Royal) Philips Electronics N.V.** 14,372,233 33,915,950 Electronic Components - Semiconductors - 15.3% 10,164,115 ARM Holdings PLC** 24,268,276 338,540 International Rectifier Corp.* 14,127,274 170,400 IPG Photonics Corp.* 4,500,264 275,860 Microchip Technology, Inc. 9,588,894 660,170 Microsemi Corp.*,# 12,015,094 924,658 MIPS Technologies, Inc.* 7,693,155 40,052 Samsung Electronics Company, Ltd.** 24,799,153 442,214 Silicon-On-Insulator Technologies (SOITEC)*,** 13,142,743 566,395 SiRF Technology Holdings, Inc.* 16,629,357 664,795 Texas Instruments, Inc.** 20,734,956 147,499,166 Electronic Forms - 1.5% 371,795 Adobe Systems, Inc.* 14,451,672 Electronic Measuring Instruments - 1.4% 236,499 Trimble Navigation, Ltd.* 13,381,113 Energy - Alternate Sources - 3.0% 75,345 First Solar, Inc.*,# 2,438,918 221,790 SunPower Corp. - Class A* 9,825,297 461,955 Suntech Power Holdings Company, Ltd. (ADR)*,**,# 16,999,944 29,264,159 Enterprise Software/Services - 2.3% 602,055 Oracle Corp.* 10,331,264 254,068 SAP A.G.** 11,767,712 22,098,976 Entertainment Software - 1.1% 217,805 Electronic Arts, Inc.* 10,890,250 E-Services/Consulting - 0.5% 364,435 RightNow Technologies, Inc.*,# 5,240,575 Internet Connectivity Services - 1.3% 269,731 NDS Group PLC (ADR)*,** 12,774,460 Internet Infrastructure Software - 1.0% 168,255 Akamai Technologies, Inc.*,# 9,452,566 Internet Security - 0.9% 506,970 Symantec Corp.* 8,978,439 Medical - Drugs - 1.2% 612,009 Cubist Pharmaceuticals, Inc.* 11,260,966 Medical Instruments - 1.2% 260,525 St. Jude Medical, Inc.* 11,140,049 Networking Products - 1.4% 752,309 Juniper Networks, Inc.*,# 13,631,839 Retail - Computer Equipment - 0.8% 144,905 GameStop Corp. - Class A*,**,# 7,742,274 Retail - Consumer Electronics - 2.0% 187,775 Best Buy Company, Inc. 9,463,860 117,530 Yamada Denki Company, Ltd.** 9,776,413 19,240,273 Semiconductor Components/Integrated Circuits - 6.4% 932,555 Actions Semiconductor Company, Ltd. (ADR)* 7,460,440 1,030,860 Cypress Semiconductor Corp.*,# 19,019,366 740,365 Marvell Technology Group, Ltd.* 13,541,276 4,465,000 Siliconware Precision Industries Co.** 7,426,047 7,005,629 Taiwan Semiconductor Manufacturing Company, Ltd.** 14,480,120 61,927,249 Semiconductor Equipment - 1.9% 370,001 ASM Lithography Holding N.V. (U.S. Shares)*,**,# 9,442,426 181,375 KLA-Tencor Corp. 8,929,091 18,371,517 Telecommunication Equipment - 1.0% 297,155 CommScope, Inc.* 9,601,078 Telecommunication Equipment - Fiber Optics - 2.5% 1,169,750 Corning, Inc.* 24,377,590 Telecommunication Services - 3.8% 527,810 Amdocs, Ltd. (U.S. Shares)*,** 18,304,451 433,665 NeuStar, Inc. - Class A* 13,395,912 110,010 SAVVIS, Inc.* 4,930,648 36,631,011 Television - 0.9% 785,435 British Sky Broadcasting Group PLC** 8,426,688 Web Hosting/Design - 1.1% 127,025 Equinix, Inc.*,** 10,678,992 Web Portals/Internet Service Providers - 3.3% 17,275 Google, Inc. - Class A* 8,659,958 825,898 Yahoo!, Inc.*,** 23,381,172 32,041,130 Wireless Equipment - 6.0% 280,260 Crown Castle International Corp.* 9,853,942 480,760 Nokia Oyj (ADR) 10,624,796 613,860 QUALCOMM, Inc. 23,117,967 370,890 Telefonaktiebolaget LM Ericsson (ADR) 14,757,713 58,354,418 ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stock (cost $665,625,389) 871,246,490 ----------------------------------------------------------------------------------------------------------------------------------- Equity Linked Structured Notes - 1.3% Commercial Banks - 0.4% 194,620 Credit Suisse (USA), Inc., convertible, (Intel Corp.), 2.46% *** 4,123,998 Finance - Investment Bankers/Brokers - 0.4% 203,005 Goldman Sachs Group, Inc., convertible, (Intel Corp.), 0% (144A) ss. 4,189,414 Web Portals/Internet Service Providers - 0.5% 10,605 Goldman Sachs Group, Inc., convertible, (Google Corp.), 0% (144A) ss. 4,830,652 ----------------------------------------------------------------------------------------------------------------------------------- Total Equity Linked Structured Notes (cost $12,781,850) 13,144,064 ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Notes - 0.2% $ 2,175,000 U.S. Treasury Notes, 3.375%, due 2/28/07** 2,172,112 ----------------------------------------------------------------------------------------------------------------------------------- Total U.S. Treasury Notes (cost $2,172,303) 2,172,112 ----------------------------------------------------------------------------------------------------------------------------------- Money Markets - 1.9% 3,340,600 Janus Institutional Cash Reserves Fund, 5.30% 3,340,600 14,665,400 Janus Money Market Fund, 5.25% 14,665,400 ----------------------------------------------------------------------------------------------------------------------------------- Total Money Markets (cost $18,006,000) 18,006,000 ----------------------------------------------------------------------------------------------------------------------------------- Other Securities - 6.6% 63,233,638 State Street Navigator Securities Lending Prime Portfolio+ (cost $63,233,638) 63,233,638 ----------------------------------------------------------------------------------------------------------------------------------- Securities Sold Short - (0.1)% Computers - (0.1)% 60,170 Palm, Inc.* (proceeds $931,036) (832,151) ----------------------------------------------------------------------------------------------------------------------------------- Total Investments (total cost $760,888,144) - 100% $ 966,970,153 -----------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 13,541,276 1.4% Brazil 8,260,604 0.9 Canada 9,836,504 1.0 Cayman Islands 24,460,384 2.5 Finland 10,624,796 1.1 France 13,142,743 1.4 Germany 11,767,712 1.2 India 15,404,582 1.6 Japan 41,428,804 4.2 Netherlands 23,814,659 2.5 South Korea 24,799,153 2.6 Sweden 14,757,713 1.5 Switzerland 12,611,697 1.3 Taiwan 41,449,884 4.2 United Kingdom 69,224,536 7.2 United States++ 631,845,106 65.4 -------------------------------------------------------------------------------- Total $966,970,153 100.0% ============ ===== ++ Includes Short-Term Securities and Other Securities (56.9% excluding Short-Term Securities and Other Securities) Schedule of Written Options - Calls Value -------------------------------------------------------------------------------- Apple, Inc. Expires April 2007 470 contracts Exercise price $105.00 $ (44,650) Equinix, Inc. Expires June 2007 550 contracts Exercise price $85.00 (401,500) GameStop Corp. Expires July 2007 830 contracts Exercise price $55.00 (415,000) Red Hat, Inc. Expires June 2007 1006 contracts Exercise price $25.00 (130,780) SiRF Technology Holdings, Inc. Expires September 2007 749 contracts Exercise price $32.50 (269,640) Suntech Power Holdings Company, Ltd. Expires June 2007 1226 contracts Exercise price $40.00 (380,060) Yahoo!, Inc. Expires July 2007 1587 contracts Exercise price $30.00 (341,205) -------------------------------------------------------------------------------- Total Written Options - Calls 6,418 contracts (Premiums received $2,120,910) .................................... $(1,982,835) -------------------------------------------------------------------------------- Forward Currency Contracts, Open Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- British Pound 3/15/07 5,555,000 $ 10,911,926 $ (542,352) Euro 6/8/07 10,200,000 13,362,482 (20,066) Japanese Yen 6/8/07 788,000,000 6,642,787 75,603 South Korean Won 3/15/07 7,800,000,000 8,298,652 (127,690) Taiwan Dollar 3/15/07 213,000,000 6,486,783 5,140 -------------------------------------------------------------------------------- Total $ 45,702,630 $ (609,365) Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933 and 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 PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. *** Security is illiquid. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ss. Schedule of Restricted and Illiquid Securities (as of January 31, 2007)
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Global Technology Fund Goldman Sachs Group, Inc. convertible, (Google Corp.), 0% (144A) 9/28/06 $ 4,274,722 $ 4,830,652 0.5% Goldman Sachs Group, Inc. convertible, (Intel Corp.), 0% (144A) 1/5/07 4,252,346 4,189,414 0.4% ------------------------------------------------------------------------------------------------------------------------------------ $ 8,527,068 $ 9,020,066 0.9% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Global Technology Fund $ 253,166,787 Janus Government Money Market Fund Schedule of Investments (unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ U.S Government Agency Notes - 17.1% $ 5,000,000 Fannie Mae, 4.777%, 2/23/07 4,985,404 5,000,000 Fannie Mae, 4.89%, 3/30/07 4,961,288 5,000,000 Fannie Mae, 5.27%, 6/1/07 4,912,167 25,000,000 Fannie Mae, 5.11%-5.275%, 6/29/07 24,461,855 10,000,000 Fannie Mae, 4.99%-5.011%, 12/28/07 9,541,621 5,000,000 Federal Home Loan Bank System, 5.58%, 8/14/07 5,000,000 5,000,000 Federal Home Loan Bank System, 5.30%, 1/10/08 5,000,000 5,000,000 Federal Home Loan Bank System, 5.32%, 1/11/08 5,000,000 5,000,000 Freddie Mac, 4.735%, 2/16/07 4,990,135 5,000,000 Freddie Mac, 4.90%, 3/5/07 5,000,000 5,000,000 Freddie Mac, 4.805%, 3/6/07 4,977,977 10,000,000 Freddie Mac, 4.97%-5.11%, 4/3/07 9,914,600 5,000,000 Freddie Mac, 5.003%, 5/1/07 4,938,157 5,000,000 Freddie Mac, 5.03%, 5/29/07 4,918,263 5,000,000 Freddie Mac, 5.075%, 6/22/07 4,900,615 5,000,000 Freddie Mac, 5.11%, 6/29/07 4,894,961 15,000,000 Freddie Mac, 4.96%-4.975%, 9/18/07 14,525,778 5,000,000 Freddie Mac, 4.965%, 10/16/07 4,822,777 5,000,000 Freddie Mac, 4.995%, 11/30/07 4,790,488 10,000,000 Freddie Mac, 5.00%-5.03%, 12/11/07 9,563,974 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Government Agency Notes (cost $142,100,060) 142,100,060 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Government Agency Variable Notes - 13.6% 6,000,000 Fannie Mae, 5.225%, 6/21/07 5,999,157 5,000,000 Federal Farm Credit Bank, 5.285%, 7/11/07 4,999,434 5,000,000 Federal Farm Credit Bank, 5.235%, 8/1/07 4,999,634 3,750,000 Federal Farm Credit Bank, 5.245%, 9/24/07 3,750,930 10,000,000 Federal Farm Credit Bank, 5.17%, 1/18/08 9,997,066 5,000,000 Federal Farm Credit Bank, 5.23%, 1/24/08 4,999,054 5,000,000 Federal Farm Credit Bank, 5.23%, 2/21/08 4,998,983 10,000,000 Federal Farm Credit Bank, 5.23%, 3/26/08 9,997,775 10,000,000 Federal Home Loan Bank System, 5.24%, 7/18/07 9,999,421 5,000,000 Federal Home Loan Bank System, 5.345%, 11/15/07 5,000,000 15,000,000 Federal Home Loan Bank System, 5.165%, 3/14/08 14,993,488 15,000,000 Freddie Mac, 5.235%, 6/19/07 14,998,340 1,535,000 Freddie Mac, 5.225%, 7/6/07 1,534,870 10,000,000 Freddie Mac, 5.1725%, 9/27/07 9,997,462 7,073,304 Freddie Mac, 5.32%, 1/15/42 7,073,304 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Government Agency Variable Notes (cost $113,338,918) 113,338,918 ------------------------------------------------------------------------------------------------------------------------------------ Repurchase Agreements - 69.3% 150,000,000 Bear Stearns & Company, Inc., 5.3625% dated 1/31/07, maturing 2/1/07 to be repurchased at $150,022,344 collateralized by $220,115,000 in U.S. Government Agencies 0%, 10/1/36 - 11/1/36 with a value of $153,003,216 $ 150,000,000 72,000,000 Bear Stearns & Company, Inc., 5.29% dated 1/31/07, maturing 2/1/07 to be repurchased at $72,010,580 collateralized by $536,745,314 in U.S. Government Agencies 4% - 8%, 10/1/13 - 4/1/37 with a value of $73,440,044 72,000,000 175,000,000 Credit Suisse Securities (USA) LLC, 5.3625% dated 1/31/07, maturing 2/1/07 to be repurchased at $175,026,068 collateralized by $361,162,328 in U.S. Government Agencies 0.28% - 14.689999%, 5/25/17 - 1/25/37 with a value of $178,500,965 175,000,000 134,200,000 Lehman Brothers Inc., 5.3225% dated 1/31/07, maturing 2/1/07 to be repurchased at $134,219,841 collateralized by $149,626,290 in U.S. Government Agencies 5.00%, 2/1/36 with a value of $136,884,559 134,200,000 44,400,000 Societe Generale, New York Branch, 5.29% dated 1/31/07, maturing 2/1/07 to be repurchased at $44,406,524 collateralized by $327,841,382 in U.S. Government Agencies 0% - 6.35%, 5/16/08 - 1/25/37 with a value of $45,288,171 44,400,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Repurchase Agreements (cost $575,600,000) 575,600,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $831,038,978) - 100% $ 831,038,978 ------------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates. Janus Growth and Income Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 85.3% Advertising Sales - 1.2% 1,218,570 Lamar Advertising Co.* $ 80,766,820 Aerospace and Defense - 1.6% 1,221,195 Boeing Co. 109,370,224 Agricultural Operations - 0.3% 648,795 Archer-Daniels-Midland Co.# 20,761,440 Building - Residential and Commercial - 0.6% 57,575 NVR, Inc.*,# 39,871,839 Casino Hotels - 1.7% 1,033,725 Boyd Gaming Corp. 49,174,298 811,195 Harrah's Entertainment, Inc. 68,529,754 117,704,052 Coal - 1.0% 1,593,085 Peabody Energy Corp.# 65,045,661 Commercial Banks - 1.1% 2,163,940 Commerce Bancorp, Inc.# 73,097,893 Computers - 1.5% 146,410 Apple Inc.*,** 12,551,729 3,737,460 Dell, Inc.* 90,633,405 103,185,134 Computers - Memory Devices - 2.8% 13,386,585 EMC Corp.*,# 187,278,324 Cosmetics and Toiletries - 2.7% 2,792,795 Procter & Gamble Co. 181,168,612 Dental Supplies and Equipment - 0.7% 2,951,982 Align Technology, Inc.* 48,855,302 Diversified Operations -3.9% 6,189,376 General Electric Co. 223,127,005 20,929,000 Melco International Development, Ltd.* 44,536,677 267,663,682 Electronic Components - Semiconductors - 9.0% 11,889,561 Advanced Micro Devices, Inc.* 184,882,673 2,498,966 NVIDIA Corp.* 76,593,308 103,368 Samsung Electronics Company, Ltd. 64,002,771 373,696 Samsung Electronics Company, Ltd. (GDR) 114,042,007 5,096,560 Spansion, Inc. - Class A*,#,## 65,388,865 3,145,393 Texas Instruments, Inc. 98,104,808 603,014,432 Energy - Alternate Sources - 0.5% 960,110 Suntech Power Holdings Company, Ltd. (ADR)*,# 35,332,048 Entertainment Software - 1.2% 1,622,347 Electronic Arts, Inc.* 81,117,350 Finance - Investment Bankers/Brokers - 4.7% 3,162,875 Citigroup, Inc. 174,369,298 2,859,955 JP Morgan Chase & Co. 145,657,508 320,026,806 Finance - Mortgage Loan Banker - 1.9% 2,274,545 Fannie Mae 128,580,029 Food - Canned - 0.4% 1,011,858 TreeHouse Foods, Inc.* 30,163,487 Hotels and Motels - 1.0% 781,365 Four Seasons Hotels, Inc. 65,056,450 Industrial Automation and Robotics - 1.7% 1,926,660 Rockwell Automation, Inc. 117,930,859 Investment Companies - 1.0% 2,828,895 KKR Private Equity Investors L.P. (U.S. Shares) (144A)*,** 66,051,065 Medical - Biomedical and Genetic - 0.6% 815,639 Celgene Corp.* 43,783,502 Medical - Drugs - 4.2% 930,097 Roche Holding A.G.** 175,347,541 1,266,934 Sanofi-Aventis**,# 111,904,612 287,252,153 Medical - HMO - 1.2% 1,634,280 Coventry Health Care, Inc.* 84,247,134 Multimedia - 0.3% 918,490 News Corporation, Inc. - Class B# 22,457,081 Oil - Field Services - 1.1% 2,602,355 Halliburton Co. 76,873,567 Oil Companies - Exploration and Production - 3.6% 486,725 Apache Corp. 35,516,323 3,360,474 EnCana Corp. (U.S. Shares) 161,403,566 717,005 EOG Resources, Inc.# 49,566,556 246,486,445 Oil Companies - Integrated - 8.9% 1,983,275 Exxon Mobil Corp. 146,960,678 3,532,930 Hess Corp.# 190,742,890 1,940,018 Petro-Canada 75,454,303 2,443,449 Suncor Energy, Inc. 181,057,743 594,215,614 Oil Refining and Marketing - 2.1% 2,568,926 Valero Energy Corp. 139,441,303 Optical Supplies - 0.3% 201,135 Alcon, Inc. (U.S. Shares)** 23,685,658 Retail - Apparel and Shoe - 1.0% 1,248,110 Nordstrom, Inc.# 69,532,208 Retail - Consumer Electronics - 1.2% 1,549,592 Best Buy Company, Inc. 78,099,437 Retail - Drug Store - 2.6% 5,276,010 CVS Corp.# 177,537,737 Retail - Jewelry - 1.3% 2,299,170 Tiffany & Co.# 90,265,414 Retail - Pet Food and Supplies - 1.1% 2,455,615 PETsMART, Inc.# 74,994,482 Shipbuilding - 0.9% 2,002,320 Daewoo Shipbuilding & Marine Engineering Company, Ltd. 58,207,076 Steel - Producers - 1.3% 8,401,013 Tata Steel, Ltd. 88,430,234 Super-Regional Banks - 1.5% 2,908,348 U.S. Bancorp 103,537,189 Telecommunication Equipment - Fiber Optics - 0.3% 824,765 Corning, Inc.* 17,188,103 Telecommunication Services - 1.6% 6,814,037 Bharti Tele-Ventures, Ltd.* 109,418,406 Television - 1.8% 11,523,202 British Sky Broadcasting Group PLC 123,628,847 Therapeutics - 0.9% 1,053,035 Amylin Pharmaceuticals, Inc.* 40,836,697 1,517,165 Neurocrine Biosciences, Inc.* 21,209,967 62,046,664 Tobacco - 1.1% 817,030 Altria Group, Inc. 71,400,252 Toys - 1.4% 3,458,722 Marvel Entertainment, Inc.* 96,567,518 Transportation - Services - 0.9% 814,295 United Parcel Service, Inc. - Class B 58,857,243 Web Portals/Internet Service Providers - 2.7% 6,511,695 Yahoo!, Inc.*,# 184,346,085 Wireless Equipment - 0.9% 2,787,060 Nokia Oyj (ADR)** 61,594,026 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $4,637,353,914) 5,786,134,887 ------------------------------------------------------------------------------------------------------------------------------------ Equity-Linked Structured Notes - 6.5% Finance - Investment Bankers/Brokers - 5.9% 683,342 Allegro Investment Corporation S.A., convertible, (Apple Computer, Inc.), 9.08% (144A)**,ss. 57,748,959 3,087,534 Allegro Investment Corporation S.A., convertible, (Corning, Inc.), 20.10% (144A)**,ss. 64,401,637 568,723 Goldman Sachs Group, Inc., convertible, (EOG Resources, Inc., Nordstrom, Inc., Rockwell Automation, Inc.), 30.20%*** 57,113,439 2,728,245 Goldman Sachs Group, Inc., convertible, (NVIDIA Corp.), 24.20% (144A) ss. 62,632,320 474,245 Goldman Sachs Group, Inc., convertible, (Peabody Energy Corp., Celgene Corp., NVIDIA Corp.), 46.75% (144A) ss. 42,254,281 56,891,000 Lehman Brothers Holdings, Inc., convertible, (Qualcomm, Inc., Lennar Corp., Suntech Power Holdings Co., Ltd.), 41.26% (144A) ss. 57,340,439 1,537,091 Morgan Stanley Co., convertible, (QUALCOMM, Inc.), 10.01% (144A) ss. 58,071,298 399,562,373 Money Center Banks - 0.6% 563,207 Deutsche Bank A.G., convertible (Suncor Energy, Inc.), 20.53% (144A) ss. 44,025,891 ------------------------------------------------------------------------------------------------------------------------------------ Total Equity-Linked Structured Notes (cost $434,500,180) 443,588,264 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 4.5% 27,916,800 Janus Institutional Cash Reserves Fund, 5.30% 27,916,800 279,201,200 Janus Money Market Fund, 5.25% 279,201,200 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $307,118,000) 307,118,000 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 3.5% 235,791,368 State Street Navigator Securities Lending Prime Portfolio + (cost $235,791,368) 235,791,368 ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Calls - 0.2% 9,478 ConocoPhillips, expires January 2009 exercise price $70.00 9,004,100 9,481 Procter & Gamble Co., expires January 2008 exercise price $70.00 2,275,440 ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Calls (premiums paid $11,710,717) 11,279,540 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $5,626,474,179) - 100% $6,783,912,059 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Canada $ 482,972,062 7.1% Cayman Islands 35,332,048 0.5% Finland 61,594,026 0.9% France 111,904,612 1.6% Hong Kong 44,536,677 0.7% India 197,848,640 2.9% Luxembourg 122,150,596 1.8% Netherlands 66,051,065 1.0% South Korea 236,251,854 3.5% Switzerland 199,033,199 2.9% United Kingdom 167,654,738 2.4% United States++ 5,058,582,542 74.7% -------------------------------------------------------------------------------- Total $ 6,783,912,059 100.0% =============== ===== ++ Includes Short-Term Securities and Other Securities (66.7% excluding Short-Term Securities and Other Securities) Forward Currency Contracts, Open Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- Euro 3/15/07 4,500,000 $ 5,875,459 $ (189,483) Euro 6/8/07 29,400,000 38,515,389 (57,837) Swiss Franc 3/14/07 26,300,000 21,228,406 282,247 Swiss Franc 6/8/07 31,850,000 25,896,461 61,159 -------------------------------------------------------------------------------- Total $91,515,715 $ 96,086 ---------------------------------------------------- Schedule of Written Options - Puts Procter & Gamble Co. expires January 2008 4,741 contracts exercise price $55.00..............$ 327,129 Procter & Gamble Co. expires January 2008 4,741 contracts exercise price $60.00..............$734,855.00 ---------------------------------------------------- ---------------------------------------------------- Total Written Options - Puts 9,482 contracts.....................$ 1,061,984 (Premiums received $1,375,226) ---------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt GDR Global Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. 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. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, and/or securities with extended settlement dates. *** Security is illiquid. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ss. Schedule of Restricted and Illiquid Securities
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Growth and Income Fund Allegro Investment Corporation S.A. convertible, (Apple Computer, Inc.), 9.08% (144A) 11/7/06 $ 55,145,690 $ 57,748,959 0.9% Allegro Investment Corporation S.A. convertible, (Corning, Inc.), 20.10% (144A) 8/7/06 56,914,676 64,401,637 1.0% Deutsche Bank A.G. convertible (Suncor Energy, Inc.), 20.53% (144A) 8/11/06 47,425,803 44,025,891 0.6% Goldman Sachs Group, Inc. convertible, (Peabody Energy Corp., Celgene Corp., NVIDIA Corp.) 46.75%(144A) 8/16/06 47,424,500 42,254,281 0.6% Goldman Sachs Group, Inc. convertible, (NVIDIA Corp.), 24.20% (144A) 7/27/06 56,938,473 62,632,320 0.9% Lehman Brothers Holdings, Inc. convertible, (Qualcomm, Inc., Lennar Corp., Suntech Power Holdings Co., Ltd.) 41.26%(144A) 12/8/06 56,891,000 57,340,439 0.8% Morgan Stanley Co. convertible, (QUALCOMM, Inc.), 10.01% (144A) 11/14/06 56,887,738 58,071,298 0.9% ------------------------------------------------------------------------------------------------------------------------------------ $377,627,880 $386,474,825 5.7% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. ## 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 peroid ended January 31, 2007.
