Untitled Document

N-CSRS/A 1 123117NSCRSA.htm Untitled Document

Explanatory Note
This Form N-CSRS/A for Janus Investment Fund (the "Registrant") is being filed to revise the semi-annual report for Janus Henderson Global Unconstrained Bond Fund (the "Fund") solely with regard to the section entitled "Additional Information - Approval of Advisory Agreements" in the "Additional Information" section of the report. The sole purpose of this amendment is to incorporate information that was inadvertently omitted from that section. Other than the aforementioned revision, no other information or disclosures contained in the Registrant's Form N-CSRS filed on March 8, 2018 (Accession No. 0000277751-18-000030) are being amended by this Form N-CSRS/A.

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

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number 811-01879

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

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

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

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

Date of fiscal year end: 6/30

Date of reporting period: December 31, 2017

Item 1 - Reports to Shareholders



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Adaptive Global Allocation Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Adaptive Global Allocation Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	26
Statement of Assets and Liabilities	29
Statement of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	33
Notes to Financial Statements	37
Additional Information	52
Useful Information About Your Fund Report	66

Janus Henderson Adaptive Global Allocation Fund (unaudited)

FUND SNAPSHOT

This global allocation fund seeks to provide investors total return by dynamically allocating its assets across a portfolio of global equity and fixed income investments, which may involve the use of derivatives. The Fund is designed to actively adapt based on forward-looking views on extreme market movements, both positive and negative, with the goal of minimizing the risk of significant loss in a major downturn while participating in the growth potential of capital markets.

Ashwin Alankar

co-portfolio manager

Enrique Chang

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Adaptive Global Allocation Fund Class I Shares returned 8.20% for the 6-month period ended December 31, 2017. This compares with a return of 11.21% for its primary benchmark, the MSCI All Country World Index. The Fund’s secondary benchmark, the Adaptive Global Allocation 60-40 Index, an internally calculated index comprised of the MSCI All Country World Index (60%) and the Bloomberg Barclays Global Aggregate Bond Index (40%), returned 7.28%. Its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index, returned 1.58%.

MARKET ENVIRONMENT

Global financial markets enjoyed the tailwinds of synchronized economic growth across major regions during the period. Stocks benefited, too, from solid corporate earnings and, later in the period, the prospect of tax reform in the U.S. Emerging markets outperformed their developed market peers and among advanced economies, the U.S. and Japan tended to register higher returns than major European benchmarks. On a sector basis, technology and materials rose the most while the traditionally defensive consumer staples, health care and utilities sectors delivered the most muted gains.

Global bond markets rose as well. A key driver was spread compression in both investment-grade and high-yield corporate credits, with those of the former reaching a decade low. Treasury performance was more dispersed. The yield on the 2-year U.S. Treasury rose as the market coalesced around a third Federal Reserve (Fed) rate hike in 2017, which ultimately occurred in December. The 10-year note, after dipping to nearly 2% in September, saw spreads widen to 2.41% by period end and the yield on the 30-year slipped to 2.74%. German Bunds remained well bid as the European Central Bank (ECB) announced it would extend its asset purchasing program, albeit in smaller increments. In the UK, the Bank of England initiated its first rate hike since the Global Financial Crisis as inflation crested 3%.

PERFORMANCE DISCUSSION

For the six-month period, the Fund underperformed its primary benchmark but outperformed its secondary and tertiary benchmarks. Guided by the Fund’s option-markets sourced signals, a key contributor to performance was our allocation to global equities, which stood at 96% on June 30 and did not significantly move, finishing the period at 94%. Thus, the portfolio participated in a meaningful way in the rise of global markets during the second half of 2017. From a regional perspective, the key contributor was the U.S. with 41% allocated at the end of June and 51% at year’s end. The portfolio’s underweighting to a concentrated set of mega-cap stocks, which drove a considerable portion of the primary benchmark’s returns during the period, was a key detractor from performance.

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

OUTLOOK

An aging bull market and a 10-year economic expansion have us, like many investors, wondering: How much longer can this rally continue? But signals from our Adaptive Multi-Asset Solutions team's proprietary options pricing model suggest a correction is not imminent.

Global stocks have enjoyed a good run, roughly tripling since the financial crisis. Options prices, which indicate the market’s assessment of short-term risk, signal limited upside, but do not forecast a looming downturn. On the contrary, the equity market appears fairly priced given a number of positive factors that could propel the current business cycle, including U.S. tax reform, still accommodative monetary policy in Europe and Japan, and an upward trajectory in global growth. Inflation also


Janus Investment Fund	1

Janus Henderson Adaptive Global Allocation Fund (unaudited)

remains subdued, thanks to new technologies that improve efficiencies and keep prices in check.

In other words, barring unforeseen economic or political shocks, the global economic barometer is set to fair. We argue that some of this benign outlook is due to the options market’s expectation of an orderly unwinding of the ultra-accommodative monetary policies in the U.S. and Europe in the next few years.

The Fed is expected to continue raising interest rates gradually in 2018 and beyond, while slowly reducing its $4.5 trillion balance sheet. The ECB, which has yet to begin tightening, is focusing on tapering asset purchases first and will likely raise rates at a later date. This staggered approach could help global markets avoid a sudden liquidity crunch that would curtail growth, create a headwind for equities and cause global bond yields to spike – more reason to believe the current expansion can persist.

Thank you for investing in Janus Henderson Adaptive Global Allocation Fund.


2	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

December 31, 2017


5 Largest Equity Holdings - (% of Net Assets)
Vanguard Small-Cap
Exchange-Traded Funds (ETFs)	8.4%
Vanguard FTSE All-World ex-US ETF
Exchange-Traded Funds (ETFs)	8.1%
Vanguard FTSE Emerging Markets
Exchange-Traded Funds (ETFs)	6.4%
Vanguard FTSE All World ex-US Small-Cap
Exchange-Traded Funds (ETFs)	4.5%
Vanguard Financials
Exchange-Traded Funds (ETFs)	4.1%
	31.5%


Asset Allocation - (% of Net Assets)
Investment Companies	82.1%
Common Stocks	14.4%
U.S. Government Agency Notes	3.0%
Preferred Stocks	0.0%
Other		0.5%
		100.0%

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

As of December 31, 2017

As of June 30, 2017


Janus Investment Fund	3

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017				per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	8.11%	16.98%	5.82%	1.62%	1.06%
Class A Shares at MOP	1.92%	10.30%	3.36%
Class C Shares at NAV	7.72%	16.03%	5.02%	2.36%	1.81%
Class C Shares at CDSC	6.72%	15.03%	5.02%
Class D Shares⁽¹⁾	8.24%	17.01%	5.86%	2.11%	0.96%
Class I Shares	8.20%	17.17%	6.07%	1.50%	0.81%
Class N Shares	8.25%	17.23%	6.09%	1.34%	0.81%
Class S Shares	8.08%	16.73%	5.66%	1.85%	1.31%
Class T Shares	8.13%	17.00%	5.88%	1.61%	1.06%
MSCI All Country World Index⁽²⁾	11.21%	23.97%	8.61%
Bloomberg Barclays Global Aggregate Bond Index (Hedged)	1.58%	3.04%	3.42%
Adaptive Global Allocation 60/40 Index (Hedged)	7.28%	15.18%	6.66%
Adaptive Global Allocation 70/30 Index (Hedged)	8.25%	17.33%	7.16%
Morningstar Quartile - Class I Shares	-	1st	1st
Morningstar Ranking - based on total returns for World Allocation Funds	-	98/459	92/430

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).


4	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

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

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

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Janus Capital Management does not have prior experience managing an adaptive global allocation investment strategy. There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and that the proprietary options implied information model used to implement the Fund's investment strategy may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss.

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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

Until the earlier of three years from inception or the Fund’s assets meeting the first fee breakpoint, expenses previously waived or reimbursed may be recovered if the expense ratio falls below certain limits.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – June 23, 2015

(1) Closed to certain new investors.

(2) Effective on or about January 1, 2017, the Fund’s investment strategies and benchmark indices changed. These changes are intended to provide the Fund with more flexibility to invest across global equity investments and global fixed-income investments and at times, invest in commodity-linked investments, without having to allocate its investments across these asset classes in any fixed proportion. In addition, these changes limit the Fund’s use of derivatives. The changes to the Fund's benchmark indices are summarized below:

§ The Fund’s primary benchmark changed from the Adaptive Global Allocation 70/30 Index to the MSCI All Country World Index.

§ The Adaptive Global Allocation 60/40 Index was added as a secondary benchmark for the Fund.

§ The Fund will continue to retain the Bloomberg Barclays Global Aggregate Bond Index as an additional secondary benchmark.


Janus Investment Fund	5

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)
Class A Shares		$1,000.00	$1,081.10	$5.35	$1,000.00	$1,020.06	$5.19	1.02%
Class C Shares		$1,000.00	$1,077.20	$9.27	$1,000.00	$1,016.28	$9.00	1.77%
Class D Shares		$1,000.00	$1,082.40	$4.67	$1,000.00	$1,020.72	$4.53	0.89%
Class I Shares		$1,000.00	$1,082.00	$4.51	$1,000.00	$1,020.87	$4.38	0.86%
Class N Shares		$1,000.00	$1,082.50	$3.99	$1,000.00	$1,021.37	$3.87	0.76%
Class S Shares		$1,000.00	$1,080.80	$5.98	$1,000.00	$1,019.46	$5.80	1.14%
Class T Shares		$1,000.00	$1,081.30	$4.98	$1,000.00	$1,020.42	$4.84	0.95%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– 14.4%
Aerospace & Defense – 0.1%
	Arconic Inc	137	$3,733
	BAE Systems PLC	230	1,769
	Bombardier Inc*	240	579
	CAE Inc	197	3,660
	L3 Technologies Inc	122	24,138
	Meggitt PLC	1,172	7,587
	Raytheon Co	151	28,365
			69,831
Air Freight & Logistics – 0%
	CH Robinson Worldwide Inc	49	4,365
	Expeditors International of Washington Inc	89	5,757
	FedEx Corp	41	10,231
	United Parcel Service Inc	94	11,200
			31,553
Airlines – 0%
	Alaska Air Group Inc	89	6,542
	American Airlines Group Inc	65	3,382
	ANA Holdings Inc	100	4,174
	Deutsche Lufthansa AG	35	1,286
	easyJet PLC	125	2,470
	Japan Airlines Co Ltd	200	7,827
			25,681
Auto Components – 0.1%
	Aisin Seiki Co Ltd	100	5,620
	Aptiv PLC	199	16,881
	BorgWarner Inc	70	3,576
	Bridgestone Corp	200	9,302
	Continental AG	35	9,448
	Denso Corp	100	6,005
	GKN PLC	3,046	13,077
	Goodyear Tire & Rubber Co	119	3,845
	NGK Spark Plug Co Ltd	100	2,432
	NOK Corp	100	2,329
	Nokian Renkaat OYJ	79	3,578
	Sumitomo Electric Industries Ltd	100	1,688
	Sumitomo Rubber Industries Ltd	100	1,858
	Yokohama Rubber Co Ltd	100	2,454
			82,093
Automobiles – 0.4%
	Daimler AG	147	12,481
	Ford Motor Co	12,054	150,554
	General Motors Co	705	28,898
	Harley-Davidson Inc	91	4,630
	Honda Motor Co Ltd	300	10,287
	Isuzu Motors Ltd	200	3,345
	Mazda Motor Corp	300	4,026
	Mitsubishi Motors Corp	700	5,059
	Nissan Motor Co Ltd	800	7,979
	Renault SA	246	24,722
	Suzuki Motor Corp	100	5,793
	Toyota Motor Corp	200	12,809
	Yamaha Motor Co Ltd	100	3,275
			273,858
Banks – 0.4%
	Bank of America Corp	381	11,247
	Bankia SA	1,633	7,793
	Barclays PLC	2,266	6,177
	BB&T Corp	16	796
	Bendigo & Adelaide Bank Ltd	3,916	35,576


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

Janus Investment Fund	7

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Banks – (continued)
	BOC Hong Kong Holdings Ltd	1,000	$5,058
	Canadian Imperial Bank of Commerce	48	4,680
	Citigroup Inc	161	11,980
	Commerzbank AG*	754	11,308
	Hachijuni Bank Ltd	200	1,143
	Hang Seng Bank Ltd	300	7,438
	HSBC Holdings PLC	461	4,753
	Huntington Bancshares Inc/OH	1,481	21,563
	Japan Post Bank Co Ltd	200	2,597
	JPMorgan Chase & Co	186	19,891
	KeyCorp	599	12,082
	Kyushu Financial Group Inc	200	1,209
	Mebuki Financial Group Inc	600	2,541
	Mediobanca SpA	1,093	12,377
	Mitsubishi UFJ Financial Group Inc	600	4,403
	Nordea Bank AB	3,781	45,777
	Oversea-Chinese Banking Corp Ltd	100	924
	Regions Financial Corp	699	12,079
	Resona Holdings Inc	800	4,782
	Royal Bank of Scotland Group PLC*	213	794
	Seven Bank Ltd	800	2,742
	Shinsei Bank Ltd	100	1,722
	Societe Generale SA	162	8,351
	Sumitomo Mitsui Financial Group Inc	200	8,639
	Sumitomo Mitsui Trust Holdings Inc	100	3,972
	Suruga Bank Ltd	100	2,139
	Wells Fargo & Co	174	10,557
	Zions Bancorporation	36	1,830
			288,920
Beverages – 0.3%
	Anheuser-Busch InBev SA/NV	59	6,580
	Asahi Group Holdings Ltd	100	4,959
	Brown-Forman Corp	138	9,476
	Coca-Cola Co	261	11,975
	Coca-Cola European Partners PLC	93	3,706
	Constellation Brands Inc	97	22,171
	Davide Campari-Milano SpA	1,659	12,824
	Dr Pepper Snapple Group Inc	487	47,268
	Kirin Holdings Co Ltd	100	2,516
	Molson Coors Brewing Co	269	22,077
	Monster Beverage Corp*	203	12,848
	PepsiCo Inc	487	58,401
			214,801
Biotechnology – 0.2%
	Alexion Pharmaceuticals Inc*	81	9,687
	Amgen Inc	45	7,825
	Biogen Inc*	44	14,017
	Celgene Corp*	156	16,280
	Gilead Sciences Inc	418	29,946
	Grifols SA	754	22,045
	Incyte Corp*	90	8,524
	Regeneron Pharmaceuticals Inc*	14	5,263
	Shire PLC	242	12,550
	Vertex Pharmaceuticals Inc*	24	3,597
			129,734
Building Products – 0.1%
	Allegion PLC	99	7,876
	AO Smith Corp	300	18,384
	Assa Abloy AB	102	2,117


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

8	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Building Products – (continued)
	Daikin Industries Ltd	100	$11,841
	Fortune Brands Home & Security Inc	141	9,650
	Johnson Controls International plc	154	5,869
	LIXIL Group Corp	100	2,704
			58,441
Capital Markets – 0.4%
	3i Group PLC	684	8,430
	Affiliated Managers Group Inc	22	4,516
	BlackRock Inc	24	12,329
	CI Financial Corp	128	3,032
	CME Group Inc	263	38,411
	Daiwa Securities Group Inc	1,000	6,277
	Deutsche Boerse AG	63	7,302
	Goldman Sachs Group Inc	98	24,966
	Hong Kong Exchanges & Clearing Ltd	300	9,164
	IGM Financial Inc	257	9,028
	Intercontinental Exchange Inc	230	16,229
	Investec PLC	2,348	16,893
	Japan Exchange Group Inc	100	1,733
	London Stock Exchange Group PLC	270	13,822
	Nasdaq Inc	267	20,514
	Nomura Holdings Inc	300	1,772
	Northern Trust Corp	288	28,768
	Partners Group Holding AG	3	2,056
	Raymond James Financial Inc	24	2,143
	S&P Global Inc	39	6,607
	SBI Holdings Inc/Japan	100	2,088
	Schroders PLC	690	32,632
	Singapore Exchange Ltd	1,400	7,774
	Thomson Reuters Corp	231	10,070
			286,556
Chemicals – 0.6%
	Air Products & Chemicals Inc	16	2,625
	Air Water Inc	200	4,205
	Akzo Nobel NV	188	16,442
	Albemarle Corp	19	2,430
	Arkema SA	60	7,290
	Asahi Kasei Corp	200	2,577
	BASF SE	40	4,389
	CF Industries Holdings Inc	47	1,999
	Clariant AG*	692	19,328
	Covestro AG	116	11,926
	Daicel Corp	100	1,138
	DowDuPont Inc	239	17,022
	Eastman Chemical Co	74	6,855
	Ecolab Inc	82	11,003
	EMS-Chemie Holding AG	19	12,684
	Evonik Industries AG	306	11,479
	Givaudan SA	3	6,922
	Incitec Pivot Ltd	3,837	11,664
	International Flavors & Fragrances Inc	57	8,699
	Johnson Matthey PLC	38	1,571
	JSR Corp	100	1,970
	K+S AG	771	19,200
	Kansai Paint Co Ltd	200	5,194
	Koninklijke DSM NV	232	22,113
	Kuraray Co Ltd	500	9,439
	LANXESS AG	250	19,876
	LyondellBasell Industries NV	190	20,961


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

Janus Investment Fund	9

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Chemicals – (continued)
	Methanex Corp	47	$2,848
	Mitsubishi Chemical Holdings Corp	400	4,392
	Mitsui Chemicals Inc	100	3,219
	Nissan Chemical Industries Ltd	100	3,986
	Orica Ltd	457	6,448
	Potash Corp of Saskatchewan Inc	743	15,241
	PPG Industries Inc	58	6,776
	Praxair Inc	99	15,313
	Sherwin-Williams Co	12	4,920
	Symrise AG	644	55,208
	Teijin Ltd	100	2,229
	Toray Industries Inc	1,000	9,434
	Yara International ASA	99	4,533
			395,548
Commercial Services & Supplies – 0.1%
	Babcock International Group PLC	1,013	9,600
	Cintas Corp	27	4,207
	G4S PLC	1,933	6,948
	Republic Services Inc	205	13,860
	Stericycle Inc*	151	10,266
			44,881
Communications Equipment – 0.1%
	Cisco Systems Inc	1,082	41,441
	F5 Networks Inc*	101	13,253
	Juniper Networks Inc	842	23,997
	Nokia OYJ	1,859	8,682
	Telefonaktiebolaget LM Ericsson	818	5,364
			92,737
Construction & Engineering – 0.1%
	Boskalis Westminster	108	4,070
	Bouygues SA	66	3,428
	Ferrovial SA	393	8,906
	Fluor Corp	276	14,255
	Jacobs Engineering Group Inc	13	857
	Obayashi Corp	100	1,209
	Skanska AB	216	4,469
	SNC-Lavalin Group Inc	22	999
			38,193
Construction Materials – 0%
	LafargeHolcim Ltd*	193	10,877
	Martin Marietta Materials Inc	22	4,863
	Vulcan Materials Co	21	2,696
			18,436
Consumer Finance – 0.1%
	Acom Co Ltd*	400	1,687
	AEON Financial Service Co Ltd	100	2,323
	American Express Co	206	20,458
	Capital One Financial Corp	100	9,958
	Credit Saison Co Ltd	300	5,461
	Navient Corp	515	6,860
			46,747
Containers & Packaging – 0.1%
	Amcor Ltd/Australia	369	4,433
	Avery Dennison Corp	105	12,060
	Ball Corp	152	5,753
	CCL Industries Inc	536	24,770
	International Paper Co	177	10,255
	Packaging Corp of America	28	3,375
	Sealed Air Corp	129	6,360


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

10	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Containers & Packaging – (continued)
	Toyo Seikan Group Holdings Ltd	600	$9,627
	WestRock Co	157	9,924
			86,557
Distributors – 0.1%
	Genuine Parts Co	224	21,282
	Jardine Cycle & Carriage Ltd	100	3,040
	LKQ Corp*	1,536	62,469
			86,791
Diversified Financial Services – 0.1%
	AMP Ltd	145	586
	Berkshire Hathaway Inc*	117	23,192
	Challenger Ltd/Australia	196	2,141
	First Pacific Co Ltd/Hong Kong	2,000	1,359
	Kinnevik AB	579	19,534
	Mitsubishi UFJ Lease & Finance Co Ltd	100	596
	ORIX Corp	300	5,073
	Standard Life Aberdeen PLC	1,270	7,481
	Wendel SA	119	20,613
			80,575
Diversified Telecommunication Services – 0.5%
	AT&T Inc	2,751	106,959
	BCE Inc	39	1,874
	BT Group PLC	864	3,163
	CenturyLink Inc	2,670	44,536
	Deutsche Telekom AG	185	3,281
	HKT Trust & HKT Ltd	6,000	7,652
	Iliad SA	14	3,354
	Koninklijke KPN NV	1,371	4,782
	Nippon Telegraph & Telephone Corp	300	14,119
	Orange SA	135	2,342
	PCCW Ltd	9,000	5,226
	Singapore Telecommunications Ltd	6,100	16,286
	Spark New Zealand Ltd	2,331	5,993
	Swisscom AG	28	14,887
	Telefonica Deutschland Holding AG	186	934
	Telefonica SA	247	2,405
	Telenor ASA	233	4,993
	Telia Co AB	434	1,933
	TELUS Corp	10	379
	TPG Telecom Ltd	420	2,152
	Verizon Communications Inc	1,183	62,616
			309,866
Electric Utilities – 0.3%
	Alliant Energy Corp	156	6,647
	AusNet Services	2,912	4,105
	Chubu Electric Power Co Inc	500	6,211
	Chugoku Electric Power Co Inc	300	3,221
	CK Infrastructure Holdings Ltd	500	4,292
	CLP Holdings Ltd	2,000	20,467
	Electricite de France SA	99	1,235
	Emera Inc	656	24,522
	Entergy Corp	67	5,453
	Eversource Energy	139	8,782
	FirstEnergy Corp	72	2,205
	Fortum OYJ	644	12,747
	HK Electric Investments & HK Electric Investments Ltd	5,500	5,033
	Hydro One Ltd	764	13,617
	Kansai Electric Power Co Inc	100	1,224
	Kyushu Electric Power Co Inc	100	1,048


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

Janus Investment Fund	11

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Electric Utilities – (continued)
	PG&E Corp	70	$3,138
	Pinnacle West Capital Corp	89	7,581
	Red Electrica Corp SA	78	1,749
	Southern Co	47	2,260
	Terna Rete Elettrica Nazionale SpA	3,551	20,618
	Tohoku Electric Power Co Inc	400	5,117
	Xcel Energy Inc	182	8,756
			170,028
Electrical Equipment – 0.1%
	AMETEK Inc	273	19,784
	Emerson Electric Co	10	697
	Mitsubishi Electric Corp	100	1,662
	OSRAM Licht AG	24	2,149
	Prysmian SpA	25	815
	Rockwell Automation Inc	117	22,973
			48,080
Electronic Equipment, Instruments & Components – 0.1%
	Alps Electric Co Ltd	100	2,846
	Corning Inc	667	21,337
	Hexagon AB	347	17,361
	Hirose Electric Co Ltd	100	14,623
	Hitachi High-Technologies Corp	100	4,218
	Hitachi Ltd	1,000	7,780
	Kyocera Corp	200	13,070
	Nippon Electric Glass Co Ltd	100	3,818
	Omron Corp	100	5,957
	Shimadzu Corp	100	2,271
	Yaskawa Electric Corp	100	4,370
	Yokogawa Electric Corp	100	1,912
			99,563
Energy Equipment & Services – 0.2%
	Baker Hughes a GE Co	822	26,008
	Halliburton Co	854	41,735
	Helmerich & Payne Inc	86	5,559
	National Oilwell Varco Inc	287	10,338
	Schlumberger Ltd	699	47,106
			130,746
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Alexandria Real Estate Equities Inc	62	8,097
	American Tower Corp	4	571
	Apartment Investment & Management Co	38	1,661
	Ascendas Real Estate Investment Trust	1,100	2,237
	Boston Properties Inc	32	4,161
	CapitaLand Commercial Trust	1,100	1,587
	CapitaLand Mall Trust	3,800	6,050
	Crown Castle International Corp	32	3,552
	Dexus	998	7,578
	Duke Realty Corp	56	1,524
	Essex Property Trust Inc	21	5,069
	Extra Space Storage Inc	8	700
	Federal Realty Investment Trust	36	4,781
	Fonciere Des Regions	14	1,586
	GGP Inc	38	889
	H&R Real Estate Investment Trust	434	7,376
	Hammerson PLC	271	2,000
	ICADE	6	590
	Iron Mountain Inc	24	906
	Japan Prime Realty Investment Corp	1	3,178
	Kimco Realty Corp	55	998


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

12	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	Klepierre SA	42	$1,847
	Land Securities Group PLC	132	1,790
	Macerich Co	44	2,890
	Mid-America Apartment Communities Inc	39	3,922
	Nippon Building Fund Inc	8	39,145
	Nippon Prologis REIT Inc	1	2,114
	Nomura Real Estate Master Fund Inc	1	1,242
	Prologis Inc	58	3,742
	Realty Income Corp	203	11,575
	Regency Centers Corp	42	2,906
	SBA Communications Corp*	31	5,064
	Simon Property Group Inc	18	3,091
	SL Green Realty Corp	32	3,230
	Suntec Real Estate Investment Trust	3,200	5,138
	UDR Inc	209	8,051
	Unibail-Rodamco SE	2	504
	Vicinity Centres	2,929	6,222
	Vornado Realty Trust	64	5,004
	Weyerhaeuser Co	255	8,991
			181,559
Food & Staples Retailing – 0.3%
	Aeon Co Ltd	100	1,689
	Carrefour SA	323	6,989
	Colruyt SA	105	5,461
	Costco Wholesale Corp	78	14,517
	George Weston Ltd	102	8,859
	ICA Gruppen AB	195	7,078
	J Sainsbury PLC	189	615
	Loblaw Cos Ltd	180	9,771
	Metro Inc	469	15,020
	Seven & i Holdings Co Ltd	100	4,154
	Sysco Corp	298	18,098
	Tesco PLC	4,486	12,666
	Wal-Mart Stores Inc	624	61,620
			166,537
Food Products – 0.7%
	Archer-Daniels-Midland Co	315	12,625
	Campbell Soup Co	125	6,014
	Conagra Brands Inc	407	15,332
	Danone SA	222	18,610
	General Mills Inc	269	15,949
	Hershey Co	803	91,149
	Hormel Foods Corp	2,922	106,332
	JM Smucker Co	171	21,245
	Kellogg Co	859	58,395
	Kerry Group PLC	267	29,940
	Kraft Heinz Co	153	11,897
	McCormick & Co Inc/MD	324	33,019
	Mondelez International Inc	88	3,766
	Nisshin Seifun Group Inc	100	2,016
	Orkla ASA	1,021	10,827
	Saputo Inc	74	2,660
	Tyson Foods Inc	329	26,672
	WH Group Ltd	2,500	2,818
	Wilmar International Ltd	1,300	2,998
			472,264
Gas Utilities – 0%
	APA Group	286	1,856
	Gas Natural SDG SA	458	10,566


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

Janus Investment Fund	13

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Gas Utilities – (continued)
	Osaka Gas Co Ltd	200	$3,850
	Tokyo Gas Co Ltd	100	2,284
			18,556
Health Care Equipment & Supplies – 0.4%
	Abbott Laboratories	71	4,052
	Arjo AB*	1,608	4,591
	Baxter International Inc	45	2,909
	Boston Scientific Corp*	105	2,603
	Cochlear Ltd	52	6,941
	CYBERDYNE Inc*	200	3,447
	Danaher Corp	388	36,014
	Essilor International Cie Generale d'Optique SA	487	67,147
	Getinge AB	1,486	21,479
	Hoya Corp	100	4,997
	IDEXX Laboratories Inc*	114	17,827
	Koninklijke Philips NV	335	12,672
	ResMed Inc	29	2,456
	Smith & Nephew PLC	745	12,889
	Sonova Holding AG	180	28,111
	Straumann Holding AG	10	7,060
	Sysmex Corp	100	7,875
	Terumo Corp	200	9,451
	Varian Medical Systems Inc*	216	24,008
	Zimmer Biomet Holdings Inc	45	5,430
			281,959
Health Care Providers & Services – 0.2%
	Anthem Inc	38	8,550
	Fresenius Medical Care AG & Co KGaA	247	26,012
	Fresenius SE & Co KGaA	383	29,817
	Healthscope Ltd	3,436	5,621
	Henry Schein Inc*	52	3,634
	Laboratory Corp of America Holdings*	59	9,411
	Medipal Holdings Corp	200	3,917
	Patterson Cos Inc	188	6,792
	Quest Diagnostics Inc	176	17,334
	Ramsay Health Care Ltd	153	8,355
	Suzuken Co Ltd/Aichi Japan	100	4,115
			123,558
Health Care Technology – 0.1%
	Cerner Corp*	394	26,552
	M3 Inc	200	7,003
			33,555
Hotels, Restaurants & Leisure – 0.3%
	Accor SA	51	2,629
	Chipotle Mexican Grill Inc*	78	22,544
	Darden Restaurants Inc	124	11,906
	Domino's Pizza Enterprises Ltd	94	3,423
	Marriott International Inc/MD	240	32,575
	McDonald's Corp	55	9,467
	Merlin Entertainments PLC	3,091	15,107
	MGM China Holdings Ltd	2,000	6,050
	MGM Resorts International	219	7,312
	Oriental Land Co Ltd/Japan	100	9,118
	Sands China Ltd	1,600	8,235
	Shangri-La Asia Ltd	2,000	4,521
	SJM Holdings Ltd	3,000	2,680
	Starbucks Corp	336	19,296
	Wynn Macau Ltd	1,200	3,781


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

14	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Hotels, Restaurants & Leisure – (continued)
	Wynn Resorts Ltd	65	$10,958
			169,602
Household Durables – 0.3%
	Barratt Developments PLC	444	3,879
	Casio Computer Co Ltd	100	1,439
	DR Horton Inc	55	2,809
	Garmin Ltd	103	6,136
	Leggett & Platt Inc	1,171	55,892
	Lennar Corp	510	32,252
	Newell Brands Inc	210	6,489
	Nikon Corp	100	2,012
	Panasonic Corp	300	4,394
	SEB SA	11	2,038
	Sekisui House Ltd	3,300	59,557
	Techtronic Industries Co Ltd	500	3,259
			180,156
Household Products – 0.4%
	Church & Dwight Co Inc	809	40,588
	Clorox Co	435	64,702
	Colgate-Palmolive Co	1,148	86,617
	Kimberly-Clark Corp	597	72,034
	Lion Corp	100	1,888
	Procter & Gamble Co	33	3,032
	Reckitt Benckiser Group PLC	148	13,822
	Unicharm Corp	100	2,600
			285,283
Independent Power and Renewable Electricity Producers – 0%
	Electric Power Development Co Ltd	100	2,695
Industrial Conglomerates – 0%
	CK Hutchison Holdings Ltd	500	6,278
	General Electric Co	450	7,852
	Jardine Strategic Holdings Ltd	100	3,958
	NWS Holdings Ltd	1,000	1,802
	Roper Technologies Inc	29	7,511
	Smiths Group PLC	119	2,380
			29,781
Information Technology Services – 0.7%
	Alliance Data Systems Corp	35	8,872
	Amadeus IT Group SA	343	24,685
	Atos SE	105	15,282
	Capgemini SA	15	1,775
	CGI Group Inc*	530	28,803
	Cognizant Technology Solutions Corp	91	6,463
	CSRA Inc	731	21,872
	Fidelity National Information Services Inc	1,683	158,353
	Fiserv Inc*	260	34,094
	Fujitsu Ltd	1,000	7,089
	Gartner Inc*	301	37,068
	Global Payments Inc	59	5,914
	International Business Machines Corp	183	28,076
	Mastercard Inc	43	6,508
	Nomura Research Institute Ltd	100	4,646
	NTT Data Corp	700	8,309
	Paychex Inc	129	8,782
	PayPal Holdings Inc*	219	16,123
	Total System Services Inc	546	43,183
	Visa Inc	149	16,989
	Wirecard AG	25	2,791
			485,677


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

Janus Investment Fund	15

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Insurance – 0.4%
	Aegon NV	183	$1,166
	AIA Group Ltd	400	3,411
	Allianz SE	25	5,725
	American International Group Inc	670	39,919
	Arthur J Gallagher & Co	380	24,046
	Assurant Inc	10	1,008
	Dai-ichi Life Holdings Inc	100	2,064
	Direct Line Insurance Group PLC	694	3,576
	Gjensidige Forsikring ASA	88	1,660
	Hannover Rueck SE	12	1,506
	Insurance Australia Group Ltd	1,436	8,095
	Intact Financial Corp	62	5,179
	Japan Post Holdings Co Ltd	100	1,146
	Legal & General Group PLC	3,123	11,494
	Loews Corp	548	27,416
	Mapfre SA	3,063	9,819
	Marsh & McLennan Cos Inc	133	10,825
	MS&AD Insurance Group Holdings Inc	100	3,386
	Poste Italiane SpA (144A)	4,685	35,267
	Power Corp of Canada	110	2,833
	Principal Financial Group Inc	38	2,681
	RSA Insurance Group PLC	2,136	18,198
	Sompo Holdings Inc	100	3,856
	Swiss Life Holding AG*	23	8,143
	T&D Holdings Inc	100	1,711
	Tokio Marine Holdings Inc	100	4,565
	Torchmark Corp	302	27,394
	Unum Group	49	2,690
	Willis Towers Watson PLC	96	14,466
			283,245
Internet & Direct Marketing Retail – 0.2%
	Amazon.com Inc*	13	15,203
	Expedia Inc	136	16,289
	Netflix Inc*	23	4,415
	Priceline Group Inc*	30	52,132
	Start Today Co Ltd	200	6,083
	TripAdvisor Inc*	426	14,680
			108,802
Internet Software & Services – 0.2%
	Akamai Technologies Inc*	464	30,179
	Alphabet Inc*	24	25,282
	eBay Inc*	480	18,115
	Facebook Inc*	9	1,588
	Kakaku.com Inc	200	3,383
	Mixi Inc	100	4,492
	REA Group Ltd	67	3,999
	Shopify Inc*	31	3,135
	United Internet AG	40	2,751
	VeriSign Inc*	55	6,294
	Yahoo Japan Corp	400	1,835
			101,053
Leisure Products – 0%
	Bandai Namco Holdings Inc	100	3,272
	Hasbro Inc	176	15,997
	Mattel Inc	400	6,152
	Sega Sammy Holdings Inc	200	2,478
	Yamaha Corp	100	3,668
			31,567


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

16	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Life Sciences Tools & Services – 0.2%
	Agilent Technologies Inc	144	$9,644
	Illumina Inc*	83	18,135
	IQVIA Holdings Inc*	203	19,874
	Lonza Group AG*	69	18,644
	Mettler-Toledo International Inc*	41	25,400
	PerkinElmer Inc	443	32,392
	Waters Corp*	48	9,273
			133,362
Machinery – 0.2%
	Alstom SA	42	1,743
	ANDRITZ AG	264	14,906
	Atlas Copco AB - A SHS	29	1,249
	Caterpillar Inc	13	2,049
	CNH Industrial NV	189	2,526
	Cummins Inc	18	3,180
	Deere & Co	73	11,425
	Dover Corp	136	13,735
	Fortive Corp	130	9,405
	GEA Group AG	183	8,774
	Hino Motors Ltd	100	1,297
	IMI PLC	917	16,412
	KION Group AG	23	1,984
	Kone OYJ	122	6,546
	Kubota Corp	200	3,917
	Metso OYJ	83	2,831
	Mitsubishi Heavy Industries Ltd	100	3,734
	Parker-Hannifin Corp	7	1,397
	Volvo AB	84	1,564
	Weir Group PLC	73	2,084
	Xylem Inc/NY	110	7,502
			118,260
Media – 0.6%
	Axel Springer SE	159	12,387
	CBS Corp	357	21,063
	Charter Communications Inc*	132	44,347
	Comcast Corp	432	17,302
	Dentsu Inc	300	12,659
	Discovery Communications Inc*	516	11,548
	DISH Network Corp*	626	29,891
	Interpublic Group of Cos Inc	975	19,656
	ITV PLC	7,234	16,103
	News Corp	1,025	16,615
	Omnicom Group Inc	626	45,592
	RTL Group SA	254	20,396
	SES SA	188	2,929
	Shaw Communications Inc	1,229	28,055
	Telenet Group Holding NV*	305	21,232
	Viacom Inc	338	10,414
	Vivendi SA	474	12,744
	Walt Disney Co	358	38,489
	WPP PLC	672	12,176
			393,598
Metals & Mining – 0.3%
	Agnico Eagle Mines Ltd	144	6,650
	Anglo American PLC	226	4,723
	Antofagasta PLC	928	12,579
	ArcelorMittal*	121	3,918
	Barrick Gold Corp	438	6,336
	BHP Billiton PLC	706	14,448


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

Janus Investment Fund	17

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Metals & Mining – (continued)
	Boliden AB	312	$10,632
	Franco-Nevada Corp	49	3,917
	Freeport-McMoRan Inc*	241	4,569
	Glencore PLC*	1,517	7,980
	Goldcorp Inc	1,053	13,431
	JFE Holdings Inc	100	2,403
	Kinross Gold Corp*	1,893	8,164
	Kobe Steel Ltd*	200	1,856
	Maruichi Steel Tube Ltd	100	2,926
	Mitsubishi Materials Corp	100	3,561
	Newmont Mining Corp	635	23,825
	Nippon Steel & Sumitomo Metal Corp	100	2,567
	Norsk Hydro ASA	1,928	14,581
	Nucor Corp	35	2,225
	Randgold Resources Ltd	41	4,067
	Rio Tinto PLC	149	7,862
	South32 Ltd	883	2,400
	Sumitomo Metal Mining Co Ltd	100	4,588
	Teck Resources Ltd	87	2,275
	thyssenkrupp AG	229	6,649
			179,132
Multiline Retail – 0.1%
	Dollar General Corp	34	3,162
	Dollarama Inc	70	8,747
	Isetan Mitsukoshi Holdings Ltd	200	2,472
	J Front Retailing Co Ltd	200	3,763
	Kohl's Corp	76	4,121
	Marks & Spencer Group PLC	1,151	4,881
	Marui Group Co Ltd	100	1,827
	Nordstrom Inc	266	12,603
	Target Corp	154	10,048
			51,624
Multi-Utilities – 0.1%
	Ameren Corp	117	6,902
	Atco Ltd/Canada	147	5,263
	Canadian Utilities Ltd	1,046	31,135
	CenterPoint Energy Inc	197	5,587
	Centrica PLC	3,383	6,263
	CMS Energy Corp	198	9,365
	DTE Energy Co	80	8,757
	E.ON SE	176	1,908
	Innogy SE (144A)	148	5,767
	Public Service Enterprise Group Inc	12	618
	RWE AG	89	1,815
	Sempra Energy	67	7,164
	Suez	14	246
	WEC Energy Group Inc	37	2,458
			93,248
Oil, Gas & Consumable Fuels – 1.1%
	AltaGas Ltd	2,514	57,249
	Anadarko Petroleum Corp	495	26,552
	Andeavor	66	7,546
	Apache Corp	254	10,724
	ARC Resources Ltd	1,130	13,262
	BP PLC	2,971	20,949
	Cabot Oil & Gas Corp	1,871	53,511
	Caltex Australia Ltd	81	2,148
	Cameco Corp	725	6,697
	Cenovus Energy Inc	578	5,280


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

18	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – (continued)
	Chevron Corp	205	$25,664
	Cimarex Energy Co	111	13,543
	ConocoPhillips	300	16,467
	Crescent Point Energy Corp	574	4,375
	Devon Energy Corp	459	19,003
	Enagas SA	176	5,034
	Enbridge Inc	310	12,126
	Encana Corp	57	761
	Eni SpA	1,770	29,267
	EOG Resources Inc	392	42,301
	EQT Corp	734	41,779
	Exxon Mobil Corp	291	24,339
	Hess Corp	39	1,851
	Husky Energy Inc*	271	3,827
	Inpex Corp	200	2,503
	JXTG Holdings Inc	300	1,939
	Kinder Morgan Inc/DE	3,002	54,246
	Koninklijke Vopak NV	227	9,956
	Lundin Petroleum AB*	282	6,454
	Marathon Oil Corp	673	11,394
	Marathon Petroleum Corp	210	13,856
	Neste Oyj	37	2,368
	Newfield Exploration Co*	63	1,986
	Noble Energy Inc	706	20,573
	Occidental Petroleum Corp	344	25,339
	Oil Search Ltd	505	3,071
	OMV AG	68	4,308
	ONEOK Inc	341	18,226
	Origin Energy Ltd*	166	1,221
	Phillips 66	34	3,439
	Pioneer Natural Resources Co	57	9,852
	PrairieSky Royalty Ltd	81	2,066
	Range Resources Corp	1,440	24,566
	Santos Ltd*	194	823
	Statoil ASA	738	15,793
	TOTAL SA	151	8,330
	TransCanada Corp	116	5,647
	Valero Energy Corp	266	24,448
	Williams Cos Inc	308	9,391
	Woodside Petroleum Ltd	61	1,576
			727,626
Paper & Forest Products – 0%
	UPM-Kymmene OYJ	51	1,582
Personal Products – 0%
	Beiersdorf AG	27	3,164
	Estee Lauder Cos Inc	97	12,342
			15,506
Pharmaceuticals – 0.7%
	Allergan PLC	95	15,540
	Astellas Pharma Inc	600	7,622
	AstraZeneca PLC	807	55,368
	Bayer AG	301	37,432
	Bristol-Myers Squibb Co	299	18,323
	Daiichi Sankyo Co Ltd	200	5,210
	Eisai Co Ltd	100	5,663
	GlaxoSmithKline PLC	1,888	33,388
	Johnson & Johnson	115	16,068
	Kyowa Hakko Kirin Co Ltd	100	1,932
	Merck & Co Inc	201	11,310


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

Janus Investment Fund	19

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Pharmaceuticals – (continued)
	Merck KGaA	330	$35,533
	Mitsubishi Tanabe Pharma Corp	200	4,123
	Otsuka Holdings Co Ltd	100	4,380
	Perrigo Co PLC	37	3,225
	Pfizer Inc	1,180	42,740
	Roche Holding AG	397	100,444
	Santen Pharmaceutical Co Ltd	200	3,140
	Shionogi & Co Ltd	100	5,407
	Sumitomo Dainippon Pharma Co Ltd	200	2,973
	Takeda Pharmaceutical Co Ltd	500	28,312
	UCB SA	76	6,022
	Zoetis Inc	248	17,866
			462,021
Professional Services – 0.1%
	Bureau Veritas SA	177	4,839
	Equifax Inc	53	6,250
	IHS Markit Ltd*	150	6,772
	Randstad Holding NV	30	1,840
	Recruit Holdings Co Ltd	100	2,484
	RELX PLC	314	7,355
	Verisk Analytics Inc*	91	8,736
			38,276
Real Estate Management & Development – 0.1%
	CapitaLand Ltd	600	1,581
	CBRE Group Inc*	67	2,902
	City Developments Ltd	100	930
	Daiwa House Industry Co Ltd	100	3,842
	Hang Lung Properties Ltd	1,000	2,440
	Henderson Land Development Co Ltd	1,000	6,591
	Hongkong Land Holdings Ltd	300	2,112
	Hulic Co Ltd	100	1,120
	Mitsubishi Estate Co Ltd	300	5,213
	Mitsui Fudosan Co Ltd	100	2,242
	New World Development Co Ltd	4,000	6,010
	Swire Pacific Ltd	1,000	9,256
	Swire Properties Ltd	600	1,935
	Swiss Prime Site AG*	10	923
	Tokyu Fudosan Holdings Corp	300	2,168
	UOL Group Ltd	200	1,326
	Vonovia SE	56	2,772
	Wharf Holdings Ltd	2,000	6,916
			60,279
Road & Rail – 0.1%
	Central Japan Railway Co	100	17,899
	ComfortDelGro Corp Ltd	1,900	2,810
	East Japan Railway Co	100	9,750
	JB Hunt Transport Services Inc	34	3,909
	Norfolk Southern Corp	12	1,739
	Union Pacific Corp	64	8,582
	West Japan Railway Co	100	7,296
			51,985
Semiconductor & Semiconductor Equipment – 0.3%
	Advanced Micro Devices Inc*	1,707	17,548
	Analog Devices Inc	347	30,893
	Applied Materials Inc	87	4,447
	ASM Pacific Technology Ltd	400	5,564
	ASML Holding NV	10	1,735
	Broadcom Ltd	49	12,588
	Infineon Technologies AG	565	15,430


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

20	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Intel Corp	416	$19,203
	KLA-Tencor Corp	11	1,156
	Microchip Technology Inc	119	10,458
	Micron Technology Inc*	162	6,661
	NVIDIA Corp	75	14,512
	Qorvo Inc*	204	13,586
	Skyworks Solutions Inc	12	1,139
	STMicroelectronics NV	219	4,755
	Texas Instruments Inc	8	836
	Xilinx Inc	454	30,609
			191,120
Software – 0.5%
	Activision Blizzard Inc	16	1,013
	Adobe Systems Inc*	32	5,608
	ANSYS Inc*	194	28,632
	Cadence Design Systems Inc*	1,204	50,351
	Dassault Systemes SE	81	8,602
	Electronic Arts Inc*	94	9,876
	Intuit Inc	162	25,560
	LINE Corp*	100	4,090
	Microsoft Corp	277	23,695
	Nexon Co Ltd*	100	2,906
	Open Text Corp	405	14,408
	Oracle Corp	681	32,198
	Oracle Corp Japan	200	16,586
	Red Hat Inc*	12	1,441
	Sage Group PLC	3,295	35,401
	salesforce.com Inc*	79	8,076
	Symantec Corp	670	18,800
	Synopsys Inc*	471	40,148
	Ubisoft Entertainment SA*	161	12,386
			339,777
Specialty Retail – 0.3%
	Advance Auto Parts Inc	86	8,573
	AutoZone Inc*	37	26,321
	CarMax Inc*	104	6,670
	Dufry AG*	120	17,846
	Foot Locker Inc	191	8,954
	Hennes & Mauritz AB	200	4,123
	Home Depot Inc	121	22,933
	Industria de Diseno Textil SA	81	2,817
	Kingfisher PLC	2,627	11,974
	L Brands Inc	91	5,480
	O'Reilly Automotive Inc*	27	6,495
	Ross Stores Inc	89	7,142
	Signet Jewelers Ltd	86	4,863
	Tiffany & Co	57	5,925
	TJX Cos Inc	197	15,063
	Tractor Supply Co	277	20,706
	Ulta Beauty Inc*	30	6,710
	Yamada Denki Co Ltd	1,200	6,604
			189,199
Technology Hardware, Storage & Peripherals – 0.2%
	Apple Inc	143	24,200
	BlackBerry Ltd*	858	9,585
	Brother Industries Ltd	100	2,469
	Canon Inc	100	3,725
	FUJIFILM Holdings Corp	600	24,499
	HP Inc	847	17,795


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

Janus Investment Fund	21

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Technology Hardware, Storage & Peripherals – (continued)
	Konica Minolta Inc	100	$963
	NEC Corp	200	5,398
	NetApp Inc	56	3,098
	Ricoh Co Ltd	700	6,507
	Seagate Technology PLC	156	6,527
	Western Digital Corp	94	7,476
			112,242
Textiles, Apparel & Luxury Goods – 0.3%
	adidas AG	49	9,780
	Asics Corp	200	3,190
	Hanesbrands Inc	942	19,697
	Hermes International	41	21,944
	Luxottica Group SpA	167	10,233
	Michael Kors Holdings Ltd*	148	9,317
	NIKE Inc	450	28,147
	PVH Corp	100	13,721
	Ralph Lauren Corp	129	13,376
	Tapestry Inc	513	22,690
	Under Armour Inc*	1,522	21,962
	Yue Yuen Industrial Holdings Ltd	500	1,962
			176,019
Tobacco – 0%
	Imperial Brands PLC	210	8,973
	Japan Tobacco Inc	300	9,664
	Swedish Match AB	7	276
			18,913
Trading Companies & Distributors – 0.1%
	Brenntag AG	93	5,866
	Bunzl PLC	336	9,393
	Ferguson PLC	82	5,866
	ITOCHU Corp	800	14,939
	Marubeni Corp	300	2,179
	Mitsubishi Corp	100	2,764
	Mitsui & Co Ltd	200	3,249
	Travis Perkins PLC	77	1,628
			45,884
Transportation Infrastructure – 0%
	Aeroports de Paris	105	19,946
	Auckland International Airport Ltd	454	2,083
	Getlink SE	69	887
			22,916
Water Utilities – 0%
	American Water Works Co Inc	69	6,313
	Severn Trent PLC	554	16,161
	United Utilities Group PLC	979	10,955
			33,429
Wireless Telecommunication Services – 0.1%
	KDDI Corp	100	2,490
	Millicom International Cellular SA (SDR)	24	1,621
	NTT DOCOMO Inc	1,000	23,625
	Rogers Communications Inc	237	12,078
	StarHub Ltd	3,600	7,673
	Vodafone Group PLC	1,660	5,243
			52,730
Total Common Stocks (cost $9,080,188)			9,574,793
Preferred Stocks– 0%
Automobiles – 0%
	Porsche Automobil Holding SE(cost $9,487)	114	9,540