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Growth and Income Fund Spansion, Inc. - Class A 914,540 $ 11,944,786 50,495 $ 605,940 $ 139,596 $ -- $65,388,865 ------------------------------------------------------------------------------------------------------------------------------------
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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Growth and Income Fund $ 542,829,250 Janus High-Yield Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 79.3% Advertising Services - 0.8% $ 2,198,000 R.H. Donnelley Corp., 6.875%, senior discount notes, due 1/15/13# $ 2,104,585 1,274,000 R.H. Donnelley Corp., 6.875%, senior discount notes, due 1/15/13 1,219,855 1,764,000 R.H. Donnelley Corp., 8.875%, senior notes, due 1/15/16 1,847,790 5,172,230 Aerospace and Defense - Equipment - 0.2% 1,282,000 DRS Technologies, Inc., 6.875%, senior subordinated notes, due 11/1/13 1,269,180 Agricultural Chemicals - 0.4% 2,225,000 Mosaic Global Holdings, Inc., 7.625%, senior notes, due 12/1/16 (144A)# 2,275,063 Airlines - 0.2% 1,050,000 Continental Airlines, Inc., 8.75%, unsubordinated notes, due 12/1/11# 1,052,625 Apparel Manufacturers - 1.8% 2,725,000 Hanesbrands, Inc., 8.735%, senior notes, due 12/15/14 (144A) *** 2,799,938 1,030,000 Levi Strauss & Co., 10.11%, senior unsubordinated notes, due 4/1/12 #,*** 1,055,750 2,296,000 Levi Strauss & Co., 9.75%, senior notes, due 1/15/15# 2,479,680 3,242,000 Levi Strauss & Co., 8.875%, senior notes, due 4/1/16# 3,387,890 2,150,000 Quiksilver, Inc., 6.875%, company guaranteed notes, due 4/15/15# 2,101,625 11,824,883 Athletic Equipment - 0.2% 1,075,000 Easton-Bell Sports, Inc., 8.375%, company guaranteed notes, due 10/1/12# 1,075,000 Automotive - Cars and Light Trucks - 2.5% 4,628,000 Ford Motor Co., 7.45%, notes, due 7/16/31 3,754,465 1,200,000 Ford Motor Co., convertible, 4.25% 1,362,000 5,944,000 General Motors Corp., 7.125%, senior notes, due 7/15/13# 5,765,679 950,000 General Motors Corp., 7.745%, bank loan, due 11/29/13 *** 957,486 4,552,000 General Motors Corp., 8.375%, debentures, due 7/15/33# 4,284,570 16,124,200 Automotive - Truck Parts and Equipment - Original - 0.5% 2,525,000 Accuride Corp., 8.50%, company guaranteed notes, due 2/1/15 2,461,875 699,000 TRW Automotive, Inc., 9.375%, senior notes, due 2/15/13 747,930 3,209,805 Broadcast Services and Programming - 0.2% 1,253,000 Gray Television, Inc., 9.25% company guaranteed notes, due 12/15/11 1,310,951 Building - Heavy Construction - 0.4% 2,344,000 Ahern Rentals, Inc., 9.25%, company guaranteed notes, due 8/15/13** 2,440,690 Building - Residential and Commercial - 0.9% 1,444,000 Beazer Homes USA, Inc., 6.875%, company guaranteed notes, due 7/15/15 1,389,850 1,049,000 K. Hovnanian Enterprises, Inc., 6.50% company guaranteed notes, due 1/15/14# 1,007,040 1,450,000 K. Hovnanian Enterprises, Inc., 6.25%, company guaranteed notes, due 1/15/15# 1,363,000 500,000 K. Hovnanian Enterprises, Inc., 7.50%, company guaranteed notes, due 5/15/16# 500,000 1,442,000 K. Hovnanian Enterprises, Inc., 8.625% senior notes, due 1/15/17# 1,521,310 5,781,200 Building and Construction Products - Miscellaneous - 0.4% 991,000 Nortek, Inc., 8.50%, senior subordinated notes, due 9/1/14# 983,568 150,000 Ply Gem Industries, Inc., 0%, bank loan, due 11/15/11 *** 151,595 1,494,000 Ply Gem Industries, Inc., 9.00%, senior subordinated notes, due 2/15/12# 1,344,599 2,479,762 Cable Television - 1.4% 2,881,000 CCH I LLC, 11.00%, secured notes, due 10/1/15# 2,974,633 5,046,000 Charter Communications Operating LLC, 8.00%, senior notes, due 4/30/12 (144A) 5,241,532 1,024,000 CSC Holdings, Inc., 7.25% senior notes, due 4/15/12 (144A) *** 1,013,760 9,229,925 Casino Hotels - 1.6% 696,000 Caesars Entertainment, Inc., 9.375%, senior subordinated notes, due 2/15/07 696,000 350,000 Majestic Star Casino LLC, 9.50%, company guaranteed notes, due 10/15/10 365,750 1,400,000 Majestic Star Casino LLC, 9.75%, senior unsecured notes, due 1/15/11 1,330,000 696,000 Mandalay Resort Group, 10.25%, senior subordinated notes, due 8/1/07 709,050 1,044,000 MGM Mirage, Inc., 9.75%, company guaranteed notes, due 6/1/07 1,055,745 1,224,000 MTR Gaming Group, Inc., 9.75%, company guaranteed notes, due 4/1/10 1,285,200 350,000 Poster Financial Group, Inc., 8.75%, secured notes, due 12/1/11 364,000 4,323,000 Trump Entertainment Resorts, Inc., 8.50%, secured notes, due 6/1/15# 4,279,770 10,085,515 Casino Services - 1.9% 5,127,000 Virgin River Casino Corp., 9.00%, company guaranteed notes, due 1/15/12 #,*** 5,306,444 2,422,000 Virgin River Casino Corp., 0%, senior subordinated notes, due 1/15/13 *** 1,792,280 5,000,000 Wimar Opco, LLC, 9.625%, senior subordinated notes, due 12/15/14 (144A) 4,968,750 12,067,474 Cellular Telecommunications - 1.5% 1,262,000 Centennial Communications Corp., 10.00%, senior notes, due 1/1/13 1,353,495 1,768,000 Centennial Communications Corp., 10.125%, company guaranteed notes, due 6/15/13 1,907,229 710,000 Dobson Cellular Systems, Inc., 9.875%, secured notes, due 11/1/12 773,013 1,084,000 Dobson Communications Corp., 9.761%, senior notes, due 10/15/12 *** 1,111,100 1,441,000 Dobson Communications Corp., 8.875%, senior notes, due 10/1/13# 1,487,833 1,486,000 Rogers Wireless Communications, Inc., 8.485%, secured notes, due 12/15/10 *** 1,515,720 1,422,000 Suncom Wireless Holdings, Inc., 8.50%, company guaranteed notes, due 6/1/13 1,457,550 9,605,940 Chemicals - Diversified - 1.8% 2,675,000 Ineos Group Holdings PLC, 8.50%, senior subordinated notes, due 2/15/16 (144A)# 2,561,313 4,746,000 Lyondell Chemical Co., 11.125%, secured notes, due 7/15/12# 5,107,882 1,085,000 Lyondell Chemical Co., 8.00%, company guaranteed notes, due 9/15/14 1,128,400 1,417,000 Lyondell Chemical Co., 8.25%, company guaranteed notes, due 9/15/16# 1,502,020 1,425,000 Nova Chemicals Corp., 6.50%, senior notes, due 1/15/12 1,364,438 11,664,053 Chemicals - Other - 0.3% 1,885,000 Innophos, Inc., 8.875%, company guaranteed note, due 8/15/14 *** 1,946,263 Chemicals - Plastics - 0.2% 1,443,000 Polyone Corp., 10.625%, company guaranteed notes, due 5/15/10# 1,533,188 Chemicals - Specialty - 0.4% 1,144,000 MacDermid, Inc., 9.125%, company guaranteed notes, due 7/15/11 1,198,340 1,261,000 Nalco Co., 7.75%, senior notes, due 11/15/11 1,286,220 2,484,560 Commercial Services - Finance - 0.3% 1,779,000 Ipayment, Inc., 9.75%, company guaranteed notes, due 5/15/14 1,832,370 Computer Services - 0.7% 600,000 SunGard Data Systems, Inc., 9.125%, company guaranteed notes, due 8/15/13 631,500 3,601,000 SunGard Data Systems, Inc., 10.25%, company guaranteed notes, due 8/15/15# 3,871,075 4,502,575 Computers - Memory Devices - 1.4% 2,525,000 EMC Corp., convertible, 1.75% (144A) 2,685,969 1,775,000 Maxtor Corp., convertible, 2.375% 2,928,750 1,330,000 Seagate Technology HDD Holdings, 6.375%, company guaranteed notes, due 10/1/11 1,326,675 2,050,000 Seagate Technology HDD Holdings, 6.80%, company guaranteed notes, due 10/1/16 2,044,875 8,986,269 Consumer Products - Miscellaneous - 1.3% 1,235,000 Amscan Holdings, Inc., 8.75%, senior subordinated notes, due 5/1/14 1,210,300 2,350,000 Jarden Corp., 9.75%, company guaranteed notes, due 5/1/12# 2,488,063 4,800,000 Visant Holding Corp.,8.75%, senior notes, due 12/1/13 5,040,000 8,738,363 Containers - Metal and Glass - 1.3% 1,425,000 GREIF, Inc., 6.75%, senior notes, due 2/1/2017 (144A) 1,425,000 2,840,000 Owens-Brockway Glass Container, Inc., 8.875%, company guaranteed notes, due 2/15/09 2,903,900 820,000 Owens-Brockway Glass Container, Inc., 8.25%, company guaranteed notes, due 5/15/13# 854,850 1,350,000 Owens-Brockway Glass Container, Inc., 6.75%, company guaranteed notes, due 12/1/14# 1,329,750 1,945,000 Owens-Illinois, Inc., 8.10%, senior notes, due 5/15/07 1,949,863 8,463,363 Containers - Paper and Plastic - 1.5% 1,795,000 Graham Packaging Co., 8.50%, company guaranteed notes, due 10/15/12# 1,821,925 3,935,000 Graham Packaging Co., 9.875%, subordinated notes, due 10/15/14# 4,053,050 3,739,000 Smurfit-Stone Container Corp., 7.375%, company guaranteed notes, due 7/15/14# 3,570,745 9,445,720 Cosmetics and Toiletries - 0.2% 1,275,000 Chattem, Inc., 7.00%, senior subordinated notes, due 3/1/14# 1,259,063 Direct Marketing - 0.6% 3,605,000 Affinion Group, Inc., 11.50%, company guaranteed notes, due 10/15/15** 3,875,375 Distribution/Wholesale - 0.3% 2,199,000 Nebraska Book Company, Inc., 8.625%, senior subordinated notes, due 3/15/12 2,171,513 Diversified Operations - 0.5% 1,037,000 Covalence Specialty Materials Corp., 10.25%, senior subordinated notes, due 3/1/16 (144A) ss. 954,040 1,049,000 Kansas City Southern, 7.50% company guaranteed notes, due 6/15/09 1,063,424 1,572,000 Park-Ohio Industries, Inc., 8.375%, company guaranteed notes, due 11/15/14# 1,513,050 3,530,514 Diversified Operations - Commercial Services - 0.6% 1,175,000 Aramark Corp., 8.50%, senior notes, due 2/1/15 (144A) 1,202,906 2,575,000 Aramark Corp., 8.86%, senior notes, due 2/1/15 (144A) *** 2,626,500 3,829,406 Educational Software - 0.2% 1,200,000 Riverdeep Interactive Learning, 0%, bank loan, due 12/20/13 *** 1,211,100 Electric - Generation - 1.6% 2,360,000 AES Corp., 8.875%, senior notes, due 2/15/11 2,525,200 2,800,000 Edison Mission Energy, 7.73%, senior notes, due 6/15/09 2,883,999 1,265,000 Edison Mission Energy, 7.75%, senior unsecured notes, due 6/15/16 1,337,738 1,983,000 Reliant Energy, Inc., 9.50%, secured notes, due 7/15/13 2,126,768 1,369,689 Tenaska Alabama II Partners, 7.00%, secured notes, due 6/30/21 (144A) *** 1,371,947 10,245,652 Electric - Integrated - 2.4% 1,166,000 Allegheny Energy Supply Company LLC, 7.80%, notes, due 3/15/11 1,237,418 1,132,000 Allegheny Energy Supply Company LLC, 8.25%, senior unsecured notes, due 4/15/12 (144A) 1,233,880 2,273,000 CMS Energy Corp., 7.50%, senior notes, due 1/15/09# 2,329,824 1,055,000 CMS Energy Corp., 6.875%, senior unsecured notes, due 12/15/15# 1,086,650 4,294,000 Mission Energy Holding, Inc., 13.50%, secured notes, due 7/15/08 4,707,297 774,000 Nevada Power Co., 5.875%, general refunding mortgage, due 1/15/15 770,141 1,569,000 TXU Corp., 5.55%, senior notes, due 11/15/14# 1,476,757 2,921,000 TXU Corp., 6.50%, senior notes, due 11/15/24 2,704,974 15,546,941 Electronic Components - Miscellaneous - 0.4% 500,000 NXP BV, 7.875%, secured notes, due 10/15/14 (144A) ss. 516,250 1,744,000 NXP BV, 9.50%, senior notes, due 10/15/15 (144A) ss. 1,802,860 2,319,110 Electronic Components - Semiconductors - 1.8% 883,000 Amkor Technologies, Inc., 7.75%, senior notes, due 5/15/13# 832,228 1,200,000 Freescale Semiconductor, Inc., 7.36938%, bank loan, due 11/29/13 *** 1,207,500 1,200,000 Freescale Semiconductor, Inc., 8.875%, senior notes, due 12/15/14 (144A) 1,194,000 1,250,000 Freescale Semiconductor, Inc., 9.24440%, senior notes, due 12/15/14 (144A) *** 1,243,750 1,225,000 Freescale Semiconductor, Inc., 10.125%, senior subordinated notes, due 12/15/16 (144A)# 1,218,875 700,000 Spansion LLC, 8.37531%, bank loan, due 11/1/12 *** 702,919 3,601,000 Spansion LLC, 11.25%, senior notes, due 1/15/16 (144A) ss. 3,790,052 1,797,000 Spansion LLC, 2.25%, senior subordinate notes, due 6/15/16 (144A) 1,711,643 11,900,967 Finance - Auto Loans - 4.6% 4,265,000 Ford Motor Credit Co., 6.625%, notes, due 6/16/08 4,262,633 3,241,000 Ford Motor Credit Co., 7.375%, notes, due 10/28/09 3,261,535 1,188,000 Ford Motor Credit Co., 9.75%, senior unsecured notes, due 9/15/10 (144A)# 1,267,241 4,309,000 Ford Motor Credit Co., 9.81%, notes, due 4/15/12 *** 4,671,571 1,400,000 Ford Motor Credit Co., 7.00% notes, due 10/1/13# 1,335,536 1,261,000 General Motors Acceptance Corp., 6.15%, bonds, due 4/5/07# 1,261,525 1,261,000 General Motors Acceptance Corp., 5.85%, senior unsubordinated notes, due 1/14/09 1,253,896 4,738,000 General Motors Acceptance Corp., 7.75%, notes, due 1/19/10 4,921,222 1,804,000 General Motors Acceptance Corp., 7.25%, notes, due 3/2/11# 1,855,750 1,425,000 General Motors Acceptance Corp., 6.75%, notes, due 12/1/14# 1,445,821 4,502,000 General Motors Acceptance Corp., 8.00%, bonds, due 11/1/31# 5,067,491 30,604,221 Finance - Investment Bankers/Brokers - 0.2% 1,085,000 BCP Crystal Holdings Corp., 9.625%, senior subordinated notes, due 6/15/14# 1,198,925 Food - Diversified - 1.4% 2,602,000 Del Monte Corp., 6.75%, company guaranteed notes, due 2/15/15 2,553,213 1,066,000 Dole Food Company, Inc., 8.625%, senior notes, due 5/1/09 #,*** 1,066,000 5,581,000 Dole Food Company, Inc., 8.75%, debentures, due 7/15/13 #,*** 5,497,285 9,116,498 Food - Meat Products - 0.5% 1,333,000 National Beef Packing Company LLC, 10.50%, senior notes, due 8/1/11 *** 1,406,315 1,495,000 Pierre Foods, Inc., 9.875%, senior subordinated notes, due 7/15/12 1,543,588 2,949,903 Food - Wholesale/Distribution - 0.4% 2,705,000 Supervalu, Inc., 7.50%, senior notes, due 11/15/14 2,818,499 Gambling - Non-Hotel - 1.4% 2,521,000 Jacobs Entertainment, Inc., 9.75%, company guaranteed notes, due 6/15/14 2,609,235 1,399,000 Mohegan Tribal Gaming Authority, 8.00%, senior subordinated notes, due 4/1/12 1,453,211 2,168,000 Pinnacle Entertainment, Inc., 8.25%, senior subordinated notes, due 3/15/12 2,219,490 696,000 Pokagon Gaming Authority, 10.375%, senior notes, due 6/15/14 (144A) 763,860 2,048,000 River Rock Entertainment Authority, 9.75%, senior notes, due 11/1/11 2,186,240 9,232,036 Housewares - 0.2% 1,445,000 Libbey Glass, Inc., 12.34813%, senior notes, due 6/1/11 (144A) *** , ss. 1,560,600 Independent Power Producer - 1.8% 1,700,000 AES China Generating Company, Ltd., 8.25%, bonds, due 6/26/10 1,699,686 857,192 NRG Energy, Inc., 7.36375%, bank loan, due 2/1/13 *** 864,607 221,929 NRG Energy, Inc., 7.36375%, bank loan, due 2/1/13 *** 223,525 5,413,000 NRG Energy, Inc., 7.375%, company guaranteed notes, due 2/1/16 5,419,765 450,000 Reliant Energy, Inc., 9.25%, secured notes, due 7/15/10 472,500 3,009,000 Reliant Energy, Inc., 6.75%, secured notes, due 12/15/14 2,963,865 11,643,948 Medical - Hospitals - 2.8% 1,550,000 HCA, Inc., 8.11375%, bank loan, due 11/18/13 *** 1,564,648 7,470,000 HCA, Inc., 9.25%, secured notes, due 11/15/16 (144A) 7,936,874 7,818,000 Tenet Healthcare Corp., 9.25%, senior notes, due 2/1/15 #,*** 7,798,455 1,050,000 Triad Hospitals, Inc., 7.00%, senior notes, due 5/15/2012 1,076,250 18,376,227 Medical - Outpatient and Home Medical Care - 0.5% 1,149,000 CRC Health Corp., 10.75%, company guaranteed notes, due 2/1/16# 1,255,282 739 National Mentor Holdings, Inc., 7.87%, bank loan, due 6/29/13 *** 741 646,079 National Mentor Holdings, Inc., 7.87%, bank loan, due 6/29/13 *** 648,502 333,062 National Mentor Holdings, Inc., 7.86%, bank loan, due 6/29/13 *** 334,311 59,158 National Mentor Holdings, Inc., 5.32%, bank loan, due 6/29/13 *** 59,232 769,000 National Mentor Holdings, Inc., 11.25%, senior subordinated notes, due 7/1/14 (144A) 832,443 3,130,511 Metal - Aluminum - 0.4% 2,753,000 Novelis, Inc., 7.25%, company guaranteed notes, due 2/15/15 2,821,825 Metal Products - Fasteners - 0.6% 3,560,000 FastenTech, Inc., 12.50%, company guaranteed notes, due 5/1/11 #,*** 3,773,600 Miscellaneous Manufacturing - 0.4% 2,460,000 Nutro Products, Inc., 10.75%, senior subordinated notes, due 4/15/14 (144A) 2,693,700 Multimedia - 0.3% 1,949,000 LBI Media, Inc., 10.125%, company guaranteed notes, due 7/15/12 2,068,376 Music - 0.4% 2,940,000 Steinway Musical Instruments, Inc., 7.00%. senior notes, due 3/1/14 (144A) ss. 2,895,900 Non-Hazardous Waste Disposal - 0.8% 1,761,000 Allied Waste Industries, Inc., 6.375%, secured notes, due 4/15/11# 1,741,189 1,135,000 Allied Waste Industries, Inc., 7.875%, senior notes, due 4/15/13 1,169,050 2,067,000 Allied Waste Industries, Inc., 7.25%, senior notes, due 3/15/15 2,069,584 350,000 Allied Waste Industries, Inc., 9.25%, debentures, due 5/1/21 371,000 5,350,823 Office Automation and Equipment - 0.3% 1,241,000 Xerox Corp., 6.875%, senior notes, due 8/15/11# 1,287,537 592,000 Xerox Corp., 6.40%, senior unsecured notes, due 3/15/16# 599,113 1,886,650 Office Supplies and Forms - 1.2% 7,923,000 Acco Brands Corp., 7.625%, company guaranteed notes, due 8/15/15 7,784,348 Oil - Field Services - 0.2% 699,000 Hornbeck Offshore Services, Inc., 6.125%, senior notes, due 12/1/14 661,813 1,055,000 Titan Petrochemicals Group, Ltd., 8.50%, company guaranteed notes, due 3/18/12 (144A) ss. 888,838 1,550,651 Oil Companies - Exploration and Production - 2.6% 1,075,000 Chaparral Energy, Inc., 8.875%, senior notes, due 2/1/17 (144A) 1,072,313 2,526,000 Chesapeake Energy Corp., 6.50%, company guaranteed notes, due 8/15/17 2,412,330 2,885,000 Encore Acquisition Co., 6.25%, senior subordinated notes, due 4/15/14# 2,675,837 2,457,000 Forest Oil Corp., 8.00%, senior notes, due 6/15/08 2,512,283 700,000 Hilcorp Energy I, 9.00%, senior notes, due 6/1/16 (144A)# 742,000 674,000 Magnum Hunter Resources, Inc., 9.60%, company guaranteed notes, due 3/15/12 706,858 2,525,000 Petrohawk Energy Corp., 9.125%, company guaranteed note, due 7/15/13 2,613,374 3,604,000 Quicksilver Resources, Inc., 7.125%, company guaranteed notes, due 4/1/16 3,504,889 700,000 Swift Energy Co., 9.375%, senior subordinated notes, due 5/1/12# 735,000 16,974,884 Oil Companies - Integrated - 0.8% 2,490,000 El Paso Corp., 6.50%, senior notes, due 6/1/08 2,502,450 1,703,000 El Paso Corp., 6.375%, senior notes, due 2/1/09# 1,713,644 1,138,000 El Paso Corp., 9.6255, senior notes, due 5/15/12 1,288,785 5,504,879 Oil Field Machinery and Equipment - 0.2% 1,205,000 Dresser-Rand Group, Inc., 7.625%, company guaranteed notes, due 11/1/14 *** 1,208,013 Paper and Related Products - 2.1% 3,959,000 Boise Cascade LLC, 7.125%, company guaranteed notes, due 10/15/14# 3,860,024 167,576 Georgia Pacific Corporation, Inc., 7.36375%, bank loan, due 12/20/12 *** 169,017 187,235 Georgia Pacific Corporation, Inc., 7.36375%, bank loan, due 12/20/12 *** 188,846 1,497,884 Georgia Pacific Corporation, Inc., 7.35313%, bank loan, due 12/20/12 *** 1,510,766 93,618 Georgia Pacific Corporation, Inc., 7.345%, bank loan, due 12/20/12 *** 94,423 1,400,000 Georgia-Pacific Corp., 7.125%, company guaranteed notes, due 1/15/17 (144A) 1,393,000 2,651,000 NewPage Corp., 12.00%, senior subordinated notes, due 5/1/13# 2,889,589 699,000 Rock-Tenn Co., 8.20%, senior notes, due 8/15/11 740,066 1,803,000 Rock-Tenn Co., 5.625%, bonds, due 3/15/13 1,685,805 681,000 Verso Paper Holdings LLC, 9.12125%, secured notes, due 8/1/14 (144A) #,*** 698,025 525,000 Verso Paper Holdings LLC, 11.375%, senior subordinated notes, due 8/1/16 (144A) 556,500 13,786,061 Photo Equipment and Supplies - 0.3% 302,363 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 303,025 306,955 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 307,627 69,964 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 70,118 688,386 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12 *** 689,894 348,183 Eastman Kodak Co., 0%, bank loan, due 10/18/12 *** 348,945 1,719,609 Physical Therapy and Rehabilitation Centers - 1.7% 2,130,000 Affinion Group, 0%, bank loan, due 10/17/12 *** 2,135,325 1,770,000 HEALTHSOUTH Corp., 11.35438%, senior notes, due 6/15/14 (144A) #,*** 1,944,788 6,301,000 HEALTHSOUTH Corp., 10.75%, senior notes, due 6/15/16 (144A)# 6,923,223 11,003,336 Pipelines - 1.6% 1,087,000 ANR Pipeline Co., 8.875%, notes, due 3/15/10 1,138,202 1,059,000 Dynegy Holdings, Inc., 6.875%, senior notes, due 4/1/11 1,059,000 1,259,000 El Paso Corp., 7.625%, senior notes, due 9/1/08# 1,287,328 1,039,000 El Paso Corp., 7.00%, senior notes, due 5/15/11 1,064,975 1,037,000 El Paso Natural Gas Co., 7.625%, senior notes, due 8/1/10 1,078,480 2,331,000 Holly Energy Partners L.P., 6.25%, company guaranteed notes, due 3/1/15# 2,196,967 1,523,000 Southern Natural Gas Co., 8.875%, unsubordinated notes, due 3/15/10# 1,595,557 1,082,000 Utilicorp Canada Finance Corp., 7.75%, company guaranteed notes, due 6/15/11# 1,146,208 10,566,717 Poultry - 0.4% 2,775,000 Pilgrims Pride, corp., 8.375%, senior subordinated notes, due 5/1/2017# 2,733,375 Private Corrections - 0.3% 1,297,000 Corrections Corporation of America, 7.50%, senior notes, due 5/1/11# 1,331,046 675,000 Corrections Corporation of America, 6.25%, company guaranteed notes, due 3/15/13# 664,875 1,995,921 Publishing - Newspapers - 0.6% 3,959,000 Block Communications, Inc., 8.25%, senior notes, due 12/15/15 (144A) ss. 3,998,590 Publishing - Periodicals - 2.0% 675,000 CBD Media, Inc., 8.625%, company guaranteed notes, due 6/1/11# 695,250 1,229,000 CBD Media, Inc., 9.25%, senior notes, due 7/15/12# 1,278,160 3,952,000 Dex Media, Inc., 8.00%, notes, due 11/15/13**,# 4,119,959 1,800,000 Medimedia USA, Inc., 11.375%, senior subordinated notes, due 11/15/14 (144A) 1,885,500 1,805,000 PRIMEDIA, Inc., 10.74875%, senior notes, due 5/15/10 #,*** 1,874,944 2,881,000 PRIMEDIA, Inc., 8.875% company guaranteed notes, due 5/15/11# 2,938,620 12,792,433 Racetracks - 0.2% 1,048,000 Penn National Gaming, Inc., 6.75%, senior subordinated notes, due 3/1/15 1,010,010 Real Estate Operating/Development - 0.2% 1,415,000 Kimball Hill, Inc., 10.50%, company guaranteed notes, due 12/15/12 1,390,238 REIT - Health Care - 0.3% 1,949,000 Senior Housing Properties Trust, 8.625%, senior notes, due 1/15/12 2,114,665 REIT - Hotels - 0.3% 2,242,000 Host Marriott L.P., 6.375%, company guaranteed notes, due 3/15/15 2,188,753 Rental Auto/Equipment - 0.4% 2,704,000 Hertz Corp., 8.875%, company guaranteed notes, due 1/1/14 2,873,000 Retail - Building Products - 0.1% 700,000 The Home Depot, Inc., 5.875%, senior unsecured notes, due 12/16/36 682,170 Retail - Computer Equipment - 0.3% 225,000 GameStop Corp., 9.235%, company guaranteed notes, due 10/1/11 *** 233,438 1,799,000 GameStop Corp., 8.00%, company guaranteed notes, due 10/1/12# 1,902,442 2,135,880 Retail - Drug Store - 0.3% 1,802,000 Rite Aid Corp., 7.50%, company guaranteed notes, due 1/15/15 1,795,243 Retail - Miscellaneous/Diversified - 0.5% 1,085,000 Eye Care Centers of America, Inc., 10.75%, company guaranteed notes, due 2/15/15 1,202,994 1,250,000 Harry & David Holdings, Inc., 9.00%, company guaranteed notes, due 3/1/13 1,243,750 725,000 Harry & David Operations Corp., 10.36938%, company guaranteed notes, due 3/1/12 *** 732,250 3,178,994 Retail - Propane Distribution - 0.8% 696,000 Amerigas Partners L.P., 7.25%, senior unsecured notes, due 5/20/15# 689,040 2,192,000 Ferrellgas Partners L.P., 8.75%, senior notes, due 6/15/12 2,224,880 2,114,000 Ferrellgas Partners L.P., 6.75% senior notes, due 5/1/14 2,034,725 4,948,645 Retail - Restaurants - 0.7% 3,040,000 Friendly Ice Cream Corp., 8.375%, senior notes, due 6/15/12 2,933,600 699,000 The Restaurant Co., 10.00%, senior unsecured notes, due 10/1/13# 671,040 929,000 VICORP Restaurants, Inc., 10.50%, senior notes, due 4/15/11 877,905 4,482,545 Rubber - Tires - 1.9% 1,275,000 Goodyear Tire & Rubber Co., 9.14%, senior notes, due 12/1/09 (144A) #,*** 1,284,563 800,000 Goodyear Tire & Rubber Co., 8.625%, senior notes, due 12/1/11 (144A) 842,000 1,894,000 Goodyear Tire & Rubber Co., 8.50%, notes, due 3/15/07 1,894,000 7,566,000 Goodyear Tire & Rubber Co., 9.00%, senior notes, due 7/1/15 8,152,364 12,172,927 Satellite Telecommunications - 2.0% 2,525,000 Inmarsat Finance PLC, 7.625%, company guaranteed notes, due 6/30/12 2,607,062 721,000 INTELSAT Bermuda, Ltd., 8.25%, senior notes, due 1/15/13 *** 746,235 1,925,000 INTELSAT Bermuda, 0%, bank loan, due 2/1/14 *** 1,938,243 675,000 Intelsat Corp., 9.00%, company guaranteed notes, due 8/15/14# 727,313 350,000 Intelsat Corp., 9.00%, company guaranteed notes, due 6/15/16 (144A) 381,063 1,415,000 INTELSAT Subsidiary Holding Company, Ltd., 10.25188% company guaranteed notes, due 1/15/12#,*** 1,429,150 3,941,000 INTELSAT Subsidiary Holding Company, Ltd., 6.50%, notes, due 11/1/13 3,497,637 1,414,000 INTELSAT Subsidiary Holding Company, Ltd., 8.625% company guaranteed notes, due 1/15/15 #,*** 1,504,143 350,000 INTELSAT Subsidiary Holding Company, Ltd., 9.25%, company guaranteed notes, due 6/15/16 (144A) 384,125 13,214,971 Schools - 0.5% 501,393 Education Management LLC, 7.875%, bank loan, due 6/1/13 *** 505,655 2,705,000 Education Management, LLC, 8.75%, company guaranteed notes, due 6/1/2014 2,840,250 3,345,905 Semiconductor Equipment - 0.4% 2,520,000 Sensata Technologies B.V., 8.25%, senior notes, due 5/1/14 (144A) *** 2,475,900 Special Purpose Entity - 1.7% 1,186,000 American Commercial Lines LLC, 9.50%, company guaranteed notes, due 2/15/15 1,368,348 354,901 CCM Merger, Inc., 7.37%, bank loan, due 4/25/12 *** 355,899 1,321,652 CCM Merger, Inc., 7.36375%, bank loan, due 4/25/12 *** 1,325,366 141,961 CCM Merger, Inc., 7.35%, bank loan, due 4/25/12 *** 142,359 4,142,000 CCM Merger, Inc., 8.00%, notes, due 8/1/13 (144A)# 4,116,112 2,875,000 Dow Jones & Co, Inc.,7.125%, pass through certificates, due 12/29/11 (144A) 2,907,344 658,362 Vanguard Health Holding Company II LLC, 7.61375%, bank loan, due 9/23/11 *** 661,246 10,876,674 Specified Purpose Acquisition Company - 0.2% 1,132,750 Solar Capital Corp., 0%, bank loan, due 1/5/13 *** 1,142,469 Telecommunication Services - 0.4% 1,713,000 Eschelon Operating Co., 8.375%, secured notes, due 3/15/10# 1,648,763 675,000 Qwest Corp., 5.625%, notes, due 11/15/08# 675,000 2,323,763 Telephone - Integrated - 2.4% 2,874,000 Cincinnati Bell, Inc., 8.375%, senior subordinated notes, due 1/15/14# 2,945,850 1,075,000 Hawaiian Telecom Communications, 0%, bank loan, due 10/31/12 *** 1,075,172 1,425,000 Level 3 Communications, 11.50%, senior notes, due 3/1/10 1,535,438 700,000 NTL Cable PLC, 9.125%, senior notes, due 8/15/16 740,250 1,243,000 Qwest Communications International, Inc., 7.50%, company guaranteed notes, due 2/15/14 1,283,398 2,855,000 Qwest Corp., 7.875%, senior notes, due 9/1/11 3,033,437 4,435,000 Qwest Corp., 8.875%, notes, due 3/15/12 #,*** 4,922,849 15,536,394 Theaters - 0.4% 1,425,000 AMC Entertainment, Inc., 8.00%, senior subordinated notes, due 3/1/14** 1,430,344 833,000 AMC Entertainment, Inc., 11.00%, company guaranteed notes, due 2/1/16# 941,290 2,371,634 Transactional Software - 0.1% 358,000 Open Solutions, Inc., 9.75%, senior subordinated notes, due 2/1/15 (144A) 365,160 Transportation - Marine - 0.8% 452,000 H-Lines Finance Holding Corp., 0%, senior discount notes, due 4/1/13 *** 419,230 2,963,000 Horizon Lines LLC, 9.00%, company guaranteed notes, due 11/1/12 3,118,558 1,398,000 Ship Finance International, Ltd., 8.50%, senior notes, due 12/15/13# 1,408,485 4,946,273 Transportation - Railroad - 0.4% 1,149,000 Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V., 9.375%, senior notes, due 5/1/12 1,226,557 350,000 Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V., 12.50%, senior notes, due 6/15/12 378,000 825,000 Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V., 7.625%, senior notes, due 12/1/13 (144A) 827,063 2,431,620 Travel Services - 0.3% 1,425,000 Travelport, Inc., 11.875%, senior subordinated notes, due 9/1/16 (144A) 1,535,438 700,000 Worldspan L.P., 0%, bank loan, due 12/7/14 *** 706,566 2,242,004 ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $502,030,247) 514,477,704 ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.6% Containers - Metal and Glass - 0.0% 3,845 Owens-Illinois, Inc., convertible, 4.75% 148,033 Non-Hazardous Waste Disposal - 0.1% 2,055 Allied Waste Industries, Inc., convertible, 6.25% 706,149 Oil Companies - Exploration and Production - 0.5% 21,400 Chesapeake Energy Corp., convertible, 5.00% 2,811,425 ------------------------------------------------------------------------------------------------------------------------------------ Total Preferred Stock (cost $3,550,046) 3,665,607 ------------------------------------------------------------------------------------------------------------------------------------ Warrants - 0.1% Casino Services - 0.1% 166,722 Progressive Gaming Corp. - expires 08/15/08 ##, ss. (cost $167) 647,165 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 5.5% 23,113,594 Janus Institutional Cash Reserves Fund, 5.30% 23,113,594 12,555,142 Janus Money Market Fund, 5.25% 12,555,142 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $35,668,736) 35,668,736 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 14.5% 93,721,103 State Street Navigator Securities Lending Prime Portfolio+ (cost $93,721,103) 93,721,103 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $634,970,299) - 100% $ 648,180,315 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 11,558,299 1.7% Canada 10,418,936 1.6% Mexico 1,604,557 0.3% Netherlands 4,795,010 0.8% United Kingdom 5,908,625 0.9% United States++ 613,894,888 94.7% -------------------------------------------------------------------------------- Total $648,180,315 100.0% ============ ===== ++ Includes Short-Term Securities and Other Securities(74.7% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) PLC Public Limited Company REIT Real Estate Investment Trust 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. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. *** Rate is subject to change. Rate shown reflects current rate. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ## Schedule of Fair Valued Securities as of January 31, 2007 -------------------------------------------------------------------------------- Value as a % of Janus High-Yield Fund Value Investment Securities -------------------------------------------------------------------------------- Progressive Gaming Corp. - expires 08/15/08 $ 647,165 0.1% -------------------------------------------------------------------------------- Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to a systematic fair valuation model. ss. Schedule of Restricted and Illiquid Securities