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

22	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Investment Companies– 82.1%
Exchange-Traded Funds (ETFs) – 82.1%
	iShares 20+ Year Treasury Bond	1,006	$127,621
	iShares 7-10 Year Treasury Bond	2,253	237,849
	iShares Agency Bond	2,203	249,142
	iShares Currency Hedged MSCI Japan	70,770	2,359,472
	iShares iBoxx $ High Yield Corporate Bond	7,740	675,392
	iShares iBoxx $ Investment Grade Corporate Bond	1,622	197,170
	iShares MSCI Canada	14,347	425,245
	iShares MSCI Europe Financials	8,060	187,879
	iShares MSCI Hong Kong	10,097	256,666
	iShares MSCI Japan	23,535	1,410,453
	iShares MSCI Spain Index Fund (ETF)	32,549	1,066,631
	PowerShares QQQ Trust Series 1	14,041	2,187,026
	Vanguard Consumer Staples ETF	4,986	728,155
	Vanguard Financials	38,214	2,676,509
	Vanguard FTSE All World ex-US Small-Cap^†	25,184	3,002,688
	Vanguard FTSE All-World ex-US ETF	97,914	5,357,854
	Vanguard FTSE Emerging Markets	92,876	4,263,937
	Vanguard FTSE Europe^†	42,420	2,509,143
	Vanguard FTSE Pacific^†	29,214	2,129,701
	Vanguard Growth	8,656	1,217,466
	Vanguard High Dividend Yield	11,910	1,019,853
	Vanguard Industrials	18,107	2,577,894
	Vanguard Information Technology	9,908	1,632,145
	Vanguard International High Dividend Yield	21,230	1,425,382
	Vanguard Materials	3,210	438,807
	Vanguard Mid-Cap^†	16,034	2,481,743
	Vanguard Mortgage-Backed Securities	4,539	238,025
	Vanguard S&P 500	10,374	2,544,638
	Vanguard Small-Cap	37,856	5,595,117
	Vanguard Small-Cap Value	16,926	2,247,434
	Vanguard Total International Bond	6,867	373,359
	Vanguard Value^†	24,717	2,627,911
Total Investment Companies (cost $50,720,537)			54,468,307
U.S. Government Agency Notes– 3.0%
Federal Home Loan Bank Discount Notes:
	0%, 1/2/18^◊(cost $1,999,833)	$2,000,000	2,000,000
Total Investments (total cost $61,810,045) – 99.5%			66,052,640
Cash, Receivables and Other Assets, net of Liabilities – 0.5%			333,994
Net Assets – 100%			$66,386,634


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

Janus Investment Fund	23

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017


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

		% of
		Investment
Country	Value	Securities
United States	$57,982,027	87.8	%
Japan	4,657,990	7.1
Canada	885,514	1.3
United Kingdom	580,365	0.9
Germany	418,066	0.6
France	293,601	0.4
Switzerland	247,925	0.4
Sweden	155,622	0.2
Hong Kong	155,268	0.2
Australia	130,434	0.2
Italy	123,927	0.2
Spain	95,819	0.1
Netherlands	78,482	0.1
Singapore	60,354	0.1
Norway	52,387	0.1
Belgium	39,295	0.1
Finland	38,334	0.1
Ireland	29,940	0.1
Austria	19,214	0.0
New Zealand	8,076	0.0



Total	$66,052,640	100.0	%


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Bank of America:
British Pound	2/8/18	(303,500)	$	408,092	$	(2,143)
Canadian Dollar	2/8/18	(472,500)		367,628		(8,568)
Euro	2/8/18	(1,588,675)		1,881,700		(28,822)
Japanese Yen	2/8/18	(118,305,000)		1,053,810		1,571

						(37,962)
Citibank NA:
Japanese Yen	2/1/18	(25,495,000)		228,607		1,917
HSBC Securities (USA), Inc.:
Swiss Franc	2/8/18	(271,000)		274,494		(4,535)
Total					$	(40,580)


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

24	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2017

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2017.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2017

				Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts				$ 3,488


Liability Derivatives:
Forward foreign currency exchange contracts				$ 44,068

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2017.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2017

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Forward foreign currency exchange contracts	$(217,236)	$ -	$(217,236)
Purchased options contracts	-	(84,943)	(84,943)
Written options contracts	-	86,713	86,713

Total	$(217,236)	$ 1,770	$(215,466)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Forward foreign currency exchange contracts	$ 25,660	$ -	$ 25,660

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended December 31, 2017

	Market Value
Forward foreign currency exchange contracts, sold	$ 5,343,899
Purchased options contracts, put	69,299
Written options contracts, put	30,966


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

Janus Investment Fund	25

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


Adaptive Global Allocation 60/40 Index	Adaptive Global Allocation 60/40 Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (60%) and the Bloomberg Barclays Global Aggregate Bond Index (Hedged) (40%).
Adaptive Global Allocation 70/30 Index	Adaptive Global Allocation 70/30 Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (70%) and the Bloomberg Barclays Global Aggregate Bond Index (Hedged) (30%).
Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.


PLC	Public Limited Company
SDR	Swedish Depositary Receipt

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2017 is $41,034, which represents 0.1% of net assets.


*	Non-income producing security.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of December 31, 2017, is $6,297,949.


◊	Zero coupon bond.


26	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks
Aerospace & Defense	$	56,236	$	13,595	$	-
Airlines		9,924		15,757		-
Auto Components		24,302		57,791		-
Automobiles		184,082		89,776		-
Banks		102,025		186,895		-
Beverages		187,922		26,879		-
Biotechnology		95,139		34,595		-
Building Products		41,779		16,662		-
Capital Markets		154,483		132,073		-
Chemicals		98,603		296,945		-
Commercial Services & Supplies		28,333		16,548		-
Communications Equipment		78,691		14,046		-
Construction & Engineering		15,112		23,081		-
Construction Materials		7,559		10,877		-
Consumer Finance		37,276		9,471		-
Containers & Packaging		47,727		38,830		-
Distributors		83,751		3,040		-
Diversified Financial Services		23,192		57,383		-
Diversified Telecommunication Services		214,111		95,755		-
Electric Utilities		44,822		125,206		-
Electrical Equipment		43,454		4,626		-
Electronic Equipment, Instruments & Components		21,337		78,226		-
Equity Real Estate Investment Trusts (REITs)		91,375		90,184		-
Food & Staples Retailing		94,235		72,302		-
Food Products		402,395		69,869		-
Gas Utilities		-		18,556		-
Health Care Equipment & Supplies		95,299		186,660		-
Health Care Providers & Services		45,721		77,837		-
Health Care Technology		26,552		7,003		-
Hotels, Restaurants & Leisure		114,058		55,544		-
Household Durables		103,578		76,578		-
Household Products		266,973		18,310		-
Independent Power and Renewable Electricity Producers		-		2,695		-
Industrial Conglomerates		19,321		10,460		-
Information Technology Services		392,297		93,380		-
Insurance		150,445		132,800		-
Internet & Direct Marketing Retail		102,719		6,083		-
Internet Software & Services		81,458		19,595		-
Leisure Products		22,149		9,418		-
Life Sciences Tools & Services		114,718		18,644		-
Machinery		48,693		69,567		-
Media		254,917		138,681		-
Metals & Mining		30,619		148,513		-


Janus Investment Fund	27

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quotes Prices		Observable Inputs		Unobservable Inputs
Multiline Retail		$	29,934	$	21,690	$	-
Multi-Utilities			40,851		52,397		-
Oil, Gas & Consumable Fuels			500,596		227,030		-
Paper & Forest Products			-		1,582		-
Personal Products			12,342		3,164		-
Pharmaceuticals			125,072		336,949		-
Professional Services			21,758		16,518		-
Real Estate Management & Development			5,014		55,265		-
Road & Rail			14,230		37,755		-
Semiconductor & Semiconductor Equipment			163,636		27,484		-
Software			245,398		94,379		-
Specialty Retail			145,835		43,364		-
Technology Hardware, Storage & Peripherals			59,096		53,146		-
Textiles, Apparel & Luxury Goods			128,910		47,109		-
Tobacco			-		18,913		-
Trading Companies & Distributors			-		45,884		-
Transportation Infrastructure			-		22,916		-
Water Utilities			6,313		27,116		-
Wireless Telecommunication Services			-		52,730		-
All Other			162,299		-		-
Preferred Stocks			-		9,540		-
Investment Companies			54,468,307		-		-
U.S. Government Agency Notes			-		2,000,000		-
Total Investments in Securities		$	60,186,973	$	5,865,667	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		3,488		-
Total Assets		$	60,186,973	$	5,869,155	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	44,068	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


28	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	66,052,640
	Cash			428,166
	Forward foreign currency exchange contracts			3,488
	Non-interested Trustees' deferred compensation			1,269
	Receivables:
		Fund shares sold		100,637
		Dividends		25,128
		Foreign tax reclaims		5,898
		Investments sold		3,336
	Other assets			828
Total Assets				66,621,390
Liabilities:
	Forward foreign currency exchange contracts			44,068
	Payables:			—
		Fund shares repurchased		107,783
		Professional fees		23,029
		Custodian fees		22,885
		Advisory fees		10,195
		Accounting systems fees		8,831
		Transfer agent fees and expenses		2,875
		12b-1 Distribution and shareholder servicing fees		1,777
		Non-interested Trustees' deferred compensation fees		1,269
		Fund administration fees		449
		Non-interested Trustees' fees and expenses		445
		Accrued expenses and other payables		11,150
Total Liabilities				234,756
Net Assets			$	66,386,634


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	61,921,927
	Undistributed net investment income/(loss)		(377,334)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		639,727
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		4,202,314
Total Net Assets		$	66,386,634
Net Assets - Class A Shares		$	796,935
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		75,135
Net Asset Value Per Share⁽²⁾		$	10.61
Maximum Offering Price Per Share⁽³⁾		$	11.26
Net Assets - Class C Shares		$	1,527,313
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		144,625
Net Asset Value Per Share⁽²⁾		$	10.56
Net Assets - Class D Shares		$	2,144,628
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		202,367
Net Asset Value Per Share		$	10.60
Net Assets - Class I Shares		$	4,309,964
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		405,880
Net Asset Value Per Share		$	10.62
Net Assets - Class N Shares		$	53,757,712
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,064,071
Net Asset Value Per Share		$	10.62
Net Assets - Class S Shares		$	1,293,001
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		121,966
Net Asset Value Per Share		$	10.60
Net Assets - Class T Shares		$	2,557,081
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		241,252
Net Asset Value Per Share		$	10.60

(1) Includes cost of $61,810,045.

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

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


See Notes to Financial Statements.

30	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations (unaudited)

For the period ended December 31, 2017



Investment Income:
	Dividends		$	817,467
	Interest			3,523
	Other income			45
	Foreign tax withheld			(6,199)
Total Investment Income				814,836
Expenses:
	Advisory fees			235,622
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		965
		Class C Shares		6,660
		Class S Shares		1,541
	Transfer agent administrative fees and expenses:
		Class D Shares		1,103
		Class S Shares		1,541
		Class T Shares		3,053
	Transfer agent networking and omnibus fees:
		Class A Shares		19
		Class C Shares		17
		Class I Shares		2,045
	Other transfer agent fees and expenses:
		Class A Shares		44
		Class C Shares		63
		Class D Shares		143
		Class I Shares		110
		Class N Shares		852
		Class S Shares		11
		Class T Shares		25
	Custodian fees			79,241
	Registration fees			44,541
	Professional fees			29,827
	Shareholder reports expense			9,079
	Fund administration fees			2,533
	Non-interested Trustees’ fees and expenses			1,039
	Other expenses			7,989
Total Expenses				428,063
Less: Excess Expense Reimbursement and Waivers				(171,678)
Net Expenses				256,385
Net Investment Income/(Loss)				558,451
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			2,830,072
	Purchased options contracts			(84,943)
	Forward foreign currency exchange contracts			(217,236)
	Written options contracts			86,713
Total Net Realized Gain/(Loss) on Investments				2,614,606
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			1,752,094
	Forward foreign currency exchange contracts			25,660
Total Change in Unrealized Net Appreciation/Depreciation				1,777,754
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	4,950,811


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Adaptive Global Allocation Fund

Statements of Changes in Net Assets



			Period ended December 31, 2017 (unaudited)		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	558,451	$	562,650
	Net realized gain/(loss) on investments			2,614,606		4,303,273
	Change in unrealized net appreciation/depreciation			1,777,754		1,595,291
Net Increase/(Decrease) in Net Assets Resulting from Operations				4,950,811		6,461,214
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(12,386)		(5,289)
		Class C Shares		(15,309)		(1,847)
		Class D Shares		(34,259)		(13,395)
		Class I Shares		(74,095)		(12,820)
		Class N Shares		(959,456)		(544,951)
		Class S Shares		(18,359)		(8,556)
		Class T Shares		(42,761)		(11,892)
	Total Dividends from Net Investment Income			(1,156,625)		(598,750)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(42,830)		—
		Class C Shares		(83,298)		—
		Class D Shares		(110,002)		—
		Class I Shares		(229,169)		—
		Class N Shares		(2,889,637)		—
		Class S Shares		(69,088)		—
		Class T Shares		(138,227)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(3,562,251)		—
Net Decrease from Dividends and Distributions to Shareholders				(4,718,876)		(598,750)
Capital Share Transactions:
		Class A Shares		49,346		108,044
		Class C Shares		302,253		61,795
		Class D Shares		525,413		179,662
		Class I Shares		(322,992)		3,267,488
		Class N Shares		4,778,777		(4,666,016)
		Class S Shares		102,014		8,507
		Class T Shares		256,457		1,085,345
Net Increase/(Decrease) from Capital Share Transactions				5,691,268		44,825
Net Increase/(Decrease) in Net Assets				5,923,203		5,907,289
Net Assets:
	Beginning of period			60,463,431		54,556,142
	End of period		$	66,386,634	$	60,463,431

Undistributed Net Investment Income/(Loss)			$	(377,334)	$	220,840


See Notes to Financial Statements.

32	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016		2015
	Net Asset Value, Beginning of Period		$10.55	$9.49	$9.69		$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.09	0.05		0.01
		Net realized and unrealized gain/(loss)	0.78	1.06	(0.23)		(0.32)
	Total from Investment Operations		0.86	1.15	(0.18)		(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.09)	(0.02)		—
		Distributions (from capital gains)	(0.62)	—	—		—
	Total Dividends and Distributions		(0.80)	(0.09)	(0.02)		—
	Net Asset Value, End of Period		$10.61	$10.55	$9.49		$9.69
	Total Return*		8.11%	12.17%	(1.85)%		(3.10)%
	Net Assets, End of Period (in thousands)		$797	$743	$571		$485
	Average Net Assets for the Period (in thousands)		$770	$609	$530		$496
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.55%	1.52%	1.54%		13.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.07%	1.09%		1.07%
		Ratio of Net Investment Income/(Loss)	1.54%	0.86%	0.55%		5.04%
	Portfolio Turnover Rate		238%	302%⁽²⁾	122%		10%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.48	$9.44	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.01	(0.01)	0.01
		Net realized and unrealized gain/(loss)	0.76	1.05	(0.23)	(0.32)
	Total from Investment Operations		0.81	1.06	(0.24)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.02)	(0.01)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.73)	(0.02)	(0.01)	—
	Net Asset Value, End of Period		$10.56	$10.48	$9.44	$9.69
	Total Return*		7.72%	11.21%	(2.52)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,527	$1,225	$1,046	$24
	Average Net Assets for the Period (in thousands)		$1,326	$1,112	$827	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.30%	2.27%	2.29%	14.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.77%	1.83%	1.84%	1.82%
		Ratio of Net Investment Income/(Loss)	0.87%	0.05%	(0.06)%	4.29%
	Portfolio Turnover Rate		238%	302%⁽²⁾	122%	10%

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

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

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

(2) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.54	$9.49	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.09	0.06	0.01
		Net realized and unrealized gain/(loss)	0.78	1.05	(0.25)	(0.31)
	Total from Investment Operations		0.87	1.14	(0.19)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.09)	(0.02)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.81)	(0.09)	(0.02)	—
	Net Asset Value, End of Period		$10.60	$10.54	$9.49	$9.70
	Total Return*		8.24%	12.13%	(1.93)%	(3.00)%
	Net Assets, End of Period (in thousands)		$2,145	$1,619	$1,285	$102
	Average Net Assets for the Period (in thousands)		$1,829	$1,435	$973	$64
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.82%	2.01%	2.59%	20.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	0.96%	1.10%	0.98%
		Ratio of Net Investment Income/(Loss)	1.73%	0.94%	0.69%	5.03%
	Portfolio Turnover Rate		238%	302%⁽³⁾	122%	10%


Class I Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.57	$9.51	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.17	0.09	0.01
		Net realized and unrealized gain/(loss)	0.78	1.00	(0.24)	(0.32)
	Total from Investment Operations		0.87	1.17	(0.15)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.11)	(0.03)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.82)	(0.11)	(0.03)	—
	Net Asset Value, End of Period		$10.62	$10.57	$9.51	$9.69
	Total Return*		8.20%	12.42%	(1.55)%	(3.10)%
	Net Assets, End of Period (in thousands)		$4,310	$4,596	$1,090	$48
	Average Net Assets for the Period (in thousands)		$4,328	$1,802	$854	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.38%	1.40%	1.28%	13.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.80%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	1.67%	1.69%	0.94%	5.29%
	Portfolio Turnover Rate		238%	302%⁽³⁾	122%	10%

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

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

(1) Period from June 23, 2015 (inception date) through June 30, 2015.

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

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

34	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.56	$9.51	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.10	0.07	0.01
		Net realized and unrealized gain/(loss)	0.78	1.06	(0.23)	(0.31)
	Total from Investment Operations		0.88	1.16	(0.16)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.11)	(0.03)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.82)	(0.11)	(0.03)	—
	Net Asset Value, End of Period		$10.62	$10.56	$9.51	$9.70
	Total Return*		8.25%	12.43%	(1.65)%	(3.00)%
	Net Assets, End of Period (in thousands)		$53,758	$48,806	$48,423	$53,702
	Average Net Assets for the Period (in thousands)		$50,701	$48,134	$49,786	$9,234
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.29%	1.24%	1.27%	67.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.81%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	1.82%	1.03%	0.73%	6.84%
	Portfolio Turnover Rate		238%	302%⁽³⁾	122%	10%


Class S Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.53	$9.48	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.07	0.05	0.01
		Net realized and unrealized gain/(loss)	0.77	1.06	(0.24)	(0.32)
	Total from Investment Operations		0.85	1.13	(0.19)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.08)	(0.02)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.78)	(0.08)	(0.02)	—
	Net Asset Value, End of Period		$10.60	$10.53	$9.48	$9.69
	Total Return*		8.08%	11.95%	(1.99)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,293	$1,183	$1,057	$24
	Average Net Assets for the Period (in thousands)		$1,229	$1,110	$831	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.79%	1.75%	1.78%	13.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.17%	1.24%	1.32%
		Ratio of Net Investment Income/(Loss)	1.43%	0.70%	0.53%	4.79%
	Portfolio Turnover Rate		238%	302%⁽³⁾	122%	10%

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

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

(1) Period from June 23, 2015 (inception date) through June 30, 2015.

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

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	35

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.55	$9.50	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.09	0.07	0.01
		Net realized and unrealized gain/(loss)	0.77	1.06	(0.24)	(0.32)
	Total from Investment Operations		0.86	1.15	(0.17)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.10)	(0.02)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.81)	(0.10)	(0.02)	—
	Net Asset Value, End of Period		$10.60	$10.55	$9.50	$9.69
	Total Return*		8.13%	12.17%	(1.72)%	(3.10)%
	Net Assets, End of Period (in thousands)		$2,557	$2,291	$1,085	$48
	Average Net Assets for the Period (in thousands)		$2,433	$1,204	$856	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.51%	1.53%	13.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.94%	1.00%	1.07%
		Ratio of Net Investment Income/(Loss)	1.64%	0.95%	0.77%	5.04%
	Portfolio Turnover Rate		238%	302%⁽³⁾	122%	10%

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

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

(1) Period from June 23, 2015 (inception date) through June 30, 2015.

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

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

36	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Adaptive Global Allocation Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as nondiversified, as defined in the 1940 Act.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares. Class D Shares are closed to certain new investors.

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

Class D Shares are generally no longer being made available to new investors who do not already have a direct account with the Janus Henderson funds. Class D Shares are available only to investors who hold accounts directly with the Janus Henderson funds, to immediate family members or members of the same household of an eligible individual investor, and to existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

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

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

Investment Valuation


Janus Investment Fund	37

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

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

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

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

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


38	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

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

Financial assets of $5,902,341 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Interest income is recorded on the accrual basis and includes amortization of premiums and accretion of discounts. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

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

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

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

Dividends and Distributions

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


Janus Investment Fund	39

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

Federal Income Taxes

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

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. Currently, Management does not believe the bill will have a material impact on the Fund’s intention to continue to qualify as a regulated investment company, which is generally not subject to U.S. federal income tax.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2017 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry of commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

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

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


40	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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

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

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

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

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

· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

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

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

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.


Janus Investment Fund	41

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

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

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

During the period, the Fund purchased put options on various ETFs for the purpose of decreasing exposure to individual equity risk.

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

During the period, the Fund wrote put options on various ETFs for the purpose of increasing exposure to individual equity risk and/or generating income.There were no purchased or written options held at December 31, 2017.


42	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

3. Other Investments and Strategies

Additional Investment Risk

The financial crisis in both the U.S. and global economies over the past several years has resulted, and may continue to result, in a significant decline in the value and liquidity of many securities of issuers worldwide in the equity and fixed-income/credit markets. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took steps to support the financial markets. The withdrawal of this support, a failure of measures put in place to respond to the crisis, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including the Fund, may not be fully known for some time. As a result, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude the Fund’s ability to achieve its investment objective. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010 provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act remain pending and will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act on the Fund and the investment management industry as a whole, is not yet certain.

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

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

Counterparties

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


Janus Investment Fund	43

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

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

Exchange-Traded and Mutual Funds

The Fund may invest in exchange-traded funds (“ETFs”) and mutual funds to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund’s expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to the risks associated with the securities in which the ETF or mutual fund invests.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. For financial reporting purposes, the Fund does not offset certain derivative financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities.


44	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments as of December 31, 2017” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Bank of America		$	1,571	$	(1,571)	$	—	$	—
Citibank NA			1,917		—		—		1,917

Total		$	3,488	$	(1,571)	$	—	$	1,917
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Bank of America		$	39,533	$	(1,571)	$	—	$	37,962
HSBC Securities (USA), Inc.			4,535		—		—		4,535

Total		$	44,068	$	(1,571)	$	—	$	42,497
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

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

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such


Janus Investment Fund	45

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

4. Investment Advisory Agreements and Other Transactions with Affiliates

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


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.75
Next $2 Billion	0.72
Over $4 Billion	0.70

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.71% of the Fund’s average daily net assets. In addition, Janus Capital shall additionally reimburse or waive acquired fund fees and expenses to the extent they exceed 0.10%. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2018) was 0.82%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

For a period of three years subsequent to the Fund’s commencement of operations, or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. If applicable, this amount is disclosed as “Recoupment expense” on the Statement of Operations. During the period ended December 31, 2017, Janus Capital reimbursed the Fund $171,678 of fees and expenses that are eligible for recoupment. As of December 31, 2017, the aggregate amount of recoupment that may potentially be made to Janus Capital is $816,010. The recoupment of such reimbursements expires June 23, 2018.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Certain, but not all, intermediaries may charge administrative fees (such as networking and omnibus) to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

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


46	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital. For all share classes except Class D Shares, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the Fund’s Class D Shares. In addition to the administrative fees discussed above, Janus Services receives reimbursement for out-of-pocket costs it incurs for serving as transfer agent and providing, or arranging for, servicing to shareholders. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. Total compensation of $217,876 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2017. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2017 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $210,375 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2017.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the period ended December 31, 2017, Janus Henderson Distributors retained upfront sales charges of $232.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Henderson Distributors during the period ended December 31, 2017.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2017, redeeming shareholders of Class C Shares paid CDSCs of $2,620.

As of December 31, 2017, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	72	%	1	%
Class C Shares	82		2
Class D Shares	64		2
Class I Shares	30		2
Class N Shares	98		79
Class S Shares	98		2
Class T Shares	51		2

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


48	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

5. Federal Income Tax

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

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

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2017 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 62,048,533	$ 4,162,561	$ (158,454)	$ 4,004,107

Information on the tax components of derivatives as of December 31, 2017 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 3,488	$ (44,068)	$ (40,580)

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


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Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended December 31, 2017		Year ended June 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	3,508	$ 38,775	10,099	$ 106,444
Reinvested dividends and distributions	5,219	55,216	540	5,289
Shares repurchased	(4,075)	(44,645)	(350)	(3,689)
Net Increase/(Decrease)	4,652	$ 49,346	10,289	$ 108,044
Class C Shares:
Shares sold	18,571	$ 205,287	7,963	$ 80,428
Reinvested dividends and distributions	9,356	98,607	189	1,847
Shares repurchased	(156)	(1,641)	(2,086)	(20,480)
Net Increase/(Decrease)	27,771	$ 302,253	6,066	$ 61,795
Class D Shares:
Shares sold	37,849	$ 410,903	38,178	$ 379,076
Reinvested dividends and distributions	13,642	144,192	1,369	13,386
Shares repurchased	(2,689)	(29,682)	(21,398)	(212,800)
Net Increase/(Decrease)	48,802	$ 525,413	18,149	$ 179,662
Class I Shares:
Shares sold	44,309	$ 482,975	342,781	$ 3,504,650
Reinvested dividends and distributions	28,637	303,264	1,308	12,820
Shares repurchased	(101,925)	(1,109,231)	(23,808)	(249,982)
Net Increase/(Decrease)	(28,979)	$ (322,992)	320,281	$ 3,267,488
Class N Shares:
Shares sold	240,847	$2,675,631	82,790	$ 825,703
Reinvested dividends and distributions	363,465	3,849,093	55,607	544,951
Shares repurchased	(159,959)	(1,745,947)	(610,500)	(6,036,670)
Net Increase/(Decrease)	444,353	$4,778,777	(472,103)	$(4,666,016)
Class S Shares:
Shares sold	1,412	$ 15,000	-	$ -
Reinvested dividends and distributions	8,273	87,447	875	8,556
Shares repurchased	(41)	(433)	(6)	(49)
Net Increase/(Decrease)	9,644	$ 102,014	869	$ 8,507
Class T Shares:
Shares sold	11,522	$ 127,354	103,305	$ 1,088,835
Reinvested dividends and distributions	17,123	180,988	1,215	11,892
Shares repurchased	(4,633)	(51,885)	(1,559)	(15,382)
Net Increase/(Decrease)	24,012	$ 256,457	102,961	$ 1,085,345


50	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$147,591,127	$ 148,253,241	$ -	$ -

8. Recent Accounting Pronouncements

The Securities and Exchange Commission ("SEC") adopted new rules as well as amendments to its rules to modernize the reporting and disclosure of information by registered investment companies. In addition, the SEC adopted amendments to Regulation S-X, which require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X was August 1, 2017. This report incorporates the amendments to Regulation S-X.

The FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08") to amend the amortization period for certain purchased callable debt securities held at a premium. The guidance requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impacts of ASU 2017-08 on the financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2017 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund is required to disclose its complete holdings in the quarterly holdings report on Form N-Q within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. These reports (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag. Holdings are generally posted approximately two business days thereafter under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Investment Fund and Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund and each Portfolio of Janus Aspen Series (each, a “Fund” and collectively, the “Funds”), and as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the 14 Funds that utilize subadvisers.

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

Additionally, in connection with their consideration of whether to continue the investment advisory agreement and subadvisory agreement for each Fund, as applicable, the Trustees also received and reviewed information in connection with the transaction to combine the respective businesses of Henderson Group plc and Janus Capital Group, Inc., the parent company of Janus Capital (the “Transaction”), announced in October 2016, which closed in the second quarter of 2017. In this regard, the Trustees reviewed information regarding the impact of the Transaction on the services to be provided by Janus Capital and each subadviser, as applicable, to the Funds under such agreements prior to the close of the Transaction as well as the services provided after the Transaction closed.

At a meeting held on December 7, 2017, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2018 through February 1, 2019, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the


52	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

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

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds and Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They noted that they considered Fund performance data throughout the year, including periodic meetings with each Fund’s portfolio manager(s), and also reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Funds’ performance has been strong: for the 36 months ended September 30, 2017, approximately 70% of the Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2017, approximately 46% of the Funds were in the top two quartiles of performance, as reported by Morningstar.

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Funds

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Long/Short Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Real Return Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Strategic Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.


54	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that


Janus Investment Fund	55

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson All Asset Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Intech had taken or were taking to improve performance.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Select Value Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Janus Aspen Series

· For Janus Henderson Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.


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Additional Information (unaudited)

· For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Forty Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Research Portfolio, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Unconstrained Bond Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

In consideration of each Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, the Fund’s performance warranted continuation of the Fund’s investment advisory and subadvisory agreement(s).

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of


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Additional Information (unaudited)

that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration, but excluding out-of-pocket costs) fees for many of the Funds, after applicable waivers, was below the average management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 10% below the average total expenses of their respective Broadridge Expense Group peers and 18% below the average total expenses for their Broadridge Expense Universes; (3) management fees for the Funds, on average, were 8% below the average management fees for their Expense Groups and 9% below the average for their Expense Universes; and (4) Fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered the total expenses for each share class of each Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.

The independent fee consultant concluded that, based on its strategic review of expenses at the complex, category and individual fund level, Fund expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and expense waivers on such Funds.

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

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Funds are reasonable in relation to the management fees Janus Capital charges to its institutional clients and to the fees Janus Capital charges to funds subadvised by Janus Capital; (2) these institutional and subadvised accounts have different service and infrastructure needs; (3) Janus mutual fund investors enjoy reasonable fees relative to the fees charged to Janus institutional and subadvised fund investors; (4) in three of seven product categories, the Funds receive proportionally better pricing than the industry in relation to Janus institutional clients; and (5) in seven of eight strategies, Janus Capital has lower management fees than funds subadvised by Janus Capital’s portfolio managers.

The Trustees considered the fees for each Fund for its fiscal year ended in 2016, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Alternative Funds

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

· For Janus Henderson International Long/Short Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were


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Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

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

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

Fixed-Income Funds

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

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

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

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

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

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to waive 11 basis points of management fees effective February 1, 2018 and also has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Strategic Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Global and International Equity Funds

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


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Additional Information (unaudited)

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

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

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

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

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

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

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson International Small Cap Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

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

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee and other expenses in order to maintain a positive yield.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee and other expenses in order to maintain a positive yield.


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Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson All Asset Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s total expenses effective June 5, 2017.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

Multi-Asset U.S. Equity Funds

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

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

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

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

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

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund’s total expenses were equal to or exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective February 1, 2017.

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

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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


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Additional Information (unaudited)

Quantitative Equity Funds

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

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

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

U.S. Equity Funds

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

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

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

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

Janus Aspen Series

· For Janus Henderson Balanced Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

· For Janus Henderson Enterprise Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

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

· For Janus Henderson Forty Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

· For Janus Henderson Global Allocation Portfolio - Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

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

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

· For Janus Henderson Global Unconstrained Bond Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

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

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Funds, and considered profitability data of other fund managers. The Trustees also considered the financial information, estimated profitability and corporate structure of Janus Capital’s parent company before and after the Transaction. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. The Trustees also noted that the Trustees’ independent fee consultant reviewed the overall profitability of Janus Capital’s parent company prior to the Transaction, and the independent fee consultant found that, while assessing the reasonableness of Fund expenses in light of such profits was dependent on comparisons with other publicly-traded mutual fund advisers, and that these comparisons were limited in accuracy by differences in complex size, business mix, institutional account orientation and other factors, after accepting these limitations, the level of profit earned by Janus Capital’s parent company was reasonable. In this regard, the independent consultant concluded that the profitability of Janus Capital’s parent company did not show excess nor did it show any insufficiency that could limit the ability to invest the resources needed to drive strong future investment performance on behalf of the Funds.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provided to each Fund. The Trustees also considered such estimated profitability taking into account the impact of the Transaction on Janus Capital’s expense structure on a pro forma basis. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Fund is necessarily a product of the allocation methodology utilized by Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant concluded that (1) the expense allocation methodology utilized by Janus Capital was reasonable and (2) the estimated profitability to Janus Capital from the investment management services it provided to each Fund was reasonable, including after taking into account the impact of the Transaction on Janus Capital’s expense structure on a pro forma basis. The Trustees also considered that the estimated profitability for an individual Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that Janus Capital’s estimated profitability with respect to each Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Funds was not a material factor in the Board’s approval of the reasonableness of any Fund’s investment management fees.

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


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Additional Information (unaudited)

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted their independent fee consultant’s analysis of economies of scale in prior years. They also noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 86% of these Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge expense group averages. They also noted that for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Funds because they have not reached adequate scale. Moreover, as the assets of some of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

The independent fee consultant concluded that, given the limitations of various analytical approaches to economies of scale it had considered in prior years, and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus complex. The independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Funds, Janus Capital appeared to be investing to increase the likelihood that these Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant provided its belief that Fund investors are well-served by the fee levels and performance fee structures in place on the Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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


Janus Investment Fund	65

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

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

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

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was December 31, 2017. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of Janus Capital and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.

Schedule of Investments

Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

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

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

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

Statement of Assets and Liabilities

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


66	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. Also included are ratios of expenses and net investment income to average net assets.


Janus Investment Fund	67

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

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

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

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


68	DECEMBER 31, 2017

Janus Henderson Adaptive Global Allocation Fund

Notes

NotesPage1


Janus Investment Fund	69

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93059 02-18



	SEMIANNUAL REPORT December 31, 2017

Janus Henderson All Asset Fund (formerly named Henderson All Asset Fund)

Janus Investment Fund

		HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson All Asset Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	25
Additional Information	40
Useful Information About Your Fund Report	54

Janus Henderson All Asset Fund (unaudited)

FUND SNAPSHOT

All Asset Fund is a global, multi-asset portfolio that has the ability to invest in a broad range of both traditional and alternative asset classes. The Fund is managed with an active approach to asset allocation, allowing the manager maximum flexibility to make strategic and tactical decisions.

Paul O’Connor

portfolio manager

PERFORMANCE

The Janus Henderson All Asset Fund’s Class I Shares generated a positive absolute return of 5.50% over the 6-month period from July 1, 2017 to December 31, 2017. The Fund’s primary benchmark of 3-Month USD LIBOR returned 0.61% and its secondary benchmark, the MSCI World Index, returned 10.61%. Since inception in 2012, the Fund has returned 4.66% annualized.

INVESTMENT ENVIRONMENT

The six months to the end of December 2017 were characterized by strong credit and equity markets against a backdrop of good macroeconomic momentum. Geopolitics generated headlines but had little investment impact in the end as volatility in equity markets dropped to historic lows.

Developments in North Korea dominated the headlines in August following missile launches and nuclear tests. However, these events didn’t have a lasting influence on financial markets and investors quickly moved on to other topics. There were plenty to focus on. In Japan, market sentiment was boosted by Prime Minister Abe’s significant victory in the snap elections, reaffirming his mandate to pull the Japanese economy out of stagnation. European equity markets had a tougher time, however, as a declaration of independence from Spain by Catalonia and a setback for Chancellor Merkel in the German election brought back some political instability in the eurozone. However, the year ended with a strong rally in many markets as U.S. tax reform was finally passed and is now expected to boost both corporate earnings and U.S. growth, at least in the near term.

U.S. equity markets slightly outperformed international markets over the period, although regions such as Japan and emerging markets produced particularly strong returns. The S&P 500^{^®} continued to hit new highs throughout the second half of 2017, led by very strong performance from the technology sector. International equity exposure received a boost from weakness in the U.S. dollar.

In U.S. Treasurys, longer-maturity bonds outperformed their shorter-dated equivalents as yields fell modestly for 30-year maturity debt. Two-year yields continued to be pushed higher by interest rate increases by the Federal Reserve, which expects to raise interest rates a further three times in 2018. However, the board remains split between those worried about future weakness in inflation and those that believe that tax reform may spur stronger growth and therefore inflation.

Corporate bonds benefited from falling credit spreads for both investment-grade and high-yield bonds as investors continued to look for yield. Similarly, emerging market debt gained from lower credit spreads but also from the weakness in the U.S. dollar, which supported local currency bonds.

Gold performed well in the commodities space due to weakness in the greenback to finish a strong year for the precious metal. Oil also rose strongly over the period as U.S. inventories dropped and geopolitical tensions mounted.

PERFORMANCE DISCUSSION

The Fund outperformed its primary benchmark over the reporting period. Outperformance was largely generated by the Fund’s risk assets, with equity holdings providing the majority of returns.

All equity regions contributed to performance, with the largest contributions coming from emerging markets and Japanese equities. The Janus Henderson Emerging Markets Fund and TOPIX futures were the leading performers over the period. Futures positions in the UK FTSE 100 and Eurostoxx also contributed during the six months.

In U.S. equities, sector positions in regional banks and technology added value. Technology was by far the best-performing equity sector over 2017 and this was captured


Janus Investment Fund	1

Janus Henderson All Asset Fund (unaudited)

through the Vanguard Information Technology ETF, which we sold during the period. The SPDR S&P Regional Banking ETF benefited as the Federal Reserve continued to raise interest rates and tax reform added to optimism about economic growth.

Fixed income returns were smaller but still positive. While the U.S. Treasury holdings were flat overall, we generated some positive performance from the U.S. Treasury Inflation-Protected Securities exposure that offset a small decline in U.S. Treasury futures. Corporate bonds and emerging market debt were helped by falling credit spreads over Treasurys and good performance of emerging market currencies against the U.S. dollar.

Alternatives added value over the period, with each of the alternative investment strategies generating good performance. The Sprott Physical Gold Trust also rose modestly, helped by a weaker U.S. dollar. Along with the U.S. Treasury futures, property was also a modest detractor over the period. We have been reducing the property exposure and continue to do so.

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

OUTLOOK

On balance, our core macro view as we enter 2018 is a constructive one, featuring a synchronized global recovery, a modest pick-up in inflation, and a gradual normalization of monetary policy. Still, with few assets looking particularly cheap, we have to question the extent to which many of the positives features of our view are already priced into financial markets.

We enter the year with equities remaining, we believe, our preferred asset class. While the ending of quantitative easing will be a challenge for all financial markets, equities look best from a relative valuation perspective and offer solid earnings growth as well. However, since absolute valuations are far from cheap, the bull market is long in the tooth and some signs of investor complacency are emerging. We do not see this as a time to be “all-in.” Looking ahead, we expect lower returns and higher volatility compared to 2017 and think it is sensible to start the year keeping some firepower in reserve, in the form of cash that we can put to work in any dips that do materialize.

Thank you for your investment in Janus Henderson All Asset Fund.


2	DECEMBER 31, 2017

Janus Henderson All Asset Fund (unaudited)

Fund At A Glance

December 31, 2017


Holdings - (% of Net Assets)
Fidelity Investments Money Market Treasury Portfolio	39.2	%
iShares TIPS Bond ETF	6.0
Janus Henderson Emerging Markets Fund - Class N Shares	4.7
AQR Equity Market Neutral Fund	4.0
PIMCO Enhanced Short Maturity Active ETF	3.8
T Rowe Price US High Yield Fund	3.8
Janus Henderson Global Equity Income Fund - Class N Shares	3.8
AQR Managed Futures Strategy Fund	3.5
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio	3.2
iShares Edge MSCI Min Vol Emerging Markets	3.2
PowerShares International Dividend Achievers Portfolio	3.0
SPDR S&P Regional Banking	3.0
PowerShares Senior Loan Portfolio	2.9
Janus Henderson Strategic Income Fund - Class N Shares	2.7
iShares Edge MSCI Min Vol EAFE	2.5
iShares JP Morgan USD Emerging Markets Bond	2.4
Sprott Physical Gold Trust	2.0
ASG Global Alternatives Fund	2.0
US Cities Fund LP	1.7
VanEck Vectors JP Morgan EM Local Currency Bond	1.4


Asset Allocation - (% of Net Assets)
Money Markets	39.2%
Exchange-Traded Funds (ETFs)	30.2%
Fixed Income Funds	13.5%
Alternative Funds	9.5%
Equity Funds	6.4%
Other		1.2%
		100.0%


Janus Investment Fund	3

Janus Henderson All Asset Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017					per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	5.36%	10.96%	4.55%	4.40%	1.54%	1.29%
Class A Shares at MOP	-0.68%	4.58%	3.32%	3.33%
Class C Shares at NAV	5.03%	10.19%	3.76%	3.61%	2.30%	2.05%
Class C Shares at CDSC	4.04%	9.19%	3.76%	3.61%
Class D Shares⁽¹⁾	5.49%	11.07%	4.51%	4.36%	1.37%	1.11%
Class I Shares	5.50%	11.23%	4.80%	4.66%	1.27%	1.03%
Class N Shares	5.54%	11.28%	4.69%	4.53%	1.23%	0.97%
Class S Shares	5.27%	10.70%	4.16%	4.01%	1.71%	1.46%
Class T Shares	5.52%	11.06%	4.43%	4.28%	1.46%	1.21%
3-Month USD LIBOR	0.61%	1.11%	0.50%	0.50%
MSCI World Index (Net)	10.61%	22.40%	11.64%	10.75%
MSCI World Index (Gross)	10.86%	23.07%	12.26%	11.38%
Morningstar Quartile - Class I Shares	-	4th	4th	4th
Morningstar Ranking - based on total returns for World Allocation Funds	-	399/459	301/391	299/376

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

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


4	DECEMBER 31, 2017

Janus Henderson All Asset Fund (unaudited)

Performance

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.

The expense ratios shown are estimated.

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

Returns of the Fund shown prior to June 5, 2017 are those for Henderson All Asset Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on March 30, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015.

Performance of Class A Shares shown for periods prior to June 5, 2017 reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017 reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any fee and expense limitations or waivers.

Performance of Class I Shares shown for periods prior to June 5, 2017 reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017 reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017 reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017 reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017 reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

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

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

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

See “Useful Information About Your Fund Report.”

Effective June 5, 2017, the Fund’s performance is compared to the MSCI World Index net of foreign withholding taxes. Previously, the Predecessor Fund used the MSCI World Index gross of foreign withholding taxes. The net version of the benchmark is believed to more closely reflect the Fund’s investment universe.


Janus Investment Fund	5

Janus Henderson All Asset Fund (unaudited)

Performance

*The Predecessor Fund’s inception date – March 30, 2012

(1) Closed to certain new investors.


6	DECEMBER 31, 2017

Janus Henderson All Asset Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)
Class A Shares		$1,000.00	$1,053.60	$4.56	$1,000.00	$1,020.77	$4.48	0.88%
Class C Shares		$1,000.00	$1,050.30	$8.32	$1,000.00	$1,017.09	$8.19	1.61%
Class D Shares		$1,000.00	$1,054.90	$3.63	$1,000.00	$1,021.68	$3.57	0.70%
Class I Shares		$1,000.00	$1,055.00	$3.21	$1,000.00	$1,022.08	$3.16	0.62%
Class N Shares		$1,000.00	$1,055.40	$2.85	$1,000.00	$1,022.43	$2.80	0.55%
Class S Shares		$1,000.00	$1,052.70	$4.76	$1,000.00	$1,020.57	$4.69	0.92%
Class T Shares		$1,000.00	$1,055.20	$3.47	$1,000.00	$1,021.83	$3.41	0.67%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson All Asset Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Investment Companies– 98.8%
Alternative Funds – 9.5%
	AQR Equity Market Neutral Fund	162,124	$1,992,507
	AQR Managed Futures Strategy Fund*	190,973	1,764,591
	ASG Global Alternatives Fund	88,889	999,112
			4,756,210
Equity Funds – 6.4%
	Janus Henderson Emerging Markets Fund - Class N Shares^£	216,898	2,346,838
	US Cities Fund LP	1,508	850,308
			3,197,146
Exchange-Traded Funds (ETFs) – 30.2%
	iShares Edge MSCI Min Vol EAFE	17,038	1,243,433
	iShares Edge MSCI Min Vol Emerging Markets	26,389	1,603,396
	iShares JP Morgan USD Emerging Markets Bond	10,422	1,209,994
	iShares TIPS Bond ETF	26,632	3,038,179
	PIMCO Enhanced Short Maturity Active ETF	19,098	1,939,593
	PowerShares International Dividend Achievers Portfolio	92,109	1,523,483
	PowerShares Senior Loan Portfolio	62,715	1,444,954
	SPDR S&P Regional Banking	25,275	1,487,434
	Sprott Physical Gold Trust*	96,641	1,023,428
	VanEck Vectors JP Morgan EM Local Currency Bond	37,367	709,226
			15,223,120
Fixed Income Funds – 13.5%
	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio	171,376	1,617,787
	Janus Henderson Global Equity Income Fund - Class N Shares^£	237,962	1,901,316
	Janus Henderson Strategic Income Fund - Class N Shares^£	143,875	1,366,808
	T Rowe Price US High Yield Fund	191,542	1,928,825
			6,814,736
Money Markets – 39.2%
	Fidelity Investments Money Market Treasury Portfolio, 1.1400%^ºº	19,706,014	19,706,014
Total Investments (total cost $48,196,039) – 98.8%			49,697,226
Cash, Receivables and Other Assets, net of Liabilities – 1.2%			624,878
Net Assets – 100%			$50,322,104


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

		% of
		Investment
Country	Value	Securities
United States	$48,673,798	97.9	%
Canada	1,023,428	2.1



Total	$49,697,226	100.0	%


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

8	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Schedule of Investments (unaudited)

December 31, 2017

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 12/31/17
Investment Companies– 11.2%
Equity Funds – 4.7%
	Janus Henderson Emerging Markets Fund - Class N Shares	$	70,388	$	—	$	197,437	$	2,346,838
Fixed Income Funds – 6.5%
	Janus Henderson Global Equity Income Fund - Class N Shares		50,925		—		98,019		1,901,316
	Janus Henderson Strategic Income Fund - Class N Shares		17,662		—		8,534		1,366,808
Total Fixed Income Funds		$	68,587	$	—	$	106,553	$	3,268,124
Total Affiliated Investments – 11.2%		$	138,975	$	—	$	303,990	$	5,614,962

(1)For securities that were affiliated for a portion of the period ended December 31, 2017, this column reflects amounts for the entire period ended December 31, 2017 and not just the period in which the security was affiliated.


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 12/31/17
Investment Companies– 11.2%
Equity Funds – 4.7%
	Janus Henderson Emerging Markets Fund - Class N Shares		210,214		6,684		—		216,898
Fixed Income Funds – 6.5%
	Janus Henderson Global Equity Income Fund - Class N Shares		231,489		6,473		—		237,962
	Janus Henderson Strategic Income Fund - Class N Shares		142,014		1,861		—		143,875


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
British Pound	1/22/18	1,112,706	$	(1,488,766)	$	14,409
Euro	1/22/18	1,745,828		(2,066,181)		31,143
Japanese Yen	1/22/18	279,992,749		(2,474,853)		13,241
Total					$	58,793


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

Janus Investment Fund	9

Janus Henderson All Asset Fund

Schedule of Investments (unaudited)

December 31, 2017

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
10-Year US Treasury Note	21	3/20/18	$	2,604,984	$	(10,641)	$	12,141
EURO STOXX 50 Index	92	3/22/18		3,855,316		(96,610)		(52,809)
FTSE 100 Index	27	3/23/18		2,783,828		72,971		39,635
NIKKEI 225	8	3/19/18		1,615,480		13,076		(7,102)
S&P 500 E-mini	11	3/16/18		1,471,800		6,380		(5,500)
TOPIX Index	15	3/20/18		2,419,226		43,326		(13,303)
Total					$	28,502	$	(26,938)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2017.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2017

	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 58,793	$ -	$ -	$ 58,793
Variation margin receivable	-	39,635	12,141	51,776

Total Asset Derivatives	$ 58,793	$ 39,635	$ 12,141	$110,569

Liability Derivatives:
Variation margin payable	$ -	$ 78,714	$ -	$ 78,714


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

10	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Schedule of Investments (unaudited)

December 31, 2017

The following tables provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2017.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2017

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$616,140	$ (6,210)	$609,930
Forward foreign currency exchange contracts	179,544	-	-	179,544

Total	$179,544	$616,140	$ (6,210)	$789,474


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$212,136	$ (5,719)	$206,417
Forward foreign currency exchange contracts	(16,711)	-	-	(16,711)

Total	$ (16,711)	$212,136	$ (5,719)	$189,706

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended December 31, 2017

	Market Value
Forward foreign currency exchange contracts, purchased	$ 8,065,196
Futures contracts, purchased	13,087,460


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

Janus Investment Fund	11

Janus Henderson All Asset Fund

Notes to Schedule of Investments and Other Information (unaudited)


LIBOR (London Interbank Offered Rate)	LIBOR (London Interbank Offered Rate) is a short-term interest rate that banks offer one another and generally represents current cash rates.
MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ETF	Exchange-Traded Fund
LP	Limited Partnership
SPDR	Standard & Poor's Depositary Receipt


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of December 31, 2017.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


12	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Investment Companies
Alternative Funds		$	4,756,210	$	-	$	-
Equity Funds			2,346,838		850,308		-
Exchange-Traded Funds (ETFs)			15,223,120		-		-
Fixed Income Funds			6,814,736		-		-
Money Markets			19,706,014		-		-
Total Investments in Securities		$	48,846,918	$	850,308	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		58,793		-
Variation Margin Receivable			51,776		-		-
Total Assets		$	48,898,694	$	909,101	$	-
Liabilities
Other Financial Instruments^(a):
Variation Margin Payable			78,714		-		-
Total Liabilities		$	78,714	$	-	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Henderson All Asset Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	44,082,264
	Affiliated investments, at value⁽²⁾			5,614,962
	Deposits with brokers for futures			551,652
	Forward foreign currency exchange contracts			58,793
	Variation margin receivable			51,776
	Non-interested Trustees' deferred compensation			961
	Receivables:
		Fund shares sold		81,409
		Dividends		26,987
		Foreign tax reclaims		570
	Other assets			34,579
Total Assets				50,503,953
Liabilities:
	Due to custodian			2,045
	Variation margin payable			78,714
	Payables:			—
		Fund shares repurchased		35,132
		Investments purchased		27,895
		Printing fees		17,781
		12b-1 Distribution and shareholder servicing fees		7,138
		Advisory fees		4,279
		Transfer agent fees and expenses		2,587
		Registration fees		2,518
		Custodian fees		1,317
		Non-interested Trustees' deferred compensation fees		961
		Fund administration fees		344
		Non-interested Trustees' fees and expenses		277
		Professional fees		68
		Accrued expenses and other payables		793
Total Liabilities				181,849
Net Assets			$	50,322,104


See Notes to Financial Statements.