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus High-Yield Fund Block Communications, Inc., 8.25% senior notes, due 12/15/15 (144A) 12/13/05 - 12/19/06 $ 3,911,902 $ 3,998,590 0.6% Covalence Specialty Materials Corp., 10.25% senior subordinated notes, due 3/1/16 (144A) 5/10/06 - 6/28/06 1,020,985 954,040 0.2% Libbey Glass, Inc., 12.43563% senior notes, due 6/1/11 (144A) 6/9/06 - 12/19/06 1,422,050 1,560,600 0.2% NXP BV, 7.875% secured notes, due 10/15/14 (144A) 10/5/06 500,000 516,520 0.1% NXP BV, 9.50% senior notes, due 10/15/15 (144A) 10/5/06 - 11/9/06 1,762,125 1,802,860 0.3% Progressive Gaming Corp. - expires 08/15/08 oo 9/26/03 167 647,165 0.1% Spansion LLC, 11.25% senior notes, due 1/15/16 (144A) 6/6/06 - 12/19/06 3,670,625 3,790,052 0.6% Steinway Musical Instruments, Inc., 7.00% senior notes, due 3/1/14 (144A) 9/13/06 - 12/19/06 2,893,250 2,895,900 0.4% Titan Petrochemicals Group, Ltd., 8.50% company guaranteed notes, due 3/18/12 (144A) 3/10/05 - 11/1/06 1,047,575 888,838 0.1% ------------------------------------------------------------------------------------------------------------------------------------ $ 16,228,679 $ 17,054,565 2.6% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. 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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus High-Yield Fund $ 5,111,438 The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Janus Institutional Cash Reserves Fund Schedule of Investments (unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Certificates of Deposit - 12.7% $ 10,000,000 ABN Amro Bank N.V., Chicago, 5.35%, 12/11/07 $ 10,000,000 10,000,000 Deutsche Bank Securities, Inc., 5.38%, 12/12/07 10,000,000 15,000,000 Mitsubishi Trust and Bank, 5.34%, 4/24/07 15,000,000 10,000,000 Natexis Banques Populaires, New York, 5.00%, 2/5/07 10,000,000 20,000,000 Natexis Banques Populaires, New York, 5.13%, 2/27/07 20,000,000 10,000,000 Natexis Banques Populaires, New York, 5.40%, 1/14/08 10,000,000 20,000,000 Norinchunkin Bank, New York, 5.44%, 2/16/07 20,000,000 10,000,000 Norinchunkin Bank, New York, 5.355%, 6/12/07 10,000,000 18,000,000 Norinchunkin Bank, New York, 5.37%, 7/17/07 18,000,000 10,000,000 Shinkin Central Bank, 5.345%, 4/18/07 10,000,000 10,000,000 Shinkin Central Bank, 5.34%, 4/30/07 10,000,000 10,000,000 Shinkin Central Bank, 5.37%, 7/20/07 10,000,000 20,000,000 Skandinaviska Enskilda Bank, New York, 5.27%, 4/11/07 20,000,184 15,000,000 Societe Generale, New York, 5.45%, 6/4/07 15,000,000 15,000,000 Societe Generale, New York, 5.45%, 1/29/08 15,000,000 10,000,000 Stanfield Victoria LLC, 5.45%, 2/1/08 (144A) 10,000,000 28,000,000 Sumitomo Trust and Bank, 5.37%, 7/20/07 28,000,000 15,000,000 Toronto Dominion Bank, New York, 5.42%, 12/17/07 15,000,000 10,000,000 Unicredito Italiano Bank of Ireland, New York, 5.395%, 3/14/07 10,000,111 ------------------------------------------------------------------------------------------------------------------------------------ Total Certificates of Deposit (cost $266,000,295) 266,000,295 ------------------------------------------------------------------------------------------------------------------------------------ Commercial Paper - 18.0% 25,000,000 Altius I Funding Corp., 5.29%, 3/14/07 (Section 4(2)) 24,849,382 10,000,000 Altius I Funding Corp., 5.27%, 4/18/07 (Section 4(2)) 9,888,744 15,000,000 Altius I Funding Corp., 5.275, 4/10/07 (Section 4(2)) 14,850,683 10,000,000 Bavaria TRR Corp., 5.30%, 2/13/07 (Section 4(2)) 9,982,333 29,000,000 Bavaria TRR Corp., 5.30%, 2/16/07 (Section 4(2)) 28,935,958 9,115,000 Bavaria TRR Corp., 5.29%, 2/26/07 (Section 4(2)) 9,081,515 9,000,000 Bavaria TRR Corp., 5.29% - 5.295%, 2/20/07 (Section 4(2)) 8,974,849 10,000,000 BTM Capital Corp., 5.27%, 3/27/07 (Section 4(2)) 9,920,950 38,500,000 Check Point Charlie, Inc., 5.245% - 5.27%, 3/5/07 (Section 4(2)) 38,319,950 24,880,000 Davis Square Funding Corp., 5.275%, 4/3/07 (Section 4(2)) 24,657,618 10,577,000 Davis Square Funding III Corp., 5.28%, 3/28/07 (Section 4(2)) 10,491,679 20,000,000 Davis Square Funding III Corp., 5.27%, 4/16/07 (Section 4(2)) 19,783,344 10,000,000 Davis Square Funding IV Corp., 5.27%, 3/7/07 (Section 4(2)) 9,950,228 25,000,000 Davis Square Funding IV Corp., 5.27%, 4/10/07 (Section 4(2)) 24,751,139 10,000,000 Davis Square Funding IV Corp., 5.27%, 4/17/07 (Section 4(2)) 9,890,208 15,000,000 G Street Finance Corp., 5.28%, 3/28/07 (Section 4(2)) 14,879,000 20,000,000 G Street Finance Corp., 5.27%, 4/11/07 (Section 4(2)) 19,797,983 15,000,000 G Street Finance Corp., 5.27%, 4/19/07 (Section 4(2)) 14,830,921 15,000,000 Klio Funding Corp., 5.27%, 4/10/07 (144A) 14,850,683 20,000,000 La Fayette Asset Securitization LLC, 5.29%, 2/12/07 (Section 4(2)) 19,967,672 16,146,000 La Fayette Asset Securitization LLC, 5.30%, 2/21/07 (Section 4(2)) 16,098,459 11,000,000 Medical Building Funding IV LLC, 5.47%, 2/28/07 10,954,873 10,000,000 PB Finance (Delaware), Inc., 5.28%, 3/27/07 9,920,800 ------------------------------------------------------------------------------------------------------------------------------------ Total Commercial Paper (cost $375,628,971) 375,628,971 ------------------------------------------------------------------------------------------------------------------------------------ Floating Rate Notes - 14.5% 25,000,000 Ares VII CLO, Ltd., Class A-1A, 5.42531%, 5/8/15ss. 25,000,000 5,000,000 Banco Santander Totta SA, 5.32%, 7/16/11ss. 5,000,250 62,000,000 Bank of America Securities LLC (same day put), 5.38%, 2/1/07 62,000,000 3,220,000 Cornerstone Funding Corp. I, Series 2003B, 5.39%, 2/26/23 3,220,000 11,000,000 Cullinan Finance Corp., 5.30%, 2/15/08ss. 10,997,754 35,000,000 EMC Mortgage Corp. (same day put), 5.4325%, 5/8/26 35,000,000 45,000,000 Lehman Brothers, Inc. (90 day put), 5.4625%, 4/5/27 * 45,000,000 3,075,000 Lone Tree Building Authority, 5.40%, 12/1/17 3,075,000 4,300,000 Lowell Family LLC, 5.36%, 4/1/30 4,300,000 2,075,000 New Jersey Economic Development Authority Revenue, (Three Woodbury Project), Series B, 5.66%, 5/1/31 2,075,000 1,659,331 Park Place Securities Trust, 2004-MM1 AM5, 5.35%, 2/25/35ss. 1,659,331 3,255,000 Public Building Authority of Irondale, AL, 5.32%, 10/2/35 3,255,000 20,000,000 Putnam Structured Product Funding 2003-1 LLC, Class A-15, 5.34%, 10/15/38 (144A) 20,000,000 5,220,000 Springfield, Tennessee, Health and Educational Facilities Revenue, Series A, 5.37%, 6/1/26 5,220,000 25,000,000 Sumitomo Trust and Bank, 5.32%, 6/28/07 25,000,000 4,095,000 Tim-Bar Corp., Series 1998, 5.42%, 8/1/07 4,095,000 20,000,000 Union Hamilton Special, 5.36%, 6/15/07 (144A) 20,000,000 30,000,000 Union Hamilton Special, 5.365%, 6/21/07 (144A) 30,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Floating Rate Notes (cost $304,897,334) 304,897,334 ------------------------------------------------------------------------------------------------------------------------------------ Repurchase Agreements - 40.0.% 25,000,000 ABN Amro Bank N.V., New York Branch, 5.280% dated 1/31/07, maturing 2/1/07 to be purchased at $25,003,667 collateralized by $28,007,443 in U.S. Government Agencies 5.00% - 5.544%, 12/1/35 - 3/1/36 with a value of $25,500,000 25,000,000 27,000,000 Bear Stearns & Company, Inc., 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $27,003,968 collateralized by $201,279,493 in U.S. Government Agencies 4% - 8%, 10/1/13 - 4/1/37 with a value of $27,540,017 27,000,000 62,000,000 Cantor Fitzgerald & Co., 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $62,009,111 collateralized by $63,846,000 in U.S. Government Agencies 2.35% - 6.00%, 5/3/07 - 7/9/21 with a value of $63,241,046 62,000,000 35,000,000 Citigroup Global Markets, Inc., 5.4625% dated 1/31/07, maturing 2/1/07 to be purchased at $35,005,311 collateralized by $42,041,673 in U.S. Government Agencies 0.001% - 9/20/36 - 11/29/36 with a value of $41,919,140 35,000,000 62,000,000 Credit Suisse Securities (USA) LLC, 5.3925% dated 1/31/07, maturing 2/1/07 to be purchased at $62,009,287 collateralized by $92,740,027 in Collateralized Mortgage Obligations 0% - 5.889%, 9/29/31 - 4/8/41 with a value of $65,102,741 62,000,000 25,000,000 Deutsche Bank Securities, Inc., 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $25,003,759 collateralized by $45,911,439 in U.S. Government Agencies 4.00%, 2/25/10 with a value of $25,500,000 25,000,000 30,000,000 Dresdner Kleinwort Wasserstein Securities LLC, 5.3625% dated 1/31/07, maturing 2/1/07 to be purchased at $30,004,469 collateralized by $30,600,000 in Asset Backed Securities 5.91%, 10/20/09 with a value of $30,600,171 30,000,000 58,000,000 Goldman Sachs & Co., 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $58,008,720 collateralized by $58,927,531 in Certificates of Deposit 5.26%, 10/3/07 with a value of $59,160,000 58,000,000 30,000,000 Greenwich Capital, 5.4625% dated 1/31/07, maturing 2/1/07 to be purchased at $30,004,552 collateralized by $30,103,630 in U.S. Government Agencies 5.372%, 7/8/35 with a value of $33,378,062 30,000,000 103,000,000 ING Financial Markets LLC, 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $103,015,135 collateralized by $197,236,558 in U.S. Government Agencies 3.421% - 7.134%, 9/1/31 - 9/1/44 with a value of $105,060,695 103,000,000 62,000,000 J.P. Morgan Securities, Inc., 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $62,009,322 collateralized by $64,335,000 in Corporate Bonds 10.125% - 10.50%, 3/25/09 - 12/29/09 with a value of $65,103,813 62,000,000 30,000,000 Lehman Brothers, Inc., 5.3225% dated 1/31/07, maturing 2/1/07 to be purchased at $30,004,435 collateralized by $30,448,500 in U.S. Government Agencies 5.00%, 2/1/36 with a value of $30,600,125 30,000,000 62,000,000 Merrill Lynch, Pierce, Fenner & Smith, 5.4825% dated 1/31/07, maturing 2/1/07 to be purchased at $62,009,442 collateralized by $90,645,000 in Corporate Bonds 0% - 9.318%, 1/15/09 - 8/10/26 with a value of $65,101,055 62,000,000 62,000,000 Morgan Stanley & Co., Inc., 5.3625% dated 1/31/07, maturing 2/1/07 to be purchased at $62,009,235 collateralized by $1,917,115,281 in Collateralized Mortgage Obligations 0.096825% - 6.605%, 7/15/09 - 6/20/43 with a value of $63,348,098 62,000,000 62,000,000 RBC Capital Markets Corp., 5.3825% dated 1/31/07, maturing 2/1/07 to be purchased at $62,009,270 collateralized by $63,566,734 in Commercial Paper 0%, 3/5/07 with a value of $63,240,001 62,000,000 73,000,000 Societe Generale, New York, 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $73,010,727 collateralized by $535,143,373 in U.S. Government Agencies 0% - 6.35%, 10/15/09 - 12/15/36 with a value of $74,460,000 73,000,000 28,700,000 UBS Financial Services, Inc., 5.3225% dated 1/31/07, maturing 2/1/07 to be purchased at $28,704,243 collateralized by $83,437,590 in U.S. Government Agencies 0% - 10.5%, 1/1/18 - 11/15/36 with a value of $29,274,131 28,700,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Repurchase Agreements (cost $836,700,000) 836,700,000 ------------------------------------------------------------------------------------------------------------------------------------ Short-Term Corporate Notes - 1.9% 4,407,756 Ford Credit Auto Owner Trust, Series 2006-B, A1, 5.4048%, 9/15/07 (144A) 4,407,756 20,000,000 K2 (USA) LLC, 5.53%, 8/15/07 (144A) 20,000,000 15,000,000 Sedna Finance, Inc., 5.60%, 6/20/07 ss. 15,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Short-Term Corporate Notes (cost $39,407,756) 39,407,756 ------------------------------------------------------------------------------------------------------------------------------------ Taxable Variable Rate Demand Notes - 6.9% 1,680,000 A.E. Realty LLC, Series 2003, 5.32%, 10/1/23 1,680,000 16,045,000 Brooklyn Tabernacle, 5.37%, 4/1/24 16,045,000 3,667,700 Campus Research Corp., 5.55%, 6/1/13 3,667,700 1,700,000 Capel, Inc., 5.32%, 9/1/09 1,700,000 4,350,000 Colorado Housing Facilities Revenue, (Tenderfoot Seasonal Housing LLC), Series A, 5.37%, 7/1/35 4,350,000 6,000,000 Colorado Natural Gas, Inc., Series 2004, 5.37%, 7/1/32 6,000,000 12,923,000 Cornerstone Funding Corp. I, Series 2003J, 5.39%, 1/1/29 12,923,000 9,559,000 Cornerstone Funding Corp. I, Series 2004D, 5.49%, 1/1/25 9,559,000 5,165,000 Courtesy Realty LLC, Series 2002, 5.37%, 12/1/17 5,165,000 7,765,000 Crozer-Keystone Health Systems, 5.38%, 12/15/21 7,765,000 17,100,000 Eagle County, Colorado Housing Facility Revenue, (BC Housing LLC Project), Series A, 5.37%, 5/1/39 17,100,000 4,840,000 H.C. Equities L.P., 5.32%, 12/1/23 4,840,000 3,550,000 J.D. Parks and Lissa Parks, Series 2002, 5.37%, 6/1/22 3,550,000 7,200,000 Jasper, Morgan, Newton and Walton Counties, Georgia Joint Development Authority Revenue, (Industrial Park Project), 5.35%, 12/1/20 7,200,000 9,875,000 Mississippi Business Finance Corp., 5.35%, 12/1/22 9,875,000 9,130,000 Montgomery, Alabama Industrial Development Board of Revenue, (Jenkins Brick Co.), Series A, 5.42%, 9/1/14 9,130,000 3,965,000 Ohio Health Care Facility Revenue Bonds, (United Church Homes, Inc. Project), Series 2002,5.38%, 9/1/27 3,965,000 7,490,000 Orthopedic Institute of Ohio, 5.42%, 12/1/11 7,490,000 5,600,000 Tennessee Aluminum Processors, Inc., 5.33%, 5/1/14 5,600,000 3,777,000 TOG Properties LLC, 5.35%, 9/1/18 3,777,000 2,065,000 Washington, Missouri Industrial Development Authority Industrial Revenue (Pauwels Project), 5.70%, 12/1/19 (cost $2,065,000) 2,065,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Taxable Variable Rate Demand Notes (cost $143,446,700) 143,446,700 ------------------------------------------------------------------------------------------------------------------------------------ Time Deposits - 6.0% 40,000,000 BNP Paribas, 5.28%, 2/1/07 40,000,000 62,000,000 Calyon, New York, 5.29%, 2/1/07 62,000,000 23,200,000 Dexia Bank, New York, 5.33%, 2/1/07 23,200,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Time Deposits (cost $125,200,000) 125,200,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $2,091,281,056) - 100% $2,091,281,056 ------------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) Section 4(2) Securities subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the Securities Act of 1933. 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. * Security is illiquid. ss. Schedule of Restricted and Illiquid Securities
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Institutional Cash Reserves Fund Ares VII CLO, Ltd., Class A-1A 5.4253%, 5/8/15 (144A) 4/23/03 $ 25,000,000 $ 25,000,000 1.2% Banco Santander Totta SA 5.32%, 7/16/11 (144A) 6/15/06 5,000,250 5,000,249 0.2% Cullinan Finance Corp. 5.30%, 2/15/08 (144A) 1/16/07 10,997,659 10,997,754 0.5% Park Place Securities Trust, 2004-MM1 AM5 5.35%, 2/25/35 (144A) 11/22/06 1,659,331 1,659,331 0.1% Sedna Finance, Inc. 5.60%, 6/20/07 (144A) 6/15/06 15,000,000 15,000,000 0.7% ------------------------------------------------------------------------------------------------------------------------------------ $ 57,657,240 $ 57,657,334 2.7% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates. Janus INTECH Risk-Managed Stock Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 94.9% Advertising Agencies - 0.5% 26,600 Omnicom Group, Inc. $ 2,798,320 Aerospace and Defense - 4.0% 54,500 Boeing Co. 4,881,020 58,600 General Dynamics Corp. 4,579,590 67,900 Lockheed Martin Corp. 6,599,201 17,000 Northrop Grumman Corp. 1,205,980 64,800 Raytheon Co. 3,363,120 21,400 Rockwell Collins, Inc. 1,459,694 22,088,605 Aerospace and Defense - Equipment - 0.1% 6,900 United Technologies Corp. 469,338 Agricultural Chemicals - 0.3% 26,500 Monsanto Co. 1,459,885 Agricultural Operations - 1.4% 238,300 Archer-Daniels-Midland Co. 7,625,600 Airlines - 0% 12,700 Southwest Airlines Co. 191,770 Apparel Manufacturers - 0.7% 12,600 Jones Apparel Group, Inc. 430,416 8,800 Liz Claiborne, Inc. 390,720 38,700 V. F. Corp. 2,936,169 3,757,305 Appliances - 0% 716 Whirlpool Corp. 65,464 Applications Software - 0.5% 3,100 Citrix Systems, Inc.* 98,177 76,100 Intuit, Inc.* 2,393,345 2,491,522 Athletic Footwear - 0% 1,200 NIKE, Inc. - Class B 118,572 Automotive - Cars and Light Trucks - 0.4% 71,900 General Motors Corp.# 2,361,196 Automotive - Medium and Heavy Duty Trucks - 0.3% 24,700 PACCAR, Inc. 1,651,689 Automotive - Truck Parts and Equipment - Original - 0.6% 38,600 Johnson Controls, Inc. 3,568,956 Beverages - Non-Alcoholic - 1.3% 14,300 Coca-Cola Co. 684,684 4,300 Coca-Cola Enterprises, Inc. 88,236 39,200 Pepsi Bottling Group, Inc. 1,239,896 81,000 PepsiCo, Inc. 5,284,440 7,297,256 Beverages - Wine and Spirits - 0.2% 11,700 Brown-Forman Corp. - Class B 767,403 4,700 Constellation Brands, Inc. - Class A* 116,278 883,681 Brewery - 0.3% 14,300 Anheuser-Busch Companies, Inc. 728,871 12,100 Molson Coors Brewing Co. - Class B 977,680 1,706,551 Broadcast Services and Programming - 0.1% 11,700 Clear Channel Communications, Inc. 424,944 Cable Television - 1.5% 110,900 Comcast Corp. - Class A* 4,915,088 147,000 DIRECTV Group, Inc.* 3,585,330 8,500,418 Casino Services - 1.1% 139,900 International Game Technology 6,080,054 Chemicals - Diversified - 0.2% 2,600 E.I. du Pont de Nemours and Co. 128,856 45,300 Hercules, Inc. 888,333 1,017,189 Chemicals - Specialty - 0.8% 4,100 Ashland, Inc. 285,155 76,500 Ecolab, Inc. 3,358,350 20,100 Sigma-Aldrich Corp. 762,795 4,406,300 Coal - 0% 3,600 Peabody Energy Corp. 146,988 Coatings and Paint Products - 0.3% 23,200 Sherwin-Williams Co. 1,603,120 Commercial Banks - 1.0% 15,300 BB&T Corp. 646,578 36,400 Compass Bancshares, Inc. 2,216,760 7,500 M&T Bank Corp. 909,825 30,924 Regions Financial Corp. 1,121,304 6,300 Zions Bancorporation 534,366 5,428,833 Commercial Services - 0.2% 51,400 Convergys Corp.* 1,338,456 Commercial Services - Finance - 0.3% 16,800 Moody's Corp. 1,202,208 9,300 Paychex, Inc. 372,093 1,574,301 Computer Services - 0.4% 22,900 Cognizant Technology Solutions Corp.* 1,953,141 300 Computer Sciences Corp.* 15,738 1,968,879 Computers - 1.1% 9,700 Apple Inc.* 831,581 120,300 Hewlett-Packard Co. 5,206,584 6,038,165 Computers - Integrated Systems - 0% 4,700 NCR Corp.* 222,733 Computers - Memory Devices - 0.2% 33,900 Network Appliance, Inc.* 1,274,640 Computers - Peripheral Equipment - 0.4% 33,500 Lexmark International Group, Inc. - Class A* 2,111,505 Consumer Products - Miscellaneous - 0.4% 23,200 Clorox Co. 1,517,744 7,100 Kimberly-Clark Corp. 492,740 2,010,484 Containers - Paper and Plastic - 0.5% 26,200 Bemis Company, Inc. 888,442 58,000 Pactiv Corp.* 1,881,520 2,769,962 Cosmetics and Toiletries - 3.2% 18,700 Avon Products, Inc. 643,093 105,100 Colgate-Palmolive Co. 7,178,330 3,500 Estee Lauder Companies, Inc. - Class A 166,250 28,400 International Flavors & Fragrances, Inc. 1,376,832 124,687 Procter & Gamble Co. 8,088,446 17,452,951 Data Processing and Management - 0.5% 40,500 Automatic Data Processing, Inc. 1,932,660 3,200 Fidelity National Information Services, Inc. 136,064 5,100 First Data Corp. 126,786 5,400 Fiserv, Inc.* 283,878 2,479,388 Disposable Medical Products - 0.3% 19,000 C.R. Bard, Inc. 1,567,880 Diversified Operations - 1.2% 23,600 Cooper Industries, Ltd. - Class A 2,156,804 11,200 Danaher Corp. 829,472 9,300 Dover Corp. 461,280 89,800 General Electric Co. 3,237,290 1,500 PPG Industries, Inc. 99,435 600 Textron, Inc. 55,902 6,840,183 E-Commerce/Services - 0.1% 17,400 IAC/InterActiveCorp* 668,160 Electric - Generation - 0.8% 207,600 AES Corp.* 4,316,004 Electric - Integrated - 4.0% 62,900 Allegheny Energy, Inc.* 2,926,108 2,500 American Electric Power Company, Inc. 108,825 72,400 CenterPoint Energy, Inc.# 1,249,624 4,600 Constellation Energy Group, Inc. 333,730 3,200 Dominion Resources, Inc. 265,472 3,900 Duke Energy Corp. 76,791 1,600 Edison International 71,968 18,000 Entergy Corp. 1,671,300 23,200 Exelon Corp. 1,391,768 73,300 FirstEnergy Corp. 4,348,889 27,500 FPL Group, Inc. 1,557,875 84,100 PG&E Corp. 3,925,788 11,100 Pinnacle West Capital Corp. 541,569 7,800 PPL Corp. 277,680 6,700 Public Service Enterprise Group, Inc. 449,101 32,500 TXU Corp. 1,757,600 52,300 Xcel Energy, Inc.# 1,220,159 22,174,247 Electric Products - Miscellaneous - 0.4% 36,500 Emerson Electric Co. 1,641,405 23,600 Molex, Inc.# 693,604 2,335,009 Electronic Components - Semiconductors - 0.8% 1,300 Micron Technology, Inc.* 16,835 116,000 NVIDIA Corp.* 3,555,400 35,200 QLogic Corp.* 644,160 4,216,395 Engines - Internal Combustion - 0.3% 14,100 Cummins, Inc. 1,897,296 Enterprise Software/Services - 1.2% 71,000 BMC Software, Inc.* 2,441,690 252,142 Oracle Corp.* 4,326,757 6,768,447 Fiduciary Banks - 1.1% 21,100 Bank of New York Company, Inc. 844,211 65,700 Mellon Financial Corp. 2,808,018 17,300 Northern Trust Corp. 1,050,975 21,700 State Street Corp. 1,541,785 6,244,989 Finance - Investment Bankers/Brokers - 4.0% 12,800 Bear Stearns Companies, Inc. 2,110,080 60,500 Citigroup, Inc. 3,335,365 28,700 Goldman Sachs Group, Inc. 6,088,992 68,000 JP Morgan Chase & Co. 3,463,240 11,800 Lehman Brothers Holdings, Inc. 970,432 34,700 Merrill Lynch & Company, Inc. 3,246,532 34,500 Morgan Stanley Co. 2,856,255 22,070,896 Finance - Mortgage Loan Banker - 0% 1,700 Fannie Mae 96,101 Finance - Other Services - 0.5% 4,000 Chicago Mercantile Exchange Holdings, Inc. 2,253,200 13,700 Western Union Co. 306,058 2,559,258 Financial Guarantee Insurance - 0.4% 19,900 Ambac Financial Group, Inc. 1,753,190 2,500 MBIA, Inc. 179,575 1,932,765 Food - Diversified - 2.9% 91,200 Campbell Soup Co. 3,509,376 88,400 ConAgra Foods, Inc. 2,272,764 48,700 General Mills, Inc. 2,787,588 89,700 H.J. Heinz Co. 4,226,664 24,500 Kellogg Co. 1,207,115 53,500 McCormick & Company, Inc. 2,088,640 16,092,147 Food - Meat Products - 0% 7,100 Tyson Foods, Inc. - Class A 126,025 Food - Retail - 1.7% 175,000 Kroger Co. 4,480,000 141,100 Safeway, Inc. 5,083,833 9,563,833 Food - Wholesale/Distribution - 0.1% 21,400 Sysco Corp. 739,370 Gas - Distribution - 0.7% 60,900 KeySpan Corp. 2,484,720 4,300 Nicor, Inc. 195,650 5,000 NiSource, Inc. 119,000 15,700 Peoples Energy Corp. 683,735 6,500 Sempra Energy Co. 372,970 3,856,075 Health Care Cost Containment - 0.1% 8,200 McKesson Corp. 457,150 Home Decoration Products - 0.4% 78,400 Newell Rubbermaid, Inc.# 2,315,936 Hotels and Motels - 0.6% 50,500 Hilton Hotels Corp. 1,787,195 33,800 Marriott International, Inc. - Class A 1,627,132 3,414,327 Industrial Gases - 0% 200 Air Products and Chemicals, Inc. 14,932 Instruments - Controls - 0.9% 104,900 Thermo Electron Corp.*,# 5,019,465 Instruments - Scientific - 0.5% 78,000 Applera Corp. - Applied Biosystems Group 2,711,280 4,200 Waters Corp.* 238,098 2,949,378 Insurance Brokers - 0.1% 21,400 Aon Corp. 767,404 Internet Security - 0.1% 24,000 Symantec Corp.* 425,040 Investment Management and Advisory Services - 0.7% 25,700 Ameriprise Financial, Inc. 1,515,272 11,900 Franklin Resources, Inc. 1,417,409 22,000 T. Rowe Price Group, Inc. 1,055,780 3,988,461 Life and Health Insurance - 1.2% 2,900 AFLAC, Inc. 138,069 21,630 Lincoln National Corp. 1,452,238 41,900 Principal Financial Group, Inc. 2,581,459 5,300 Prudential Financial, Inc. 472,389 30,600 Torchmark Corp. 1,988,694 6,632,849 Machinery - Construction and Mining - 0.2% 16,500 Terex Corp.* 938,685 Machinery - Farm - 0.2% 12,700 Deere & Co. 1,273,556 Medical - Biomedical and Genetic - 0.6% 57,500 Celgene Corp.* 3,086,600 Medical - Drugs - 2.5% 10,700 Abbott Laboratories 567,100 20,400 Bristol-Myers Squibb Co. 587,316 1,300 Eli Lilly and Co. 70,356 32,600 Forest Laboratories, Inc.* 1,829,186 198,900 Merck & Company, Inc. 8,900,775 10,600 Pfizer, Inc. 278,144 7,000 Schering-Plough Corp. 175,000 31,100 Wyeth 1,536,651 13,944,528 Medical - Generic Drugs - 0% 500 Mylan Laboratories, Inc. 11,070 Medical - HMO - 0.4% 43,400 Humana, Inc.* 2,408,700 Medical - Nursing Homes - 0.3% 26,600 Manor Care, Inc. 1,416,184 Medical - Wholesale Drug Distributors - 0.6% 40,200 AmerisourceBergen Corp. 2,105,676 15,200 Cardinal Health, Inc. 1,085,584 3,191,260 Medical Information Systems - 0.1% 10,700 IMS Health, Inc. 308,802 Medical Instruments - 0% 1,600 Medtronic, Inc. 85,520 Medical Labs and Testing Services - 0.9% 48,900 Laboratory Corporation of America Holdings*,# 3,591,216 23,200 Quest Diagnostics, Inc. 1,217,536 4,808,752 Medical Products - 1.0% 32,800 Baxter International, Inc. 1,628,848 13,600 Becton, Dickinson and Co. 1,046,384 38,900 Johnson & Johnson 2,598,520 1,800 Stryker Corp. 111,492 5,385,244 Metal - Copper - 1.0% 43,200 Phelps Dodge Corp. 5,339,520 Motorcycle and Motor Scooter Manufacturing - 0.5% 37,700 Harley-Davidson, Inc. 2,573,779 Multi-Line Insurance - 1.6% 700 ACE, Ltd. (U.S. Shares) 40,446 7,100 Allstate Corp. 427,136 2,700 Cincinnati Financial Corp. 120,798 14,800 Genworth Financial, Inc. - Class A 516,520 163,500 Loews Corp. 7,105,710 13,500 MetLife, Inc. 838,620 9,049,230 Multimedia - 2.3% 38,500 McGraw-Hill Companies, Inc. 2,582,580 236,600 News Corporation, Inc. - Class A 5,500,950 31,000 Time Warner, Inc. 677,970 117,400 Walt Disney Co. 4,128,958 12,890,458 Networking Products - 0.6% 130,700 Cisco Systems, Inc.* 3,475,313 Non-Hazardous Waste Disposal - 0.8% 89,000 Allied Waste Industries, Inc.* 1,138,310 86,000 Waste Management, Inc. 3,266,280 4,404,590 Oil - Field Services - 0.5% 8,800 Baker Hughes, Inc. 607,464 33,200 Schlumberger, Ltd. (U.S. Shares) 2,107,868 2,715,332 Oil and Gas Drilling - 0.1% 5,800 ENSCO International, Inc. 295,046 Oil Companies - Integrated - 1.8% 12,233 Chevron Corp. 891,541 83,400 Exxon Mobil Corp. 6,179,940 30,611 Marathon Oil Corp. 2,765,398 9,836,879 Optical Supplies - 0.7% 33,000 Allergan, Inc. 3,851,430 Pharmacy Services - 0.5% 8,300 Caremark Rx, Inc. 508,458 1,300 Express Scripts, Inc. - Class A* 90,376 33,917 Medco Health Solutions, Inc.* 2,008,226 2,607,060 Pipelines - 0.3% 11,600 Kinder Morgan, Inc.# 1,229,600 1,800 Questar Corp. 146,160 6,450 Spectra Energy Corp. 168,474 1,544,234 Power Converters and Power Supply Equipment - 0.3% 52,400 American Power Conversion Corp. 1,610,776 Property and Casualty Insurance - 0.5% 27,200 Chubb Corp. 1,415,488 11,500 Progressive Corp. 266,685 2,400 SAFECO Corp. 153,624 17,900 St. Paul Travelers Companies, Inc. 910,215 2,746,012 Real Estate Management/Services - 0.3% 41,200 CB Richard Ellis Group, Inc.* 1,549,532 REIT - Apartments - 1.9% 37,500 Apartment Investment & Management Co.- Class A 2,348,625 57,100 Archstone-Smith Trust, Inc. 3,609,291 2,900 Avalonbay Communities, Inc. 430,244 67,700 Equity Residential Properties Trust 3,810,156 10,198,316 REIT - Diversified - 0.7% 30,100 Vornado Realty Trust 3,682,735 REIT - Office Property - 1.7% 38,500 Boston Properties, Inc. 4,854,465 83,000 Equity Office Properties Trust 4,610,650 9,465,115 REIT - Regional Malls - 0.1% 2,300 Simon Property Group, Inc. 263,097 REIT - Shopping Centers - 0.5% 52,700 Kimco Realty Corp. 2,613,920 REIT - Storage - 0.2% 12,500 Public Storage, Inc. 1,359,500 REIT - Warehouse and Industrial - 0.3% 24,800 ProLogis 1,612,000 Retail - Apparel and Shoe - 0.5% 89,600 Limited, Inc. 2,503,424 2,500 Nordstrom, Inc. 139,275 2,642,699 Retail - Auto Parts - 0.1% 5,500 AutoZone, Inc.* 690,965 Retail - Consumer Electronics - 0.1% 14,600 Circuit City Stores, Inc. 297,986 Retail - Discount - 0.9% 38,000 Big Lots, Inc.* 985,340 26,000 Costco Wholesale Corp. 1,460,680 21,800 Family Dollar Stores, Inc. 706,320 66,900 TJX Companies, Inc. 1,978,233 5,130,573 Retail - Drug Store - 0.1% 6,000 CVS Corp. 201,900 3,000 Walgreen Co. 135,900 337,800 Retail - Major Department Stores - 1.4% 58,800 J.C. Penney Company, Inc. 4,776,912 16,900 Sears Holdings Corp.* 2,985,385 7,762,297 Retail - Office Supplies - 1.0% 112,900 Office Depot, Inc.* 4,221,331 29,200 OfficeMax, Inc. 1,410,068 5,631,399 Retail - Regional Department Stores - 1.2% 20,500 Dillard's, Inc. - Class A 703,970 7,080 Federated Department Stores, Inc. 293,749 75,200 Kohl's Corp.* 5,332,432 6,330,151 Retail - Restaurants - 1.3% 3,400 Darden Restaurants, Inc.# 133,076 55,500 McDonald's Corp. 2,461,425 78,000 Starbucks Corp.* 2,725,320 47,100 Wendy's International, Inc. 1,599,516 5,900 Yum! Brands, Inc. 354,059 7,273,396 Rubber - Tires - 0% 10,900 Goodyear Tire & Rubber Co.*,# 269,121 Savings/Loan/Thrifts - 0.1% 18,800 Sovereign Bancorp, Inc. 463,420 Semiconductor Equipment - 0.1% 10,600 Novellus Systems, Inc.* 326,798 Steel - Producers - 1.1% 88,200 Nucor Corp. 5,692,428 5,100 United States Steel Corp. 425,799 6,118,227 Steel - Specialty - 0.7% 38,500 Allegheny Technologies, Inc. 3,984,365 Super-Regional Banks - 2.9% 133,526 Bank of America Corp. 7,020,797 10,600 KeyCorp 404,602 11,600 National City Corp. 439,060 45,300 PNC Bank Corp. 3,341,781 6,900 SunTrust Banks, Inc. 573,390 44,100 U.S. Bancorp 1,569,960 5,290 Wachovia Corp. 298,885 69,400 Wells Fargo & Co. 2,492,848 16,141,323 Telecommunication Equipment - 0.1% 34,400 Avaya, Inc.* 441,352 Telephone - Integrated - 4.1% 487,953 AT&T, Inc. 18,361,670 42,500 CenturyTel, Inc. 1,905,700 28,300 Citizens Communications Co. 414,878 12,400 Verizon Communications, Inc. 477,648 93,408 Windstream Corp. 1,389,911 22,549,807 Television - 0.7% 25,800 CBS Corp. - Class B 804,186 79,100 Univision Communications, Inc. - Class A* 2,824,661 3,628,847 Therapeutics - 0.5% 39,700 Gilead Sciences, Inc.* 2,553,504 Tobacco - 2.3% 48,000 Altria Group, Inc. 4,194,720 72,900 Reynolds American, Inc. 4,702,050 67,100 UST, Inc.# 3,854,224 12,750,994 Tools - Hand Held - 0.1% 15,600 Snap-On, Inc. 752,076 Toys - 0.9% 47,100 Hasbro, Inc. 1,337,640 138,300 Mattel, Inc. 3,368,988 4,706,628 Transportation - Railroad - 1.7% 16,900 Burlington Northern Santa Fe Corp. 1,358,084 108,400 CSX Corp. 3,988,036 12,400 Norfolk Southern Corp. 615,660 33,600 Union Pacific Corp. 3,393,600 9,355,380 Transportation - Services - 0.5% 11,800 FedEx Corp. 1,302,720 18,200 Ryder System, Inc.# 992,628 4,900 United Parcel Service, Inc. - Class B 354,172 2,649,520 Travel Services - 0.1% 20,800 Sabre Group Holdings, Inc. 672,048 Web Portals/Internet Service Providers - 0.5% 5,900 Google, Inc. - Class A* 2,957,670 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $450,253,509) 522,396,163 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 3.9% 5,806,103 Janus Institutional Cash Reserves Fund, 5.30% 5,806,103 15,694,241 Janus Money Market Fund, 5.25% 15,694,241 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $21,500,344) 21,500,344 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 0.9% 5,187,274 State Street Navigator Securities Lending Prime Portfolio+ (cost $5,187,274) 5,187,274 ------------------------------------------------------------------------------------------------------------------------------------ Short-Term U.S. Treasury Bill - 0.3% 1,500,000 U.S. Treasury Bill, 4.84%, 3/22/07** (amortized cost $1,490,129) 1,490,129 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $478,431,256) - 100% $ 550,573,910 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 2,156,804 0.4% Cayman Islands 40,446 0.0% Netherlands 2,107,868 0.4% United States ++ 546,268,792 99.2% -------------------------------------------------------------------------------- Total $550,573,910 100.0% ============ ===== ++ Includes Short-Term Securities and Other Securities (94.1% excluding Short-Term Securities and Other Securities) Schedule of Futures Contracts As of January 31, 2007 Financial Futures - Long 306 Contracts S&P 500(R) E-mini expires March 2007, principal amount $21,806,757, value $22,077,900 cumulative appreciation ................................$271,143 Notes to Schedule of Investments (unaudited) 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 security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus INTECH Risk-Managed Stock Fund $1,490,129 Janus Mid Cap Value Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 87.9% Agricultural Chemicals - 1.0% 1,200,000 Agrium, Inc. (U.S. Shares) $ 41,616,000 1,350,000 Mosaic Co.*,# 26,892,000 68,508,000 Airlines - 1.1% 5,200,000 Southwest Airlines Co. 78,520,000 Apparel Manufacturers - 0.3% 450,000 Liz Claiborne, Inc.# 19,980,000 Automotive - Truck Parts and Equipment - Original - 0.6% 500,000 Magna International, Inc. - Class A (U.S. Shares) 39,060,000 Beverages - Non-Alcoholic - 0.6% 700,000 PepsiCo, Inc. 45,668,000 Beverages - Wine and Spirits - 0.2% 500,000 Constellation Brands, Inc. - Class A* 12,370,000 Brewery - 0.7% 650,000 Molson Coors Brewing Co. - Class B 52,520,000 Broadcast Services and Programming - 0.3% 500,000 Clear Channel Communications, Inc. 18,160,000 Building - Residential and Commercial - 0.7% 950,000 D.R. Horton, Inc. 27,607,000 700,000 Toll Brothers, Inc. * 23,681,000 51,288,000 Chemicals - Diversified - 0.9% 404,600 E.I. du Pont de Nemours and Co. 20,051,976 2,250,000 Huntsman Corp.* 47,047,500 67,099,476 Chemicals - Specialty - 1.5% 4,500,000 Chemtura Corp.# 51,840,000 1,050,000 Lubrizol Corp. 54,096,000 105,936,000 Coal - 0.4% 900,000 Arch Coal, Inc.# 26,748,000 Commercial Banks - 5.1% 1,479,100 Bank of Hawaii Corp. 77,430,885 3,308,808 Colonial BancGroup, Inc.# 81,198,148 1,600,000 Mercantile Bankshares Corp. 75,376,000 2,500,000 Synovus Financial Corp. 79,825,000 2,003,800 Valley National Bancorp# 51,317,318 365,147,351 Computers - Integrated Systems - 1.1% 1,650,000 Diebold, Inc. 76,477,500 Consumer Products - Miscellaneous - 0.6% 600,000 Kimberly-Clark Corp. 41,640,000 Containers - Metal and Glass - 0.9% 1,449,990 Ball Corp. 67,163,537 Cosmetics and Toiletries - 1.3% 850,000 International Flavors & Fragrances, Inc.# 41,208,000 800,000 Procter & Gamble Co. 51,896,000 93,104,000 Data Processing and Management - 1.0% 1,700,000 First Data Corp. 42,262,000 550,000 Fiserv, Inc.* 28,913,500 71,175,500 Diagnostic Equipment - 0.4% 1,050,000 Cytyc Corp.* 30,366,000 Distribution/Wholesale - 2.1% 1,100,000 Genuine Parts Co. 52,272,000 1,400,000 Tech Data Corp.* 51,996,000 550,000 W.W. Grainger, Inc. 42,707,500 146,975,500 Diversified Operations - 2.2% 1,500,000 General Electric Co. 54,075,000 1,050,000 Illinois Tool Works, Inc. 53,539,500 1,500,000 Tyco International, Ltd. (U.S. Shares) 47,820,000 155,434,500 Electric - Integrated - 1.6% 2,500,000 DPL, Inc.# 71,700,000 1,200,000 PPL Corp. 42,720,000 114,420,000 Electronic Components - Miscellaneous - 0.6% 3,500,000 Vishay Intertechnology, Inc.* 45,990,000 Electronic Components - Semiconductors - 1.3% 3,200,000 OmniVision Technologies, Inc.*,#,** 36,928,000 1,500,000 QLogic Corp.* 27,450,000 1,200,000 Xilinx, Inc. 29,160,000 93,538,000 Engineering - Research and Development Services - 1.0% 1,700,000 URS Corp.* 73,049,000 Engines - Internal Combustion - 0.5% 1,250,000 Briggs & Stratton Corp.# 37,050,000 Enterprise Software/Services - 0.5% 800,000 Hyperion Solutions Corp.*,# 33,776,000 E-Services/Consulting - 0.5% 1,800,000 Websense, Inc.*,# 38,970,000 Fiduciary Banks - 0.4% 450,000 Mellon Financial Corp. 19,233,000 175,125 Wilmington Trust Corp. 7,342,991 26,575,991 Food - Confectionary - 1.0% 650,000 Hershey Foods Corp.# 33,176,000 850,000 J.M. Smucker Co. 40,366,500 73,542,500 Food - Diversified - 0.2% 300,000 H.J. Heinz Co. 14,136,000 Gas - Distribution - 0.6% 1,450,000 Southern Union Co.# 40,324,500 Gold Mining - 0.5% 800,200 Newmont Mining Corp. 36,089,020 Hotels and Motels - 1.0% 1,200,000 Hilton Hotels Corp. 42,468,000 500,000 Starwood Hotels & Resorts Worldwide, Inc. 31,290,000 73,758,000 Instruments - Controls - 0.6% 900,000 Thermo Electron Corp.* 43,065,000 Instruments - Scientific - 0.7% 2,200,000 PerkinElmer, Inc. 52,514,000 Internet Infrastructure Equipment - 0.9% 1,800,000 Avocent Corp.* 62,172,000 Internet Security - 0.3% 950,000 Check Point Software Technologies, Ltd. (U.S. Shares)* 22,667,000 Investment Management and Advisory Services - 4.4% 1,850,030 AllianceBernstein Holding L.P.# 166,669,203 600,000 Federated Investors, Inc. - Class B 21,186,000 750,000 Legg Mason, Inc. 78,637,500 1,750,000 Waddell & Reed Financial, Inc. - Class A 44,922,500 311,415,203 Life and Health Insurance - 1.5% 1,000,000 AFLAC, Inc. 47,610,000 1,249,980 Protective Life Corp. 61,161,521 108,771,521 Machinery - Farm - 0.8% 600,000 Deere & Co. 60,168,000 Medical - Biomedical and Genetic - 1.4% 750,000 Charles River Laboratories International, Inc.* 33,750,000 1,100,000 Invitrogen Corp.*,# 67,353,000 101,103,000 Medical - Drugs - 1.1% 250,000 Eli Lilly and Co. 13,530,000 1,400,000 Endo Pharmaceuticals Holdings, Inc.* 43,008,000 500,000 Wyeth 24,705,000 81,243,000 Medical - Generic Drugs - 0.5% 2,050,000 Perrigo Co. 35,424,000 Medical - HMO - 0.6% 300,000 Coventry Health Care, Inc.* 15,465,000 600,000 Health Net, Inc.* 29,226,000 44,691,000 Medical - Hospitals - 0.5% 1,700,000 Health Management Associates, Inc. - Class A# 33,065,000 Medical Instruments - 0.9% 450,000 Beckman Coulter, Inc.# 29,034,000 750,000 St. Jude Medical, Inc.* 32,070,000 61,104,000 Medical Labs and Testing Services - 0.4% 400,000 Laboratory Corporation of America Holdings*,# 29,376,000 Medical Products - 0.8% 800,000 Biomet, Inc. 33,888,000 420,260 Cooper Companies, Inc. 20,046,402 53,934,402 Metal - Aluminum - 0.4% 800,000 Alcoa, Inc. 25,840,000 Multi-Line Insurance - 1.3% 4,150,000 Old Republic International Corp. 92,545,000 Multimedia - 0.2% 200,000 McGraw-Hill Companies, Inc. 13,416,000 Networking Products - 0.7% 1,600,000 Foundry Networks, Inc.* 23,152,000 1,400,000 Juniper Networks, Inc.* 25,368,000 48,520,000 Non-Hazardous Waste Disposal - 1.5% 1,100,000 Republic Services, Inc. 47,575,000 1,500,000 Waste Management, Inc. 56,970,000 104,545,000 Office Automation and Equipment - 1.3% 1,400,000 Pitney Bowes, Inc. 67,018,000 1,600,000 Xerox Corp.* 27,520,000 94,538,000 Oil - Field Services - 0.9% 2,400,000 BJ Services Co. 66,384,000 Oil and Gas Drilling - 0.7% 1,650,000 Nabors Industries, Ltd.*,# 49,962,000 Oil Companies - Exploration and Production - 6.6% 1,550,000 Anadarko Petroleum Corp. 67,812,500 1,750,000 Bill Barrett Corp.* 54,075,000 500,000 Devon Energy Corp. 35,045,000 1,100,000 Encore Acquisition Co.* 28,545,000 2,100,000 Forest Oil Corp.* 67,032,000 400,000 Murphy Oil Corp.# 19,884,000 1,600,000 Newfield Exploration Co.* 68,496,001 950,000 Noble Energy, Inc. 50,739,500 900,000 Southwestern Energy Co.* 34,614,000 1,275,000 St. Mary Land & Exploration Co.# 45,887,250 472,130,251 Oil Companies - Integrated - 0.5% 300,000 Hess Corp. 16,197,000 200,000 Marathon Oil Corp. 18,068,000 34,265,000 Oil Field Machinery and Equipment - 0.4% 650,000 Grant Prideco, Inc.* 25,467,000 Paper and Related Products - 2.7% 1,000,000 Potlatch Corp. 47,210,000 1,150,000 Rayonier, Inc. 49,680,000 2,400,000 Smurfit-Stone Container Corp.* 25,920,000 1,400,000 Temple-Inland, Inc. 69,916,000 192,726,000 Pharmacy Services - 0.8% 1,450,000 Omnicare, Inc.# 58,275,500 Pipelines - 1.9% 392,600 Energy Transfer Partners L.P.# 20,725,354 1,700,000 Kinder Morgan Energy Partners L.P.# 85,697,000 500,000 Plains All American Pipeline L.P.# 26,925,000 133,347,354 Property and Casualty Insurance - 1.2% 900,000 Mercury General Corp. 46,944,000 1,600,000 Progressive Corp. 37,104,000 84,048,000 Reinsurance - 2.2% 24,000 Berkshire Hathaway, Inc. - Class B* 88,016,400 700,000 Everest Re Group, Ltd. 65,520,000 153,536,400 REIT - Apartments - 0.9% 500,000 Archstone-Smith Trust, Inc. 31,605,000 600,000 Equity Residential Properties Trust 33,768,000 65,373,000 REIT - Diversified - 0.6% 1,000,000 Crescent Real Estate Equities, Inc.# 20,060,000 500,000 Liberty Property Trust 25,870,000 45,930,000 REIT - Office Property - 0.9% 250,000 Alexandria Real Estate Equities, Inc. 27,090,000 761,641 Douglas Emmett, Inc. 20,838,498 348,600 Mack-Cali Realty Corp. 19,396,104 67,324,602 REIT - Regional Malls - 0.3% 250,000 Macerich Co. 23,882,500 REIT - Shopping Centers - 0.5% 750,000 Weingarten Realty Investors# 37,132,500 REIT - Warehouse and Industrial - 0.7% 750,000 ProLogis 48,750,000 Retail - Apparel and Shoe - 1.8% 1,500,000 Chico's FAS, Inc.*,# 31,320,000 2,150,000 Foot Locker, Inc. 48,246,000 700,000 Ross Stores, Inc. 22,673,000 1,100,000 Urban Outfitters, Inc.*,# 26,840,000 129,079,000 Retail - Auto Parts - 0.9% 856,100 Advance Auto Parts, Inc. 32,488,995 250,000 AutoZone, Inc.* 31,407,500 63,896,495 Retail - Drug Store - 0.7% 1,400,000 CVS Corp. 47,110,000 Retail - Mail Order - 0.4% 900,000 Williams-Sonoma, Inc.# 31,500,000 Savings/Loan/Thrifts - 0.7% 1,700,000 Astoria Financial Corp.# 50,303,000 Semiconductor Components/Integrated Circuits - 0.4% 800,000 Linear Technology Corp. 24,760,000 Semiconductor Equipment - 0.5% 2,202,400 Teradyne, Inc.*,# 32,815,760 Super-Regional Banks - 2.6% 500,000 PNC Bank Corp. 36,885,000 1,000,000 SunTrust Banks, Inc. 83,100,000 1,900,000 U.S. Bancorp 67,640,000 187,625,000 Telecommunication Equipment - 0.2% 1,100,000 Avaya, Inc.* 14,113,000 Telecommunication Equipment - Fiber Optics - 0.4% 1,400,000 Corning, Inc.* 29,176,000 Telephone - Integrated - 1.6% 650,000 ALLTEL Corp. 39,838,500 550,000 CenturyTel, Inc. 24,662,000 2,900,000 Sprint Nextel Corp. 51,707,000 116,207,500 Transportation - Railroad - 1.5% 650,000 CSX Corp. 23,913,500 1,850,000 Kansas City Southern*,# 55,611,000 500,000 Norfolk Southern Corp. 24,825,000 104,349,500 Transportation - Services - 0.3% 700,000 Laidlaw International, Inc. 20,797,000 Transportation - Truck - 0.6% 1,650,000 J.B. Hunt Transport Services, Inc.# 41,464,500 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $5,339,425,340) 6,266,408,363 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 6.0% 222,974,539 Janus Institutional Cash Reserves Fund, 5.30% 222,974,538 205,179,423 Janus Money Market Fund, 5.25% 205,179,423 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $428,153,961) 428,153,961 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 6.1% $ 434,051,595 State Street Navigator Securities Lending Prime Portfolio+ (cost $434,051,595) 434,051,595 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $6,201,630,896) - 100% $7,128,613,919 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments by Country January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 163,302,000 2.3% Canada 80,676,000 1.1% Israel 22,667,000 0.3% United States++ 6,861,968,919 96.3% -------------------------------------------------------------------------------- Total $7,128,613,919 100.0% ============== ===== ++ Includes Short-Term and Other Securities (84.2% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ** 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 January 31, 2007.
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Mid Cap Value Fund OmniVision Technologies, Inc. 3,200,000 $44,833,744 -- $ -- $ -- $ -- $36,928,000 ------------------------------------------------------------------------------------------------------------------------------------
Janus Money Market Fund Schedule of Investments (unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Certificates of Deposit - 17.0% $ 50,000,000 ABN Amro Bank N.V., Chicago, 4.945%, 2/2/07 $ 50,000,000 50,000,000 ABN Amro Bank N.V., Chicago, 5.35%, 12/11/07 50,000,000 50,000,000 Deutsche Bank Securities, Inc., 5.40%, 11/21/07 50,000,000 50,000,000 Deutsche Bank Securities, Inc., 5.38%, 12/12/07 50,000,000 50,000,000 Mitsubishi Trust and Bank, 5.35%, 2/5/07 50,000,000 50,000,000 Mitsubishi Trust and Bank, 5.34%, 4/24/07 50,000,000 50,000,000 Mizuho Corporate Bank, New York, 5.43%, 2/16/07 50,000,000 50,000,000 Natexis Banques Populaires, New York, 5.00%, 2/5/07 50,000,000 50,000,000 Natexis Banques Populaires, New York, 5.35%, 12/11/07 50,000,000 50,000,000 Natexis Banques Populaires, New York, 5.40%, 1/14/08 50,000,000 50,000,000 Norinchunkin Bank, New York, 5.44%, 2/16/07 50,000,000 25,000,000 Norinchunkin Bank, New York, 5.38%, 4/10/07 25,000,000 50,000,000 Norinchunkin Bank, New York, 5.39%, 4/17/07 50,000,000 50,000,000 Norinchunkin Bank, New York, 5.36%, 5/14/07 50,000,000 50,000,000 Norinchunkin Bank, New York, 5.355%, 6/12/07 50,000,000 24,000,000 Norinchunkin Bank, New York, 5.37%, 7/17/07 24,000,000 40,000,000 Shinkin Central Bank, 5.35%, 2/22/07 40,000,000 50,000,000 Shinkin Central Bank, 5.345%, 4/18/07 50,000,000 30,000,000 Shinkin Central Bank, 5.34%, 4/30/07 30,000,000 20,000,000 Shinkin Central Bank, 5.37%, 7/20/07 20,000,000 45,000,000 Shinkin Central Bank, New York, 5.355%, 2/6/07 45,000,000 15,000,000 Shinkin Central Bank, New York, 5.36%, 2/8/07 15,000,000 20,000,000 Shinkin Central Bank, New York, 5.35%, 2/28/07 20,000,000 50,000,000 Skandinaviska Enskilda Bank, New York, 5.27%, 4/11/07 50,000,458 35,000,000 Societe Generale, New York, 5.45%, 6/4/07 35,000,000 50,000,000 Societe Generale, New York, 5.45%, 1/29/08 50,000,000 30,000,000 Stanfield Victoria LLC, 5.45%, 2/1/08 (144A) 30,000,000 25,000,000 Sumitomo Trust and Bank, 5.32%, 5/21/07 25,000,000 18,000,000 Sumitomo Trust and Bank, 5.37%, 7/20/07 18,000,000 50,000,000 Toronto Dominion Bank, New York, 5.42%, 12/17/07 50,000,000 50,000,000 UBS Financial Services, Inc., 5.40%, 12/20/07 49,997,795 40,000,000 Unicredito Italiano Bank of Ireland, New York, 5.395%, 3/14/07 40,000,444 ------------------------------------------------------------------------------------------------------------------------------------ Total Certificates of Deposit (cost $1,316,998,697) 1,316,998,697 ------------------------------------------------------------------------------------------------------------------------------------ Commercial Paper - 17.3% 50,000,000 Altius I Funding Corp., 5.28%, 3/14/07 49,699,333 50,000,000 Altius I Funding Corp., 5.275, 4/10/07 (Section4(2)) 49,502,278 28,330,000 Altius I Funding Corp., 5.27%, 4/16/07 (Section4(2)) 28,023,107 50,000,000 Altius I Funding Corp., 5.27%, 4/18/07 (Section4(2)) 49,443,722 50,000,000 Bavaria TRR Corp., 5.30%, 2/13/07 (Section4(2)) 49,911,667 50,000,000 Bavaria TRR Corp., 5.30%, 2/16/07 (Section4(2)) 49,889,583 69,897,000 Bavaria TRR Corp., 5.29% - 5.295%, 2/20/07 (Section4(2)) 69,701,720 20,000,000 Bavaria TRR Corp., 5.29%, 2/26/07 (Section4(2)) 19,926,528 40,000,000 BTM Capital Corp., 5.27%, 3/27/07 (Section4(2)) 39,683,800 50,000,000 Davis Square Funding Corp., 5.275%, 4/3/07 (Section4(2)) 49,553,090 50,000,000 Davis Square Funding III Corp., 5.29%, 2/22/07 (Section4(2)) 49,845,708 50,000,000 Davis Square Funding III Corp., 5.28%, 3/28/07 (Section4(2)) 49,596,667 50,000,000 Davis Square Funding III Corp., 5.27%, 4/16/07 (Section4(2)) 49,458,361 39,700,000 Davis Square Funding IV Corp., 5.27%, 3/7/07 (Section4(2)) 39,502,404 50,000,000 Davis Square Funding IV Corp., 5.28%, 3/13/07 (Section4(2)) 49,706,667 40,000,000 Davis Square Funding IV Corp., 5.27%, 4/10/07 (Section4(2)) 39,601,822 40,000,000 Davis Square Funding IV Corp., 5.27%, 4/17/07 (Section4(2)) 39,560,833 47,537,000 G Street Finance Corp., 5.28%, 3/27/07 (Section4(2)) 47,160,507 50,000,000 G Street Finance Corp., 5.28%, 3/28/07 (Section4(2)) 49,596,667 30,000,000 G Street Finance Corp., 5.27%, 4/11/07 (Section4(2)) 29,696,975 50,000,000 G Street Finance Corp., 5.27%, 4/19/07 (Section4(2)) 49,436,403 24,250,000 G Street Finance Corp., 5.27%, 4/20/07 (Section4(2)) 23,973,105 16,008,000 Klio Funding Corp., 5.28%, 2/13/07 (144A) 15,979,826 39,544,000 Klio Funding Corp., 5.27%, 4/10/07 (144A) 39,150,361 39,814,000 Klio II Funding Corp., 5.28%, 2/13/07 (144A) 39,743,927 50,000,000 La Fayette Asset Securitization LLC, 5.29%, 2/12/07 (Section4(2)) 49,919,181 31,500,000 Medical Building Funding IV LLC, 5.47%, 2/28/07 31,370,771 50,000,000 PB Finance (Delaware), Inc., 5.26%, 2/14/07 49,905,028 40,000,000 PB Finance (Delaware), Inc., 5.26%, 2/20/07 39,888,956 50,000,000 Sedna Finance, Inc., 5.25%, 3/21/07 (144A) 49,650,000 17,000,000 Stanfield Victoria LLC, 5.27%, 2/5/07 (144A) 16,990,046 38,500,000 Stanfield Victoria LLC, 5.20%, 5/15/07 (144A) 37,927,206 ------------------------------------------------------------------------------------------------------------------------------------ Total Commercial Paper (cost $1,342,996,249) 1,342,996,249 ------------------------------------------------------------------------------------------------------------------------------------ Floating Rate Notes - 23.8% 75,000,000 Ares VII CLO, Ltd., Class A-1A, 5.42531%, 5/8/15ss. 75,000,000 50,000,000 Banco Santander Totta SA, 5.32%, 7/16/11ss. 50,000,000 231,000,000 Bank of America Securities LLC (same day put), 5.38%, 2/1/07 231,000,000 10,105,000 City of Irondale, AL, 5.32%, 10/1/35 10,105,000 12,715,000 Custom Window Systems, 5.37%, 11/1/26 12,715,000 20,000,000 Dekabank, NY, 5.38%, 11/19/15ss. 20,000,000 9,345,000 Edison Chouest Offshore LLC, 5.35%, 3/1/14 9,345,000 150,000,000 EMC Mortgage Corp. (same day put), 5.4325%, 5/8/26 150,000,000 80,000,000 HSH Nordbank A.G., New York, 5.33%, 11/21/11 (144A) 80,000,000 140,000,000 HSH Nordbank A.G., New York, 5.35%, 6/23/15 (144A) 140,000,000 4,800,000 J&E Land Company, 5.34%, 6/1/23 4,800,000 170,000,000 Lehman Brothers, Inc. (90 day