14	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	48,420,401
	Undistributed net investment income/(loss)		(31,363)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		342,991
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,590,075
Total Net Assets		$	50,322,104
Net Assets - Class A Shares		$	1,915,965
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		182,337
Net Asset Value Per Share⁽³⁾		$	10.51
Maximum Offering Price Per Share⁽⁴⁾		$	11.15
Net Assets - Class C Shares		$	7,537,802
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		729,274
Net Asset Value Per Share⁽³⁾		$	10.34
Net Assets - Class D Shares		$	726,840
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		69,622
Net Asset Value Per Share		$	10.44
Net Assets - Class I Shares		$	7,561,371
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		724,142
Net Asset Value Per Share		$	10.44
Net Assets - Class N Shares		$	32,475,691
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,117,370
Net Asset Value Per Share		$	10.42
Net Assets - Class S Shares		$	52,181
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,991
Net Asset Value Per Share		$	10.46
Net Assets - Class T Shares		$	52,254
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,997
Net Asset Value Per Share		$	10.46

(1) Includes cost of $43,069,932.

(2) Includes cost of $5,126,107.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson All Asset Fund

Statement of Operations (unaudited)

For the period ended December 31, 2017



Investment Income:
	Dividends		$	462,456
	Dividends from affiliates			138,975
	Other income			24,500
Total Investment Income				625,931
Expenses:
	Advisory fees			98,796
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,388
		Class C Shares		38,237
		Class S Shares		64
	Transfer agent administrative fees and expenses:
		Class D Shares		208
		Class S Shares		64
		Class T Shares		64
	Transfer agent networking and omnibus fees:
		Class A Shares		718
		Class C Shares		2,480
		Class I Shares		2,488
	Other transfer agent fees and expenses:
		Class A Shares		141
		Class C Shares		415
		Class D Shares		49
		Class I Shares		232
		Class N Shares		657
	Registration fees			25,658
	Professional fees			24,287
	Custodian fees			5,405
	Shareholder reports expense			3,808
	Accounting systems fee			3,266
	Fund administration fees			1,993
	Non-interested Trustees’ fees and expenses			143
	Other expenses			8,315
Total Expenses				219,876
Less: Excess Expense Reimbursement and Waivers				(36,417)
Net Expenses				183,459
Net Investment Income/(Loss)				442,472
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			266,938
	Forward foreign currency exchange contracts			179,544
	Futures contracts			609,930
	Capital gain distributions from underlying funds			45,266
Total Net Realized Gain/(Loss) on Investments				1,101,678
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			557,956
	Investments in affiliates			303,990
	Forward foreign currency exchange contracts			(16,711)
	Futures contracts			206,417
Total Change in Unrealized Net Appreciation/Depreciation				1,051,652
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	2,595,802


See Notes to Financial Statements.

16	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Statements of Changes in Net Assets



			Period ended December 31, 2017		Period ended June 30, 2017⁽¹⁾⁽²⁾		Year ended July 31, 2016⁽³⁾⁽⁴⁾

Operations:
	Net investment income/(loss)		$	442,472	$	473,118	$	467,923
	Net realized gain/(loss) on investments			1,101,678		3,531,639		(1,417,530)
	Change in unrealized net appreciation/depreciation			1,051,652		(1,033,928)		290,617
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,595,802		2,970,829		(658,990)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(29,769)		(16,309)		(15,397)
		Class C Shares		(40,623)		—		—
		Class D Shares		(14,536)		—		N/A
		Class I Shares		(156,220)		(52,539)		(101,094)
		Class N Shares		(667,439)		(241,031)		(230,208)
		Class S Shares		(905)		—		N/A
		Class T Shares		(974)		—		N/A
	Total Dividends from Net Investment Income			(910,466)		(309,879)		(346,699)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(100,034)		—		(161,332)
		Class C Shares		(413,271)		—		(297,759)
		Class D Shares		(37,421)		—		N/A
		Class I Shares		(400,627)		—		(411,454)
		Class N Shares		(1,696,854)		—		(860,579)
		Class S Shares		(2,726)		—		N/A
		Class T Shares		(2,726)		—		N/A
	Total Distributions from Net Realized Gain from Investment Transactions			(2,653,659)		—		(1,731,124)
Net Decrease from Dividends and Distributions to Shareholders				(3,564,125)		(309,879)		(2,077,823)
Capital Share Transactions:
		Class A Shares		84,729		(2,312,576)		(2,065,085)
		Class C Shares		(355,233)		(1,732,547)		(1,096,409)
		Class D Shares		682,232		79,738		N/A
		Class I Shares		379,552		(3,845,659)		(32,054,787)
		Class N Shares		2,364,293		149,275		29,428,493
		Class S Shares		3,631		50,010		N/A
		Class T Shares		3,700		50,010		N/A
Net Increase/(Decrease) from Capital Share Transactions				3,162,904		(7,561,749)		(5,787,788)
Net Increase/(Decrease) in Net Assets				2,194,581		(4,900,799)		(8,524,601)
Net Assets:
	Beginning of period			48,127,523		53,028,322		61,552,923
	End of period		$	50,322,104	$	48,127,523	$	53,028,322

Undistributed Net Investment Income/(Loss)			$	(31,363)	$	436,631	$	68,893

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.

(3) Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.

(4) Certain prior year amounts have been reclassified to conform to the current year presentation. Presentation of certain financial statement line item descriptions have been changed to conform to the current year presentation.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson All Asset Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.70	$10.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.09
		Net realized and unrealized gain/(loss)	0.48	0.53
	Total from Investment Operations		0.57	0.62
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.04)
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.76)	(0.04)
	Net Asset Value, End of Period		$10.51	$10.70
	Total Return*		5.36%	6.18%
	Net Assets, End of Period (in thousands)		$1,916	$1,862
	Average Net Assets for the Period (in thousands)		$1,905	$3,232
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	1.03%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	0.88%	0.85%
		Ratio of Net Investment Income/(Loss)⁽³⁾	1.61%	0.91%
	Portfolio Turnover Rate		9%	55%


Class C Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.46	$9.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.02
		Net realized and unrealized gain/(loss)	0.48	0.51
	Total from Investment Operations		0.53	0.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.65)	—
	Net Asset Value, End of Period		$10.34	$10.46
	Total Return*		5.03%	5.34%
	Net Assets, End of Period (in thousands)		$7,538	$7,979
	Average Net Assets for the Period (in thousands)		$7,643	$8,949
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	1.76%	1.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	1.61%	1.60%
		Ratio of Net Investment Income/(Loss)⁽³⁾	0.89%	0.22%
	Portfolio Turnover Rate		9%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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

(3) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


See Notes to Financial Statements.

18	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014		2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$10.55	$10.76	$10.52		$9.93	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.09	0.10		0.09	0.01
		Net realized and unrealized gain/(loss)	(0.17)	0.12	0.56		0.61	(0.08)
	Total from Investment Operations		(0.09)	0.21	0.66		0.70	(0.07)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.14)	(0.11)		(0.09)	—
		Distributions (from capital gains)	(0.31)	(0.28)	(0.31)		(0.02)	—
	Total Dividends and Distributions		(0.34)	(0.42)	(0.42)		(0.11)	—
	Net Asset Value, End of Period		$10.12	$10.55	$10.76		$10.52	$9.93
	Total Return*		(0.71)%	1.94%	6.44%		7.05%	(0.70)%
	Net Assets, End of Period (in thousands)		$4,011	$6,396	$8,929		$12,023	$5,740
	Average Net Assets for the Period (in thousands)		$4,935	$7,122	$10,041		$10,644	$1,617
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	0.95%⁽⁴⁾	0.91%	0.93%		1.10%	2.13%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	0.85%	0.85%	0.85%		0.85%	0.85%
		Ratio of Net Investment Income/(Loss)⁽³⁾	0.84%	0.88%	0.94%		0.86%	0.43%
	Portfolio Turnover Rate		44%	19%	52%		37%	7%
						1


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.43	$9.91	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.02	0.02	0.02	(0.01)
		Net realized and unrealized gain/(loss)	(0.16)	0.10	0.56	0.59	(0.08)
	Total from Investment Operations		(0.15)	0.12	0.58	0.61	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.08)	(0.07)	(0.07)	—
		Distributions (from capital gains)	(0.31)	(0.28)	(0.31)	(0.02)	—
	Total Dividends and Distributions		(0.31)	(0.36)	(0.38)	(0.09)	—
	Net Asset Value, End of Period		$9.93	$10.39	$10.63	$10.43	$9.91
	Total Return*		(1.37)%	1.14%	5.61%	6.18%	(0.90)%
	Net Assets, End of Period (in thousands)		$9,247	$10,824	$11,094	$9,357	$1,013
	Average Net Assets for the Period (in thousands)		$9,422	$11,557	$10,389	$5,333	$376
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	1.71%⁽⁴⁾	1.68%	1.67%	1.80%	4.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	1.60%	1.60%	1.60%	1.60%	1.60%
		Ratio of Net Investment Income/(Loss)⁽³⁾	0.09%	0.18%	0.20%	0.20%	(0.24)%
	Portfolio Turnover Rate		44%	19%	52%	37%	7%

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

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

(1) Period from March 30, 2012 (inception date) through July 31, 2012.

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

(3) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(4) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.01% higher had the custodian not reimbursed the Fund..


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson All Asset Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.67	$10.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.03
		Net realized and unrealized gain/(loss)	0.45	(0.12)⁽³⁾
	Total from Investment Operations		0.59	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.82)	—
	Net Asset Value, End of Period		$10.44	$10.67
	Total Return*		5.49%	(0.84)%
	Net Assets, End of Period (in thousands)		$727	$79
	Average Net Assets for the Period (in thousands)		$341	$77
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	1.14%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.70%	0.69%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	2.68%	3.79%
	Portfolio Turnover Rate		9%	55%


Class I Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽⁵⁾
	Net Asset Value, Beginning of Period		$10.67	$10.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.11
		Net realized and unrealized gain/(loss)	0.48	0.53
	Total from Investment Operations		0.59	0.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.07)
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.82)	(0.07)
	Net Asset Value, End of Period		$10.44	$10.67
	Total Return*		5.50%	6.38%
	Net Assets, End of Period (in thousands)		$7,561	$7,334
	Average Net Assets for the Period (in thousands)		$7,609	$8,349
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	0.76%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.62%	0.59%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.91%	1.19%
	Portfolio Turnover Rate		9%	55%

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

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

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

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

(3) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

(4) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(5) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

20	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$10.55	$10.77	$10.54	$9.94	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07	0.13	0.13	0.11	0.02
		Net realized and unrealized gain/(loss)	(0.13)	0.10	0.56	0.61	(0.08)
	Total from Investment Operations		(0.06)	0.23	0.69	0.72	(0.06)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.17)	(0.15)	(0.10)	—
		Distributions (from capital gains)	(0.31)	(0.28)	(0.31)	(0.02)	—
	Total Dividends and Distributions		(0.39)	(0.45)	(0.46)	(0.12)	—
	Net Asset Value, End of Period		$10.10	$10.55	$10.77	$10.54	$9.94
	Total Return*		(0.45)%	2.20%	6.72%	7.28%	(0.60)%
	Net Assets, End of Period (in thousands)		$10,750	$44,333	$46,867	$43,221	$28,875
	Average Net Assets for the Period (in thousands)		$22,035	$45,011	$52,153	$35,799	$27,898
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	0.68%⁽⁴⁾	0.63%	0.62%	0.79%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	0.60%	0.60%	0.60%	0.60%	0.60%
		Ratio of Net Investment Income/(Loss)⁽³⁾	0.69%	1.18%	1.22%	1.10%	0.52%
	Portfolio Turnover Rate		44%	19%	52%	37%	7%

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

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

(1) Period from March 30, 2012 (inception date) through July 31, 2012.

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

(3) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson All Asset Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.65	$10.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.12
		Net realized and unrealized gain/(loss)	0.48	0.52
	Total from Investment Operations		0.59	0.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.08)
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.82)	(0.08)
	Net Asset Value, End of Period		$10.42	$10.65
	Total Return*		5.54%	6.43%
	Net Assets, End of Period (in thousands)		$32,476	$30,774
	Average Net Assets for the Period (in thousands)		$31,647	$29,638
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	0.69%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	0.55%	0.60%
		Ratio of Net Investment Income/(Loss)⁽³⁾	1.97%	1.24%
	Portfolio Turnover Rate		9%	55%


Class S Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$10.67	$10.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.03
		Net realized and unrealized gain/(loss)	0.48	(0.12)⁽⁵⁾
	Total from Investment Operations		0.57	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.78)	—
	Net Asset Value, End of Period		$10.46	$10.67
	Total Return*		5.27%	(0.84)%
	Net Assets, End of Period (in thousands)		$52	$50
	Average Net Assets for the Period (in thousands)		$51	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽³⁾	1.19%	1.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽³⁾	0.92%	1.09%
		Ratio of Net Investment Income/(Loss)⁽³⁾	1.60%	3.31%
	Portfolio Turnover Rate		9%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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

(3) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(4) Period from June 5, 2017 (inception date) through June 30, 2017.

(5) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.


See Notes to Financial Statements.

22	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$10.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12
		Net realized and unrealized gain/(loss)	0.11⁽³⁾
	Total from Investment Operations		0.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)
		Distributions (from capital gains)	(0.31)
	Total Dividends and Distributions		(0.39)
	Net Asset Value, End of Period		$10.09
	Total Return*		2.37%
	Net Assets, End of Period (in thousands)		$29,020
	Average Net Assets for the Period (in thousands)		$27,943
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	0.64%⁽⁵⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.60%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.88%
	Portfolio Turnover Rate		44%

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

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

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

(4) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(5) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.01% higher had the custodian not reimbursed the Fund..


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson All Asset Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.67	$10.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.03
		Net realized and unrealized gain/(loss)	0.49	(0.12)⁽³⁾
	Total from Investment Operations		0.59	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.80)	—
	Net Asset Value, End of Period		$10.46	$10.67
	Total Return*		5.52%	(0.84)%
	Net Assets, End of Period (in thousands)		$52	$50
	Average Net Assets for the Period (in thousands)		$51	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	0.94%	0.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.67%	0.82%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.84%	3.58%
	Portfolio Turnover Rate		9%	55%

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

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

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

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

(4) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


See Notes to Financial Statements.

24	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson All Asset Fund (formerly named Henderson All Asset Fund) (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Fund operates as a “fund of funds,” meaning substantially all of the Fund’s assets will be invested in other underlying funds (the “underlying funds”). The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide total return by investing in a broad range of asset classes. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson All Asset Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial statements and financial highlights. For the fiscal year ended July 31, 2016, and prior periods, the audits of those financial statements were performed by auditors different from the auditors of this report.

The last fiscal year end of the Predecessor Fund was July 31, 2016. Subsequent to July 31, 2016, the Fund changed its fiscal year end to June 30, 2017, to reflect the fiscal year end of certain funds of the Trust. Certain prior year amounts have been reclassified to conform to the current period presentation. Presentation of certain financial statement line item descriptions have been changed to conform to the current period presentation.


Janus Investment Fund	25

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

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

Underlying Funds

The Fund may seek exposure to both traditional asset classes (such as equity and fixed-income investments) and alternative asset classes (such as real estate, commodities, currencies, private equity, and absolute return strategies) by investing in other investment companies or investment pools, by investing directly in securities and other investments or through the use of derivatives. Such investment companies and investment pools might include, for example, other open-end or closed-end investment companies (including investment companies that concentrate their investments in one or more industries or economic or market sectors), exchange-traded funds (“ETFs”, which are open-end investment companies whose shares may be bought or sold by investors in transactions on major stock exchanges), unit investment trusts, and domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as “hedge funds”) or indexes of investment pools. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the underlying funds’ prospectuses. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund’s shareholders.

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

Investment Valuation

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

Valuation Inputs Summary

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

The Fund classifies each of its investments in certain underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds.


26	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2017 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

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

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

Indemnifications

Foreign Currency Translations


Janus Investment Fund	27

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

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

Federal Income Taxes

2. Derivative Instruments


28	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

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

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

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

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

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

Forward Foreign Currency Exchange Contracts


Janus Investment Fund	29

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

shall be used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

The Fund may enter into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund and/or in order to take a positive outlook on the related currency to increase exposure to currency risk. The Fund may enter into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund and/or in order to take a negative outlook on the related currency to increase exposure to currency risk.

Futures Contracts

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

Futures contracts on commodities are valued at the settlement price on valuation date on the commodities exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

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

The Fund may purchase or sell futures on equity indices to increase or decrease exposure to equity risk.

The Fund may purchase or sell futures on interest rate futures to increase or decrease exposure to interest rate risk.

3. Other Investments and Strategies

Additional Investment Risk


30	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

Counterparties

Exchange-Traded and Mutual Funds


Janus Investment Fund	31

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund’s expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to the risks associated with the securities in which the ETF or mutual fund invests.

Offsetting Assets and Liabilities

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments as of December 31, 2017” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas		$	58,793	$	—	$	—	$	58,793

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

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.40% of its average daily net assets.


32	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

Prior to the Reorganization, the Fund paid Henderson Global Investors (North America) Inc. (“HGINA”), the Predecessor Fund’s investment advisor. The following table reflects the Predecessor Fund’s investment advisory fee rate (expressed as an annual rate).

Average Daily Net

Assets of the Fund

Contractual Investment

Advisory Fee (%)

All Asset Levels

0.40

Henderson Investment Management Limited (“HIML”) serves as subadviser to the Fund. As subadviser, HIML provides day-to-day management of the investment operations of the Fund subject to the general oversight of the Board of Trustees and Janus Capital. HIML is an affiliate of Janus Capital through a common parent company.

Janus Capital pays HIML a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).

Prior to the Reorganization, HGINA engaged “HIML” to act as the investment sub-adviser to the Predecessor Fund. The sub-advisers provided research, advice and recommendations with respect to the purchase and sale of securities and made investment decisions regarding assets of the Predecessor Fund subject to the oversight of the Predecessor Fund’s Board of Trustees and the Predecessor Fund’s Adviser. No additional fees were charged to the Predecessor Fund for services of the sub-advisers as these fees were paid from the fees earned by HGINA.

Janus Capital has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares) such as transfer agency fees (including out-of-pocket costs), administrative services fees, and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed the annual rate of 0.51% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until November 1, 2018. Class R shares, If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

For the year ended July 31, 2016 and the period prior to the Reorganization, HGINA agreed to waive or limit its management fee and, if necessary, to reimburse expenses of the Predecessor Fund in order to limit total annual ordinary operating expenses, including distribution and service fees, but excluding any acquired fund fees and expenses as a result of investing in other funds, as a percentage of average daily net assets was 0.85%, 1.60%, 0.60%, and 0.60% for Class A, Class C, Class I, and Class R6, respectively. With respect to investments in affiliated underlying funds, HGINA contractually agreed to reduce or waive the Predecessor Fund’s management fee to limit the combined management fees paid to the Advisor for those assets to the greater of 1.00% or the affiliate underlying fund’s management fee. Any waiver calculated as a result of limiting these combined management fees is in addition to the general expense limitation highlighted in the table. Indirect net expenses associated with the Predecessor Fund’s investments in underlying investment companies are not subject to the contractual expense limitation.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s and the underlying funds’ transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


Janus Investment Fund	33

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

Prior to the Reorganization, shares of the Predecessor Fund were often purchased through financial intermediaries who were agents of the Predecessor Fund for the limited purpose of completing purchases and sales. These intermediaries may provide certain networking and sub-transfer agent services with respect to Predecessor Fund shares held by that intermediary for its customers, and the intermediary may charge HGINA for those services. The Predecessor Fund reimbursed HGINA for such fees within limits specified by the Predecessor Fund’s Board of Trustees. The fees were incurred at the class level based on activity, asset levels and/or number of accounts.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution fees and shareholder servicing fees” in the Statement of Operations.

Janus Distributors is entitled to retain all fees paid under the Class C Plan for the first 12 months on any investment in Class C Shares to recoup its expenses with respect to the payment of commissions on sales of Class C Shares. Financial intermediaries will become eligible for compensation under the Class C Plan beginning in the 13th month following the purchase of Class C Shares, although Janus Distributors may, pursuant to a written agreement between Janus Distributors and a particular financial intermediary, pay such financial intermediary 12b-1 fees prior to the 13th month following the purchase of Class C Shares.


34	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

Prior to the Reorganization, the Predecessor Fund’s Trust adopted a distribution plan for Class A, Class B (until termination on November 4, 2015), Class C, Class R, and Class IF shares of the Predecessor Fund in accordance with Rule 12b-1 under the 1940 Act (the “12b-1 Plan”). Under the 12b-1 Plan, the Predecessor Fund paid the distributor an annual fee of 0.25% of the average daily net assets attributable to Class A shares, and annual fee of 1.00% of the average daily net assets attributable to Class B (until termination on November 4, 2015) and Class C shares, an annual fee of 0.50% of the average daily net assets attributable to Class R shares and an annual fee of 0.05% of the average daily net assets attributable to Class IF Shares. The 12b-1 Plan was used to induce or compensate financial intermediaries (including brokerage firms, depository institutions and other firms) to provide distribution services to the Predecessor Fund and their shareholders.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2017 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2017 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $210,375 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2017.

Prior to the Reorganization, certain officers and trustees of the Predecessor Fund’s Trust were also officers of HGINA. None of the Predecessor Fund’s Trust’s officers, other than the Chief Compliance Officer, were compensated by the Predecessor Fund’s Trust. The Predecessor Fund’s Trust made no direct payments to the trustees affiliated with HGINA. The Predecessor Fund paid part of the full compensation paid to the Predecessor Fund’s Chief Compliance Officer.

Prior to the Reorganization, State Street served as the administrator for the Predecessor Fund. As compensation for the administrative services provided by State Street, the Predecessor Fund paid State Street an annual administration fee based upon a percentage of the average net assets of the Predecessor Fund.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2017 can be found in a table located in the Schedule of Investments and Other Information.


Janus Investment Fund	35

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Henderson Distributors during the period ended December 31, 2017.

As of December 31, 2017, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%^*	-	%^*
Class C Shares		-*		-*
Class D Shares		7		-*
Class I Shares		-*		-*
Class N Shares		-*		-*
Class S Shares		100		-*
Class T Shares		100		-*

*	Less than 0.50%

5. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 48,225,608	$ 1,703,996	$ (232,378)	$ 1,471,618


36	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of December 31, 2017 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 194,546	$ (107,251)	$ 87,295

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

6. Capital Share Transactions



		Period ended December 31, 2017		Period ended June 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		37,871	$ 416,294	48,061	$ 489,973
Reinvested dividends and distributions		12,312	129,155	926	9,384
Shares repurchased		(41,848)	(460,720)	(271,215)	(2,811,933)
Net Increase/(Decrease)		8,335	$ 84,729	(222,228)	$(2,312,576)
Class C Shares:
Shares sold		54,079	$ 581,401	272,453	$ 2,717,264
Reinvested dividends and distributions		35,136	362,603	-	-
Shares repurchased		(122,564)	(1,299,237)	(441,397)	(4,449,811)
Net Increase/(Decrease)		(33,349)	$ (355,233)	(168,944)	$(1,732,547)
Class D Shares:
Shares sold		58,724	$ 645,816	7,406	$ 79,738
Reinvested dividends and distributions		4,981	51,957	-	-
Shares repurchased		(1,489)	(15,541)	-	-
Net Increase/(Decrease)		62,216	$ 682,232	7,406	$ 79,738
Class I Shares:
Shares sold		65,660	$ 715,450	220,782	$ 2,264,674
Reinvested dividends and distributions		51,183	533,836	5,108	51,538
Shares repurchased		(79,848)	(869,734)	(602,702)	(6,161,871)
Net Increase/(Decrease)		36,995	$ 379,552	(376,812)	$(3,845,659)
Class N Shares:
Shares sold		-	$ -	4,417	$ 44,259
Reinvested dividends and distributions		227,336	2,364,293	23,932	240,992
Shares repurchased		-	-	(13,373)	(135,976)
Net Increase/(Decrease)		227,336	$2,364,293	14,976	$ 149,275
Class S Shares:
Shares sold		-	$ -	4,644	$ 50,010
Reinvested dividends and distributions		347	3,631	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		347	$ 3,631	4,644	$ 50,010
Class T Shares:
Shares sold		354	$ 3,711	4,644	$ 50,010
Reinvested dividends and distributions		330	3,700	-	-
Shares repurchased		(331)	(3,711)	-	-
Net Increase/(Decrease)		353	$ 3,700	4,644	$ 50,010
(1)	Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.