put), 5.4625%, 4/5/27 * 170,000,000 45,000,000 Lehman Brothers, Inc. (same day put), 5.4325%, 4/17/27 45,000,000 6,500,000 McElroy Metal Mill, Inc., Series 2003, 5.35%, 7/1/18 6,500,000 60,000,000 Natexis Banques Populaires, New York, 5.33%, 10/15/10 (144A) 60,000,000 10,100,000 Nautical Transport LLC, 5.35%, 6/1/16 10,100,000 8,296,650 Park Place Securities Trust, 2004-MM1 AM5, 5.35%, 2/25/35ss. 8,296,650 142,000,000 Putnam Structured Product Funding 2003-1 LLC, Class A-15, 5.34%, 10/15/38 (144A) 142,000,000 100,000,000 Sumitomo Trust and Bank, 5.32%, 2/23/07 100,000,000 30,000,000 Sumitomo Trust and Bank, 5.32%, 4/5/07 30,000,000 25,000,000 Sumitomo Trust and Bank, 5.32%, 5/14/07 25,000,000 50,000,000 Sumitomo Trust and Bank, 5.32%, 5/15/07 50,000,000 10,000,000 The Robinette Company, 5.32%, 1/1/17 10,000,000 99,000,000 Unicredito Italiano Bank of Ireland, 5.33%, 3/9/11 (144A) 99,000,000 30,000,000 Union Hamilton Special, 5.36%, 6/15/07 (144A) 30,000,000 75,000,000 Union Hamilton Special, 5.365%, 6/21/07 (144A) 75,000,000 12,600,000 Village Green Finance Co., 5.32%, 11/1/22 12,600,000 190,000,000 Westdeutsche Landesbank A.G., 5.38%, 3/10/15 (144A) 190,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Floating Rate Notes (cost $1,846,461,650) 1,846,461,650 ------------------------------------------------------------------------------------------------------------------------------------ Repurchase Agreements - 33.4% 81,000,000 Bear Stearns & Company, Inc., 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $81,011,903 collateralized by $603,838,478 in U.S. Government Agencies 4% - 8%, 10/1/13 - 4/1/37 with a value of $82,620,050 81,000,000 100,000,000 Citigroup Global Markets, Inc., 5.4625% dated 1/31/07, maturing 2/1/07 to be purchased at $100,015,174 collateralized by $117,844,098 in U.S. Government Agencies 0% - 8.62%, 5/31/30 - 11/29/36 with a value of $115,295,560 100,000,000 50,000,000 Credit Suisse Securities (USA) LLC, 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $50,007,517 collateralized by $171,143,808 in Collateralized Mortgage Obligations 0% - 8.50%, 6/17/27 - 3/25/45 with a value of $52,503,458 50,000,000 181,000,000 Credit Suisse Securities (USA) LLC, 5.3925% dated 1/31/07, maturing 2/1/07 to be purchased at $181,027,112 collateralized by $59,066,000 in Corporate Notes 1.50% - 12.00%, 6/30/11 - 2/15/24 $170,241,710 in Collateralized Mortgage Obligations 0% - 6.90%, 4/15/13 - 7/25/43 with respective values of $58,126,952 and $131,923,479 181,000,000 25,000,000 Deutsche Bank Securities, Inc., 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $25,003,759 collateralized by $45,911,439 in U.S. Government Agencies 4.00%, 2/25/10 with a value of $25,500,000 25,000,000 120,000,000 Dresdner Kleinwort Wasserstein Securities LLC, 5.3625% dated 1/31/07, maturing 2/1/07 to be purchased at $120,017,875 collateralized by $205,823,980 in Asset Backed Securities 1.955% - 5.92%, 3/23/21 - 12/13/46 with a value of $126,002,644 120,000,000 226,000,000 Goldman Sachs & Co., 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $226,033,978 collateralized by $20,165,269 in Asset Backed Securities; 9.10115%, 4/12/42 $210,372,469 in Certificates of Deposit 5.26% - 5.265%, 10/3/07 - 7/22/08 with respective values of $20,165,269 and $210,930,882 226,000,000 120,000,000 Greenwich Capital, 5.4625% dated 1/31/07, maturing 2/1/07 to be purchased at $120,018,208 collateralized by $134,416,606 in U.S. Government Agencies 5.717% - 6.20%, 2/1/35 - 7/6/36 with a value of $127,167,750 120,000,000 199,000,000 ING Financial Markets LLC, 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $199,029,242 collateralized by $381,068,690 in U.S. Government Agencies 3.421% - 7.134%, 9/1/31 - 9/1/44 with a value of $202,981,343 199,000,000 231,000,000 J.P. Morgan Securities, Inc., 5.4125% dated 1/31/07, maturing 2/1/07 to be purchased at $231,034,730 collateralized by $225,488,295 in Corporate Notes 0% - 14.37%, 4/20/07 - 3/30/36 $30,085,000 in Medium Term Notes 5.36% - 8.375%, 5/2/07 - 8/15/07 with respective values of $211,443,777 and $31,107,000 231,000,000 35,700,000 Lehman Brothers, Inc., 5.3225% dated 1/31/07, maturing 2/1/07 to be purchased at $35,705,278 collateralized by $39,803,715 in U.S. Government Agencies 5.00%, 2/1/36 with a value of $36,414,149 35,700,000 231,000,000 Merrill Lynch, Pierce, Fenner & Smith, 5.4825% dated 1/31/07, maturing 2/1/07 to be purchased at $231,035,179 collateralized by $289,032,225 in Corporate Bonds 0% - 14.37%, 2/15/07 - 2/19/49 $20,000,000 in Medium-Term Notes 5.245%, 12/15/35 with respective values of $239,800,663 and $2,750,000 231,000,000 231,000,000 Morgan Stanley & Co., Inc., 5.3625% dated 1/31/07, maturing 2/1/07 to be purchased at $231,034,409 collateralized by $9,448,450,997 in Collateralized Mortgage Obligations 0% - 5.50%, 8/11/16 - 7/15/56 with a value of $235,842,508 231,000,000 231,000,000 RBC Capital Markets Corp., 5.3825% dated 1/31/07, maturing 2/1/07 to be purchased at $231,034,538 collateralized by $236,709,258 in Commercial Paper 0%, 2/1/07 - 5/2/07 with a value of $235,620,000 231,000,000 148,100,000 Societe Generale, New York, 5.29% dated 1/31/07, maturing 2/1/07 to be purchased at $148,121,762 collateralized by $1,093,542,988 in U.S. Government Agencies 0% - 6.35%, 5/16/08 - 1/25/37 with a value of $151,062,570 148,100,000 221,400,000 UBS Financial Services, Inc., 5.3225% dated 1/31/07, maturing 2/1/07 to be purchased at $221,432,733 collateralized by $643,661,410 in U.S. Government Agencies 0% - 10.5%, 1/1/18 - 11/15/36 with a value of $225,829,008 221,400,000 150,000,000 Wachovia Capital Markets LLC, 5.38% dated 1/31/07, maturing 2/1/07 to be purchased at $150,022,417 collateralized by $155,371,923 in Corporates Notes 0% - 10.625%, 3/15/07 - 1/18/57 with a value of $157,344,402 150,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Repurchase Agreements (cost $2,581,200,000) 2,581,200,000 ------------------------------------------------------------------------------------------------------------------------------------ Short-Term Corporate Notes - 2.1% 10,284,764 Ford Credit Auto Owner Trust, Series 2006-B, A1, 5.4048%, 9/15/07 (144A) 10,284,764 25,000,000 K2 (USA) LLC, 5.32%, 12/3/07 (144A) 24,997,841 50,000,000 Sedna Finance, Inc., 5.60%, 6/20/07ss. 50,000,000 32,000,000 Stanfield Victoria LLC, 5.17%, 6/12/07 (144A) 31,397,982 50,000,000 Stanfield Victoria LLC, 5.45%, 10/25/07 (144A) 49,995,209 ------------------------------------------------------------------------------------------------------------------------------------ Total Short-Term Corporate Notes (cost $166,675,796) 166,675,796 ------------------------------------------------------------------------------------------------------------------------------------ Taxable Variable Rate Demand Notes - 5.3% 11,250,000 Arbor Properties, Inc., Series 2004, 5.32%, 11/1/24 11,250,000 2,765,000 Aurora Colorado CenterTech Metropolitan District, Series B, 5.55%, 12/1/17 2,765,000 18,670,000 Breckenridge Terrace LLC, 5.37%, 5/1/39 18,670,000 32,610,000 Cambridge-Plano Partners, 5.32%, 10/1/28 32,610,000 16,025,000 Colorado Natural Gas, Inc., Series 2002, 5.37%, 7/1/32 16,025,000 31,700,000 Cook County, Illinois, Series A, 5.34%, 11/1/23 31,700,000 11,029,000 Cornerstone Funding Corp. I, Series 2003B, 5.34%, 12/1/30 11,029,000 9,608,000 Cornerstone Funding Corp. I, Series 2003C, 5.39%, 4/1/13 9,608,000 8,164,000 Cornerstone Funding Corp. I, Series 2003E, 5.39%, 7/1/30 8,164,000 2,262,000 First United Pentecostal, 5.39%, 3/1/23 2,262,000 5,910,000 FJM Properties-Wilmar, 5.32%, 10/1/24 5,910,000 15,830,000 HHH Supply and Investment Co., 5.35%, 7/1/29 15,830,000 14,460,000 Hillcrest Medical Plaza, 5.32%, 9/1/23 14,460,000 8,610,000 Holston Medical Group, 5.35, 1/1/13 8,610,000 5,400,000 Lenexa, Kansas Industrial Revenue (Labone, Inc. Project), Series A, 5.40%, 9/1/09 5,400,000 20,675,000 Louisiana Health Systems Corp. Revenue, Series B, 5.32%, 10/1/22 20,675,000 8,245,000 Luxor Management Company, 5.35%, 4/1/18 8,245,000 8,875,000 Medical Clinic Board, Mobile, AL, 5.32%, 9/1/11 8,875,000 17,070,000 Mississippi Business Finance Corp., 5.32%, 10/1/18 17,070,000 3,870,000 Montgomery-Engelside, Alabama Medical Clinic Board Revenue, (Surgical Center), 5.32%, 3/1/24 3,870,000 30,300,000 Olympic Club, California Revenue, Series 2002, 5.36%, 10/1/32 30,300,000 13,500,000 Patrick Schaumburg Automobiles, Inc., 5.32%, 7/1/08 (144A) 13,500,000 13,835,000 Phenix City Taxable Water & Sewer, 5.32%, 8/15/29 13,835,000 10,500,000 Racetrac Capital LLC, Series 1998-A, 5.32%, 4/1/18 10,500,000 25,000,000 Rehau, Inc. 5.49%, 10/1/19 25,000,000 2,270,000 Ron Investments, Ltd., 5.32%, 3/1/19 2,270,000 13,300,000 Russell Lands, Inc., Series 2002, 5.35%, 8/1/12 13,300,000 26,300,000 Shoosmith Brothers, Inc., 5.32%, 3/1/15 26,300,000 19,025,000 Timber Ridge County Affordable Housing Corporation, Series 2003, 5.42%, 12/1/32 19,025,000 4,245,000 Union City, Tennessee Industrial Development Board, (Cobank LLC Project), 5.36%, 1/1/25 4,245,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Taxable Variable Rate Demand Notes (cost $411,303,000) 411,303,000 ------------------------------------------------------------------------------------------------------------------------------------ Time Deposit - 1.1% 87,000,000 Dexia Bank, New York, 5.33%, 2/1/07 (cost $87,000,000) 87,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $7,752,635,392) - 100% $7,752,635,392 ------------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) Section 4(2) Securities subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the Securities Act of 1933. 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. * Security is illiquid. ss. Schedule of Restricted and Illiquid Securities
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------- Janus Money Market Fund Ares VII CLO, Ltd., Class A-1A 5.4253%, 5/8/15 (144A) 4/23/03 $ 75,000,000 $ 75,000,000 1.0% Banco Santander Totta SA 5.32%, 7/16/11 (144A) 6/15/06 50,000,000 50,000,000 0.6% Dekabank, NY 5.38%, 11/19/15 (144A) 4/19/06 20,000,000 20,000,000 0.3% Park Place Securities Trust, 2004-MM1 AM5 5.35%, 2/25/35 (144A) 11/22/06 8,296,650 8,296,650 0.1% Sedna Finance, Inc. 5.60%, 6/20/07 (144A) 6/15/06 50,000,000 50,000,000 0.6% ------------------------------------------------------------------------------------------------------------------------------- $203,296,650 $203,296,650 2.6% -------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates. Janus Orion Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 94.7% Advertising Sales - 1.1% 609,160 Lamar Advertising Co.* $ 40,375,125 Agricultural Chemicals - 2.0% 460,005 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 71,774,580 Audio and Video Products - 3.4% 2,582,345 Sony Corp. 119,447,866 Beverages - Wine and Spirits - 3.4% 11,804,838 Davide Campari - Milano S.P.A. 121,168,267 Building - Residential and Commercial - 0.7% 435,370 Desarrolladora Homex S.A. (ADR)*,# 25,887,100 Casino Services - 1.0% 1,132,680 Scientific Games Corp. - Class A*,# 35,158,387 Cellular Telecommunications - 3.1% 2,459,775 America Movil S.A. de C.V. - Series L (ADR) 109,115,619 Chemicals - Specialty - 1.4% 876,935 Cytec Industries, Inc.# 51,055,156 Commercial Banks - 0.7% 5,862,695 Finansbank A.S.* 23,348,544 Commercial Services - 1.7% 872,928 CoStar Group, Inc.* 41,437,893 1,280,400 Park24 Company, Ltd. 18,465,386 59,903,279 Computers - 3.6% 1,102,700 Apple Inc.* 94,534,471 262,990 Research In Motion, Ltd. (U.S. Shares)* 33,604,862 128,139,333 Data Processing and Management - 1.1% 1,054,395 NAVTEQ Corp.*,# 37,409,935 Diagnostic Kits - 7.3% 6,268,506 Dade Behring Holdings, Inc. ## 263,778,731 Diversified Minerals - 1.0% 1,282,858 Companhia Vale do Rio Doce - Preference Shares 36,238,073 E-Commerce/Products - 0.9% 470,460 Submarino S.A. 14,286,231 319,605 Submarino S.A. (GDR) (144A) 19,399,609 33,685,840 E-Commerce/Services - 0.9% 793,229 IAC/InterActiveCorp* 30,459,994 Electronic Measuring Instruments - 2.9% 1,799,780 Trimble Navigation, Ltd.* 101,831,552 Engineering - Research and Development Services - 5.1% 10,494,195 ABB, Ltd. 186,335,184 Entertainment Software - 0.8% 560,380 Electronic Arts, Inc.* 28,019,000 Finance - Investment Bankers/Brokers - 3.1% 200,725 Goldman Sachs Group, Inc. 42,585,816 1,107,294 UBS A.G. 69,600,633 112,186,449 Finance - Other Services - 2.3% 122,850 Chicago Mercantile Exchange Holdings, Inc. 69,201,405 1,141,845 MarketAxess Holdings, Inc.* 14,467,176 83,668,581 Investment Management and Advisory Services - 2.6% 1,921,215 National Financial Partners Corp. 94,331,657 Medical - Biomedical and Genetic - 4.2% 2,871,162 Celgene Corp.* 154,123,976 Medical - Drugs - 3.3% 631,587 Roche Holding A.G. 119,070,622 Medical Instruments - 2.1% 755,731 Intuitive Surgical, Inc.* 74,371,488 Medical Products - 1.4% 1,043,080 Varian Medical Systems, Inc.* 48,117,280 Multi-Line Insurance - 1.9% 1,206,365 Assurant, Inc.# 67,049,767 Printing - Commercial - 3.2% 2,618,272 VistaPrint, Ltd.*, ## 112,821,340 REIT - Mortgages - 4.3% 5,467,752 CapitalSource, Inc.# 151,948,828 Retail - Apparel and Shoe - 2.7% 1,719,060 Nordstrom, Inc.# 95,768,833 Semiconductor Components/Integrated Circuits - 0.8% 1,460,335 Cypress Semiconductor Corp.*,# 26,943,181 Soap and Cleaning Preparations - 1.5% 1,077,260 Reckitt Benckiser PLC** 51,976,899 Storage and Warehousing - 0.6% 863,870 Mobile Mini, Inc.*,# 22,970,303 Telecommunication Equipment - Fiber Optics - 2.1% 3,522,860 Corning, Inc.* 73,416,402 Telecommunication Services - 3.6% 2,203,535 NeuStar, Inc. - Class A* 68,067,197 2,522,437 Time Warner Telecom, Inc. - Class A*,# 58,722,333 126,789,530 Therapeutics - 0.9% 565,925 United Therapeutics Corp.* 30,333,580 Transportation - Marine - 0.5% 329,590 Alexander & Baldwin, Inc.# 16,294,930 Transportation - Railroad - 0.7% 2,171,200 All America Latina Logistica (GDR) 23,510,558 Transportation - Services - 1.9% 612,825 FedEx Corp. 67,655,880 Web Hosting/Design - 1.5% 621,515 Equinix, Inc.* 52,250,766 Web Portals/Internet Service Providers - 2.9% 3,611,665 Yahoo!, Inc.* 102,246,236 Wireless Equipment - 4.5% 3,007,120 Crown Castle International Corp.* 105,730,340 1,523,655 QUALCOMM, Inc. 57,380,847 163,111,187 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $2,587,563,461) 3,374,089,838 ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 2.6% 93,184,977 Janus Institutional Cash Reserves Fund, 5.30% (cost $93,184,977) 93,184,977 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 2.7% 94,738,303 State Street Navigator Securities Lending Prime Portfolio + (cost $94,738,303) 94,738,303 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $2,775,486,741) - 100% $3,562,013,118 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 112,821,340 3.2% Brazil 93,434,471 2.6% Canada 105,379,442 2.9% Italy 121,168,267 3.4% Japan 137,913,252 3.9% Mexico 135,002,719 3.8% Switzerland 375,006,439 10.3% Turkey 23,348,544 0.7% United Kingdom 51,976,899 1.5% United States++ 2,405,961,745 67.7% -------------------------------------------------------------------------------- Total $3,562,013,118 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities(62.4% excluding Short-Term Securities and Other Securities) Forward Currency Contracts, Open Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- British Pound 3/14/07 400,000 $ 785,740 $ (45,368) British Pound 6/8/07 4,600,000 9,030,084 (107,924) -------------------------------------------------------------------------------- Total $ 9,815,824 $ (153,292) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt 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. 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. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ## 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 peroid ended January 31, 2007.
----------------------------------------------------------------------------------------------------------------------------------- Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ----------------------------------------------------------------------------------------------------------------------------------- Janus Orion Fund Dade Behring Holdings, Inc. 1,732,005 $ 67,430,277 -- $ -- $ -- $ 268,366 $ 263,778,731 VistaPrint, Ltd. -- -- -- -- -- -- 112,821,340 ----------------------------------------------------------------------------------------------------------------------------------- $ 67,430,277 $ -- $ -- $ 268,366 $ 376,600,071 -----------------------------------------------------------------------------------------------------------------------------------
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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Orion Fund $ 51,976,899 Janus Overseas Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 94.1% Aerospace and Defense - 1.4% 11,993,004 BAE Systems PLC $ 99,153,623 Agricultural Chemicals - 4.1% 1,898,365 Potash Corporation of Saskatchewan, Inc.# 295,659,702 Agricultural Operations - 4.9% 34,400 BrasilAgro - Companhia Brasileira de Propriedades Agricolas*,**, ## 16,600,363 3,118,121 Bunge, Ltd.**,# 239,939,411 130,988,317 Chaoda Modern Agriculture Holdings, Ltd.# 92,507,356 349,047,130 Audio and Video Products - 4.9% 7,652,700 Sony Corp.# 353,980,077 Automotive - Cars and Light Trucks - 0.3% 367,561 BMW A.G. 22,505,573 Automotive - Truck Parts and Equipment - Original - 0% 144,600 TI Automotive, Ltd.*,**, ## 0 Broadcast Services and Programming - 0.6% 1,558,060 Grupo Televisa S.A. (ADR) 45,900,448 Building - Residential and Commercial - 2.1% 9,679,000 Cyrela Brazil Realty S.A. 89,542,314 2,748,390 Gafisa S.A.* 40,112,092 1,609,500 Rossi Residencial S.A. 17,958,687 147,613,093 Casino Hotels - 0.4% 1,631,775 Melco PBL Entertainment (Macau), Ltd. (ADR)*,# 31,558,529 Cellular Telecommunications - 0.7% 1,147,900 Hikari Tsushin, Inc. 53,815,776 Commercial Banks - 3.1% 1,323,237 Anglo Irish Bank Corporation PLC 26,877,918 1,973,525 Banca Generali S.P.A. (144A)* 29,987,970 30,627,067 Banco De Oro 31,704,109 495,960 Banco De Oro (GDR)* 10,267,825 1,464,225 Banco Macro Bansud S.A. (ADR) 48,319,425 382,905 Julius Baer Holding, Ltd. 46,173,928 2,834,764 Punjab National Bank, Ltd. 32,553,139 225,884,314 Commercial Services - 1.3% 6,385,800 Park24 Company, Ltd.# 92,093,302 Computers - Peripheral Equipment - 0.8% 2,017,099 Logitech International S.A.* 58,244,633 Cosmetics and Toiletries - 1.2% 704,680 LG Household & Health Care, Ltd. 85,878,465 Distribution/Wholesale - 6.1% 11,738,500 Esprit Holdings, Ltd. 119,952,732 99,736,110 Li & Fung, Ltd. 314,423,001 434,375,733 Diversified Financial Services - 0.1% 494,156 Reliance Capital, Ltd. 6,949,414 Diversified Minerals - 4.8% 10,148,295 Companhia Vale do Rio Doce (ADR)# 344,331,649 Diversified Operations - 2.6% 88,157,621 Polytec Asset Holdings, Ltd. ss. 29,451,401 1,767,200 Bradespar S.A. 47,090,944 50,640,000 Melco International Development, Ltd.* 107,761,352 184,303,697 E-Commerce/Products - 1.0% 2,438,376 Submarino S.A. 74,044,986 Electric - Distribution - 0.3% 2,780,900 Equatorial Energia S.A.* 23,828,243 Electronic Components - Semiconductors - 7.9% 72,886,857 ARM Holdings PLC 174,027,780 425,274 Samsung Electronics Company, Ltd. 263,318,573 4,120,613 Silicon-On-Insulator Technologies (SOITEC)* 122,465,954 559,812,307 Energy - Alternate Sources - 2.0% 1,034,765 SunPower Corp. - Class A*,# 45,840,090 2,566,120 Suntech Power Holdings Company, Ltd. (ADR)*,# 94,433,216 140,273,306 Finance - Mortgage Loan Banker - 0.9% 1,619,890 Housing Development Finance Corporation, Ltd. 61,660,042 Food - Diversified - 0.2% 8,103,070 FU JI Food & Catering Services# 17,081,031 Gambling - Non-Hotel - 0.7% 711,900 Great Canadian Gaming Corp.* 7,374,287 1,238,170 OPAP S.A. 46,507,101 53,881,388 Internet Connectivity Services - 0.6% 900,000 NDS Group PLC (ADR)* 42,624,000 Internet Gambling - 1.3% 17,675,851 IG Group Holdings PLC 95,806,114 Investment Companies - 0.8% 7,787,786 SM Investments Corp. 59,089,272 Investment Management and Advisory Services - 0.3% 2,496,132 Bluebay Asset Management* 19,132,365 Medical - Biomedical and Genetic - 1.6% 2,168,395 Celgene Corp.* 116,399,444 Medical - Drugs - 1.1% 420,611 Roche Holding A.G. 79,296,143 Medical Instruments - 0.4% 1,402,874 Elekta AB - Class B# 30,938,315 Multimedia - 2.1% 10,080,402 Publishing & Broadcasting Ltd. 154,596,798 Non-Hazardous Waste Disposal - 0.4% 63,334,512 China Water Affairs Group, Ltd.*,ss. 27,764,673 Oil - Field Services - 1.0% 1,147,833 Technip S.A.# 73,900,881 Oil and Gas Drilling - 2.8% 6,612,137 Nabors Industries, Ltd.*,# 200,215,508 Oil Companies - Exploration and Production - 2.6% 1,453,996 EnCana Corp. 69,746,834 1,620,217 Niko Resources, Ltd. 119,643,828 189,390,662 Oil Companies - Integrated - 2.2% 594,680 Lukoil (ADR) 47,057,016 536,765 Petroleo Brasileiro S.A. (ADR) 52,753,264 745,575 Suncor Energy, Inc. 55,246,550 155,056,830 Oil Refining and Marketing - 5.1% 1,045,875 Petroplus Holdings A.G.* 66,857,285 9,756,730 Reliance Industries, Ltd. 301,862,019 368,719,304 Public Thoroughfares - 1.4% 4,092,800 Companhia de Concessoes Rodoviarias 53,760,090 2,903,400 Obrascon Huarte Lain Brasil S.A.* 43,946,381 97,706,471 Real Estate Management/Services - 0.3% 2,651,200 Sao Carlos Empreendimentos e Participacoes S.A. 22,429,822 Real Estate Operating/Development - 4.7% 114,473,700 Ayala Land, Inc. 41,160,353 4,247,945 Brascan Residential Properties S.A.* 32,998,796 9,180,000 CapitaLand, Ltd. 40,538,690 171,991,000 China Overseas Land & Investment, Ltd. 191,507,220 2,992,955 PDG Realty S.A. Empreendimentos e Participacoes 19,727,111 947,080 Rodobens Negocios Imobiliarios S.A. 10,005,638 335,937,808 Recreational Centers - 0.5% 5,556,108 Orascom Hotels & Development* 39,137,617 Retail - Consumer Electronics - 0.9% 745,000 Yamada Denki Company, Ltd.# 61,970,794 Semiconductor Components/Integrated Circuits - 2.2% 5,783,139 Actions Semiconductor Company, Ltd. (ADR)* 46,265,112 5,060,075 Marvell Technology Group, Ltd.*,# 92,548,772 1,883,360 Vimicro International Corp. (ADR)*,# 17,835,419 156,649,303 Semiconductor Equipment - 1.5% 4,144,941 ASML Holding N.V.*,# 105,520,578 Steel - Producers - 0.6% 4,068,992 Tata Steel, Ltd. 42,830,777 Sugar - 2.0% 5,807,259 Bajaj Hindusthan, Ltd. 22,285,298 1,009,400 Bajaj Hindusthan, Ltd. (GDR) (144A) 3,873,057 13,335,458 Balrampur Chini Mills, Ltd. 20,440,567 5,048,700 Cosan S.A. Industria e Comercio* 96,740,704 456,173 Shree Renuka Sugars, Ltd. 3,464,078 146,803,704 Telecommunication Equipment - Fiber Optics - 1.0% 3,379,220 Corning, Inc.*,# 70,422,945 Telecommunication Services - 3.8% 5,925,995 Amdocs, Ltd. (U.S. Shares)*,# 205,513,507 6,314,808 Reliance Communications, Ltd.* 66,246,598 271,760,105 Transportation - Railroad - 0.5% 3,381,806 All America Latina Logistica (GDR) 36,619,448 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $4,970,390,927) 6,762,596,142 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 0.2% 14,705,233 Janus Institutional Cash Reserves Fund, 5.30% 14,705,233 3,115,500 Janus Money Market Fund, 5.25% 3,115,500 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $17,820,733) 17,820,733 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 5.7% 1,098,062 Foreign Bonds+ 1,098,062 411,948,684 State Street Navigator Securities Lending Prime Portfolio + 411,948,684 ------------------------------------------------------------------------------------------------------------------------------------ Total Other Securities (cost $413,046,746) 413,046,746 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $5,401,258,406) - 100% $7,193,463,621 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Argentina $ 48,319,425 0.6% Australia 154,596,798 2.1% Bermuda 967,079,424 13.6% Brazil 1,022,490,532 14.2% Canada 547,671,201 7.6% Cayman Islands 297,573,535 4.2% Egypt 39,137,617 0.5% France 196,366,835 2.7% Germany 22,505,573 0.3% Greece 46,507,101 0.6% Hong Kong 358,591,774 4.9% India 562,164,989 7.9% Ireland 26,877,918 0.4% Italy 29,987,970 0.4% Japan 561,859,949 7.8% Mexico 45,900,448 0.6% Netherlands 105,520,578 1.5% Philippines 142,221,559 2.0% Russia 47,057,016 0.7% Singapore 40,538,690 0.6% South Korea 349,197,038 5.0% Sweden 30,938,315 0.4% Switzerland 250,571,989 3.4% United Kingdom 636,257,389 8.9% United States++ 663,529,958 9.1% -------------------------------------------------------------------------------- Total $7,193,463,621 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities(3.2% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt GDR Global Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. 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. * Non-income-producing security. ** Security is illiquid. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ## Schedule of Fair Valued Securities as of January 31, 2007 -------------------------------------------------------------------------------- Value as a % of Janus Overseas Fund Value Investment Securities -------------------------------------------------------------------------------- BrasilAgro - Companhia Brasileira de Propriedades Agricolas $ 16,600,363 0.2% TI Automotive, Ltd. -- 0.0% -------------------------------------------------------------------------------- $ 16,600,363 0.2% -------------------------------------------------------------------------------- Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to a systematic fair valuation model. ss. Schedule of Restricted and Illiquid Securities
------------------------------------------------------------------------------------------------------------------------------------ Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Overseas Fund China Water Affairs Group, Ltd. 12/15/06 $22,204,967 $27,764,673 0.4% Polytec Asset Holdings, Ltd. 5/5/06 22,750,354 29,451,401 0.4% ------------------------------------------------------------------------------------------------------------------------------------ $44,955,321 $57,216,074 0.8% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. ### 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 peroid ended January 31, 2007.