Janus Investment Fund	37

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)




Year ended July 31, 2016⁽¹⁾		Shares	Amount

Class A Shares:
Shares sold		242,349	$ 2,389,247
Reinvested dividends and distributions		17,076	168,932
Shares repurchased		(469,446)	(4,623,264)
Net Increase/(Decrease)		(210,021)	$ (2,065,085)
Class C Shares:
Shares sold		328,077	$ 3,171,463
Reinvested dividends and distributions		26,511	257,689
Shares repurchased		(464,349)	(4,525,561)
Net Increase/(Decrease)		(109,761)	$ (1,096,409)
Class I Shares:
Shares sold		270,034	$ 2,652,602
Reinvested dividends and distributions		51,382	507,864
Shares repurchased		(3,460,698)	(35,215,253)
Net Increase/(Decrease)		(3,139,282)	$(32,054,787)
Class N Shares:
Shares sold		2,765,534	$ 28,346,633
Reinvested dividends and distributions		110,490	1,090,787
Shares repurchased		(966)	(8,927)
Net Increase/(Decrease)		2,875,058	$ 29,428,493
(1)	Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 2,854,886	$ 5,614,717	$ -	$ -

For the period ended June 30, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$17,933,841	$ 20,391,430	$ -	$ -

8. Recent Accounting Pronouncements


38	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes to Financial Statements (unaudited)

premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impacts of ASU 2017-08 on the financial statements.

9. Subsequent Event


Janus Investment Fund	39

Janus Henderson All Asset Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


40	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Funds

Asset Allocation Funds


Janus Investment Fund	41

Janus Henderson All Asset Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


42	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


Janus Investment Fund	43

Janus Henderson All Asset Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


44	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	45

Janus Henderson All Asset Fund

Additional Information (unaudited)

Costs of Services Provided


46	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	47

Janus Henderson All Asset Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


48	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


Janus Investment Fund	49

Janus Henderson All Asset Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


50	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.


Janus Investment Fund	51

Janus Henderson All Asset Fund

Additional Information (unaudited)

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

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

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.


52	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	53

Janus Henderson All Asset Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


54	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	55

Janus Henderson All Asset Fund

Useful Information About Your Fund Report (unaudited)

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


56	DECEMBER 31, 2017

Janus Henderson All Asset Fund

Notes

NotesPage1


Janus Investment Fund	57

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93074 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Diversified Alternatives Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Diversified Alternatives Fund


Management Commentary and Consolidated Schedule of
Investments	1
Notes to Consolidated Schedule of Investments and Other
Information	12
Consolidated Statement of Assets and Liabilities	14
Consolidated Statement of Operations	16
Consolidated Statements of Changes in Net Assets	17
Consolidated Financial Highlights	18
Notes to Consolidated Financial Statements	22
Additional Information	39
Useful Information About Your Fund Report	53

Janus Henderson Diversified Alternatives Fund (unaudited)

FUND SNAPSHOT

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

Ashwin Alankar

co-portfolio manager

John Fujiwara

co-portfolio manager

PERFORMANCE SUMMARY

For the six-month period ended December 31, 2017, Janus Henderson Diversified Alternatives Fund’s Class I Shares returned 2.04%, compared with a return of 1.24% for its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, and 2.03% for its secondary benchmark, LIBOR + 3%.

MARKET ENVIRONMENT

Positive earnings data, strengthening fundamentals and an upward trajectory in global growth boosted risk assets in the second half of 2017. Geopolitical concerns in August weighed on markets as North Korea fired missiles over Japan, with equities and corporate credit selling off and investors retreating to U.S. Treasury securities. However, sentiment quickly reversed and markets rebounded. Late in the period, the passage of U.S. tax reform and optimism around its potential to provide tailwinds for the U.S. economy propelled markets to new highs. Investment-grade corporate credit spreads reached post-crisis tights, and spreads on high-yield corporate credit also tightened over the period.

The Federal Reserve (Fed) raised its benchmark rate in December, marking the third rate hike of 2017, and began normalizing its balance sheet. The Treasury curve flattened during the year. The 10-year Treasury note yield closed December at 2.41%, compared with 2.31% at the end of June.

The prospects of synchronized growth and a U.S. dollar that weakened over much of the period boosted emerging market stocks. On a sector basis, energy was among the strongest performers, fueled by strong gains in the benchmark for global crude.

PERFORMANCE DISCUSSION

The Fund outperformed its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, and performed in line with its secondary benchmark, LIBOR + 3%, during the six-month period. Over time, the Fund seeks to provide positive absolute returns and offer true diversification with low correlation to stocks and bonds by investing in a portfolio of risk premia strategies.

Two of our equity strategies were the leading contributors to returns during the period as the trend of coordinated global growth continued to play out. The equity momentum strategy aided returns as the period saw equity markets around the world experience continued strong growth. The equity momentum strategy seeks to capture directional momentum in equities through the quantitative analysis of equity index price movement. It outperformed as it was able to capture the strong upward trend in equities.

The equity value strategy, which aims to capture the potential return associated with holding value equities while also being short growth stocks, also aided returns. Value stocks rallied near the end of the year as investors priced in the increasing likelihood that tax reform would come to pass, and also benefited from its eventual passage in December. Since value companies tend to pay high effective corporate tax rates, value stocks are expected to be bigger beneficiaries of the tax bill than growth stocks. The strong performance from the segment led to the strategy’s outperformance.

The commodity roll yield strategy was another leading contributor to returns. This strategy seeks to generate returns by providing liquidity to the most “crowded” section of the commodity futures curve. It is typically short the most active front-month contract and long farther-dated tenors. The strategy benefited from a favorable supply/demand dynamic in livestock and wheat. A mild start to winter resulted in few supply disruptions, creating a favorable environment for the strategy.

Although most of the Fund’s equity strategies were able to capitalize on trends during the period, the equity size strategy delivered negative returns. This strategy invests in a basket of small-cap equities versus a short position in a basket of large-cap equities. Small caps, which typically


Janus Investment Fund	1

Janus Henderson Diversified Alternatives Fund (unaudited)

pay a higher effective corporate tax rate, outperformed large caps in December as it became apparent that the U.S. tax bill would pass. However, weakness early in the period led them to underperform over the course of the period, which weighed on the strategy’s returns.

The rates momentum strategy, which looks to capture the persistence in the movement of interest rates, delivered negative returns. The 10-year Treasury note traded in a choppy, relatively range-bound fashion during the period, as did the 10-year German bund, which weighed on returns. The lack of sustained, consistent trends hindered the strategy’s ability to generate returns during the period.

The currency carry strategy also delivered negative returns. The strategy looks to generate returns by taking advantage of short-term yield differentials between various currencies. Losses in the New Zealand dollar offset gains from our short positions in the yen and the Swiss franc.

DERIVATIVES USAGE

The Fund makes extensive use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. Swaps are used to take exposures in equity, fixed income and commodity indices. Futures are used to take exposures in commodities, currencies and long-end fixed income markets. Forwards are employed to take exposures in foreign currencies, generally one week in length. In aggregate, these positions contributed to performance during the period.

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

OUTLOOK

The Fund’s model undergoes a monthly rebalancing in which it adjusts its allocations to the 11 risk premia strategies according to the market conditions experienced during the month. This rebalancing process is designed to optimize the weightings of the strategies in order to deliver consistent, absolute returns with low correlation to stocks and bonds and a targeted volatility of 5% to 7%. While operating in today’s abnormally low volatility environment, the model has become increasingly sensitive to any sudden movements in asset classes while undertaking the monthly rebalancing. In fact, the correlations between many of the strategies have dropped to zero – meaning they are not correlated – or negative – meaning that they are inversely correlated. Given these relationships, the model is signaling that it needs more leverage in order to meet its volatility target. However, the Fund has already reached the maximum amount of leverage allowed (i.e., its leverage cap).

While this may seem problematic, we value that this cap can help minimize the potential impact from the reversal of an overly-levered trade between strategies that are negatively correlated. For example, the commodity roll yield strategy was negatively correlated with the equity emerging strategy as of year-end. The impact of winter temperatures on the price of natural gas has been one of the driving factors of returns in the commodity roll yield strategy. Given the negative correlation, one could erroneously infer that winter temperatures are a natural hedge to equity emerging markets. Our common sense, however, makes us question this relationship.

Therefore, the leverage cap is currently playing an important role by keeping the Fund’s model from rebalancing based on distorted correlation data. The relative weightings of the strategies will therefore be less important until volatility returns to normal levels – whether from the normalization of global interest rates or because of an exogenous geopolitical event.

Thank you for investing in Janus Henderson Diversified Alternative Fund.


2	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund (unaudited)

Fund At A Glance

December 31, 2017


Asset Allocation
Commodity	43.8%
Equity	25.0%
Fixed Income	16.0%
Currency	11.4%
Cash & Cash Equivalents	3.8%
	100.0%

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


Janus Investment Fund	3

Janus Henderson Diversified Alternatives Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017					per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	1.97%	3.60%	1.61%	1.63%	1.62%	1.36%
Class A Shares at MOP	-3.90%	-2.36%	0.42%	0.44%
Class C Shares at NAV	1.52%	2.87%	0.96%	0.98%	2.34%	2.10%
Class C Shares at CDSC	0.52%	1.87%	0.96%	0.98%
Class D Shares⁽¹⁾	2.06%	3.79%	1.73%	1.75%	1.66%	1.24%
Class I Shares	2.04%	3.87%	1.83%	1.85%	1.34%	1.13%
Class N Shares	2.13%	3.95%	1.88%	1.90%	1.32%	1.09%
Class S Shares	1.90%	3.64%	1.52%	1.54%	1.83%	1.59%
Class T Shares	1.99%	3.73%	1.70%	1.72%	1.56%	1.34%
Bloomberg Barclays U.S. Aggregate Bond Index	1.24%	3.54%	2.10%	2.08%
London Interbank Offered Rate (LIBOR) + 3%	2.03%	4.35%	3.80%	3.80%^**
Morningstar Quartile - Class I Shares	-	3rd	3rd	3rd
Morningstar Ranking - based on total returns for Multialternative Funds	-	254/416	146/200	148/200

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

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


4	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund (unaudited)

Performance

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.

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

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

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 28, 2012

** The London Interbank Offered Rate (LIBOR) + 3% since inception returns are calculated from December 31, 2012.

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Diversified Alternatives Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)
Class A Shares		$1,000.00	$1,019.70	$7.48	$1,000.00	$1,017.80	$7.48	1.47%
Class C Shares		$1,000.00	$1,015.20	$11.38	$1,000.00	$1,013.91	$11.37	2.24%
Class D Shares		$1,000.00	$1,020.60	$6.93	$1,000.00	$1,018.35	$6.92	1.36%
Class I Shares		$1,000.00	$1,020.40	$6.47	$1,000.00	$1,018.80	$6.46	1.27%
Class N Shares		$1,000.00	$1,021.30	$6.11	$1,000.00	$1,019.16	$6.11	1.20%
Class S Shares		$1,000.00	$1,019.00	$8.04	$1,000.00	$1,017.24	$8.03	1.58%
Class T Shares		$1,000.00	$1,019.90	$7.13	$1,000.00	$1,018.15	$7.12	1.40%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Consolidated Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Investment Companies– 13.8%
Money Markets – 13.8%
	Janus Cash Liquidity Fund LLC, 1.2731%^(a),ºº,£(cost $15,020,048)	15,020,048	$15,020,048
U.S. Government Agency Notes– 85.4%
United States Treasury Bill:
	0%, 1/11/18^†,◊	$13,000,000	12,996,173
	0%, 2/8/18^†,◊	12,500,000	12,483,925
	0%, 3/8/18^◊	17,000,000	16,960,289
	0%, 4/12/18^◊	18,000,000	17,941,632
	0%, 5/10/18^†,◊	18,000,000	17,908,800
	0%, 6/7/18^◊	15,000,000	14,904,613
Total U.S. Government Agency Notes (cost $93,207,421)			93,195,432
Total Investments (total cost $108,227,469) – 99.2%			108,215,480
Cash, Receivables and Other Assets, net of Liabilities – 0.8%			830,408
Net Assets – 100%			$109,045,888

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 12/31/17
Investment Companies– 13.8%
Money Markets – 13.8%
	Janus Cash Liquidity Fund LLC, 1.2731%^(a),ºº	$	33,282	$	—	$	—	$	15,020,048

(1) For securities that were affiliated for a portion of the period ended December 31, 2017, this column reflects amounts for the entire period ended December 31, 2017 and not just the period in which the security was affiliated.


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 12/31/17
Investment Companies– 13.8%
Money Markets – 13.8%
	Janus Cash Liquidity Fund LLC, 1.2731%^(a),ºº		5,561,820		60,639,598		(51,181,370)		15,020,048


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

Janus Investment Fund	7

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2017


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Value and Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Australian Dollar	1/5/18	2,490,000	$	(1,936,217)	$	6,230
British Pound	1/5/18	682,000		(914,978)		5,722
Canadian Dollar	1/5/18	1,545,000		(1,223,229)		6,133
Euro	1/5/18	(1,274,000)		1,518,380		(10,260)
Japanese Yen	1/5/18	(382,100,000)		3,377,554		(14,067)
New Zealand Dollar	1/5/18	4,995,000		(3,531,975)		6,870
Norwegian Krone	1/5/18	3,740,000		(452,688)		3,008
Swedish Krona	1/5/18	(13,800,000)		1,671,807		(11,379)
Swiss Franc	1/5/18	(5,404,000)		5,484,925		(62,726)
Total					$	(70,469)


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

8	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2017

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
Brent Crude^(a)	33	1/31/18	$	2,206,710	$	108,594	$	18,461
Cotton^(a)	42	5/8/18		1,658,160		(1,674)		(5,436)
Gold^(a)	13	4/26/18		1,708,200		30,711		10,846
Live Cattle^(a)	48	6/29/18		2,182,080		(73,689)		(2,545)
Natural Gas^(a)	104	2/26/18		3,022,240		306,800		29,120
S&P 500 E-mini	69	3/16/18		9,232,200		(35,852)		(44,695)
Sugar^(a)	131	4/30/18		2,203,734		33,919		17,711
WTI Crude^(a)	37	4/20/18		2,229,990		82,025		15,539
Total - Futures Purchased						450,834		39,001
Futures Sold:
10-Year US Treasury Note	205	3/20/18		(25,429,609)		67,969		(57,632)
Coffee^(a)	57	5/18/18		(2,747,756)		(8,261)		(24,804)
Copper^(a)	32	5/29/18		(2,652,000)		(1,979)		(5,288)
Corn^(a)	27	7/13/18		(495,788)		(5,063)		2,926
Corn^(a)	119	5/14/18		(2,136,050)		4,837		5,646
Natural Gas^(a)	104	3/27/18		(2,858,960)		(192,608)		(28,080)
Silver^(a)	32	5/29/18		(2,755,360)		(191,849)		(30,263)
Soybean^(a)	54	5/14/18		(2,627,100)		81,171		(11,491)
US Dollar Index	203	3/19/18		(18,640,678)		261,116		94,775
Wheat^(a)	117	7/13/18		(2,651,513)		(690)		2,580
Total - Futures Sold						14,643		(51,631)
Total					$	465,477	$	(12,630)


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

Janus Investment Fund	9

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2017

Schedule of Total Return Swaps

Counterparty/

Return Paid

by the Fund

Return Received

by the Fund

Payment

Frequency

Termination

Date

Notional

Amount

Value and

Unrealized

Appreciation/

(Depreciation)

Barclays Capital, Inc.:


3 month USD LIBOR plus 20 basis points		Bloomberg Barclays U.S. Credit RBI Series-1 Index		Monthly		2/1/18		28,800,000	USD	$	(24,243)

BNP Paribas:


Plus 19 basis points^(a)	A long/short basket of commodity indices⁽¹⁾	Monthly	1/31/18	114,600,000	USD	10
Plus 40 basis points	A long/short basket of equity indices⁽²⁾	Monthly	2/5/18	19,600,000	USD	20
Minus 20 basis points	A long/short basket of equity indices⁽³⁾	Monthly	2/5/18	20,500,000	USD	23
						53

Goldman Sachs International:


MSCI Daily Total Return Gross World USD	1 month USD LIBOR Plus 25 basis points	Monthly	7/5/18	(17,709,348)	USD		(86,946)
1 month USD LIBOR plus 90 basis points	MSCI Daily Total Return Net Emerging Markets	Monthly	7/5/18	17,449,228	USD		350,654
							263,708
Total						$	239,518

(1) Long Index – Bloomberg Commodity Index 2-4-6 Forward Blend, Short Index – Bloomberg Commodity Index

(2) Long Index – S&P 500 Pure Value TR Index, Short Index – S&P 500 Pure Growth TR Index

(3) Long Index – Russell 2000 Total Return Index, Short Index – Russell 1000 Total Return Index

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Consolidated Statement of Assets and Liabilities as of December 31, 2017.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2017

	Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$ -	$ 27,963	$ -	$ -	$ 27,963
Outstanding swap contracts, at value	10	-	-	350,697	-	350,707
Variation margin receivable	102,829	-	94,775	-	-	197,604

Total Asset Derivatives	$ 102,839	$ -	$122,738	$350,697	$ -	$576,274

Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$ -	$ 98,432	$ -	$ -	$ 98,432
Outstanding swap contracts, at value	-	24,243	-	86,946	-	111,189
Variation margin payable	107,907	-	-	44,695	57,632	210,234

Total Liability Derivatives	$ 107,907	$ 24,243	$ 98,432	$131,641	$ 57,632	$419,855


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

10	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2017

The following table provide information about the effect of derivatives and hedging activities on the Fund’s Consolidated Statement of Operations for the period ended December 31, 2017.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Consolidated Statement of Operations for the period ended December 31, 2017

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ (360,624)	$ -	$283,922	$ 800,126	$ (470,894)	$ 252,530
Forward foreign currency exchange contracts	-	-	(125,279)	-	-	(125,279)
Swap contracts	334,152	-	-	548,948	161,263	1,044,363

Total	$ (26,472)	$ -	$158,643	$1,349,074	$ (309,631)	$1,171,614


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ 430,888	$ -	$ (16,011)	$ 27,601	$ 50,212	$ 492,690
Forward foreign currency exchange contracts	-	-	(82,112)	-	-	(82,112)
Swap contracts	(8)	(27,599)	-	259,667	-	232,060

Total	$ 430,880	$(27,599)	$ (98,123)	$ 287,268	$ 50,212	$ 642,638

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


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended December 31, 2017

	Market Value
Forward foreign currency exchange contracts, purchased	$ 6,670,978
Forward foreign currency exchange contracts, sold	9,468,366
Futures contracts, purchased	42,619,504
Futures contracts, sold	45,035,811
Total return swaps, long	331,165
Total return swaps, short	(140,101)


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

Janus Investment Fund	11

Janus Henderson Diversified Alternatives Fund

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


Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
London Interbank Offered Rate (LIBOR)	LIBOR (London Interbank Offered Rate) is a short-term interest rate that banks offer one another and generally represents current cash rates.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


LLC	Limited Liability Company


(a)	All or a portion of this security is owned by Janus Diversified Alternatives Subsidiary, Ltd. See Note 1 in Notes to Consolidated Financial Statements.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of December 31, 2017, is $24,443,579.


ºº	Rate shown is the 7-day yield as of December 31, 2017.


◊	Zero coupon bond.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


12	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Consolidated Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Investment Companies		$	-	$	15,020,048	$	-
U.S. Government Agency Notes			-		93,195,432		-
Total Investments in Securities		$	-	$	108,215,480	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		27,963		-
Outstanding Swap Contracts, at Value			-		350,707		-
Variation Margin Receivable			197,604		-		-
Total Assets		$	197,604	$	108,594,150	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	98,432	$	-
Outstanding Swap Contracts, at Value			-		111,189		-
Variation Margin Payable			210,234		-		-
Total Liabilities		$	210,234	$	209,621	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities (unaudited)

December 31, 2017

See footnotes at the end of the Consolidated Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	93,195,432
	Affiliated investments, at value⁽²⁾			15,020,048
	Restricted cash (Note 1)			2,300,000
	Forward foreign currency exchange contracts			27,963
	Closed foreign currency contracts			112,544
	Outstanding swap contracts, at value			350,707
	Variation margin receivable			197,604
	Non-interested Trustees' deferred compensation			2,084
	Receivables:
		Investments sold		531,125
		Fund shares sold		68,714
		Dividends from affiliates		10,015
		Dividends and interest on swap contracts		2,997
		Foreign tax reclaims		454
	Other assets			639
Total Assets				111,820,326
Liabilities:
	Due to custodian			2,003,846
	Forward foreign currency exchange contracts			98,432
	Outstanding swap contracts, at value			111,189
	Closed foreign currency contracts			28,091
	Variation margin payable			210,234
	Payables:			—
		Dividends and interest on swap contracts		81,433
		Advisory fees		58,320
		Fund shares repurchased		36,074
		Professional fees		26,749
		Transfer agent fees and expenses		4,374
		Custodian fees		3,100
		12b-1 Distribution and shareholder servicing fees		2,930
		Non-interested Trustees' deferred compensation fees		2,084
		Fund administration fees		737
		Non-interested Trustees' fees and expenses		526
		Accrued expenses and other payables		106,319
Total Liabilities				2,774,438
Net Assets			$	109,045,888


See Notes to Consolidated Financial Statements.

14	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities (unaudited)

December 31, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	108,948,760
	Undistributed net investment income/(loss)		(1,193,790)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		668,139
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		622,779
Total Net Assets		$	109,045,888
Net Assets - Class A Shares		$	3,334,543
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		330,189
Net Asset Value Per Share⁽³⁾		$	10.10
Maximum Offering Price Per Share⁽⁴⁾		$	10.72
Net Assets - Class C Shares		$	2,148,024
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		216,123
Net Asset Value Per Share⁽³⁾		$	9.94
Net Assets - Class D Shares		$	4,838,077
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		477,308
Net Asset Value Per Share		$	10.14
Net Assets - Class I Shares		$	13,642,784
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,344,394
Net Asset Value Per Share		$	10.15
Net Assets - Class N Shares		$	78,076,099
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,672,268
Net Asset Value Per Share		$	10.18
Net Assets - Class S Shares		$	1,479,683
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		147,139
Net Asset Value Per Share		$	10.06
Net Assets - Class T Shares		$	5,526,678
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		547,914
Net Asset Value Per Share		$	10.09

(1) Includes cost of $93,207,421.

(2) Includes cost of $15,020,048.

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

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


See Notes to Consolidated Financial Statements.

Janus Investment Fund	15

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Operations (unaudited)

For the period ended December 31, 2017



Investment Income:
	Interest		$	377,663
	Dividends from affiliates			33,282
	Other income			3,675
Total Investment Income				414,620
Expenses:
	Advisory fees			473,276
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		3,291
		Class C Shares		10,619
		Class S Shares		1,843
	Transfer agent administrative fees and expenses:
		Class D Shares		2,973
		Class S Shares		1,843
		Class T Shares		5,173
	Transfer agent networking and omnibus fees:
		Class A Shares		176
		Class C Shares		300
		Class I Shares		3,524
	Other transfer agent fees and expenses:
		Class A Shares		131
		Class C Shares		100
		Class D Shares		780
		Class I Shares		226
		Class N Shares		911
		Class S Shares		12
		Class T Shares		57
	Registration fees			95,418
	Professional fees			33,632
	Shareholder reports expense			16,606
	Custodian fees			8,855
	Fund administration fees			3,363
	Non-interested Trustees’ fees and expenses			1,209
	Other expenses			6,538
Total Expenses				670,856
Less: Excess Expense Reimbursement and Waivers				(139,196)
Net Expenses				531,660
Net Investment Income/(Loss)				(117,040)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			1,524
	Forward foreign currency exchange contracts			(125,279)
	Futures contracts			252,530
	Swap contracts			1,044,363
Total Net Realized Gain/(Loss) on Investments				1,173,138
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(11,436)
	Forward foreign currency exchange contracts			(82,112)
	Futures contracts			492,690
	Swap contracts			232,060
Total Change in Unrealized Net Appreciation/Depreciation				631,202
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,687,300


See Notes to Consolidated Financial Statements.

16	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Statements of Changes in Net Assets



			Period ended December 31, 2017 (unaudited)		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	(117,040)	$	(581,252)
	Net realized gain/(loss) on investments			1,173,138		5,436,962
	Change in unrealized net appreciation/depreciation			631,202		(1,392,807)
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,687,300		3,462,903
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(39,665)		(84,982)
		Class C Shares		(3,459)		(39,641)
		Class D Shares		(62,629)		(129,036)
		Class I Shares		(208,324)		(105,459)
		Class N Shares		(1,223,347)		(1,334,148)
		Class S Shares		(13,853)		(41,439)
		Class T Shares		(77,225)		(70,488)
	Total Dividends from Net Investment Income			(1,628,502)		(1,805,193)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(43,076)		—
		Class C Shares		(28,894)		—
		Class D Shares		(62,973)		—
		Class I Shares		(172,208)		—
		Class N Shares		(1,013,987)		—
		Class S Shares		(19,521)		—
		Class T Shares		(70,833)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(1,411,492)		—
Net Decrease from Dividends and Distributions to Shareholders				(3,039,994)		(1,805,193)
Capital Share Transactions:
		Class A Shares		1,066,723		(648,350)
		Class C Shares		78,383		280,356
		Class D Shares		6,661		(8,871)
		Class I Shares		7,139,761		4,238,843
		Class N Shares		28,659,684		1,786,193
		Class S Shares		33,374		41,439
		Class T Shares		1,894,671		2,073,135
Net Increase/(Decrease) from Capital Share Transactions				38,879,257		7,762,745
Net Increase/(Decrease) in Net Assets				37,526,563		9,420,455
Net Assets:
	Beginning of period			71,519,325		62,098,870
	End of period		$	109,045,888	$	71,519,325

Undistributed Net Investment Income/(Loss)			$	(1,193,790)	$	551,752


See Notes to Consolidated Financial Statements.