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Overseas Fund Actions Semiconductor Company, Ltd. (ADR) 1,680,624 $ 13,922,491 -- $ -- $ -- $ -- $ 46,265,112 Balrampur Chini Mills, Ltd. -- -- -- -- -- 448,351 20,440,567 BrasilAgro - Companhia Brasileira de Propriedades Agricolas -- -- -- -- -- -- 16,600,363 Chaoda Modern Agriculture Holdings, Ltd. 8,460,000 5,120,189 -- -- -- 1,790,212 92,507,356 China Water Affairs Group, Ltd. -- -- -- -- -- -- 27,764,673 Cosan S.A. Industria e Comercio -- -- -- -- -- -- 96,740,704 IG Group Holdings PLC -- -- -- -- -- 693,742 95,806,114 NDS Group PLC (ADR) 900,000 42,779,391 -- -- -- -- 42,624,000 Polytec Asset Holdings, Ltd. -- -- -- -- -- -- 29,451,401 Sao Carlos Empreendimentos e Participacoes S.A 2,651,200 24,009,139 -- -- -- -- 22,429,822 Silicon-On-Insulator Technologies (SOITEC) 2,553,786 84,020,488 -- -- -- -- 122,465,954 SunPower Corp. - Class A 1,034,765 39,112,408 -- -- -- -- 45,840,090 Vimicro International Corp. (ADR) 1,500,600 15,562,001 -- -- -- -- 17,835,419 ------------------------------------------------------------------------------------------------------------------------------------ $224,526,107 $ -- $ -- $ 2,932,305 $676,771,575 ------------------------------------------------------------------------------------------------------------------------------------
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 January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Overseas Fund $ 2,362,365 Janus Research Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 90.8% Advertising Sales - 0.6% 416,910 Lamar Advertising Co.* $ 27,632,795 Aerospace and Defense - 2.3% 3,041,805 BAE Systems PLC** 25,148,494 571,870 Boeing Co. 51,216,677 525,385 Embraer-Empresa Brasileira de Aeronautica S.A. (ADR) 21,304,362 97,669,533 Agricultural Chemicals - 0.6% 160,615 Potash Corporation of Saskatchewan, Inc. (U.S. Shares)** 25,060,758 Agricultural Operations - 1.0% 535,245 Bunge, Ltd. # 41,187,103 Applications Software - 0.9% 1,691,735 Red Hat, Inc.*,# 38,453,137 Audio and Video Products - 1.0% 892,400 Sony Corp.** 41,278,480 Automotive - Cars and Light Trucks - 1.7% 416,021 BMW A.G.** 25,472,754 317,262 Hyundai Motor Company, Ltd.** 22,710,129 1,907,400 Nissan Motor Company, Ltd.** 23,842,582 72,025,465 Brewery - 0.5% 331,738 Interbrew S.A.** 21,389,320 Broadcast Services and Programming - 1.6% 1,237,495 Grupo Televisa S.A. (ADR) 36,456,603 1,061,790 Liberty Global, Inc. - Class A* 31,917,407 68,374,010 Building - Residential and Commercial - 1.8% 113,595 NVR, Inc.*,# 78,666,809 Casino Hotels - 1.4% 377,005 Harrah's Entertainment, Inc. 31,849,382 358,455 Station Casinos, Inc. 29,823,456 61,672,838 Casino Services - 0.8% 1,090,105 Scientific Games Corp. - Class A*,# 33,836,859 Cellular Telecommunications - 0.3% 312,000 Hikari Tsushin, Inc.** 14,627,165 Commercial Banks - 0.2% 228,160 SVB Financial Group*,# 10,643,664 Commercial Services - 0.5% 1,454,700 Park24 Company, Ltd.** 20,979,067 Commercial Services - Finance - 1.0% 1,060,700 Paychex, Inc. 42,438,607 Computer Services - 1.2% 1,786,425 Ceridian Corp.* 53,539,157 Computers - 1.5% 752,385 Apple Inc.*,** 64,501,966 Computers - Memory Devices - 2.0% 4,206,850 EMC Corp.* 58,853,832 710,425 SanDisk Corp.*,# 28,559,085 87,412,917 Consumer Products - Miscellaneous - 1.0% 634,900 Kimberly-Clark Corp. 44,062,060 Containers - Metal and Glass - 3.2% 1,061,003 Ball Corp. 49,145,659 3,989,690 Owens-Illinois, Inc.* 88,810,499 137,956,158 Cosmetics and Toiletries - 1.9% 1,142,885 Avon Products, Inc. 39,303,815 666,905 Procter & Gamble Co. 43,262,128 82,565,943 Data Processing and Management - 0.7% 838,100 NAVTEQ Corp.*,# 29,735,788 Diagnostic Kits - 0.8% 815,235 Dade Behring Holdings, Inc. 34,305,089 Distribution/Wholesale - 0.5% 2,178,500 Esprit Holdings, Ltd. 22,261,535 Diversified Minerals - 1.4% 1,835,060 Companhia Vale do Rio Doce (ADR) 62,263,586 Diversified Operations - 2.1% 2,526,025 General Electric Co. 91,063,201 Drug Delivery Systems - 0.9% 1,037,730 Hospira, Inc.* 38,167,709 E-Commerce/Products - 0.4% 540,045 Submarino S.A. 16,399,286 Electronic Components - Semiconductors - 4.5% 15,970,101 ARM Holdings PLC** 38,130,897 1,182,980 Microsemi Corp.*,# 21,530,236 54,307 Samsung Electronics Company, Ltd.** 33,625,479 1,435,405 SiRF Technology Holdings, Inc.* 42,143,490 1,837,550 Texas Instruments, Inc. 57,313,184 192,743,286 Electronic Forms - 1.0% 1,105,110 Adobe Systems, Inc.* 42,955,626 Energy - Alternate Sources - 0.9% 1,088,580 Suntech Power Holdings Company, Ltd. (ADR)*,# 40,059,744 Entertainment Software - 1.5% 1,134,940 Activision, Inc.* 19,328,028 913,504 Electronic Arts, Inc.* 45,675,200 65,003,228 Finance - Consumer Loans - 0.4% 417,605 SLM Corp. 19,193,126 Finance - Credit Card - 0.8% 596,830 American Express Co. 34,747,443 Finance - Investment Bankers/Brokers - 2.6% 671,115 JP Morgan Chase & Co. 34,179,887 362,775 Merrill Lynch & Company, Inc. 33,941,229 1,262,460 optionsXpress Holdings, Inc. 29,983,425 210,910 UBS A.G. (U.S. Shares) ** 13,289,439 111,393,980 Finance - Mortgage Loan Banker - 0.7% 518,195 Fannie Mae 29,293,563 Food - Retail - 0.8% 276,809 Metro A.G.** 18,959,608 2,022,397 Tesco PLC** 16,649,053 35,608,661 Food - Wholesale/Distribution - 1.0% 1,220,825 Sysco Corp. # 42,179,504 Independent Power Producer - 0.9% 627,521 NRG Energy, Inc.*,# 37,607,334 Industrial Automation and Robotics - 1.1% 802,325 Rockwell Automation, Inc. 49,110,313 Insurance Brokers - 0.4% 553,455 Marsh & McLennan Companies, Inc. 16,326,923 Investment Management and Advisory Services - 0.7% 634,405 National Financial Partners Corp. 31,149,286 Medical - Biomedical and Genetic - 1.3% 1,047,687 Celgene Corp.* 56,239,838 Medical - Drugs - 4.0% 752,903 Cubist Pharmaceuticals, Inc.* 13,853,415 898,740 Merck & Company, Inc. 40,218,615 584,362 Novartis A.G.** 33,741,708 268,334 Roche Holding A.G.** 50,587,957 387,752 Sanofi-Aventis **,# 34,249,011 172,650,706 Medical - HMO - 1.2% 1,041,297 Coventry Health Care, Inc.* 53,678,860 Medical - Nursing Homes - 1.0% 775,520 Manor Care, Inc. 41,288,685 Medical Instruments - 1.7% 345,285 Intuitive Surgical, Inc.* 33,979,497 939,905 St. Jude Medical, Inc.* 40,190,338 74,169,835 Medical Products - 0.8% 742,665 Varian Medical Systems, Inc.* 34,259,136 Metal Processors and Fabricators - 1.0% 490,825 Precision Castparts Corp. # 43,629,434 Oil and Gas Drilling - 0.5% 785,860 Nabors Industries, Ltd.*,# 23,795,841 Oil Companies - Exploration and Production - 1.8% 416,446 Apache Corp. 30,388,064 380,241 EnCana Corp.** 18,239,807 34,650 EnCana Corp. (U.S. Shares)** 1,664,240 396,184 EOG Resources, Inc. # 27,388,200 77,680,311 Oil Companies - Integrated - 0.7% 577,671 Hess Corp. 31,188,457 Oil Refining and Marketing - 1.2% 874,965 Reliance Industries, Ltd. 27,070,412 452,295 Valero Energy Corp. 24,550,573 51,620,985 Real Estate Operating/Development - 0.9% 8,513,000 CapitaLand, Ltd. # 37,593,232 Reinsurance - 0.9% 10,266 Berkshire Hathaway, Inc. - Class B*,# 37,649,015 Respiratory Products - 0.9% 911,125 Respironics, Inc.* 38,813,925 Retail - Apparel and Shoe - 2.8% 586,630 Abercrombie & Fitch Co. - Class A 46,660,550 416,450 Industria de Diseno Textil S.A. **,# 23,713,869 952,325 Nordstrom, Inc. 53,054,026 123,428,445 Retail - Building Products - 0.6% 791,640 Lowe's Companies, Inc. 26,686,184 Retail - Computer Equipment - 0.5% 421,200 GameStop Corp. - Class A*,# 22,504,716 Retail - Consumer Electronics - 1.3% 716,615 Best Buy Company, Inc. 36,117,396 259,580 Yamada Denki Company, Ltd.** 21,592,455 57,709,851 Retail - Drug Store - 1.2% 1,596,455 CVS Corp. 53,720,711 Retail - Pet Food and Supplies - 0.6% 853,810 PETsMART, Inc. 26,075,357 Retail - Restaurants - 0.6% 446,915 Chipotle Mexican Grill, Inc. - Class A*,# 26,555,689 Semiconductor Components/Integrated Circuits - 1.4% 3,264,245 Cypress Semiconductor Corp.*,# 60,225,320 Semiconductor Equipment - 0.6% 1,056,935 ASM Lithography Holding N.V. (U.S. Shares)*,**,# 26,972,981 Soap and Cleaning Preparations - 0.4% 385,790 Reckitt Benckiser PLC** 18,614,047 Telecommunication Equipment - Fiber Optics - 1.3% 2,714,555 Corning, Inc.* 56,571,326 Telecommunication Services - 1.7% 691,000 Amdocs, Ltd. (U.S. Shares)*,** 23,963,880 731,660 SAVVIS, Inc.* 32,793,001 786,728 Time Warner Telecom, Inc. - Class A* 18,315,028 75,071,909 Television - 0.7% 2,652,641 British Sky Broadcasting Group PLC **,# 28,459,359 Therapeutics - 2.3% 930,735 Amylin Pharmaceuticals, Inc.* 36,093,903 507,775 Gilead Sciences, Inc.* 32,660,088 551,568 United Therapeutics Corp.* 29,564,045 98,318,036 Tobacco - 1.1% 561,320 Altria Group, Inc. 49,053,755 Transportation - Services - 1.0% 606,300 United Parcel Service, Inc. - Class B 43,823,364 Transportation - Truck - 0.6% 652,315 Landstar System, Inc. 27,586,401 Web Hosting/Design - 0.0% 23,006 Equinix, Inc.* 1,934,114 Web Portals/Internet Service Providers - 0.9% 1,342,070 Yahoo!, Inc.*,# 37,994,002 Wireless Equipment - 2.2% 930,210 Crown Castle International Corp.* 32,706,184 1,679,535 QUALCOMM, Inc. 63,251,288 95,957,472 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $3,424,544,688) 3,939,063,321 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 1.1% 22,717,800 Janus Institutional Cash Reserves Fund, 5.30% 22,717,800 23,294,200 Janus Money Market Fund, 5.25% 23,294,200 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $46,012,000) 46,012,000 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 8.1% 22,502,564 Foreign Bonds + 22,502,564 328,532,863 State Street Navigator Securities Lending Prime Portfolio + 328,532,863 ------------------------------------------------------------------------------------------------------------------------------------ Total Other Securities (cost $351,035,427) 351,035,427 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $3,821,592,115) - 100% $4,336,110,748 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities ------------------------------------------------------------------------------- Belgium $ 21,389,320 0.5% Bermuda 87,244,479 2.0 Brazil 99,967,234 2.3 Canada 44,964,805 1.0 Cayman Islands 40,059,744 0.9 France 34,249,011 0.8 Germany 44,432,362 1.0 India 27,070,412 0.6 Japan 122,319,749 2.8 Mexico 36,456,603 0.8 Netherlands 26,972,981 0.6 Singapore 37,593,232 0.9 South Korea 56,335,608 1.3 Spain 23,713,869 0.6 Switzerland 97,619,104 2.3 United Kingdom 150,965,730 3.5 United States ++ 3,384,756,505 78.1 ------------------------------------------------------------------------------- Total $4,336,110,748 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities (68.9% excluding Short-Term Securities and Other Securities) Forward Currency Contracts Open January 31, 2007 (unaudited) Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in $U.S. Gain/(Loss) -------------------------------------------------------------------------------- British Pound 3/15/07 13,000,000 $ 25,536,462 $ (1,269,232) British Pound 6/8/07 7,000,000 13,741,432 (164,232) Canadian Dollar 6/8/07 11,250,000 9,598,239 (25,400) Euro 3/15/07 4,500,000 5,875,458 (189,484) Euro 4/18/07 41,080,000 53,713,103 (180,523) Japanese Yen 3/14/07 3,350,000,000 28,049,218 1,383,669 South Korean Won 3/15/07 20,650,000,000 21,970,150 (338,052) Swiss Franc 6/8/07 34,300,000 27,888,497 65,864 -------------------------------------------------------------------------------- Total $ 186,372,559 $ (717,390) Schedule of Written Options-Calls (unaudited) Value -------------------------------------------------------------------------------- Apple, Inc. expires April 2007 7,520 contracts Exercise price $100.00.................................$(1,278,400) -------------------------------------------------------------------------------- Total Written Options-Calls -------------------------------------------------------------------------------- 7,520 Contracts........................................$(1,278,400) (Premiums received $5,041,478) -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Research Fund $ 624,560,473 Janus Short-Term Bond Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 22.3% Apparel Manufacturers - 0.5% $ 1,025,000 Hanesbrands, Inc., 8.735%, senior notes, due 12/15/14 (144A)*** $ 1,053,188 Automotive - Cars and Light Trucks - 0.2% 460,000 General Motors Corp., 7.745%, bank loan, due 11/29/13*** 463,625 Brewery - 0.8% 1,620,000 SABMiller PLC, 5.66%, company guaranteed notes, due 7/1/09 (144A)*** 1,621,782 Cable Television - 0.6% 1,365,000 Comcast Corp., 5.66%, company guaranteed notes, due 7/14/09*** 1,368,257 Casino Services - 0.8% 1,638,685 Wimar Opco, LLC., 0%, bank loan, due 1/3/12*** 1,657,694 Cellular Telecommunications - 0.4% 850,000 Rogers Wireless Communications, Inc., 8.485%, secured notes, due 12/15/10*** 867,000 Diversified Financial Services - 1.7% 3,735,000 General Electric Capital Corp., 3.50%, notes, due 8/15/07** 3,701,770 Diversified Operations - Commercial Services - 0.4% 820,000 Aramark Corp., 8.86%, senior notes, due 2/1/15 (144A)*** 836,400 Educational Software - 0.6% 1,365,000 Riverdeep Interactive Learning, 8.09563%, bank loan, due 12/20/13*** 1,377,626 Electronic Components - Semiconductors - 2.6% 1,450,304 Advanced Micro Devices, Inc., 7.62%, bank loan, due 12/31/13*** 1,461,456 422,000 Freescale Semiconductor, Inc., 7.3694%, bank loan, due 12/2/13*** 424,638 2,465,000 Freescale Semiconductor, Inc., 9.2444%, senior notes, due 12/15/14 (144A)*** 2,452,674 1,316,000 Spansion LLC, 8.37531%, bank loan, due 11/1/12*** 1,321,488 5,660,256 Finance - Investment Bankers/Brokers - 2.3% 3,280,000 Citigroup, Inc., 3.50%, notes, due 2/1/08 3,221,691 1,643,000 Morgan Stanley, 5.61%, senior unsecured notes, due 1/9/12*** 1,647,323 4,869,014 Independent Power Producer - 0.7% 1,099,807 NRG Energy, Inc., 7.36375%, bank loan, due 2/1/13*** 1,109,320 485,240 NRG Energy, Inc., 7.36375%, bank loan, due 2/1/13*** 488,729 1,598,049 Medical - Hospitals - 0.6% 1,243,000 HCA, Inc., 8.11375%, bank loan, due 11/18/13*** 1,254,746 Office Automation and Equipment - 0.8% 1,640,000 Xerox Corp., 6.11063%, senior unsecured notes, due 12/18/09*** 1,656,400 Oil Companies - Integrated - 0.8% 1,620,000 ConocoPhillips, 5.36%, company guaranteed notes, due 4/11/07*** 1,620,076 Photo Equipment and Supplies - 0.7% 81,854 Eastman Kodak Co., 0%, bank loan, due 10/18/12*** 82,033 38,963 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12*** 39,048 383,355 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12*** 384,195 459,481 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12*** 460,487 452,963 Eastman Kodak Co., 7.57%, bank loan, due 10/18/12*** 453,955 1,419,718 Pipelines - 0.8% 1,815,000 Enterprise Products Operating L.P., 4.00%, senior notes, due 10/15/07 1,794,400 Poultry - 0.6% 1,230,000 Pilgrims Pride, Corp., 7.625%, senior notes, due 5/1/15 1,217,700 Publishing - Periodicals - 0.4% 918,000 Idearc, Inc., 7.33%, bank loan, due 11/17/14*** 925,050 Reinsurance - 1.7% 3,695,000 Berkshire Hathaway, Inc., 3.375%, notes, due 10/15/08 3,578,855 Retail - Computer Equipment - 0.1% 275,000 GameStop Corp., 9.235%, company guaranteed notes, due 10/1/11*** 285,313 Retail - Pet Food and Supplies - 0.3% 362,500 Petco Animal Supplies, Inc., 8.095%, bank loan, due 10/25/13*** 365,748 362,500 Petco Animal Supplies, Inc., 8.11%, bank loan, due 10/25/13*** 365,748 Retail - Restaurants - 0.4% 825,000 Sbarro, Inc., 0%, bank loan, due 1/31/14*** 829,125 Rubber - Tires - 1.0% 1,785,000 Goodyear Tire & Rubber Co., 8.50%, notes, due 3/15/07 1,785,000 305,000 Goodyear Tire & Rubber Co., 9.14%, senior notes, due 12/1/09 (144A)*** 307,288 2,092,288 Satellite Telecommunications - 0.9% 1,110,000 INTELSAT Bermuda, Ltd., 0%, bank loan, due 2/1/14*** 1,117,637 820,000 INTELSAT Bermuda, Ltd., 8.87188%, senior notes, due 1/15/15 (144A)*** 834,350 1,951,987 Specified Purpose Acquisition Company - 0.2% 467,875 Solar Capital Corp., 7.87531%, bank loan, due 2/11/13*** 471,889 Telecommunication Services - 0.4% 880,000 Verizon Global Funding Corp., 4.00%, senior unsecured notes, due 1/15/08 868,709 Telephone - Integrated - 0.6% 1,305,000 Mountain States Telephone & Telegraph Co., 6.00%, debentures, due 8/1/07 1,298,475 Transportation - Railroad - 0.4% 820,000 Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V., 12.50% senior notes, due 6/15/12 885,600 ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $47,970,353) 47,956,488 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Government Agency Notes - 0.9% 1,880,000 Federal Home Loan Bank System, 3.75%, due 5/15/07 (cost $1,878,043) 1,871,431 ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes/Bonds - 54.4% 175,000 U.S. Treasury Notes, 3.625%, due 4/30/07# 174,371 410,000 U.S. Treasury Notes, 3.875%, due 7/31/07# 407,565 9,065,000 U.S. Treasury Notes, 3.00%, due 11/15/07# 8,919,461 9,580,000 U.S. Treasury Notes, 4.375%, due 1/31/08# 9,516,379 1,700,000 U.S. Treasury Notes, 4.625%, due 2/29/08# 1,692,430 10,175,000 U.S. Treasury Notes, 4.625%, due 3/31/08# 10,127,300 3,255,000 U.S. Treasury Notes, 4.875%, due 4/30/08# 3,249,024 1,060,000 U.S. Treasury Notes, 3.75%, due 5/15/08# 1,043,520 580,000 U.S. Treasury Notes, 4.875%, due 5/31/08# 578,958 3,380,000 U.S. Treasury Notes, 5.00%, due 7/31/08# 3,380,395 820,000 U.S. Treasury Notes, 4.875%, due 8/31/08# 818,431 3,375,000 U.S. Treasury Notes, 4.625%, due 9/30/08# 3,356,542 6,080,000 U.S. Treasury Notes, 4.875%, due 10/31/08# 6,070,260 2,950,000 U.S. Treasury Notes, 4.375%, due 11/15/08# 2,920,845 14,292,000 U.S. Treasury Bonds, 4.75%, due 12/31/08# 14,245,108 12,150,000 U.S. Treasury Bonds, 4.875%, due 1/31/09 12,137,656 15,985,000 U.S. Treasury Notes, 4.50%, due 2/15/09# 15,853,252 2,640,000 U.S. Treasury Notes, 4.00%, due 6/15/09# 2,588,129 2,422,000 U.S. Treasury Notes, 3.50%, due 8/15/09 2,342,907 17,765,000 U.S. Treasury Bonds, 4.625%, due 11/15/09# 17,654,661 ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes/Bonds (cost $117,502,261) 117,077,194 ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 1.6% 3,538,947 Janus Institutional Cash Reserves Fund, 5.30% (cost $3,538,947) 3,538,947 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 20.2% 43,462,446 State Street Navigator Securities Lending Prime Portfolio+ (cost $43,462,446) 43,462,446 ------------------------------------------------------------------------------------------------------------------------------------ Short-Term Taxable Variable Rate Demand Notes - 0.6% 1,217,425 California Infrastructure and Economic Development Bank Industrial Revenue, Series B, 5.42%, 4/1/24 (cost $1,217,425) 1,217,425 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $215,569,475) - 100% $215,123,931 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments by Country January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 834,350 0.4% Canada 867,000 0.4% Mexico 885,600 0.4% United Kingdom 1,621,782 0.8% United States++ 210,915,199 98.0% -------------------------------------------------------------------------------- Total $215,123,931 100.0% ============ ===== ++ Includes Short-Term and Other Securities (76.2% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) 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. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates. *** Rate is subject to change. Rate shown reflects current rate. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Short-Term Bond Fund $ 1,139,768 The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Janus Small Cap Value Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 78.2% Agricultural Chemicals - 2.1% 1,900,000 UAP Holding Corp.# $ 47,595,000 Automotive - Medium and Heavy Duty Trucks - 0.4% 550,000 A.S.V., Inc.*,# 9,322,500 Building - Mobile Home and Manufactured Homes - 0.5% 800,000 Monaco Coach Corp.# 12,064,000 Building - Residential and Commercial - 0.2% 153,900 Standard Pacific Corp.# 4,223,016 Building and Construction Products - Miscellaneous - 0.7% 567,500 Trex Company, Inc.*,# 15,186,300 Chemicals - Specialty - 3.6% 2,100,000 Chemtura Corp.# 24,192,000 1,400,000 Ferro Corp.# 29,834,000 500,000 Lubrizol Corp. 25,760,000 79,786,000 Coal - 0.3% 210,000 Arch Coal, Inc.# 6,241,200 Commercial Banks - 5.9% 1,900,000 F.N.B. Corp.# 33,421,000 1,150,000 First Charter Corp.# 27,657,500 1,750,010 First Financial Bancorp.# 28,752,664 250,000 First Midwest Bancorp, Inc.# 9,385,000 1,450,000 Old National Bancorp# 27,173,000 200,000 Susquehanna Bancshares, Inc.# 5,048,000 131,437,164 Computer Services - 0.5% 450,000 Covansys Corp.* 10,156,500 Computers - Integrated Systems - 0.3% 325,000 Jack Henry & Associates, Inc.# 6,935,500 Consulting Services - 0.3% 250,000 MAXIMUS, Inc. 7,537,500 Decision Support Software - 0.4% 879,400 Wind River Systems, Inc.*,# 8,723,648 Distribution/Wholesale - 0.7% 400,000 Tech Data Corp.* 14,856,000 Diversified Operations - 1.4% 275,000 A.O. Smith Corp.# 10,546,250 1,250,000 Federal Signal Corp.# 20,525,000 31,071,250 Electric Products - Miscellaneous - 0.7% 498,800 Littelfuse, Inc.*,# 15,657,332 Electronic Components - Miscellaneous - 0.9% 600,000 Methode Electronics, Inc. 6,606,000 1,045,000 Vishay Intertechnology, Inc.*,# 13,731,300 20,337,300 Electronic Components - Semiconductors - 1.8% 454,900 Cree, Inc.*,# 6,996,362 1,000,000 OmniVision Technologies, Inc.*,# 11,540,000 400,000 QLogic Corp.* 7,320,000 1,100,000 Semtech Corp.*,# 15,070,000 40,926,362 Electronic Measuring Instruments - 0.9% 285,600 Molecular Devices Corp.* 10,047,408 450,000 Orbotech, Ltd.* 10,773,000 20,820,408 Engineering - Research and Development Services - 1.2% 600,000 URS Corp.* 25,782,000 Engines - Internal Combustion - 0.9% 650,000 Briggs & Stratton Corp.# 19,266,000 Enterprise Software/Services - 0.6% 299,980 Hyperion Solutions Corp.* 12,665,156 E-Services/Consulting - 0.5% 550,000 Websense, Inc.*,# 11,907,500 Fiduciary Banks - 0.3% 199,400 Boston Private Financial Holdings, Inc. 5,766,648 Finance - Investment Bankers/Brokers - 0.8% 600,000 KBW, Inc.* 17,490,000 Food - Retail - 1.1% 875,000 Ruddick Corp.# 24,325,000 Footwear and Related Apparel - 1.5% 1,100,000 Wolverine World Wide, Inc.# 33,847,000 Industrial Automation and Robotics - 0.7% 684,300 Cognex Corp.# 14,931,426 Instruments - Scientific - 1.1% 675,000 PerkinElmer, Inc. 16,112,250 150,000 Varian, Inc.* 8,026,500 24,138,750 Internet Infrastructure Equipment - 0.8% 500,000 Avocent Corp.*,# 17,270,000 Investment Management and Advisory Services - 1.8% 1,600,000 Waddell & Reed Financial, Inc. - Class A 41,072,000 Lasers - Systems and Components - 0.7% 770,000 Electro Scientific Industries, Inc.*,# 16,162,300 Machinery - General Industrial - 1.6% 1,050,000 Albany International Corp. - Class A# 35,637,000 Medical - Generic Drugs - 1.5% 2,000,000 Perrigo Co. 34,560,000 Medical Information Systems - 0.9% 440,000 Computer Programs and Systems, Inc.#,** 13,970,000 600,000 Dendrite International, Inc.* 6,546,000 20,516,000 Medical Products - 0.6% 350,000 Invacare Corp.# 7,556,500 250,000 Wright Medical Group, Inc.*,# 5,472,500 13,029,000 Medical Sterilization Products - 1.3% 1,106,100 Steris Corp.# 28,581,624 Metal Processors and Fabricators - 1.5% 800,000 Kaydon Corp.# 34,480,000 Multi-Line Insurance - 2.2% 2,250,000 Old Republic International Corp. 50,175,000 Networking Products - 0.3% 400,000 Foundry Networks, Inc.*,# 5,788,000 Office Furnishings - Original - 0.8% 390,300 HNI Corp.# 18,945,162 Oil Companies - Exploration and Production - 7.1% 350,000 Bill Barrett Corp.* 10,815,000 800,000 Bois d'Arc Energy, Inc.*,# 12,288,000 1,150,000 Compton Petroleum Corp.* 11,071,975 1,550,000 Edge Petroleum Corp.*,#,** 22,955,500 500,000 Encore Acquisition Co.*,# 12,975,000 800,000 Forest Oil Corp.* 25,536,000 250,000 Newfield Exploration Co.* 10,702,500 1,000,000 Petrohawk Energy Corp.*,# 11,540,000 525,000 Quest Resource Corp.*,# 4,756,500 950,000 St. Mary Land & Exploration Co.# 34,190,501 156,830,976 Paper and Related Products - 2.7% 1,400,000 Glatfelter# 22,666,000 378,938 Potlatch Corp.# 17,889,663 450,000 Rayonier, Inc. 19,440,000 84,768 Wausau Paper Corp.# 1,207,096 61,202,759 Physician Practice Management - 0.2% 168,600 Matria Healthcare, Inc.*,# 4,658,418 Pipelines - 1.8% 175,000 Magellan Midstream Partners, L.P.# 7,316,750 57,850 Markwest Energy Partners L.P.# 3,615,625 300,000 Regency Energy Partners L.P.# 8,472,000 532,800 Williams Partners L.P.# 21,860,784 41,265,159 Property and Casualty Insurance - 1.3% 900,000 Bristol West Holdings, Inc. 14,913,000 275,000 RLI Corp. 15,218,500 30,131,500 Publishing - Books - 0.6% 350,000 Scholastic Corp.*,# 12,372,500 Radio - 1.1% 900,000 Entercom Communications Corp.# 25,371,000 REIT - Manufactured Homes - 1.0% 425,000 Equity Lifestyle Properties, Inc.# 23,472,750 REIT - Storage - 0.5% 500,000 U-Store-It Trust# 10,985,000 REIT - Warehouse and Industrial - 0.5% 200,000 EastGroup Properties, Inc. 10,948,000 Retail - Apparel and Shoe - 1.3% 800,000 Finish Line (The), Inc. - Class A# 10,216,000 450,000 Foot Locker, Inc.# 10,098,000 400,000 Kenneth Cole Productions, Inc.# 9,472,000 29,786,000 Retail - Convenience Stores - 2.2% 1,900,000 Casey's General Stores, Inc. 48,488,000 Retail - Discount - 0.3% 450,000 Tuesday Morning Corp.# 7,497,000 Retail - Mail Order - 0.6% 400,000 Williams-Sonoma, Inc.# 14,000,000 Retail - Propane Distribution - 1.4% 1,000,000 Inergy L.P.# 30,910,000 Retail - Restaurants - 0.4% 471,700 The Steak n Shake Co.*,# 8,320,788 Rubber - Tires - 0.5% 700,000 Cooper Tire & Rubber Co.# 11,193,000 Savings/Loan/Thrifts - 4.3% 1,000,000 Brookline Bancorp, Inc.# 13,310,000 1,800,000 Dime Community Bancshares# 24,174,000 1,100,000 First Niagara Financial Group, Inc.# 15,939,000 1,320,000 Flushing Financial Corp.#,** 23,086,800 1,100,000 Provident Financial Services, Inc.# 20,020,000 96,529,800 Semiconductor Equipment - 0.4% 650,000 Teradyne, Inc.*,# 9,685,000 Telecommunication Equipment - 0.3% 350,000 Harris Stratex Networks# 7,693,000 Telecommunication Services - 0.8% 1,900,000 Premiere Global Services, Inc.*,# 17,974,000 Transportation - Railroad - 1.9% 1,400,000 Kansas City Southern*,# 42,084,000 Transportation - Services - 1.5% 1,150,000 Laidlaw International, Inc. 34,166,500 Transportation - Truck - 1.2% 260,955 Celadon Group, Inc.* 4,381,434 500,000 J.B. Hunt Transport Services, Inc.# 12,565,000 500,000 Knight Transportation, Inc.# 9,400,000 26,346,434 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $1,418,115,694) 1,751,124,130 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 5.3% 71,570,407 Janus Institutional Cash Reserves Fund, 5.30% 71,570,407 46,088,246 Janus Money Market Fund, 5.25% 46,088,246 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $117,658,653) 117,658,653 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 16.5% 369,830,323 State Street Navigator Securities Lending Prime Portfolio+ (cost $369,830,323) 369,830,323 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $1,905,604,670) - 100% $2,238,613,106 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Canada 11,071,975 0.5% Israel 10,773,000 0.5% United States++ 2,216,768,131 99.0% -------------------------------------------------------------------------------- Total $2,238,613,106 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities (77.2% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust * Non-income-producing security. # Loaned security; a portion or all of the security is on loan at January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. ** 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 fiscal year ended January 31, 2007.