Janus Investment Fund	17

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016		2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.16	$9.92	$9.98		$9.84	$9.82	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽²⁾	(0.11)⁽²⁾	(0.14)⁽²⁾		(0.15)⁽²⁾	(0.13)⁽²⁾	(0.10)
		Net realized and unrealized gain/(loss)	0.24	0.63	0.18		0.37	0.15	(0.08)
	Total from Investment Operations		0.21	0.52	0.04		0.22	0.02	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.28)	—		—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)		(0.08)	—	—
	Total Dividends and Distributions		(0.27)	(0.28)	(0.10)		(0.08)	—	—
	Net Asset Value, End of Period		$10.10	$10.16	$9.92		$9.98	$9.84	$9.82
	Total Return*		1.97%	5.29%	0.42%		2.22%	0.20%	(1.80)%
	Net Assets, End of Period (in thousands)		$3,335	$2,297	$2,882		$2,740	$4,055	$3,523
	Average Net Assets for the Period (in thousands)		$2,618	$2,737	$2,730		$2,048	$3,752	$3,557
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.78%	1.83%	1.89%		1.84%	1.70%	3.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.54%	1.53%		1.52%	1.46%	1.52%
		Ratio of Net Investment Income/(Loss)	(0.66)%	(1.13)%	(1.42)%		(1.51)%	(1.34)%	(1.36)%
	Portfolio Turnover Rate		0%	16%	0%		0%	59%	38%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$9.94	$9.72	$9.84	$9.79	$9.78	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.11)⁽²⁾	(0.18)⁽²⁾	(0.21)⁽²⁾	(0.23)⁽²⁾	(0.15)⁽²⁾	(0.14)
		Net realized and unrealized gain/(loss)	0.27	0.61	0.19	0.36	0.16	(0.08)
	Total from Investment Operations		0.16	0.43	(0.02)	0.13	0.01	(0.22)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.21)	—	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.16)	(0.21)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$9.94	$9.94	$9.72	$9.84	$9.79	$9.78
	Total Return*		1.52%	4.48%	(0.19)%	1.31%	0.10%	(2.20)%
	Net Assets, End of Period (in thousands)		$2,148	$2,071	$1,749	$1,709	$3,516	$3,566
	Average Net Assets for the Period (in thousands)		$2,117	$1,885	$1,685	$1,752	$3,551	$3,578
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	2.56%	2.63%	2.59%	1.89%	3.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.24%	2.29%	2.27%	2.26%	1.64%	2.27%
		Ratio of Net Investment Income/(Loss)	(2.22)%	(1.85)%	(2.15)%	(2.26)%	(1.52)%	(2.11)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%	38%

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

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

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

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


See Notes to Consolidated Financial Statements.

18	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.20	$9.96	$10.00	$9.85	$9.82	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.08)⁽²⁾	(0.10)⁽²⁾	(0.13)⁽²⁾	(0.14)⁽²⁾	(0.13)⁽²⁾	(0.08)
		Net realized and unrealized gain/(loss)	0.30	0.63	0.19	0.37	0.16	(0.10)
	Total from Investment Operations		0.22	0.53	0.06	0.23	0.03	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.29)	—	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.28)	(0.29)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.14	$10.20	$9.96	$10.00	$9.85	$9.82
	Total Return*		2.06%	5.38%	0.62%	2.32%	0.31%	(1.80)%
	Net Assets, End of Period (in thousands)		$4,838	$4,857	$4,758	$3,060	$6,170	$6,008
	Average Net Assets for the Period (in thousands)		$4,942	$4,638	$3,829	$3,281	$5,964	$4,995
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.84%	1.87%	2.05%	1.96%	1.66%	3.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.36%	1.41%	1.42%	1.43%	1.41%	1.39%
		Ratio of Net Investment Income/(Loss)	(1.46)%	(0.97)%	(1.30)%	(1.42)%	(1.28)%	(1.23)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%	38%


Class I Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.24	$10.00	$10.02	$9.87	$9.83	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.01⁽²⁾	(0.08)⁽²⁾	(0.11)⁽²⁾	(0.13)⁽²⁾	(0.11)⁽²⁾	(0.08)
		Net realized and unrealized gain/(loss)	0.20	0.63	0.19	0.36	0.15	(0.09)
	Total from Investment Operations		0.21	0.55	0.08	0.23	0.04	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.31)	—	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.30)	(0.31)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.15	$10.24	$10.00	$10.02	$9.87	$9.83
	Total Return*		2.04%	5.51%	0.82%	2.32%	0.41%	(1.70)%
	Net Assets, End of Period (in thousands)		$13,643	$6,713	$2,383	$2,265	$5,727	$6,464
	Average Net Assets for the Period (in thousands)		$9,348	$4,396	$2,318	$2,586	$6,201	$5,751
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.55%	1.63%	1.59%	1.50%	2.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.31%	1.27%	1.26%	1.25%	1.27%
		Ratio of Net Investment Income/(Loss)	0.10%	(0.81)%	(1.16)%	(1.26)%	(1.13)%	(1.10)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%	38%

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

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

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

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


See Notes to Consolidated Financial Statements.

Janus Investment Fund	19

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.26	$10.01	$10.04	$9.87	$9.83	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.01)⁽²⁾	(0.08)⁽²⁾	(0.11)⁽²⁾	(0.13)⁽²⁾	(0.11)⁽²⁾	(0.05)
		Net realized and unrealized gain/(loss)	0.23	0.63	0.18	0.38	0.15	(0.12)
	Total from Investment Operations		0.22	0.55	0.07	0.25	0.04	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.30)	—	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.30)	(0.30)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.18	$10.26	$10.01	$10.04	$9.87	$9.83
	Total Return*		2.13%	5.58%	0.72%	2.52%	0.41%	(1.70)%
	Net Assets, End of Period (in thousands)		$78,076	$50,421	$47,367	$52,478	$57,190	$57,935
	Average Net Assets for the Period (in thousands)		$58,671	$47,482	$48,364	$54,416	$57,130	$30,839
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%	1.53%	1.62%	1.60%	1.49%	1.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.20%	1.26%	1.25%	1.25%	1.25%	1.25%
		Ratio of Net Investment Income/(Loss)	(0.11)%	(0.83)%	(1.14)%	(1.24)%	(1.13)%	(1.06)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%	38%


Class S Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.10	$9.89	$9.92	$9.82	$9.81	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.08)⁽²⁾	(0.12)⁽²⁾	(0.12)⁽²⁾	(0.18)⁽²⁾	(0.14)⁽²⁾	(0.11)
		Net realized and unrealized gain/(loss)	0.28	0.63	0.19	0.36	0.15	(0.08)
	Total from Investment Operations		0.20	0.51	0.07	0.18	0.01	(0.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.30)	—	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.24)	(0.30)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.06	$10.10	$9.89	$9.92	$9.82	$9.81
	Total Return*		1.90%	5.17%	0.72%	1.82%	0.10%	(1.90)%
	Net Assets, End of Period (in thousands)		$1,480	$1,453	$1,381	$1,371	$3,506	$3,502
	Average Net Assets for the Period (in thousands)		$1,470	$1,425	$1,340	$1,578	$3,492	$3,548
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%	2.04%	2.12%	2.07%	1.95%	3.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.64%	1.33%	1.75%	1.58%	1.76%
		Ratio of Net Investment Income/(Loss)	(1.61)%	(1.21)%	(1.22)%	(1.74)%	(1.46)%	(1.60)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%	38%

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

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

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

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


See Notes to Consolidated Financial Statements.

20	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.17	$9.95	$9.98	$9.85	$9.82	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.02)⁽²⁾	(0.10)⁽²⁾	(0.10)⁽²⁾	(0.15)⁽²⁾	(0.13)⁽²⁾	(0.11)
		Net realized and unrealized gain/(loss)	0.23	0.63	0.17	0.36	0.16	(0.07)
	Total from Investment Operations		0.21	0.53	0.07	0.21	0.03	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.31)	—	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.29)	(0.31)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.09	$10.17	$9.95	$9.98	$9.85	$9.82
	Total Return*		1.99%	5.39%	0.72%	2.12%	0.31%	(1.80)%
	Net Assets, End of Period (in thousands)		$5,527	$3,708	$1,579	$2,517	$3,809	$3,772
	Average Net Assets for the Period (in thousands)		$4,115	$2,556	$1,689	$2,162	$3,773	$4,004
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	1.77%	1.87%	1.83%	1.75%	2.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.45%	1.18%	1.51%	1.40%	1.51%
		Ratio of Net Investment Income/(Loss)	(0.39)%	(0.97)%	(1.08)%	(1.50)%	(1.28)%	(1.36)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%	38%

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

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

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

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


See Notes to Consolidated Financial Statements.

Janus Investment Fund	21

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Diversified Alternatives Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks absolute return with low correlation to stocks and bonds. The Fund is classified as diversified, as defined in the 1940 Act.

Investment in Subsidiary

To qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), 90% of the Fund’s income must be from certain qualified sources. Direct investment in many commodities-related investments generates income that is not from a qualifying source for purposes of meeting this 90% test. The Fund will seek to gain exposure to the commodity markets, in whole or in part, through investments in the Janus Diversified Alternatives Subsidiary, Ltd., a wholly-owned subsidiary of the Fund (”Subsidiary”) organized under the laws of the Cayman Islands, which is generally subject to the same investment policies and restrictions as the Fund. The Subsidiary


22	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

may invest without limitation in commodity index-linked swaps, commodity futures, commodity swaps, commodity-linked notes, and other commodity-linked derivative instruments. The Subsidiary may also invest in fixed-income securities and other investments which may serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund may invest 25% or less of its total assets in the Subsidiary. Income or net capital gains from the Fund’s investment in the Subsidiary would be treated as ordinary income to the Fund. Janus Capital is the adviser to the Subsidiary. The Subsidiary will not be subject to U.S. laws (including securities laws) and their protections. The Subsidiary is subject to the laws of a foreign jurisdiction, which can be affected by developments in that jurisdiction.

By investing in the Subsidiary, the Fund will be indirectly exposed to the risks associated with the Subsidiary’s investments, which are generally similar to those that are permitted to be held by the Fund. The Subsidiary is not registered under the 1940 Act, and is not subject to all of the provisions of the 1940 Act. The IRS has previously issued a number of private letter rulings to mutual funds (but not the Fund) in which it ruled that income from a fund’s investment in a wholly-owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. The IRS has suspended issuance of any further private letter rulings pending a review of its position. A change in the IRS’ position or changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate and could adversely affect the Fund. In particular, unfavorable treatment of the income derived from the Fund’s investment in the Subsidiary could jeopardize the Fund’s status as a regulated investment company under the Code, which in turn may subject the Fund to higher tax rates and/or penalties. Additionally, the Commodity Futures Trading Commission (“CFTC”) adopted changes to Rule 4.5 under the Commodity Exchange Act in 2012 that required Janus Capital to register with the CFTC, and operation of the Fund and Subsidiary is subject to certain CFTC rules and regulations. Existing or new CFTC regulation may increase the costs of implementing the Fund’s strategies, which could negatively affect the Fund’s returns.

The Subsidiary was incorporated on December 28, 2012 as a wholly-owned subsidiary of Janus Diversified Alternatives Fund. As of December 31, 2017, the Fund owns 688,356 shares of the Subsidiary, with a market value of $8,472,703. This represents 8% of the Fund’s net assets. The Fund’s Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, and Consolidated Financial Highlights include the accounts of both the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated in consolidation.

As of December 31, 2017, Subsidiary information included in the Consolidated Financial Statements is as follows:


Net assets	$ 8,472,703
Market value of investments	8,292,377
Net income/(loss)	21,781
Net realized gain/(loss)	(26,437)
Net change in unrealized appreciation/depreciation	430,870

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

Investment Valuation


Janus Investment Fund	23

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Information on the valuation of certain derivatives is contained in Note 2 below.

Valuation Inputs Summary

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

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

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

Investment Transactions and Investment Income


24	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Interest income is recorded on the accrual basis and includes amortization of premiums and accretion of discounts. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

Foreign Currency Translations

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

Dividends and Distributions

Federal Income Taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s consolidated financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.


Janus Investment Fund	25

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Restricted Cash

As of December 31, 2017, the Fund has restricted cash in the amount of $2,300,000. The restricted cash represents collateral pledged in relation to derivatives and/or securities with extended settlement dates. The carrying value of the restricted cash approximates fair value.

2. Derivative Instruments

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

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

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

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

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

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


26	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Commodity-Linked Investments

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

Forward Foreign Currency Exchange Contracts

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

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.


Janus Investment Fund	27

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Futures Contracts

Futures contracts on commodities are valued at the settlement price on valuation date on the commodities exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Consolidated Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Consolidated Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Consolidated Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Consolidated Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the period, the Fund purchased commodity futures to increase exposure to commodity risk.

During the period, the Fund sold commodity futures to decrease exposure to commodity risk.

During the period, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the period, the Fund purchased futures on currency indices to increase exposure to currency risk.

During the period, the Fund sold futures on currency indices to decrease exposure to currency risk.

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that


28	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Consolidated Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Consolidated Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Consolidated Statement of Operations (if applicable).

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

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the period, the Fund entered into total return swaps on equity indices or custom baskets of equity indices to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.

During the period, the Fund entered into total return swaps on equity indices to decrease exposure to equity risk. These total return swaps require the Fund to pay an amount equal to the positive price movement of securities or an index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. The Fund will receive payments of a floating reference interest rate and an amount equal to the negative price movement of the same securities or index multiplied by the notional amount of the contract.

During the period, the Fund entered into total return swaps on a custom basket of commodity indices to increase exposure to commodity risk. These total return swaps require the Fund to pay a fixed or a floating reference interest rate, and an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.

During the period, the Fund entered into total return swaps on credit indices to increase exposure to credit risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.


Janus Investment Fund	29

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

3. Other Investments and Strategies

Additional Investment Risk

Counterparties


30	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the consolidated financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Consolidated Statement of Assets and Liabilities.


Offsetting of Financial Assets and Derivative Assets

		Gross Amounts
		of Recognized		Offsetting Asset		Collateral
Counterparty		Assets		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas^(c)	$	10	$	—	$	(10)	$	—
BNP Paribas		43		—		—		43
Goldman Sachs International		350,654		(86,946)		—		263,708
HSBC Securities (USA), Inc.		27,963		(27,963)		—		—

Total	$	378,670	$	(114,909)	$	(53)	$	263,708


Janus Investment Fund	31

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)


Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc.		$	24,243	$	—	$	—	$	24,243
Goldman Sachs International			86,946		(86,946)		—		—
HSBC Securities (USA), Inc.			98,432		(27,963)		—		70,469

Total		$	209,621	$	(114,909)	$	—	$	94,712
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Consolidated Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.
(c)	This counterparty has an ISDA Master Agreement with the Fund and a separate ISDA Master Agreement with the Subsidiary. Exposure from OTC derivatives can only be netted across transactions governed under the same ISDA Master Agreement with the same legal entity. The Fund and Subsidiary are recognized as two separate legal entities. As such, exposure cannot be netted. This line item represents the amount from the Subsidiary.

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

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

Sovereign Debt


32	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

4. Investment Advisory Agreements and Other Transactions with Affiliates

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


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

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses, which include the other expenses of the Subsidiary, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.09% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2017) was 1.25%.If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Consolidated Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s and the Subsidiary's transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Consolidated Statement of Operations.


Janus Investment Fund	33

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Consolidated Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Consolidated Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Consolidated Statement of Operations.

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Consolidated Statement of Operations. Total compensation of $217,876 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2017. The Fund's portion is reported as part of “Other expenses” on the Consolidated Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2017 on the Consolidated Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Consolidated Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2017 are included in “Non-interested Trustees’ fees and expenses” on the Consolidated Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the


34	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Deferred Plan. Deferred fees of $210,375 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2017.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or nonaffiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or nonaffiliated money market funds or cash management pooled investment vehicles. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered product compliant with Rule 2a-7 under the 1940 Act. There are no restrictions on the Fund's ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. The units of Janus Cash Liquidity Fund LLC are not charged any management fee, sales charge or service fee.

As of December 31, 2017, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	35	%	1	%
Class C Shares	66		1
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	98		70
Class S Shares	100		1
Class T Shares	24		1

5. Federal Income Tax


Janus Investment Fund	35

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2017 are noted below. The primary difference between book and tax appreciation or depreciation of investments is investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 108,227,469	$ 1,109	$ (13,098)	$ (11,989)

Information on the tax components of derivatives as of December 31, 2017 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 1,355,812	$ (721,286)	$ 634,526

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


36	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended December 31, 2017		Year ended June 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	112,365	$ 1,152,597	68,349	$ 693,334
Reinvested dividends and distributions	8,168	82,741	8,507	84,982
Shares repurchased	(16,420)	(168,615)	(141,210)	(1,426,666)
Net Increase/(Decrease)	104,113	$ 1,066,723	(64,354)	$ (648,350)
Class C Shares:
Shares sold	7,236	$ 73,065	27,955	$ 276,529
Reinvested dividends and distributions	3,245	32,353	4,041	39,641
Shares repurchased	(2,687)	(27,035)	(3,618)	(35,814)
Net Increase/(Decrease)	7,794	$ 78,383	28,378	$ 280,356
Class D Shares:
Shares sold	69,128	$ 713,581	275,006	$2,801,234
Reinvested dividends and distributions	12,180	123,867	12,801	128,390
Shares repurchased	(80,322)	(830,787)	(289,307)	(2,938,495)
Net Increase/(Decrease)	986	$ 6,661	(1,500)	$ (8,871)
Class I Shares:
Shares sold	693,977	$ 7,203,471	730,298	$7,421,286
Reinvested dividends and distributions	37,380	380,532	10,483	105,459
Shares repurchased	(42,751)	(444,242)	(323,385)	(3,287,902)
Net Increase/(Decrease)	688,606	$ 7,139,761	417,396	$4,238,843
Class N Shares:
Shares sold	2,775,201	$28,886,991	815,553	$8,243,513
Reinvested dividends and distributions	219,132	2,237,334	132,356	1,334,148
Shares repurchased	(237,494)	(2,464,641)	(763,744)	(7,791,468)
Net Increase/(Decrease)	2,756,839	$28,659,684	184,165	$1,786,193
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	3,311	33,374	4,173	41,439
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	3,311	$ 33,374	4,173	$ 41,439
Class T Shares:
Shares sold	259,633	$ 2,682,751	301,264	$3,042,024
Reinvested dividends and distributions	14,630	148,058	7,049	70,488
Shares repurchased	(91,087)	(936,138)	(102,214)	(1,039,377)
Net Increase/(Decrease)	183,176	$ 1,894,671	206,099	$2,073,135

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ -	$ 2,575,000	$ -	$ -

8. Recent Accounting Pronouncements


Janus Investment Fund	37

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X was August 1, 2017. This report incorporates the amendments to Regulation S-X.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2017 and through the date of issuance of the Fund’s consolidated financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s consolidated financial statements.


38	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	39

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Funds

Asset Allocation Funds


40	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	41

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


42	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


44	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Alternative Funds


46	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	47

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


48	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	49

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.


50	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

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

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.


Janus Investment Fund	51

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


52	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Consolidated Schedule of Investments

Following the performance overview section is the Fund’s Consolidated Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

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

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. The Fund’s Consolidated Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

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

Consolidated Statement of Assets and Liabilities

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


Janus Investment Fund	53

Janus Henderson Diversified Alternatives Fund

Useful Information About Your Fund Report (unaudited)

Consolidated Statement of Operations

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

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

Consolidated Statements of Changes in Net Assets

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

Consolidated Financial Highlights


54	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Useful Information About Your Fund Report (unaudited)

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


Janus Investment Fund	55

Janus Henderson Diversified Alternatives Fund

Notes

NotesPage1


56	DECEMBER 31, 2017

Janus Henderson Diversified Alternatives Fund

Notes

NotesPage2


Janus Investment Fund	57

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93018 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Dividend & Income Builder Fund (formerly named Henderson Dividend & Income Builder Fund)

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Dividend & Income Builder Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	14
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	27
Additional Information	42
Useful Information About Your Fund Report	56

Janus Henderson Dividend & Income Builder Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Dividend & Income Builder Fund is a global portfolio of income-producing securities. The Fund invests primarily in dividend-paying equities, with an allocation to fixed income securities. The equity and fixed income allocation is driven by assessment of the relative attractiveness of income opportunities within each asset class and views on the broader market environment. Within the equity allocation we seek companies that pay an attractive and sustainable dividend yield with the capability to grow over the medium to long term. The fixed income allocation is used opportunistically in the 10% to 30% range as well as to seek to protect capital when the portfolio management team thinks the macro environment dictates; this allows us to seek to reduce the beta further when appropriate.

Alex Crooke

co-portfolio manager

Job Curtis

co-portfolio mangers

Ben Lofthouse

co-portfolio manager

Jenna Barnard

co-portfolio manager

John Pattullo

co-portfolio manager

PERFORMANCE

The Janus Henderson Dividend & Income Builder Fund Class I Shares returned 7.38% over the 6-month reporting period ended December 31, 2017. The Fund’s primary benchmark, MSCI World Index^SM(Net), returned 10.61% and its peer group, Morningstar World Allocation category, returned 6.60%.

INVESTMENT ENVIRONMENT

Global equity markets rose throughout the period, with the MSCI World Index (Net) producing a total return of 10.61% in U.S. dollars. Within this, U.S. equities performed particularly strongly, as Republican tax reform (including a significant cut to the corporation tax rate) was successfully passed, providing a boost to U.S. corporate earnings growth expectations in 2018. European (ex-UK) markets also performed well on the back of stronger than expected economic growth, and on news that the European Central Bank’s tapering of the quantitative easing program would be less severe than consensus believed.

During the period, sector performance diverged widely; cyclical sectors such as materials, energy and information technology performed strongly while on the whole defensive sectors such as consumer staples lagged. This divergence in performance was, we think, for two (not unrelated) reasons – largely resilient global economic data and a rise in global commodity prices.

PERFORMANCE DISCUSSION

The Fund underperformed its primary benchmark, the MSCI World Index (Net), during the period; however the Fund met its income growth objectives. Lagging relative performance was primarily a result of the Fund’s allocation to the fixed income sub-portfolio (which returned positive performance on an absolute basis but was a drag relative to the to the equity benchmark) as bond yields rose.

By region, the Fund’s overweight position in Europe (including UK) was a positive contributor to performance. However this was offset by the Fund’s underweight positions in the U.S. and Japan (both of which performed strongly). The U.S. and Japan are lower-yielding markets and the Fund maintains a structural underweight position in them.

By sector, the Fund’s defensive bias was a detractor as the market favored cyclicals over the period. More broadly at the sector level the Fund’s overweight in the energy sector was a positive contributor to returns. The Fund increased its energy position over the last year to an overweight position on the back of an improvement in


Janus Investment Fund	1

Janus Henderson Dividend & Income Builder Fund (unaudited)

cash flows for the sector which has increased dividend cover. The recent increase in the oil price further supports the investment case, and we believe there is scope for dividend yields to compress as the market gains confidence in the sustainability of dividend payments.

Among the largest relative detractors by sector was the Fund’s underweight position to the information technology sector as a number of low dividend yield shares such as Apple and Alphabet (which the Fund does not own) performed strongly.

Please see the Derivative Instruments section in the "notes to financial statements" for a discussion of derivatives used by the Fund.

OUTLOOK

The Fund remains quite defensively positioned, with overweight positions in sectors including telecommunication services and consumer staples (food, beverage and tobacco). This is partly as a result of the high income objectives of the Fund, as these more defensive sectors tend to have more stable free cash flow generation that lends itself well to paying an attractive dividend to shareholders. It is also a factor of current valuation levels. As the global economy is growing well, cyclical sectors performed strongly in 2017 and we are tending to find better value among defensive sectors.

Within the global bond market, the default environment remains benign although the range and speed of industry disruptions is something we continue to pay close attention to. Against this backdrop we retain a focus on seeking out quality businesses with sustainable cash flows. We expect coupons to provide the main source of returns for the fixed income portfolio going forward.

Thank you for your investment in Janus Henderson Dividend & Income Builder Fund.