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Small Cap Value Fund Computer Programs and Systems, Inc 240,000 $ 8,100,793 -- $ -- $ -- $ 72,000 $ 13,970,000 Edge Petroleum Corp. 450,000 6,283,340 -- -- -- - 22,955,500 Flushing Financial Corp. -- -- -- -- -- 145,200 23,086,800 ------------------------------------------------------------------------------------------------------------------------------------ $14,384,133 $ -- $ -- $ 217,200 $ 60,012,300 ------------------------------------------------------------------------------------------------------------------------------------
Janus Smart Portfolio - Conservative Schedule of Investments (unaudited)
Shares Value ------------------------------------------------------------------------------------------------------------------------------------ Mutual Funds(1) - 100.0% Equity Funds - 42.3% 161,279 Janus Adviser INTECH Risk-Managed Growth Fund - I Shares $ 2,314,355 195,527 Janus Adviser INTECH Risk-Managed Value Fund - I Shares 2,313,079 69,948 Janus Contrarian Fund 1,235,985 35,966 Janus Growth and Income Fund 1,379,999 87,528 Janus Orion Fund 893,656 59,483 Janus Overseas Fund 2,776,054 33,946 Janus Research Fund 883,612 11,796,740 Fixed-Income Funds - 57.7% 1,360,030 Janus Flexible Bond Fund 12,757,076 85,369 Janus High-Yield Fund 843,450 874,108 Janus Short-Term Bond Fund 2,517,431 16,117,957 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $26,753,156) - 100% $ 27,914,697 ------------------------------------------------------------------------------------------------------------------------------------
(1) The Portfolio invests in mutual funds within the Janus family of funds and they may be deemed to be under common control because they share the same Board of Trustees. Janus Smart Portfolio - Growth Schedule of Investments (unaudited)
Shares Value ------------------------------------------------------------------------------------------------------------------------------------ Mutual Funds (1) - 100.0% Equity Funds - 81.1% 967,405 Janus Adviser INTECH Risk-Managed Growth Fund - I Shares $ 13,882,262 1,174,262 Janus Adviser INTECH Risk-Managed Value Fund - I Shares 13,891,517 256,931 Janus Growth and Income Fund 9,858,438 518,094 Janus Orion Fund 5,289,740 538,519 Janus Overseas Fund 25,132,704 281,590 Janus Research Fund 7,329,794 149,278 Janus Twenty Fund 8,290,917 83,675,372 Fixed-Income Funds - 18.9% 1,757,083 Janus Flexible Bond Fund 16,481,442 304,261 Janus High-Yield Fund 3,006,098 19,487,540 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $95,762,243) - 100% $ 103,162,912 ------------------------------------------------------------------------------------------------------------------------------------
(1) The Portfolio invests in mutual funds within the Janus family of funds, and they may be deemed to be under common control because they share the same Board of Trustees. Janus Smart Portfolio - Moderate Schedule of Investments (unaudited)
Shares Value ------------------------------------------------------------------------------------------------------------------------------------ Mutual Funds(1) - 100.0% Equity Funds - 61.8% 568,502 Janus Adviser INTECH Risk-Managed Growth Fund - I Shares $ 8,158,005 627,461 Janus Adviser INTECH Risk-Managed Value Fund - I Shares 7,422,866 203,522 Janus Growth and Income Fund 7,809,130 224,535 Janus Orion Fund 2,292,505 288,404 Janus Overseas Fund 13,459,817 116,080 Janus Research Fund 3,021,564 53,894 Janus Twenty Fund 2,993,296 45,157,183 Fixed Income Funds - 38.2% 2,379,885 Janus Flexible Bond Fund 22,323,317 219,238 Janus High-Yield Fund 2,166,074 1,209,040 Janus Short-Term Bond Fund 3,482,034 27,971,425 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $68,968,979) - 100% $ 73,128,608 ------------------------------------------------------------------------------------------------------------------------------------
(1) The Portfolio may invest in mutual funds within the Janus family of funds, and they may be deemed to be under common control because they share the same Board of Trustees. Janus Tax-Exempt Money Market Fund Schedule of Investments (unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Municipal Securities - 100% Colorado - 26.5% $ 800,000 Arvada, Colorado, Variable Rate, 2.00%, 11/1/20 $ 800,000 1,540,000 Aurora, Colorado, Centretech Metropolitan District, Series A, Variable Rate, 2.30%, 12/1/28 1,540,000 3,000,000 Brighton Crossing Metropolitan District No.4, Variable Rate, 2.01%, 12/1/34 3,000,000 7,000,000 Colorado Educational and Cultural Facilities Authority Revenue, (California Baptist University Project), Variable Rate, 2.53%, 9/1/35 7,000,000 1,990,000 Commerce City, Colorado, Northern Infrastructure General Improvement District, Variable Rate, 3.61%, 12/1/31 1,990,000 4,000,000 Ebert Metropolitan District Securitization Trust, Series 2004-S1, Variable Rate, 2.01%, 12/1/34 4,000,000 1,300,000 Ebert Metropolitan District Securitization Trust, Series 2005-S1, Variable Rate, 3.66%, 12/1/09 1,300,000 1,000,000 Four Mile Ranch Metropolitan District No. 1, Colorado, Variable Rate, 2.80%, 12/1/35 1,000,000 2,750,000 NBC Metropolitan District, Colorado, Variable Rate, 1.96%, 12/1/30 2,750,000 23,380,000 Delaware - 4.0% 3,500,000 Delaware Economic Development Authority, (Archmere Academy, Inc. Project), Variable Rate, 3.99%, 7/1/36 3,500,000 Florida - 4.9% 1,300,000 Brevard County, Florida, Health Facilities Authority Revenue, (Health First Project), Variable Rate, 3.72%, 8/1/14 1,300,000 1,000,000 Jacksonville, Florida Economic Development Revenue, (Methodist Project), Variable Rate, 3.57%, 10/1/15 1,000,000 2,000,000 Jacksonville, Florida, Educational Facilities Revenue, (Edward Waters College Project), Variable Rate, 3.97%, 12/1/29 2,000,000 4,300,000 Georgia - 3.3% 2,000,000 Atlanta, Georgia, Subordinate Lien Tax Allocation Bonds, (Atlantic Station Project), Variable Rate, 3.90%, 12/1/24 2,000,000 900,000 Cobb County, Georgia, Industrial Development Authority Revenue, (Nuclear Power Operations), Variable Rate, 3.92%, 2/1/13 900,000 2,900,000 Illinois - 15.8% 2,300,000 Chicago, Illinois, Tax Increment, Series B, Variable Rate, 1.95%, 12/1/14 2,300,000 8,025,000 Illinois Development Finance Authority Revenue, (Illinois Central College), Series A, Variable Rate, 2.09%, 6/1/33 8,025,000 2,800,000 Illinois Development Finance Authority Revenue, (Shelby Memorial Hospital Association, Inc.), Series B-1, Variable Rate, 3.84%, 10/1/29 2,800,000 850,000 Illinois Development Finance Authority Revenue, (St. Anthony's Health Center), Program E-1, Variable Rate, 3.06%, 10/1/29 850,000 13,975,000 Indiana - 7.1% 1,300,000 Indiana Health and Educational Facility Financing Authority Revenue, (Charity Obligated Group), Series D, Variable Rate, 5.00%, 11/1/26 1,316,820 2,095,000 Indiana Health and Educational Facility Financing Authority Revenue, (Schneck Memorial Hospital Project), Series B, Variable Rate, 3.60%, 2/15/36 2,095,000 200,000 Indiana Health Facility Financing Authority Revenue, (Fayette Memorial Hospital Association), Series A, Variable Rate, 1.95%, 10/1/32 200,000 2,600,000 Logansport, Indiana, Economic Development Revenue, (Modine Manufacturing Co.), Variable Rate, 2.14%, 1/1/08 2,600,000 6,211,820 Iowa - 7.4% 5,250,000 Buffalo, Iowa, Pollution Control Revenue, (LaFarge Corp.), Series B, Variable Rate, 2.12%, 10/1/10 5,250,000 1,275,000 Iowa Finance Authority Small Business Development Revenue, (Terrace Center Association), Variable Rate, 2.02%, 3/1/22 1,275,000 6,525,000 Maryland - 3.6% 3,200,000 Maryland State Health and Higher Educational Facilities Authority Revenue, (Edenwald Project), Series B, Variable Rate, 3.65%, 1/1/37 3,200,000 Michigan - 2.3% 2,000,000 Eastern Michigan University Revenue, Variable Rate, 1.67%, 6/1/27 2,000,000 Minnesota - 3.2% 200,000 Center City, Minnesota, Healthcare Facilities Revenue, (Hazelden Foundation Project), Variable Rate, 3.73%, 11/1/35 200,000 1,090,000 St. Paul, Minnesota, Housing and Redevelopment Authority Revenue, (Goodwill/Easter Seals), Variable Rate, 2.02%, 8/1/25 1,090,000 1,500,000 Stillwater, Minnesota, Private School Facilities Revenue, (Catholic Finance Corporation Project), Variable Rate, 2.02%, 12/1/22 1,500,000 2,790,000 Nebraska - 2.2% 1,900,000 Norfolk, Nebraska, Industrial Development Revenue, (Supervalu, Inc.), Variable Rate, 1.98%, 11/1/14 1,900,000 Nevada - 2.2% 1,900,000 Clark County, Nevada, Economic Development Revenue, (Lutheran Secondary School Association), Variable Rate, 2.07%, 2/1/30 1,900,000 Ohio - 2.3% 2,000,000 Hilliard, Ohio, School District Bond Anticipation Notes, Variable Purpose, 4.50%, 6/14/07 2,005,931 Pennsylvania - 2.0% 1,800,000 Washington County, Pennsylvania, Hospital Authority Revenue, Variable Rate, 1.80%, 7/1/31 1,800,000 Texas - 5.9% 4,675,000 Alamo Heights, Texas, Higher Education Facilities Corp. Revenue, (University of the Incarnate Word), Variable Rate, 1.97%, 4/1/19 4,675,000 500,000 Duncanville, Texas, Independent School District, 4.50%, 2/15/08 504,256 5,179,256 Washington - 2.0% 1,720,000 Washington State Economic Development Revenue, (Benaroya Research), Variable Rate, 3.72%, 12/1/24 1,720,000 Wisconsin - 0.3% 300,000 Wisconsin State Health and Educational Facilities Authority Revenue, (Wisconsin Lutheran College), Variable Rate, 1.85%, 9/1/31 300,000 Wyoming - 5.0% 4,360,000 Sweetwater County, Wyoming, Hospital Revenue, (Memorial Hospital Project), Series A, Variable Rate, 3.93%, 9/1/26 4,360,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $87,947,007) - 100% $ 87,947,007 ------------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security description are as of January 31, 2007. Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates. Janus Triton Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 96.8% Advertising Sales - 1.2% 21,043 Lamar Advertising Co.* $ 1,394,730 Aerospace and Defense - 3.0% 26,185 Embraer-Empresa Brasileira de Aeronautica S.A. (ADR) 1,061,802 35,350 Spirit Aerosystems Holdings, Inc.* 1,082,770 45,560 TransDigm Group, Inc.* 1,451,085 3,595,657 Airport Development - Maintenance - 0.6% 27,590 Grupo Aeroportuario del Centro Norte (ADR)* 669,333 Apparel Manufacturers - 0.9% 76,425 Quiksilver, Inc.* 1,085,999 Applications Software - 0.7% 37,545 Red Hat, Inc.* 853,398 Auction House - Art Dealer - 1.1% 22,350 Ritchie Bros. Auctioneers, Inc. (U.S. Shares) 1,324,685 Audio and Video Products - 1.5% 71,010 DTS, Inc.* 1,741,875 Casino Services - 1.6% 60,815 Scientific Games Corp. - Class A* 1,887,698 Chemicals - Plastics - 0.5% 48,075 Landec Corp.* 588,919 Commercial Banks - 1.9% 28,085 East West Bancorp, Inc. 1,078,464 24,310 Westamerica Bancorporation 1,211,854 2,290,318 Commercial Services - 1.3% 33,175 CoStar Group, Inc.* 1,574,817 Commercial Services - Finance - 2.7% 48,070 Bankrate, Inc.* 1,899,246 35,230 Jackson Hewitt Tax Service, Inc. 1,288,361 3,187,607 Communications Software - 1.5% 126,620 InPhonic, Inc.* 1,757,486 Computer Services - 2.2% 49,785 Ceridian Corp.* 1,492,056 29,030 IHS, Inc. - Class A* 1,104,882 2,596,938 Consulting Services - 2.3% 19,470 Advisory Board Co.* 1,096,356 17,815 Corporate Executive Board Co. 1,616,355 2,712,711 Cosmetics and Toiletries - 1.2% 20,235 Bare Escentuals, Inc.* 738,375 32,490 Physicians Formula Holdings, Inc.* 673,518 1,411,893 Data Processing and Management - 1.6% 54,410 NAVTEQ Corp.* 1,930,467 Distribution/Wholesale - 2.3% 27,915 MWI Veterinary Supply, Inc.* 914,495 83,890 NuCo2, Inc. 1,831,319 2,745,814 Diversified Operations - 0.9% 3,134,289 Polytec Asset Holdings, Ltd.ss. 1,047,093 Electronic Components - Semiconductors - 5.4% 30,735 International Rectifier Corp.* 1,282,572 38,990 IPG Photonics Corp.* 1,029,726 64,635 Microsemi Corp.* 1,176,357 40,478 Silicon-On-Insulator Technologies (SOITEC)* 1,203,019 59,155 SiRF Technology Holdings, Inc.* 1,736,790 6,428,464 Electronic Measuring Instruments - 1.1% 22,832 Trimble Navigation, Ltd.* 1,291,835 Enterprise Software/Services - 1.8% 103,375 Omnicell, Inc.* 2,141,930 Finance - Consumer Loans - 1.0% 42,280 Nelnet, Inc. - Class A* 1,169,888 Finance - Other Services - 3.0% 20,560 International Securities Exchange, Inc. 851,800 211,365 MarketAxess Holdings, Inc.* 2,677,994 3,529,794 Hazardous Waste Disposal - 1.1% 16,705 Stericycle, Inc.* 1,286,285 Human Resources - 1.0% 36,035 Resources Connection, Inc.* 1,131,499 Internet Applications Software - 0.7% 562 E-Seikatsu Company, Ltd.* 788,753 Internet Content-Entertainment - 0.5% 116,460 Harris Interactive, Inc.* 606,757 Machinery - General Industrial - 1.9% 82,895 Altra Holdings, Inc.* 1,193,688 2,256,000 Shanghai Electric Group Company, Ltd. 1,105,271 2,298,959 Medical - Biomedical and Genetic - 0.5% 14,880 Alexion Pharmaceuticals, Inc.* 618,562 Medical - Drugs - 2.7% 30,150 Achillion Pharmaceuticals, Inc.* 580,689 23,510 Adams Respiratory Therapeutics, Inc.* 1,054,423 39,785 Adolor Corp.*,** 278,097 33,970 Cubist Pharmaceuticals, Inc.* 625,048 11,965 New River Pharmaceuticals, Inc.* 668,844 3,207,101 Medical Instruments - 2.3% 21,870 Intuitive Surgical, Inc.* 2,152,227 13,480 Ventana Medical Systems, Inc.* 567,508 2,719,735 Medical Products - 3.2% 35,135 Metabolix, Inc. 561,457 69,890 Varian Medical Systems, Inc.* 3,224,025 3,785,482 Office Furnishings - Original - 1.7% 93,200 Knoll, Inc. 2,049,468 Oil and Gas Drilling - 1.2% 54,825 Helmerich & Payne, Inc. 1,470,955 Oil Companies - Exploration and Production - 1.6% 38,610 Carrizo Oil & Gas, Inc.* 1,108,107 337,825 Gasco Energy, Inc.* 793,889 1,901,996 Physician Practice Management - 2.9% 48,425 Healthways, Inc.* 2,198,979 24,990 Pediatrix Medical Group, Inc.* 1,312,975 3,511,954 Printing - Commercial - 1.5% 41,460 VistaPrint, Ltd.* 1,786,511 Property and Casualty Insurance - 0.2% 10,175 Employers Holdings, Inc. 203,195 Real Estate Operating/Development - 1.2% 16,435 Rodobens Negocios Imobiliarios S.A. 173,631 21,225 St. Joe Co. 1,228,928 1,402,559 Recreational Vehicles - 0.5% 13,125 Polaris Industries, Inc. 613,725 REIT - Mortgages - 1.1% 47,699 CapitalSource, Inc. 1,325,555 Research and Development - 0.2% 4,970 Affymax, Inc. 183,095 Respiratory Products - 1.9% 52,975 Respironics, Inc.* 2,256,735 Retail - Computer Equipment - 0.6% 13,720 GameStop Corp. - Class B* 733,471 Retail - Gardening Products - 1.0% 23,560 Tractor Supply Co.* 1,185,775 Retail - Petroleum Products - 1.0% 26,925 World Fuel Services Corp. 1,234,511 Retail - Restaurants - 1.0% 19,845 Chipotle Mexican Grill, Inc. - Class A* 1,179,190 Retail - Sporting Goods - 1.2% 45,095 Zumiez, Inc.* 1,483,626 Schools - 1.0% 10,965 Strayer Education, Inc. 1,247,488 Semiconductor Components/Integrated Circuits - 1.4% 92,805 Cypress Semiconductor Corp.* 1,712,252 Telecommunication Services - 6.5% 34,335 Amdocs, Ltd. (U.S. Shares)* 1,190,738 94,945 FiberTower Corp.* 496,562 68,740 NeuStar, Inc. - Class A* 2,123,378 42,230 SAVVIS, Inc.* 1,892,749 85,260 Time Warner Telecom, Inc. - Class A* 1,984,852 7,688,279 Therapeutics - 1.1% 12,540 Amylin Pharmaceuticals, Inc.* 486,301 31,735 Mannkind Corp.* 525,532 15,370 MGI Pharma, Inc.* 295,411 1,307,244 Transactional Software - 0.9% 87,145 Innerworkings, Inc.* 1,119,813 Transportation - Equipment and Leasing - 2.3% 33,395 GATX Corp. 1,522,812 47,655 Genesis Lease, Ltd. (ADS)* 1,235,218 2,758,030 Transportation - Marine - 0.5% 21,000 Horizon Lines, Inc. - Class A 624,750 Transportation - Services - 1.1% 41,895 UTi Worldwide, Inc. (U.S. Shares) 1,273,608 Transportation - Truck - 2.5% 25,525 Con-Way, Inc. 1,269,614 41,305 Landstar System, Inc. 1,746,788 3,016,402 Veterinary Diagnostics - 1.3% 27,275 Animal Health International, Inc. 339,574 36,615 VCA Antech, Inc.* 1,230,996 1,570,570 Web Hosting/Design - 1.5% 21,410 Equinix, Inc.* 1,799,939 Web Portals/Internet Service Providers - 0.6% 21,090 SINA Corp (U.S. Shares)* 754,389 Wireless Equipment - 2.1% 84,335 SBA Communications Corp. - Class A* 2,505,593 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $104,021,582) 115,303,160 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 3.2% 1,898,300 Janus Institutional Cash Reserves Fund, 5.30% 1,898,300 1,892,700 Janus Money Market Fund, 5.25% 1,892,700 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $3,791,000) 3,791,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $107,812,582) - 100% $119,094,160 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investment by Country January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda $ 1,786,511 1.5% Brazil 1,235,433 1.0% Canada 1,324,685 1.1% Cayman Islands 1,801,482 1.5% China 1,105,271 0.9% France 1,203,019 1.0% Ireland 1,235,218 1.0% Japan 788,753 0.7% Mexico 669,333 0.6% United Kingdom 2,464,346 2.1% United States++ 105,480,109 88.6% -------------------------------------------------------------------------------- Total $119,094,160 100.0% ============ ===== ++ Includes Short-Term Securities (85.4% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt ADS American Depositary Shares 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 security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates ss. Schedule of Restricted and Illiquid Securities Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales and/or securities with extended settlement dates as of January 31, 2007 are noted below. Fund Aggregate Value -------------------------------------------------------------------------------- Janus Triton Fund $ 5,138 ss. Schedule of Restricted and Illiquid Securities
Value as a % Acquisition Acquisition of Investment Date Cost Value Securities ------------------------------------------------------------------------------------------------------------------------------------ Janus Triton Fund Polytec Asset Holdings, Ltd. 5/5/06 $ 808,849 $ 1,047,093 0.9% ------------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. Janus Twenty Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 90.7% Aerospace and Defense - 2.0% 24,419,631 BAE Systems PLC $ 201,892,278 Agricultural Chemicals - 10.0% 3,006,690 Monsanto Co. # 165,638,552 2,855,060 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 445,475,012 2,064,226 Syngenta A.G.* 381,511,513 992,625,077 Agricultural Operations - 2.1% 2,769,020 Bunge, Ltd. # 213,076,089 Audio and Video Products - 1.7% 3,643,575 Sony Corp. (ADR) 168,806,830 Casino Hotels - 4.4% 5,149,795 Harrah's Entertainment, Inc. 435,054,682 Computers - 6.9% 3,893,185 Apple Inc.* 333,762,750 2,755,765 Research In Motion, Ltd. (U.S. Shares)* 352,131,652 685,894,402 Cosmetics and Toiletries - 3.7% 5,694,740 Procter & Gamble Co. 369,417,784 Diversified Minerals - 1.9% 5,476,000 Companhia Vale do Rio Doce (ADR) # 185,800,680 Entertainment Software - 0.9% 1,856,920 Electronic Arts, Inc.*,# 92,846,000 Finance - Investment Bankers/Brokers - 12.2% 1,222,950 Bear Stearns Companies, Inc. 201,603,308 2,012,435 Goldman Sachs Group, Inc. 426,958,209 3,387,040 Lehman Brothers Holdings, Inc. # 278,550,170 3,220,185 Merrill Lynch & Company, Inc. 301,280,508 1,208,392,195 Medical - Biomedical and Genetic - 7.9% 8,594,391 Celgene Corp.* 461,346,909 3,703,431 Genentech, Inc.*,# 323,568,766 784,915,675 Medical - Drugs - 5.2% 2,729,414 Roche Holding A.G. 514,565,723 Multimedia - 1.4% 9,209,242 Publishing & Broadcasting Ltd. 141,236,364 Oil Companies - Exploration and Production - 2.1% 1,463,290 Apache Corp. 106,776,272 1,535,657 EOG Resources, Inc. # 106,159,968 212,936,240 Oil Companies - Integrated - 7.0% 4,222,205 ConocoPhillips 280,396,635 3,939,355 Hess Corp. # 212,685,776 4,243,615 Occidental Petroleum Corp. 196,733,991 689,816,402 Oil Refining and Marketing - 1.1% 1,964,940 Valero Energy Corp. 106,656,943 Optical Supplies - 2.7% 2,280,710 Alcon, Inc. (U.S. Shares) 268,576,410 Retail - Apparel and Shoe - 1.1% 1,992,371 Industria de Diseno Textil S.A. 113,451,373 Super-Regional Banks - 4.6% 12,709,650 Wells Fargo & Co. # 456,530,628 Therapeutics - 5.3% 4,026,282 Amylin Pharmaceuticals, Inc.* 156,139,216 5,708,610 Gilead Sciences, Inc.* 367,177,795 523,317,011 Web Portals/Internet Service Providers - 5.0% 980,471 Google, Inc. - Class A* 491,510,112 Wireless Equipment - 1.5% 3,816,205 QUALCOMM, Inc. 143,718,280 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $6,055,300,216) 9,001,037,178 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 8.3% 234,169,428 Janus Institutional Cash Reserves Fund, 5.30% 234,169,428 592,675,984 Janus Money Market Fund, 5.25% 592,675,984 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $826,845,412) 826,845,412 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 1.0% 95,558,314 State Street Navigator Securities Lending Prime Portfolio + (cost $95,558,314) 95,558,314 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $6,977,703,942) - 100% $9,923,440,904 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Australia $ 141,236,364 1.4% Bermuda 213,076,089 2.2 Brazil 185,800,680 1.9 Canada 797,606,664 8.0 Japan 168,806,830 1.7 Spain 113,451,373 1.2 Switzerland 1,164,653,646 11.7 United Kingdom 201,892,278 2.0 United States ++ 6,936,916,980 69.9 -------------------------------------------------------------------------------- Total $9,923,440,904 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities (60.6% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Janus Venture Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 81.6% Advanced Materials/Products - 0.6% 215,851 Ceradyne, Inc.*,# $ 11,673,222 Aerospace and Defense - 0.7% 144,668 Aerovironment, Inc.*,# 3,308,557 301,305 TransDigm Group, Inc.*,# 9,596,564 12,905,121 Applications Software - 1.7% 655,580 American Reprographics Co.*,# 20,532,765 654,450 Quest Software, Inc.*,# 9,770,939 30,303,704 Auction House - Art Dealer - 0.8% 393,240 Sotheby's Holdings, Inc. - Class A# 14,581,339 Audio and Video Products - 0.4% 274,765 DTS, Inc.*,# 6,739,985 Commercial Services - 2.7% 723,415 CoStar Group, Inc.* 34,340,510 2,346,939 Intermap Technologies, Ltd.*,*** 11,347,793 160,110 Providence Service Corp.*,# 3,522,420 49,210,723 Commercial Services - Finance - 2.7% 431,330 Bankrate, Inc.*,# 17,041,849 283,686 Euronet Worldwide, Inc.*,# 8,187,178 473,205 Heartland Payment Systems, Inc.# 12,615,645 226,665 Jackson Hewitt Tax Service, Inc.# 8,289,139 91,715 Wright Express Corp.*,# 2,831,242 48,965,053 Communications Software - 0.1% 128,245 DivX, Inc.*,# 2,716,229 Computer Graphics - 0.4% 321,865 Trident Microsystems, Inc.*,# 6,717,323 Computer Services - 2.0% 446,700 IHS, Inc. - Class A*,# 17,001,402 3,140,420 LivePerson, Inc.*,*** 19,439,200 36,440,602 Computer Software - 0.7% 801,275 Omniture, Inc.*,# 12,163,355 Computers - Integrated Systems - 0.5% 304,430 Riverbed Technology, Inc.*,# 9,315,558 Computers - Voice Recognition - 2.1% 1,233,324 TALX Corp.# 39,293,703 Consulting Services - 2.7% 455,320 Advisory Board Co.*,# 25,639,069 471,125 Huron Consulting Group, Inc.*,# 24,427,831 50,066,900 Consumer Products - Miscellaneous - 1.9% 950,745 Jarden Corp.*,# 34,863,819 Cosmetics and Toiletries - 0.2% 213,470 Physicians Formula Holdings, Inc.*,# 4,425,233 Data Processing and Management - 2.0% 1,702,158 Infocrossing, Inc.*,*** 28,051,564 230,055 NAVTEQ Corp.*,# 8,162,351 36,213,915 Dental Supplies and Equipment - 0.8% 329,729 Sirona Dental Systems, Inc.# 14,118,996 Dialysis Centers - 0.0% 46,410 Dialysis Corporation of America*,# 609,827 Direct Marketing - 1.3% 211,690 ValueVision Media, Inc. - Class A* 2,595,319 1,704,932 ValueVision Media, Inc.*,ss.,*** 20,902,467 23,497,786 Distribution/Wholesale - 2.3% 722,820 Beacon Roofing Supply, Inc.*,# 15,063,569 269,866 MWI Veterinary Supply, Inc.*,# 8,840,810 803,330 NuCo2, Inc.#,*** 17,536,694 41,441,073 Diversified Operations - 0.5% 27,950,763 Polytec Asset Holdings, Ltd.ss. 9,337,697 Drug Delivery Systems - 0.8% 904,930 I-Flow Corp.*,# 14,171,204 E-Commerce/Products - 0.2% 29,670 Baby Universe, Inc.*,# 162,592 143,340 Submarino S.A. 4,352,736 4,515,328 E-Commerce/Services - 0.7% 2,085,250 Think Partnership, Inc.*,# 6,860,473 4,957,152 Workstream, Inc. (U.S. Shares)*,*** 6,196,440 13,056,913 Electronic Components - Semiconductors - 2.2% 575,753 IPG Photonics Corp.* 15,205,637 186,255 Microsemi Corp.*,# 3,389,841 733,685 SiRF Technology Holdings, Inc.* 21,540,991 40,136,469 Electronic Measuring Instruments - 0.9% 296,781 Trimble Navigation, Ltd.*,# 16,791,869 E-Marketing/Information - 0.8% 232,475 Liquidity Services, Inc.* 4,644,851 403,790 ValueClick, Inc.*,# 10,304,720 14,949,571 Engineering - Research and Development Services - 0.2% 172,125 Stanley, Inc.*,# 2,784,983 Enterprise Software/Services - 4.3% 1,879,729 Omnicell, Inc.*,*** 38,947,985 1,732,180 Ultimate Software Group, Inc.*,#,*** 42,230,549 81,178,534 E-Services/Consulting - 0.7% 804,165 GSI Commerce, Inc.*,# 13,099,848 Finance - Consumer Loans - 0.4% 247,758 Nelnet, Inc. - Class A*,# 6,855,464 Finance - Investment Bankers/Brokers - 0.5% 417,485 optionsXpress Holdings, Inc.# 9,915,269 Finance - Other Services - 1.5% 602,755 International Securities Exchange, Inc.# 24,972,140 260,015 MarketAxess Holdings, Inc.* 3,294,390 28,266,530 Firearms and Ammunition - 0.4% 587,825 Smith & Wesson Holding Corp.*,# 6,524,858 Food - Canned - 0.8% 468,575 TreeHouse Foods, Inc.* 13,968,221 Gambling - Non-Hotel - 0.9% 1,528,091 Century Casinos, Inc.*,*** 16,426,978 Hotels and Motels - 1.6% 92,020 Morgans Hotel Group Co.*,# 1,631,515 569,445 Orient-Express Hotel, Ltd. - Class A# 27,134,054 28,765,569 Human Resources - 1.9% 425,854 Barrett Business Services, Inc.# 9,368,788 424,790 Kenexa Corp.*,# 15,504,835 298,770 Resources Connection, Inc.* 9,381,378 34,255,001 Identification Systems and Devices - 0.1% 183,435 L-1 Identity Solutions, Inc.*,# 2,648,801 Internet Applications Software - 0.7% 472,245 DealerTrack Holdings, Inc.*,# 13,090,631 Internet Connectivity Services - 0.1% 91,985 Internap Network Services Corp.*,# 1,677,806 Internet Content - Information/News - 0.5% 1,563,480 Health Grades, Inc.*,*** 8,599,140 Internet Content-Entertainment - 0.7% 2,308,435 Harris Interactive, Inc.*,# 12,026,946 Internet Infrastructure Software - 0.2% 1,007,795 Chordiant Software, Inc.*,# 3,235,022 Investment Companies - 0.6% 568,740 Hercules Technology Growth Capital, Inc.# 8,070,421 30,000 UTEK Corp.# 328,500 230,960 UTEK Corp.ss. 2,529,012 10,927,933 Marine Services - 0.3% 1,748,955 Odyssey Marine Exploration, Inc.*,# 5,246,865 Medical - Drugs - 0.5% 196,920 Adams Respiratory Therapeutics, Inc.*,# 8,831,862 Medical - HMO - 0.8% 595,994 Centene Corp.*,# 14,852,170 Medical - Outpatient and Home Medical Care - 3.2% 684,932 Hythiam, Inc.*,##,ss. 5,335,620 1,549,375 Hythiam, Inc.* 13,417,588 557,450 LHC Group LLC*,# 14,510,424 852,209 Radiation Therapy Services, Inc.* 25,302,084 58,565,716 Medical Instruments - 0.2% 92,970 Ventana Medical Systems, Inc.*,# 3,914,037 Medical Labs and Testing Services - 0.2% 184,763 Bio-Reference Laboratories, Inc.*,# 4,240,311 Medical Products - 1.2% 213,595 Metabolix, Inc.# 3,413,248 939,425 PSS World Medical, Inc.*,# 18,807,289 22,220,537 Motion Pictures and Services - 1.7% 2,880,100 Lions Gate Entertainment Corp. (U.S. Shares)*,# 31,306,687 Music - 0.8% 4,750,000 Genius Products, Inc.*,ss.,*** 14,250,000 Networking Products - 0.3% 321,080 Acme Packet, Inc.*,# 5,098,750 Office Furnishings - Original - 0.9% 770,860 Knoll, Inc. 16,951,211 Oil - Field Services - 1.0% 229,860 Basic Energy Services, Inc.*,# 5,449,981 424,664 Flint Energy Services, Ltd.* 9,111,799 139,264 Flint Energy Services, Ltd.* 2,988,117 17,549,897 Oil Companies - Exploration and Production - 0.6% 277,860 Carrizo Oil & Gas, Inc.*,# 7,974,582 1,412,205 Gasco Energy, Inc.*,# 3,318,682 11,293,264 Pharmacy Services - 0.7% 500,566 HealthExtras, Inc.*,# 12,794,467 1,869,694 Ronco Fi-Tek, Inc.*,##,ss.,*** 0 12,794,467 Physician Practice Management - 1.2% 275,060 Healthways, Inc.*,# 12,490,475 192,210 Pediatrix Medical Group, Inc.*,# 10,098,713 22,589,188 Printing - Commercial - 2.7% 1,142,494 VistaPrint, Ltd.* 49,230,066 Private Corrections - 0.0% 10,720 The GEO Group, Inc. 469,750 Property and Casualty Insurance - 0.9% 137,405 First Mercury Financial Corp.* 3,009,170 550,950 OneBeacon Insurance Group, Ltd.* 14,264,095 17,273,265 Real Estate Management/Services - 0.4% 355,940 HFF, Inc. 6,656,078 Real Estate Operating/Development - 1.5% 1,973,020 Lps Brasil Cons De Imoveis 22,061,263 504,980 PDG Realty SA Empreendimentos e Participacoes 3,328,415 206,735 Rodobens Negocios Imobiliarios S.A. 2,184,098 27,573,776 Recreational Vehicles - 0.3% 116,315 Polaris Industries, Inc.# 5,438,889 Research and Development - 0.1% 60,145 Affymax, Inc.# 2,215,742 Retail - Apparel and Shoe - 1.2% 622,605 J. Crew Group, Inc.*,# 22,619,240 Retail - Petroleum Products - 1.9% 738,715 World Fuel Services Corp.# 33,870,083 Retail - Sporting Goods - 0.6% 320,760 Zumiez, Inc.*,# 10,553,004 Schools - 0.1% 50,825 Capella Education Co.*,# 1,444,447 Semiconductor Components/Integrated Circuits - 0.3% 177,857 Hittite Microwave Corp.*,# 6,185,866 Telecommunication Equipment - 0.1% 63,890 Optium Corp.*,# 1,526,332 Telecommunication Services - 1.3% 558,925 NeuStar, Inc. - Class A* 17,265,193 125,580 SAVVIS, Inc.*,# 5,628,496 22,893,689 Therapeutics - 0.6% 188,508 United Therapeutics Corp.* 10,104,029 Toys - 1.1% 752,685 Marvel Entertainment, Inc.* 21,014,965 Transactional Software - 1.5% 1,668,905 Innerworkings, Inc.* 21,445,429 412,955 Synchronoss Technologies, Inc.* 6,359,507 27,804,936 Transportation - Marine - 0.4% 246,950 Horizon Lines, Inc. - Class A# 7,346,763 Transportation - Services - 0.8% 467,145 Pacer International, Inc.# 14,556,238 Veterinary Diagnostics - 0.2% 341,695 Animal Health International, Inc. 4,254,103 Web Hosting/Design - 3.2% 492,145 Equinix, Inc.* 41,374,630 3,216,205 NaviSite Inc.*,*** 17,367,507 58,742,137 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $1,051,542,410) 1,494,948,411 ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0% Computers - Peripheral Equipment - 0% 665,000 Candescent Technologies Corp. - Series E**,o,## (cost $3,657,500) 0 ------------------------------------------------------------------------------------------------------------------------------------ Warrants/Rights - 0.4% Data Processing and Management - 0.3% 521,660 Infocrossing, Inc. - expires 10/16/08##,ss. 4,833,023 Medical - Wholesale Drug Distributors - 0% 305,000 Familymeds Group, Inc. - expires 9/29/10##,ss. 38,613 Music - 0.1% 1,425,000 Genius Products, Inc. - expires 12/5/10##,ss. 1,565,933 Travel Services - 0% 458,181 OneTravel Holdings, Inc. - expires 4/14/10##,ss. 0 ------------------------------------------------------------------------------------------------------------------------------------ Total Warrants/Rights (cost $1,464,250) 6,437,569 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 18.0% 329,134,622 State Street Navigator Securities Lending Prime Portfolio+ (cost $329,134,622) 329,134,622 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $1,385,798,782) - 100% $1,830,520,602 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Bermuda 90,628,215 4.9% Brazil 31,926,512 1.7% Canada 60,950,836 3.3% Cayman Islands 9,337,697 0.5% United States++ 1,637,677,342 89.6% -------------------------------------------------------------------------------- Total $1,830,520,602 100.0% ============== ===== ++ Includes Other Securities (71.6% excluding Other Securities) Notes to Schedule of Investments (unaudited) U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** Security is illiquid. # Loaned security; a portion or all of the security is on loan as of January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. o Defaulted security. ## Schedule of Fair Valued Securities (as of January 31, 2007) Value as a % of Value Investment Securities -------------------------------------------------------------------------------- Janus Venture Fund Candescent Technologies Corp. - Series E $ -- 0.0% Familymeds Group, Inc. - expires 9/29/10 38,613 0.0% Genius Products, Inc. - expires 12/5/10 1,565,933 0.1% Hythiam, Inc. 5,355,620 0.3% Infocrossing, Inc. - expires 10/16/08 4,833,023 0.3% OneTravel Holdings, Inc. - expires 4/14/10 -- 0.0% Ronco Fi-Tek, Inc. -- 0.0% -------------------------------------------------------------------------------- $11,793,189 0.7% -------------------------------------------------------------------------------- Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international activities fair valued pursuant to a systematic fair valuation model. ss. Schedule of Restricted and Illiquid Securities (as of January 31, 2007)
Value as a % of Acquisition Acquisition Investment Date Cost Value Securities ---------------------------------------------------------------------------------------------------------------------------------- Janus Venture Fund Familymeds Group, Inc. - expires 9/29/10## 9/23/05 $ 381,250 $ 38,613 0.0% Genius Products, Inc. 12/5/05 8,417,000 14,250,000 0.8% Genius Products, Inc. - expires 12/5/10## 12/5/05 1,083,000 1,565,933 0.1% Hythiam, Inc.## 12/12/06 5,000,004 5,355,620 0.3% Infocrossing, Inc. - expires 10/16/08## 10/16/03 -- 4,833,023 0.3% OneTravel Holdings, Inc. - expires 4/14/10## 4/14/05 -- -- 0.0% Polytec Asset Holdings, Ltd. 5/5/06 7,213,100 9,337,697 0.5% Ronco Fi-Tek, Inc.## 6/24/05 - 9/6/06 6,000,000 -- 0.0% UTEK Corp. 8/12/05 2,575,204 2,529,012 0.1% ValueVision Media, Inc. 7/8/05 18,754,252 20,902,467 1.1% ---------------------------------------------------------------------------------------------------------------------------------- $ 49,423,810 $ 58,812,365 3.2% ----------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of January 31, 2007. The issuer incurs all registration costs. *** 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 January 31, 2007.
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Venture Fund Century Casinos, Inc. -- $ -- -- $ -- $ -- $ -- $ 16,426,978 Genius Products, Inc. -- -- -- -- -- -- 14,250,000 Health Grades, Inc. 649,880 3,174,344 -- -- -- -- 8,599,140 Infocrossing, Inc. -- -- 21,470 225,435 51,953 -- 28,051,564 Intermap Technologies, Ltd. -- -- -- -- -- -- 11,347,793 LivePerson, Inc. -- -- -- -- -- -- 19,439,200 Navisite, Inc. 3,216,205 14,472,923 -- -- -- -- 17,367,507 NuCo2, Inc. -- -- -- -- -- -- 17,536,694 Omnicell, Inc. -- -- -- -- -- -- 38,947,985 Ronco Fi-Tek, Inc. -- -- -- -- -- -- -- Ultimate Software Group, Inc. -- -- 23,440 (257,840) 340,197 -- 42,230,549 ValueVision Media, Inc. -- -- -- -- -- -- 20,902,467 Workstream, Inc. (U.S. Shares) -- -- -- -- -- -- 6,196,440 ------------------------------------------------------------------------------------------------------------------------------------ $ 17,647,267 $ (32,405) $392,150 $ -- $241,296,317 ------------------------------------------------------------------------------------------------------------------------------------
Janus Worldwide Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 95.1% Advertising Services - 1.0% 3,051,151 WPP Group PLC $ 44,888,181 Aerospace and Defense - 0.2% 1,368,135 BAE Systems PLC 11,311,223 Agricultural Chemicals - 3.0% 477,800 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 74,551,134 346,914 Syngenta A.G.* 64,116,858 138,667,992 Apparel Manufacturers - 1.0% 3,439,150 Burberry Group PLC 44,762,386 Audio and Video Products - 1.0% 979,700 Sony Corp. 45,316,592 Automotive - Cars and Light Trucks - 2.3% 958,827 BMW A.G.# 58,708,490 254,727 Hyundai Motor Company, Ltd. 18,233,772 2,550,914 Nissan Motor Company, Ltd. 31,886,534 108,828,796 Broadcast Services and Programming - 1.7% 2,389,045 Liberty Global, Inc. - Class A* 71,814,693 310,010 Liberty Global, Inc. - Class C* 8,751,582 80,566,275 Building - Residential and Commercial - 4.3% 1,188,190 Centex Corp. 63,793,921 1,262,655 Lennar Corp. 68,663,179 1,980,750 Pulte Homes, Inc.# 68,018,955 200,476,055 Casino Hotels - 0.5% 268,785 Harrah's Entertainment, Inc. 22,706,957 Cellular Telecommunications - 2.3% 261,900 Hikari Tsushin, Inc. 12,278,380 32,505,068 Vodafone Group PLC 94,911,227 107,189,607 Chemicals - Diversified - 1.4% 979,600 Shin-Etsu Chemical Company, Ltd. 64,043,193 Commercial Banks - 0.5% 1,031,200 ICICI Bank, Ltd. 22,091,895 Computers - 5.1% 9,780,650 Dell, Inc.* 237,180,763 Computers - Memory Devices - 0.5% 1,572,525 EMC Corp.* 21,999,625 Distribution/Wholesale - 4.1% 15,254,500 Esprit Holdings, Ltd. 155,881,837 11,014,400 Li & Fung, Ltd. 34,723,439 190,605,276 Diversified Minerals - 0.8% 1,075,725 Companhia Vale do Rio Doce (ADR) 36,499,349 Diversified Operations - 3.7% 5,360,545 Tyco International, Ltd. (U.S. Shares) 170,894,175 E-Commerce/Products - 2.3% 2,804,815 Amazon.com, Inc.*,# 105,657,381 E-Commerce/Services - 5.5% 2,494,720 eBay, Inc.* 80,803,981 4,545,646 Expedia, Inc.* 97,504,106 1,990,430 IAC/InterActiveCorp* 76,432,512 254,740,599 Electronic Components - Miscellaneous - 2.7% 3,204,273 Koninklijke (Royal) Philips Electronics N.V. 125,172,755 Electronic Components - Semiconductors - 2.3% 11,493,959 ARM Holdings PLC 27,443,469 54,155 Samsung Electronics Company, Ltd. 33,531,364 1,536,380 Texas Instruments, Inc. 47,919,692 108,894,525 Energy - Alternate Sources - 0.2% 296,700 Suntech Power Holdings Company, Ltd. (ADR)*,# 10,918,560 Entertainment Software - 0.5% 1,479,050 Activision, Inc.* 25,188,222 Finance - Investment Bankers/Brokers - 6.8% 1,153,510 Citigroup, Inc. 63,593,006 2,728,183 JP Morgan Chase & Co. 138,946,360 3,142,000 Mitsubishi UFJ Securities Company, Ltd. 35,652,886 1,266,826 UBS A.G. 79,628,257 317,820,509 Finance - Mortgage Loan Banker - 1.3% 369,755 Fannie Mae 20,902,250 1,046,360 Housing Development Finance Corporation, Ltd. 39,829,002 60,731,252 Food - Retail - 0.5% 317,696 Metro A.G. 21,760,100 Insurance Brokers - 4.0% 4,593,175 Willis Group Holdings, Ltd. 187,677,131 Investment Companies - 0.2% 366,681 RHJ International* 7,598,590 Medical - Drugs - 2.2% 602,590 Merck & Company, Inc. 26,965,903 960,580 Pfizer, Inc. 25,205,619 253,639 Roche Holding A.G. 47,817,566 99,989,088 Medical - HMO - 2.0% 441,480 Aetna, Inc. 18,612,797 350,885 Coventry Health Care, Inc.* 18,088,122 1,075,110 UnitedHealth Group, Inc. 56,185,248 92,886,167 Multimedia - 1.0% 1,256,425 Walt Disney Co. 44,188,467 Networking Products - 2.0% 3,508,910 Cisco Systems, Inc.* 93,301,917 Pharmacy Services - 2.1% 1,670,500 Medco Health Solutions, Inc.* 98,910,305 Property and Casualty Insurance - 2.3% 3,022,400 Millea Holdings, Inc. 108,176,014 Real Estate Management/Services - 0.9% 1,464,000 Mitsubishi Estate Company, Ltd. 41,951,648 Real Estate Operating/Development - 0.9% 9,828,000 CapitaLand, Ltd. 43,400,244 Reinsurance - 2.4% 30,000 Berkshire Hathaway, Inc. - Class B* 110,020,500 Retail - Apparel and Shoe - 1.6% 1,327,855 Industria de Diseno Textil S.A. 75,611,908 Retail - Consumer Electronics - 1.0% 549,840 Yamada Denki Company, Ltd. 45,736,941 Retail - Drug Store - 1.5% 2,017,115 CVS Corp. 67,875,920 Schools - 0.4% 386,970 Apollo Group, Inc. - Class A* 16,794,498 Semiconductor Components/Integrated Circuits - 1.1% 2,876,611 Marvell Technology Group, Ltd.* 52,613,215 Semiconductor Equipment - 0.5% 889,048 ASML Holding N.V.* 22,633,099 Soap and Cleaning Preparations - 1.2% 1,141,747 Reckitt Benckiser PLC 55,088,343 Telephone - Integrated - 1.2% 3,115,560 Sprint Nextel Corp.# 55,550,435 Television - 5.0% 21,515,861 British Sky Broadcasting Group PLC 230,836,974 Transportation - Services - 1.0% 644,620 United Parcel Service, Inc. - Class B 46,593,134 Web Portals/Internet Service Providers - 3.6% 5,929,170 Yahoo!, Inc.* 167,854,803 Wireless Equipment - 1.5% 3,193,195 Nokia Oyj 70,278,761 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $3,503,447,216) 4,414,480,345 ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 2.3% 9,812,500 Janus Institutional Cash Reserves Fund, 5.30% 9,812,500 98,255,500 Janus Money Market Fund, 5.25% 98,255,500 ------------------------------------------------------------------------------------------------------------------------------------ Total Money Markets (cost $108,068,000) 108,068,000 ------------------------------------------------------------------------------------------------------------------------------------ Other Securities - 2.6% 122,158,015 State Street Navigator Securities Lending Prime Portfolio+ (cost $122,158,015) 122,158,015 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $3,733,673,231) - 100% $4,644,706,360 ------------------------------------------------------------------------------------------------------------------------------------
Geographic Summary of Investments January 31, 2007 (unaudited) % of Investment Country Value Securities -------------------------------------------------------------------------------- Belgium 7,598,590 0.2% Bermuda 601,789,797 12.9% Brazil 36,499,349 0.8% Canada 74,551,134 1.6% Cayman Islands 10,918,560 0.2% Finland 70,278,761 1.5% Germany 80,468,590 1.7% India 61,920,897 1.3% Japan 385,042,188 8.4% Netherlands 147,805,854 3.2% Singapore 43,400,244 0.9% South Korea 51,765,136 1.1% Spain 75,611,908 1.6% Switzerland 191,562,681 4.1% United Kingdom 509,241,803 11.0% United States++ 2,296,250,868 49.5% -------------------------------------------------------------------------------- Total $4,644,706,360 100.0% ============== ===== ++ Includes Short-Term Securities and Other Securities (44.6% excluding Short-Term Securities and Other Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. # Loaned security; a portion or all of the security is on loan at January 31, 2007. + The security is purchased with the cash collateral received from securities on loan. Significant Accounting Policies The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout the Schedule of Investments for the Janus Fund, Janus Balanced Fund, Janus Contrarian Fund, Janus Enterprise Fund, Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus Fundamental Equity Fund, Janus Global Life Sciences Fund, Janus Global Opportunities Fund, Janus Global Research Fund (formerly named Janus Research Fund), Janus Global Technology Fund, Janus Government Money Market Fund, Janus Growth and Income Fund, Janus High-Yield Fund, INTECH Risk-Managed Stock Fund, Janus Institutional Cash Reserves Fund, Janus Mid Cap Value Fund, Janus Money Market Fund, Janus Olympus Fund, Janus Orion Fund, Janus Overseas Fund, Janus Research Fund (formerly named Janus Mercury Fund), Janus Short-Term Bond Fund, Janus Small Cap Value Fund, Janus Tax-Exempt Money Market Fund, Janus Triton Fund, Janus Twenty Fund, Janus Venture Fund and Janus Worldwide Fund (collectively the "Funds" and individually a "Fund") and Janus Smart Portfolio - Conservative, Janus Smart Portfolio - Growth and Janus Smart Portfolio - Moderate (collectively the "Portfolios" and individually a "Portfolio"). The Funds and Portfolios are part of Janus Investment Fund (the "Trust"). Investment Valuation Securities are valued at the last sale 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. Investments held by Janus Government Money Market Fund, Janus Institutional Cash Reserves Fund, Janus Money Market Fund and Janus Tax-Exempt Money Market Fund (the "Money Market Funds") are valued at the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act") and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium. Debt 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 converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange ("NYSE"). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Funds are identified between the closing of their principal markets and the time the net asset value ("NAV") is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds' Trustees. 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. Repurchase Agreements 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. 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. 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 or such other collateral permitted by the Securities and Exchange Commission ("SEC") or otherwise in compliance with applicable regulation. 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 and/or applicable laws. 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 under the 1940 Act relating to money market funds. As of January 31, 2007, the following Funds had on loan securities valued as indicated: -------------------------------------------------------------------------------- Value at Fund January 31, 2007 -------------------------------------------------------------------------------- Janus Fund 395,623,611 Janus Balanced Fund 525,366,344 Janus Contrarian Fund 506,846,310 Janus Enterprise Fund 162,611,432 Janus Flexible Bond Fund 40,929,900 Janus Fundamental Equity Fund 37,538,797 Janus Global Life Sciences Fund 97,321,557 Janus Global Opportunities Fund 8,869,899 Janus Global Technology Fund 61,660,635 Janus Global Research Fund 17,699,893 Janus Growth and Income Fund 228,123,258 Janus High-Yield Fund 91,799,872 INTECH Risk-Managed Stock Fund 5,073,391 Janus Mid Cap Value Fund 423,409,629 Janus Orion Fund 92,576,250 Janus Overseas Fund 397,279,085 Janus Research Fund 341,186,039 Janus Short-Term Bond Fund 42,595,613 Janus Small Cap Value Fund 360,256,686 Janus Twenty Fund 93,592,859 Janus Venture Fund 321,009,302 Janus Worldwide Fund 119,154,439 -------------------------------------------------------------------------------- As of January 31, 2007, the following Funds received cash collateral for securities lending activity as indicated: -------------------------------------------------------------------------------- Cash Collateral at Fund January 31, 2007 -------------------------------------------------------------------------------- Janus Fund 407,010,066 Janus Balanced Fund 535,062,678 Janus Contrarian Fund 520,082,019 Janus Enterprise Fund 166,464,464 Janus Flexible Bond Fund 41,749,678 Janus Fundamental Equity Fund 38,667,897 Janus Global Life Sciences Fund 99,582,926 Janus Global Opportunities Fund 9,167,223 Janus Global Technology Fund 63,233,638 Janus Global Research Fund 18,230,573 Janus Growth and Income Fund 235,791,368 Janus High-Yield Fund 93,721,103 INTECH Risk-Managed Stock Fund 5,187,274 Janus Mid Cap Value Fund 434,051,595 Janus Orion Fund 94,738,303 Janus Overseas Fund 413,046,746 Janus Research Fund 351,035,427 Janus Short-Term Bond Fund 43,462,446 Janus Small Cap Value Fund 369,830,323 Janus Twenty Fund 95,558,314 Janus Venture Fund 329,134,622 Janus Worldwide Fund 122,158,015 -------------------------------------------------------------------------------- As of January 31, 2007, all cash collateral received by the Funds was invested in the State Street Navigator Securities Lending Prime Portfolio except for Janus Balanced Fund, Janus Enterprise Fund, Janus Overseas Fund and Janus Research Fund which invested $2,154,796, $229,211, $1,098,062 and $22,502,564, respectively, of the cash collateral in foreign government 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 which 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. During the quarter ended January 31, 2007, there were no such securities lending agreements for Janus Federal Tax-Exempt Fund, Janus Triton Fund and the Money Market Funds. Futures Contracts The Funds except the Money Market Funds may enter into futures contracts, particularly Janus INTECH Risk-Managed Stock Fund. The Funds intend to use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as an unrealized gain or loss. When a contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. Generally, futures contracts are marked-to-market (i.e., treated as realized and subject to distribution) for federal income tax purposes at fiscal year-end. Securities designated as collateral for market value on futures contracts are noted in the Schedule of Investments (if applicable). Such collateral is in the possession of the Funds' custodian. As of January 31, 2007, the Funds were not invested in futures contracts except Janus INTECH Risk-Managed Stock Fund. Forward Currency Transactions The Funds except the Money Market 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. 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 January 31, 2007. 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 January 31, 2007, resulting from changes in the exchange rates and changes in market prices of securities held. Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and 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. Short Sales All Funds except Janus INTECH Risk-Managed Stock Fund, may engage in "short sales against the box." Short sales against the box involves selling either a security that the Fund owns, 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 except Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus High-Yield Fund, Janus INTECH Risk-Managed Stock Fund and the Money Market Funds may also engage in "naked" (uncovered) short sales. Naked short sales involve the Fund selling a security it does not own to a purchaser at a specified price. To complete the transaction, the 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 the 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 the 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 the Fund may recognize upon termination of a short sale. Short sales held by the Fund are fully collateralized by other securities, which are denoted in the accompanying Schedule of Investments (if applicable). Mortgage Dollar Rolls Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus High-Yield Fund and Janus Short-Term Bond Fund may enter into "mortgage dollar rolls." In a "mortgage dollar roll" transaction, the Fund sells a mortgage-related security (such as a Government National Mortgage Association ("GNMA") security) to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a predetermined price. The Fund will not be entitled to receive interest and principal payments while the dealer holds the security. The difference between the sale price and the future purchase price is recorded as an adjustment to investment income. The Fund's obligations under a dollar roll agreement must be covered by cash, U.S. Government securities or other liquid high-grade debt obligations equal in value to the securities subject to repurchase by the Fund, maintained in a segregated account. To the extent that the Fund collateralizes its obligations under a dollar roll agreement, the asset coverage requirements of the 1940 Act will not apply to such transactions. Furthermore, under certain circumstances, an underlying mortgage-backed security that is part of a dollar roll transaction may be considered illiquid. Successful use of mortgage dollar rolls depends on the Fund's ability to predict interest rates and mortgage payments. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price. Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus High-Yield Fund and Janus Short-Term Bond Fund did not participate in mortgage dollar rolls during the quarter ended January 31, 2007. Bank Loans Janus Balanced Fund, Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus High-Yield Fund and Janus Short-Term Bond Fund may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment or participation interest in loans originated by a bank or financial institution (the "Lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with general interest rate changes and/or issuer credit quality. The interest rates paid on a floating rate security in which the Fund invests generally are readjusted every 45-60 days, on average, to an increment over a designated benchmark rate, such as the one-month, three-month, six-month or one-year London Interbank Offered Rate ("LIBOR"). The Fund may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual bank loans on a daily basis. The average value of borrowings outstanding under bank loan arrangements for the quarter ended January 31, 2007 are indicated in the table below: -------------------------------------------------------------------------------- Fund Average Value Rates -------------------------------------------------------------------------------- Janus Balanced Fund $12,871,120 1.75%-8.11375% Janus Flexible Bond Fund 15,562,831 7.07250%-8.37531% Janus High-Yield Fund 18,958,133 5.32%-11.37125% Janus Short-Term Bond Fund 18,162,008 7.32%-10.00% -------------------------------------------------------------------------------- Securities Traded on a To-Be-Announced Basis Janus Balanced Fund, Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus High-Yield Fund and Janus Short-Term Bond Fund may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Fund commits to purchasing or selling securities for which specific information is not yet known at the time of the trade, particularly the face amount and maturity date in GNMA, Federal National Mortgage Association ("FNMA") and/or Federal Home Loan Mortgage Corporation ("FHLMC") transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. Government securities or other liquid high grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities. At January 31, 2007, Janus Balanced Fund, Janus Federal Tax-Exempt Fund, Janus Flexible Bond Fund, Janus High-Yield Fund and Janus Short-Term Bond Fund did not hold TBA securities. Additional Investment Risk The Funds, particularly Janus Flexible Bond Fund and Janus High-Yield Fund, may be invested in lower- rated debt securities that have a higher risk of default or loss of value because of changes in the economy, or political environment, or adverse developments specific to the issuer. Janus Risk-Managed Stock Fund does not intend to invest in high-yield/high-risk bonds. Options Contracts All Funds except the Money Market 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. In addition, the Funds, particularly Janus INTECH Risk-Managed Stock Fund, may use options contracts to gain exposure to the stock market pending investment of cash balances or to meet liquidity needs. 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. Securities designated to cover outstanding written options are noted in the Schedule of Investments (if applicable). 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. Options Contracts Written Written option activity for the quarter ended January 31, 2007 was as follows: Number of Options Premiums Call Options Contracts Received -------------------------------------------------------------------------------- Janus Fund Options outstanding at October 31, 2006 29,787 $ 1,992,219 Options written 50,919 2,484,265 Options closed (6,456) (643,876) Options expired (56,116) (2,546,740) Options exercised (653) (31,787) -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 17,481 $ 1,254,081 -------------------------------------------------------------------------------- Number of Options Premiums Put Options Contracts Received -------------------------------------------------------------------------------- Janus Fund Options outstanding at October 31, 2006 -- $ -- Options written 31,962 1,132,971 Options closed -- -- Options expired (10,864) (443,343) Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 21,098 $ 689,628 -------------------------------------------------------------------------------- Number of Options Premiums Call Options Contracts Received -------------------------------------------------------------------------------- Janus Contrarian Fund Options outstanding at October 31, 2006 -- $ -- Options written 8,857 3,021,970 Options closed -- -- Options expired -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 8,857 $ 3,021,970 -------------------------------------------------------------------------------- Number of Options Premiums Call Options Contracts Received -------------------------------------------------------------------------------- Janus Fundamental Equity Fund Options outstanding at October 31, 2006 -- $ -- Options written 1,657 666,176 Options closed (1,657) (666,176) Options expired -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 -- $ -- -------------------------------------------------------------------------------- Number of Options Premiums Put Options Contracts Received -------------------------------------------------------------------------------- Janus Fundamental Equity Fund Options outstanding at October 31, 2006 -- $ -- Options written 920 133,433 Options closed -- -- Options expired -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 920 $ 133,433 -------------------------------------------------------------------------------- Number of Options Premiums Call Options Contracts Received -------------------------------------------------------------------------------- Janus Global Technology Fund Options outstanding at October 31, 2006 1,032 $ 241,312 Options written 10,945 2,768,452 Options closed (4,527) (647,542) Options expired (1,032) (241,312) Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 6,418 $ 2,120,910 -------------------------------------------------------------------------------- Number of Options Premiums Put Options Contracts Received -------------------------------------------------------------------------------- Janus Global Technology Fund Options outstanding at October 31, 2006 -- $ -- Options written 290 82,357 Options closed (290) (82,357) Options expired -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 -- $ -- -------------------------------------------------------------------------------- Number of Options Premiums Call Options Contracts Received -------------------------------------------------------------------------------- Janus Growth and Income Fund Options outstanding at October 31, 2006 -- $ -- Options written 1,632 656,125 Options closed (1,632) (656,125) Options expired -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 -- $ -- -------------------------------------------------------------------------------- Number of Options Premiums Put Options Contracts Received -------------------------------------------------------------------------------- Janus Growth and Income Fund Options outstanding at October 31, 2006 -- $ -- Options written 9,482 1,375,226 Options closed -- -- Options expired -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 9,482 $ 1,375,226 -------------------------------------------------------------------------------- Number of Options Premiums Call Options Contracts Received -------------------------------------------------------------------------------- Janus Research Fund Options outstanding at October 31, 2006 -- $ -- Options written 7,520 5,041,478 Options expired -- -- Options closed -- -- Options exercised -- -- -------------------------------------------------------------------------------- Options outstanding at January 31, 2007 7,520 $ 5,041,478 -------------------------------------------------------------------------------- Interfund Lending Pursuant to an exemptive order received from the SEC, each Fund 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 quarter ended January 31, 2007, there were no outstanding borrowing or lending arrangements for the Funds. 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 Fund's' custodian sufficient to cover the purchase price. As of January 31, 2007, the Funds were not invested in when-issued securities. Initial Public Offerings All Funds except the Money Market Funds may invest in initial public offerings ("IPOs"). The Fund's performance may be significantly affected, positively or negatively, by investments in IPOs. Equity-Linked Structured Notes The Funds may invest in equity-linked structured notes. Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, an equity index, and/or option positions. Equity-linked structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked structured notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed-income securities. Restricted Securities Transactions Restricted securities held by the Funds may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Funds to sell a security at a fair price and may substantially delay the sale of the security which the Funds seek to sell. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. Money Market Investments The Funds may invest in money market funds, including funds managed by Janus Capital. During the period ended January 31, 2007, the following Funds had the following affiliated purchases and sales:
Janus Institutional Cash Reserves Fund Janus Fund $ 121,229,848 $ 127,349,848 $ 169,348 $ -- Janus Balanced Fund 39,772,347 53,545,210 90,875 14,951,137 Janus Contrarian Fund 114,823,747 70,328,672 161,618 55,078,075 Janus Enterprise Fund 41,976,453 37,546,653 65,510 7,824,800 Janus Flexible Bond Fund 39,808,065 37,472,665 61,527 5,939,400 Janus Fundamental Equity Fund 10,488,564 12,692,416 172,476 9,211,648 Janus Global Life Sciences Fund 887,000 887,000 272 -- Janus Global Opportunities Fund 2,576,856 2,183,256 4,844 393,600 Janus Global Technology Fund 5,706,047 3,719,602 12,792 2,284,446 Janus Global Research Fund 35,683,297 32,700,207 91,672 3,340,600 Janus Growth and Income Fund 176,783,452 184,636,652 231,589 27,916,800 Janus High-Yield Fund 30,319,616 13,308,000 170,340 23,113,594 Janus Mid Cap Value Fund 10,892,264 15,146,000 43,841 5,806,103 Janus Orion Fund 220,929,947 205,468,000 2,300,181 222,974,538 Janus Overseas Fund 224,769,198 168,865,811 2,105,931 93,184,977 Janus Research Fund 92,770,190 87,871,957 226,177 14,705,233 Janus Risk-Managed Stock Fund 98,218,956 106,680,156 175,232 22,717,800 Janus Short-Term Bond Fund 18,628,978 17,036,031 22,015 3,538,947 Janus Small Cap Value Fund 32,774,718 126,378,000 906,273 71,570,407 Janus Triton Fund 7,454,561 5,556,261 13,695 1,898,300 Janus Twenty Fund 308,752,878 74,583,450 680,007 234,169,428 Janus Venture Fund 16,849,079 23,032,079 16,132 -- Janus Worldwide Fund 62,660,185 69,393,685 90,063 9,812,500 ---------------------------------------------------------------------------------------------------------- $1,714,756,246 $1,476,381,611 $ 7,812,410 $ 830,432,333 ---------------------------------------------------------------------------------------------------------- Janus Money Market Fund Janus Fund $ 521,606,763 $ 600,179,368 $ 3,072,114 $ 321,000 Janus Balanced Fund 128,839,501 113,206,790 479,222 22,874,169 Janus Contrarian Fund 249,062,047 162,881,778 489,893 99,211,997 Janus Enterprise Fund 80,463,721 75,297,805 208,390 13,361,200 Janus Flexible Bond Fund 73,851,621 59,598,021 79,437 17,987,600 Janus Fundamental Equity Fund 41,295,084 47,642,584 135,522 -- Janus Global Life Sciences Fund 12,637,000 12,637,000 4,936 -- Janus Global Opportunities Fund 5,105,445 4,645,250 25,920 460,195 Janus Global Research Fund 11,522,259 10,448,398 19,690 1,231,800 Janus Global Technology Fund 56,976,957 63,027,787 115,630 14,665,400 Janus Growth and Income Fund 549,085,146 269,883,946 576,672 279,201,200 Janus High-Yield Fund 64,721,775 63,351,000 203,518 12,555,142 Janus Mid Cap Value Fund 18,551,722 14,275,000 245,746 15,694,241 Janus Orion Fund 297,002,744 369,003,000 3,524,321 205,179,423 Janus Overseas Fund 332,854,288 351,446,189 3,158,925 -- Janus Research Fund 408,115,373 450,212,043 1,138,266 3,115,500 Janus Risk-Managed Stock Fund 269,860,151 246,565,951 394,541 23,294,200 Janus Short-Term Bond Fund 24,057,076 28,140,975 35,110 -- Janus Small Cap Value Fund 112,961,375 150,221,000 1,039,233 46,088,246 Janus Triton Fund 12,492,649 11,351,949 43,429 1,892,700 Janus Twenty Fund 852,597,804 482,602,836 2,207,794 592,675,984 Janus Venture Fund 22,521,503 22,521,503 14,104 -- Janus Worldwide Fund 279,175,947 180,920,447 250,289 98,255,500 ---------------------------------------------------------------------------------------------------------- $4,425,357,951 $3,790,060,620 $ 17,462,702 $1,448,065,497 ----------------------------------------------------------------------------------------------------------
Affiliated Fund of Funds Transactions The Portfolios may invest in certain funds within the Janus family of funds, of which the funds may be deemed to be under common control as they share the same board of directors. During the period ended January 31, 2007, the following Portfolios had the following affiliated purchases and sales:
------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Smart Portfolio - Conservative ------------------------------------ Janus Adviser INTECH Risk-Managed Growth Fund - I Shares 43,873 $ 616,703 -- $ -- $ -- $ 8,938 $ 2,314,355 Janus Adviser INTECH Risk-Managed Value Fund - I Shares 55,023 638,425 -- -- -- 30,661 2,313,079 Janus Contrarian Fund 23,617 409,053 -- -- -- 18,530 1,235,985 Janus Flexible Bond Fund 387,851 3,655,223 -- -- -- 129,546 12,757,076 Janus Growth and Income Fund 10,001 382,934 -- -- -- 3,081 1,379,999 Janus High-Yield Fund 24,039 236,300 -- -- -- 12,794 843,450 Janus Orion Fund 23,188 229,570 -- -- -- 1,659 893,656 Janus Overseas Fund 15,595 710,875 -- -- -- 27,140 2,776,054 Janus Research Fund 9,099 228,438 -- -- -- 527 883,612 Janus Short-Term Bond Fund 268,425 773,350 -- -- -- 21,333 2,517,431 ------------------------------------------------------------------------------------------------------------------------------------ $ 7,880,871 $ -- $ -- $ 254,209 $ 27,914,697 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Smart Portfolio - Growth ------------------------------ Janus Adviser INTECH Risk-Managed Growth Fund - I Shares 307,688 $ 4,324,997 -- $ -- $ -- $ 51,130 $ 13,882,262 Janus Adviser INTECH Risk-Managed Value Fund - I Shares 383,779 4,449,473 -- -- -- $ 175,606 13,891,517 Janus Flexible Bond Fund 587,898 5,542,732 -- -- -- 159,229 16,481,442 Janus Growth and Income Fund 83,339 3,186,512 -- -- -- 20,685 9,858,438 Janus High-Yield Fund 101,066 993,685 -- -- -- 43,443 3,006,098 Janus Orion Fund 160,819 1,592,163 -- -- -- 9,250 5,289,740 Janus Overseas Fund 164,952 7,513,386 -- -- -- 231,983 25,132,704 Janus Research Fund 88,481 2,220,188 -- -- -- 4,110 7,329,794 Janus Twenty Fund 46,986 2,569,726 -- -- -- 37,064 8,290,917 ------------------------------------------------------------------------------------------------------------------------------------ $ 32,392,862 $ -- $ -- $ 732,500 $103,162,912 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 1/31/07 ------------------------------------------------------------------------------------------------------------------------------------ Janus Smart Portfolio - Moderate -------------------------------- Janus Adviser INTECH Risk-Managed Growth Fund - I Shares 152,047 $ 2,140,772 -- $ -- $ -- $ 32,030 $ 8,158,005 Janus Adviser INTECH Risk-Managed Value Fund - I Shares 173,803 2,017,045 -- -- -- 100,007 7,422,866 Janus Flexible Bond Fund 674,470 6,361,728 -- -- -- 227,188 22,323,317 Janus Growth and Income Fund 55,537 2,126,324 -- -- -- 17,582 7,809,130 Janus High-Yield Fund 61,843 608,100 -- -- -- 32,989 2,166,074 Janus Orion Fund 58,417 579,399 -- -- -- 4,288 2,292,505 Janus Overseas Fund 74,414 3,391,442 -- -- -- 132,476 13,459,817 Janus Research Fund 30,590 768,629 -- -- -- 1,814 3,021,564 Janus Short-Term Bond Fund 343,083 988,549 -- -- -- 30,075 3,482,034 Janus Twenty Fund 14,258 781,134 -- -- -- 14,319 2,993,296 ------------------------------------------------------------------------------------------------------------------------------------ $ 19,763,122 $ -- $ -- $ 592,768 $ 73,128,608 ------------------------------------------------------------------------------------------------------------------------------------
Federal Income Tax 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. As of January 31, 2007, the Fund's and Portfolio's aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes are noted below:
--------------------------------------------------------------------------------------------------------------- Federal Tax Unrealized Unrealized Net Cost Appreciation (Depreciation) Appreciation/ (Depreciation) Fund --------------------------------------------------------------------------------------------------------------- Janus Fund $9,283,986,706 $2,611,019,501 $ (256,704,486) $2,354,315,015 Janus Balanced Fund 2,644,622,616 411,815,899 (22,280,506) 389,535,393 Janus Contrarian Fund 4,310,362,990 1,542,207,818 (52,619,620) 1,489,588,198 Janus Enterprise Fund 1,379,072,936 651,327,677 (19,340,297) 631,987,380 Janus Federal Tax-Exempt Fund 94,873,278 339,717 (588,001) (248,284) Janus Flexible Bond Fund 793,414,869 4,267,725 (9,403,467) (5,135,742) Janus Fundamental Equity Fund 915,921,436 200,171,199 (32,619,941) 167,551,258 Janus Global Life Sciences Fund 782,507,328 194,560,072 (10,153,635) 184,406,437 Janus Global Opportunities Fund 130,046,578 36,787,601 (5,983,366) 30,804,235 Janus Global Research Fund 136,486,033 18,804,272 (2,605,832) 16,198,440 Janus Global Technology Fund 762,596,226 231,305,044 (26,931,117) 204,373,927 Janus Growth and Income Fund 5,611,764,281 1,337,460,231 (165,312,453) 1,172,147,778 Janus High-Yield Fund 635,234,472 15,447,235 (2,501,392) 12,945,843 INTECH Risk-Managed Stock Fund 478,927,252 75,097,017 (3,450,359) 71,646,658 Janus Mid Cap Value Fund 6,217,892,716 984,136,335 (73,415,132) 910,721,203 Janus Orion Fund 2,776,530,369 812,405,362 (26,922,613) 785,482,749 Janus Overseas Fund 5,434,398,057 1,874,287,238 (115,221,674) 1,759,065,564 Janus Research Fund 3,835,961,297 616,131,804 (115,982,353) 500,149,451 Janus Short-Term Bond Fund 215,589,371 256,272 (721,712) (465,440) Janus Small Cap Value Fund 1,906,017,365 370,600,976 (38,005,235) 332,595,741 Janus Triton Fund 108,560,605 13,801,064 (3,267,509) 10,533,555 Janus Twenty Fund 6,993,806,141 2,989,035,648 (59,400,885) 2,929,634,763 Janus Venture Fund 1,387,057,866 499,419,119 (55,956,383) 443,462,736 Janus Worldwide Fund 3,765,688,597 973,604,423 (94,586,660) 879,017,763 --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- Federal Tax Unrealized Unrealized Net Cost Appreciation (Depreciation) Appreciation/ (Depreciation) Portfolio --------------------------------------------------------------------------------------------------------------- Janus Smart Portfolio - Conservative $ 26,758,614 $ 1,197,948 $ (41,865) $ 1,156,083 Janus Smart Portfolio - Growth 95,818,301 7,414,184 (69,573) 7,344,611 Janus Smart Portfolio - Moderate 68,999,917 4,219,238 (90,547) 4,128,691 ---------------------------------------------------------------------------------------------------------------
Item 2. Controls and Procedures. (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-3(b) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q. (b) There were no changes in the registrant's internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Janus Investment Fund By: _/s/ Andrew J. Iseman_________ Andrew J. Iseman, President and Chief Executive Officer of Janus Investment Fund (Principal Executive Officer) Date: March 30, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: _/s/ Andrew J. Iseman_________ Andrew J. Iseman, President and Chief Executive Officer of Janus Investment Fund (Principal Executive Officer) Date: March 30, 2007 By: _/s/ Jesper Nergaard________ Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund (Principal Accounting Officer and Principal Financial Officer) Date: March 30, 2007