2	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

December 31, 2017





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	0.85%	General Electric Co	-0.33%
	Royal Dutch Shell PLC	0.53%	Wells Fargo & Co	-0.14%
	Deutsche Post AG	0.52%	Philip Morris International Inc	-0.10%
	BP PLC	0.47%	Hanesbrands Inc.	-0.09%
	Chevron Corp	0.46%	Nielsen Holdings PLC	-0.09%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Energy	0.66%	8.21%	6.13%
	Health Care	0.34%	9.78%	12.19%
	Real Estate	0.21%	4.72%	3.17%
	Utilities	0.19%	2.89%	3.17%
	Telecom Services	0.09%	6.17%	2.86%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Other**	-0.71%	5.83%	0.00%
	Industrials	-0.61%	12.21%	11.46%
	Consumer Staples	-0.49%	11.69%	9.23%
	Financials	-0.40%	18.54%	18.03%
	Consumer Discretionary	-0.29%	8.24%	12.18%

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


Janus Investment Fund	3

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

December 31, 2017


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.0%
Pfizer Inc
Pharmaceuticals	2.2%
RELX NV
Professional Services	2.1%
Chevron Corp
Oil, Gas & Consumable Fuels	1.8%
Deutsche Post AG
Air Freight & Logistics	1.8%
	10.9%


Asset Allocation - (% of Net Assets)
Common Stocks	80.3%
Corporate Bonds	15.7%
Investment Companies	3.6%
Other		0.4%
		100.0%

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

As of December 31, 2017

As of June 30, 2017


4	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017					per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	7.30%	17.48%	8.60%	9.26%	1.30%	1.15%
Class A Shares at MOP	1.13%	11.61%	7.49%	8.22%
Class C Shares at NAV	6.94%	16.61%	7.78%	8.44%	2.07%	1.92%
Class C Shares at CDSC	5.94%	15.61%	7.78%	8.44%
Class D Shares⁽¹⁾	7.39%	17.62%	8.74%	9.39%	1.15%	1.00%
Class I Shares	7.38%	17.78%	8.85%	9.50%	1.09%	0.94%
Class N Shares	7.45%	17.66%	8.75%	9.41%	1.15%	1.00%
Class S Shares	7.24%	17.28%	8.37%	9.03%	1.50%	1.35%
Class T Shares	7.30%	17.47%	8.62%	9.28%	1.25%	1.10%
MSCI World Index (Net)	10.61%	22.40%	11.64%	12.31%
MSCI World Index (Gross)	10.86%	23.07%	12.26%	12.94%
Morningstar Quartile - Class I Shares	-	1st	1st	1st
Morningstar Ranking - based on total returns for World Allocation Funds	-	69/459	22/391	15/388

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

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

Net expense ratios reflect the expense waiver, if any, contractually agreed to through at least November 1, 2018.


Janus Investment Fund	5

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

The expense ratios shown are estimated.

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

Returns of the Fund shown prior to June 5, 2017 are those for Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 1, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015.

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

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

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


6	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – August 1, 2012

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Henderson Dividend & Income Builder Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)
Class A Shares		$1,000.00	$1,073.00	$5.96	$1,000.00	$1,019.46	$5.80	1.14%
Class C Shares		$1,000.00	$1,069.40	$9.91	$1,000.00	$1,015.63	$9.65	1.90%
Class D Shares		$1,000.00	$1,073.90	$5.23	$1,000.00	$1,020.16	$5.09	1.00%
Class I Shares		$1,000.00	$1,073.80	$4.81	$1,000.00	$1,020.57	$4.69	0.92%
Class N Shares		$1,000.00	$1,074.50	$4.55	$1,000.00	$1,020.82	$4.43	0.87%
Class S Shares		$1,000.00	$1,072.40	$6.27	$1,000.00	$1,019.16	$6.11	1.20%
Class T Shares		$1,000.00	$1,073.00	$5.80	$1,000.00	$1,019.61	$5.65	1.11%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– 15.7%
Banking – 2.1%
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^µ	$1,000,000	$1,150,701
	HBOS Capital Funding LP, 6.8500%^µ	100,000	102,345
	Lloyds Banking Group PLC, ICE LIBOR USD 3 Month + 1.2700%, 6.6570%^µ	546,000	638,820
	Royal Bank of Scotland Group PLC, 6.1000%, 6/10/23	500,000	550,503
	Wachovia Capital Trust III, ICE LIBOR USD 3 Month + 0.9300%, 5.5698%^µ	1,000,000	1,007,500
			3,449,869
Capital Goods – 1.8%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	4.6250%, 5/15/23 (144A)	600,000	612,000
	Berry Global Inc, 5.1250%, 7/15/23	1,000,000	1,040,000
	Crown Americas LLC / Crown Americas Capital Corp IV, 4.5000%, 1/15/23	1,000,000	1,015,000
	Sealed Air Corp, 5.2500%, 4/1/23	200,000	213,000
			2,880,000
Communications – 2.3%
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.8750%, 5/1/27	1,000,000	1,027,500
	Sirius XM Radio Inc, 6.0000%, 7/15/24	1,000,000	1,057,500
	Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH, 5.0000%, 1/15/25	500,000	511,250
	Zayo Group LLC / Zayo Capital Inc, 5.7500%, 1/15/27 (144A)	1,000,000	1,020,000
			3,616,250
Consumer Cyclical – 1.9%
	Amazon.com Inc, 3.1500%, 8/22/27 (144A)	1,000,000	1,001,210
	International Game Technology PLC, 6.2500%, 2/15/22	1,000,000	1,077,500
	Service Corp International/US, 8.0000%, 11/15/21	200,000	233,750
	Service Corp International/US, 5.3750%, 5/15/24	700,000	737,625
			3,050,085
Consumer Non-Cyclical – 3.2%
	Altria Group Inc, 5.3750%, 1/31/44	125,000	151,931
	Aramark Services Inc, 5.1250%, 1/15/24	715,000	750,392
	Aramark Services Inc, 4.7500%, 6/1/26	291,000	295,365
	HCA Inc, 5.2500%, 6/15/26	1,000,000	1,060,000
	Imperial Brands Finance PLC, 4.2500%, 7/21/25	1,000,000	1,048,298
	Johnson & Johnson, 2.9000%, 1/15/28	1,000,000	1,001,173
	PepsiCo Inc, 4.4500%, 4/14/46	700,000	794,701
			5,101,860
Insurance – 1.2%
	Prudential PLC, 5.2500%^µ	900,000	915,750
	UnitedHealth Group Inc, 2.9500%, 10/15/27	1,000,000	996,773
			1,912,523
Technology – 3.2%
	Apple Inc, 3.3500%, 2/9/27	1,000,000	1,024,086
	Equinix Inc, 5.3750%, 4/1/23	600,000	620,400
	Iron Mountain Inc, 4.8750%, 9/15/27 (144A)	1,000,000	1,000,000
	Microsoft Corp, 3.3000%, 2/6/27	1,000,000	1,031,211
	Oracle Corp, 3.9000%, 5/15/35	700,000	740,990
	VMware Inc, 3.9000%, 8/21/27	708,000	714,508
			5,131,195
Total Corporate Bonds (cost $24,860,441)			25,141,782
Common Stocks– 80.3%
Aerospace & Defense – 0.8%
	BAE Systems PLC	156,389	1,202,598
Air Freight & Logistics – 1.8%
	Deutsche Post AG	59,685	2,834,983
Auto Components – 0.6%
	GKN PLC	214,382	920,357
Automobiles – 3.5%
	General Motors Co	30,908	1,266,919
	Renault SA	24,305	2,442,543


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

Janus Investment Fund	9

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Automobiles – (continued)
	Toyota Motor Corp	30,500	$1,953,351
			5,662,813
Banks – 9.4%
	Bank of China Ltd	2,345,000	1,150,746
	BAWAG Group AG*	25,889	1,380,887
	BNP Paribas SA	32,176	2,399,195
	ING Groep NV	129,659	2,385,537
	JPMorgan Chase & Co	12,130	1,297,182
	Mitsubishi UFJ Financial Group Inc	325,500	2,388,641
	Nordea Bank AB	163,194	1,975,809
	Swedbank AB	82,377	1,983,943
			14,961,940
Beverages – 3.6%
	Carlsberg A/S	10,340	1,238,727
	Coca-Cola Co	29,484	1,352,726
	Coca-Cola European Partners PLC	27,051	1,077,982
	Diageo PLC	57,951	2,120,504
			5,789,939
Capital Markets – 3.0%
	Blackstone Group LP	50,546	1,618,483
	Credit Suisse Group AG*	43,824	780,281
	Natixis SA	301,794	2,387,155
			4,785,919
Chemicals – 1.6%
	Agrium Inc	11,093	1,275,695
	DowDuPont Inc	17,859	1,271,918
			2,547,613
Commercial Services & Supplies – 1.8%
	Prosegur Cash SA	541,107	1,735,767
	Societe BIC SA	9,933	1,092,113
			2,827,880
Communications Equipment – 1.2%
	Cisco Systems Inc	50,091	1,918,485
Diversified Financial Services – 1.3%
	Standard Life Aberdeen PLC	349,702	2,059,808
Diversified Telecommunication Services – 3.4%
	Bezeq The Israeli Telecommunication Corp Ltd	407,867	617,421
	Deutsche Telekom AG	96,370	1,708,876
	Orange SA	102,659	1,781,210
	Verizon Communications Inc	26,116	1,382,320
			5,489,827
Electric Utilities – 2.2%
	Enel SpA	319,508	1,963,649
	SSE PLC	90,121	1,605,171
			3,568,820
Energy Equipment & Services – 0.9%
	Tenaris SA	91,316	1,441,271
Equity Real Estate Investment Trusts (REITs) – 2.4%
	Crown Castle International Corp	12,404	1,376,968
	Eurocommercial Properties NV	24,691	1,075,432
	ICADE	14,193	1,394,820
			3,847,220
Food Products – 0.8%
	Nestle SA	14,404	1,238,084
Health Care Equipment & Supplies – 1.0%
	Medtronic PLC	20,573	1,661,270
Hotels, Restaurants & Leisure – 0.9%
	Las Vegas Sands Corp	19,599	1,361,935


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

10	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Industrial Conglomerates – 3.0%
	CK Hutchison Holdings Ltd	118,000	$1,481,535
	General Electric Co	42,449	740,735
	Siemens AG	18,866	2,617,319
			4,839,589
Insurance – 2.3%
	AXA SA	44,379	1,315,164
	Prudential PLC	90,737	2,332,416
			3,647,580
Media – 1.5%
	ITV PLC	428,585	954,017
	NOS SGPS SA	222,748	1,464,406
			2,418,423
Metals & Mining – 1.1%
	Rio Tinto PLC	34,480	1,819,407
Oil, Gas & Consumable Fuels – 7.3%
	BP PLC	398,856	2,812,397
	Chevron Corp	23,207	2,905,284
	Royal Dutch Shell PLC	83,524	2,785,094
	Snam SpA	126,125	617,462
	TOTAL SA	44,644	2,462,944
			11,583,181
Paper & Forest Products – 1.0%
	UPM-Kymmene OYJ	52,995	1,644,146
Personal Products – 1.0%
	Unilever NV	28,900	1,623,528
Pharmaceuticals – 7.5%
	Bayer AG	18,399	2,288,096
	Johnson & Johnson	7,650	1,068,858
	Novartis AG	24,689	2,087,787
	Novo Nordisk A/S	20,566	1,105,537
	Pfizer Inc	96,468	3,494,071
	Roche Holding AG	7,803	1,974,222
			12,018,571
Professional Services – 2.1%
	RELX NV	144,325	3,317,461
Real Estate Management & Development – 0.6%
	Nexity SA*	16,810	1,000,427
Semiconductor & Semiconductor Equipment – 2.2%
	Maxim Integrated Products Inc	25,442	1,330,108
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	55,566	2,203,192
			3,533,300
Software – 3.0%
	Microsoft Corp	56,288	4,814,876
Specialty Retail – 0.7%
	Best Buy Co Inc	15,274	1,045,811
Technology Hardware, Storage & Peripherals – 0.9%
	HP Inc	66,860	1,404,729
Textiles, Apparel & Luxury Goods – 1.1%
	Hanesbrands Inc	46,461	971,500
	Pandora A/S	6,577	715,911
			1,687,411
Tobacco – 4.0%
	British American Tobacco PLC	19,540	1,318,511
	Imperial Brands PLC	59,422	2,538,913
	Japan Tobacco Inc	42,000	1,352,921
	Philip Morris International Inc	10,609	1,120,841
			6,331,186


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

Janus Investment Fund	11

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Wireless Telecommunication Services – 0.8%
	Vodafone Group PLC	397,978	$1,257,000
Total Common Stocks (cost $109,723,810)			128,107,388
Investment Companies– 3.6%
Money Markets – 3.6%
	Fidelity Investments Money Market Treasury Portfolio, 1.1400%^ºº(cost $5,735,114)	5,735,114	5,735,114
Total Investments (total cost $140,319,365) – 99.6%			158,984,284
Cash, Receivables and Other Assets, net of Liabilities – 0.4%			596,411
Net Assets – 100%			$159,580,695


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

		% of
		Investment
Country	Value	Securities
United States	$58,752,248	37.0	%
United Kingdom	28,132,610	17.7
France	16,275,571	10.2
Germany	9,960,524	6.3
Netherlands	9,479,940	6.0
Switzerland	6,080,374	3.8
Japan	5,694,913	3.6
Italy	4,022,382	2.5
Sweden	3,959,752	2.5
Denmark	3,060,175	1.9
Taiwan	2,203,192	1.4
Spain	1,735,767	1.1
Finland	1,644,146	1.0
Hong Kong	1,481,535	0.9
Portugal	1,464,406	0.9
Austria	1,380,887	0.9
Canada	1,275,695	0.8
China	1,150,746	0.7
Israel	617,421	0.4
Ireland	612,000	0.4



Total	$158,984,284	100.0	%


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
British Pound	1/22/18	(5,277,849)	$	7,060,167	$	(69,775)
Euro	1/22/18	(7,099,267)		8,397,972		(130,626)
Total					$	(200,401)


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

12	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2017

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2017.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2017

				Currency Contracts

Liability Derivatives:
Forward foreign currency exchange contracts				$200,401

The following table provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2017.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2017

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative			Currency Contracts
Forward foreign currency exchange contracts			$(526,337)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative			Currency Contracts
Forward foreign currency exchange contracts			$ 74,036

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" section of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended December 31, 2017

	Market Value
Forward foreign currency exchange contracts, sold	$15,386,960


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

Janus Investment Fund	13

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.


ADR	American Depositary Receipt
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of December 31, 2017.


µ	This variable rate security is a perpetual bond. Perpetual bonds have no contractual maturity date, are not redeemable, and pay an indefinite stream of interest. The coupon rate shown represents the current interest rate.


14	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Corporate Bonds		$	-	$	25,141,782	$	-
Common Stocks
Aerospace & Defense			-		1,202,598		-
Air Freight & Logistics			-		2,834,983		-
Auto Components			-		920,357		-
Automobiles			1,266,919		4,395,894		-
Banks			1,297,182		13,664,758		-
Beverages			2,430,708		3,359,231		-
Capital Markets			1,618,483		3,167,436		-
Commercial Services & Supplies			-		2,827,880		-
Diversified Financial Services			-		2,059,808		-
Diversified Telecommunication Services			1,382,320		4,107,507		-
Electric Utilities			-		3,568,820		-
Energy Equipment & Services			-		1,441,271		-
Equity Real Estate Investment Trusts (REITs)			1,376,968		2,470,252		-
Food Products			-		1,238,084		-
Industrial Conglomerates			740,735		4,098,854		-
Insurance			-		3,647,580		-
Media			-		2,418,423		-
Metals & Mining			-		1,819,407		-
Oil, Gas & Consumable Fuels			2,905,284		8,677,897		-
Paper & Forest Products			-		1,644,146		-
Personal Products			-		1,623,528		-
Pharmaceuticals			4,562,929		7,455,642		-
Professional Services			-		3,317,461		-
Real Estate Management & Development			-		1,000,427		-
Textiles, Apparel & Luxury Goods			971,500		715,911		-
Tobacco			1,120,841		5,210,345		-
Wireless Telecommunication Services			-		1,257,000		-
All Other			18,288,019		-		-
Investment Companies			5,735,114		-		-
Total Assets		$	43,697,002	$	115,287,282	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	200,401	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	15

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	158,984,284
	Cash			13
	Cash denominated in foreign currency⁽²⁾			47,735
	Non-interested Trustees' deferred compensation			3,045
	Receivables:
		Fund shares sold		436,157
		Interest		310,363
		Dividends		148,622
		Foreign tax reclaims		145,328
	Other assets			7,881
Total Assets				160,083,428
Liabilities:
	Forward foreign currency exchange contracts			200,401
	Payables:			—
		Fund shares repurchased		125,797
		Advisory fees		97,602
		12b-1 Distribution and shareholder servicing fees		33,719
		Professional fees		17,185
		Transfer agent fees and expenses		15,766
		Non-interested Trustees' deferred compensation fees		3,045
		Custodian fees		1,891
		Fund administration fees		1,066
		Non-interested Trustees' fees and expenses		815
		Accrued expenses and other payables		5,446
Total Liabilities				502,733
Net Assets			$	159,580,695


See Notes to Financial Statements.

16	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	140,520,104
	Undistributed net investment income/(loss)		398,594
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		196,451
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		18,465,546
Total Net Assets		$	159,580,695
Net Assets - Class A Shares		$	27,802,129
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,029,487
Net Asset Value Per Share⁽³⁾		$	13.70
Maximum Offering Price Per Share⁽⁴⁾		$	14.54
Net Assets - Class C Shares		$	31,922,018
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,356,721
Net Asset Value Per Share⁽³⁾		$	13.55
Net Assets - Class D Shares		$	4,507,036
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		329,205
Net Asset Value Per Share		$	13.69
Net Assets - Class I Shares		$	91,650,137
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,689,698
Net Asset Value Per Share		$	13.70
Net Assets - Class N Shares		$	633,915
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,380
Net Asset Value Per Share		$	13.67
Net Assets - Class S Shares		$	52,910
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,865
Net Asset Value Per Share		$	13.69
Net Assets - Class T Shares		$	3,012,550
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		220,139
Net Asset Value Per Share		$	13.68

(1) Includes cost of $140,319,365.

(2) Includes cost of $47,735.

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Dividend & Income Builder Fund

Statement of Operations (unaudited)

For the period ended December 31, 2017



Investment Income:
	Dividends		$	1,651,767
	Interest			493,234
	Other income			29,388
	Foreign tax withheld			(85,326)
Total Investment Income				2,089,063
Expenses:
	Advisory fees			547,420
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		32,869
		Class C Shares		156,693
		Class S Shares		55
	Transfer agent administrative fees and expenses:
		Class D Shares		1,133
		Class S Shares		64
		Class T Shares		1,002
	Transfer agent networking and omnibus fees:
		Class A Shares		4,616
		Class C Shares		8,052
		Class I Shares		28,898
	Other transfer agent fees and expenses:
		Class A Shares		1,448
		Class C Shares		1,780
		Class D Shares		236
		Class I Shares		1,924
		Class N Shares		30
		Class T Shares		11
	Registration fees			26,124
	Professional fees			25,374
	Fund administration fees			5,878
	Shareholder reports expense			5,419
	Custodian fees			3,430
	Non-interested Trustees’ fees and expenses			598
	Other expenses			10,967
Total Expenses				864,021
Less: Excess Expense Reimbursement and Waivers				(5,827)
Net Expenses				858,194
Net Investment Income/(Loss)				1,230,869
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			1,300,960
	Forward foreign currency exchange contracts			(526,337)
Total Net Realized Gain/(Loss) on Investments				774,623
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			8,054,033
	Forward foreign currency exchange contracts			74,036
Total Change in Unrealized Net Appreciation/Depreciation				8,128,069
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	10,133,561


See Notes to Financial Statements.

18	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Statements of Changes in Net Assets



			Period ended December 31, 2017		Period ended June 30, 2017⁽¹⁾⁽²⁾		Year ended July 31, 2016⁽³⁾⁽⁴⁾

Operations:
	Net investment income/(loss)		$	1,230,869	$	4,140,712	$	2,864,282
	Net realized gain/(loss) on investments			774,623		1,660,388		(1,888,832)
	Change in unrealized net appreciation/depreciation			8,128,069		6,376,130		2,134,525
Net Increase/(Decrease) in Net Assets Resulting from Operations				10,133,561		12,177,230		3,109,975
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(352,827)		(821,245)		(868,814)
		Class C Shares		(342,027)		(693,252)		(547,913)
		Class D Shares		(32,539)		(3,726)		N/A
		Class I Shares		(1,231,935)		(2,076,324)		(1,120,978)
		Class N Shares		(5,781)		(7,195)		(8,044)
		Class S Shares		(660)		(466)		N/A
		Class T Shares		(13,941)		(565)		N/A
Net Decrease from Dividends and Distributions to Shareholders				(1,979,710)		(3,602,773)		(2,545,749)
Capital Share Transactions:
		Class A Shares		492,579		(16,630,544)		24,280,254
		Class C Shares		(481,348)		(4,742,089)		19,255,636
		Class D Shares		3,950,400		479,492		N/A
		Class I Shares		8,223,352		27,280,884		22,396,737
		Class N Shares		569,669		(370,933)		394,912
		Class S Shares		660		50,476		N/A
		Class T Shares		2,916,282		60,575		N/A
Net Increase/(Decrease) from Capital Share Transactions				15,671,594		6,127,861		66,327,539
Net Increase/(Decrease) in Net Assets				23,825,445		14,702,318		66,891,765
Net Assets:
	Beginning of period			135,755,250		121,052,932		54,161,167
	End of period		$	159,580,695	$	135,755,250	$	121,052,932

Undistributed Net Investment Income/(Loss)			$	398,594	$	1,147,435	$	606,452

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.

(3) Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.38
		Net realized and unrealized gain/(loss)	0.82	0.75
	Total from Investment Operations		0.94	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.35)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.18)	(0.35)
	Net Asset Value, End of Period		$13.70	$12.94
	Total Return*		7.30%	9.44%
	Net Assets, End of Period (in thousands)		$27,802	$25,824
	Average Net Assets for the Period (in thousands)		$26,212	$29,932
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.15%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.23%
		Ratio of Net Investment Income/(Loss)	1.72%	3.36%
	Portfolio Turnover Rate		18%	55%


Class C Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.81	$12.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.30
		Net realized and unrealized gain/(loss)	0.83	0.73
	Total from Investment Operations		0.89	1.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.27)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.15)	(0.27)
	Net Asset Value, End of Period		$13.55	$12.81
	Total Return*		6.94%	8.62%
	Net Assets, End of Period (in thousands)		$31,922	$30,671
	Average Net Assets for the Period (in thousands)		$31,244	$32,821
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.91%	2.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.90%	2.01%
		Ratio of Net Investment Income/(Loss)	0.95%	2.68%
	Portfolio Turnover Rate		18%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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


See Notes to Financial Statements.

20	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014		2013⁽¹⁾
	Net Asset Value, Beginning of Period		$12.50	$12.57	$11.40		$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.35	0.40		0.33
		Net realized and unrealized gain/(loss)	(0.40)⁽³⁾	0.11	1.10		1.33
	Total from Investment Operations		—	0.46	1.50		1.66
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.33)	(0.31)		(0.26)
		Distributions (from capital gains)	—	(0.20)	(0.02)		—
	Total Dividends and Distributions		(0.34)	(0.53)	(0.33)		(0.26)
	Net Asset Value, End of Period		$12.16	$12.50	$12.57		$11.40
	Total Return*		0.19%	3.81%	13.26%		16.79%
	Net Assets, End of Period (in thousands)		$40,869	$15,959	$14,308		$1,891
	Average Net Assets for the Period (in thousands)		$30,357	$15,010	$12,099		$327
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%⁽⁴⁾	1.46%	1.94%		7.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%⁽⁵⁾	1.30%	1.30%		1.30%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁶⁾	2.84%	3.20%		2.98%
	Portfolio Turnover Rate		39%	26%	78%		188%
						1


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$12.40	$12.49	$11.35	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.30	0.26	0.30	0.25
		Net realized and unrealized gain/(loss)	(0.39)⁽³⁾	0.10	1.10	1.33
	Total from Investment Operations		(0.09)	0.36	1.40	1.58
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.25)	(0.24)	(0.23)
		Distributions (from capital gains)	—	(0.20)	(0.02)	—
	Total Dividends and Distributions		(0.26)	(0.45)	(0.26)	(0.23)
	Net Asset Value, End of Period		$12.05	$12.40	$12.49	$11.35
	Total Return*		(0.58)%	3.00%	12.45%	15.94%
	Net Assets, End of Period (in thousands)		$33,327	$13,846	$4,525	$463
	Average Net Assets for the Period (in thousands)		$24,477	$10,077	$2,561	$128
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%⁽⁴⁾	2.23%	2.68%	8.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.03%⁽⁵⁾	2.05%	2.05%	2.05%
		Ratio of Net Investment Income/(Loss)	2.55%⁽⁶⁾	2.15%	2.38%	2.32%
	Portfolio Turnover Rate		39%	26%	78%	188%

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

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

(1) Period from August 1, 2012 (inception date) through July 31, 2013.

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

(3) This amount does not agree with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities.

(4) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund..

(5) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(6) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.04
		Net realized and unrealized gain/(loss)	0.83	(0.17)⁽³⁾
	Total from Investment Operations		0.95	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.12)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.19)	(0.12)
	Net Asset Value, End of Period		$13.69	$12.93
	Total Return*		7.39%	0.96%
	Net Assets, End of Period (in thousands)		$4,507	$472
	Average Net Assets for the Period (in thousands)		$1,854	$343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.10%	1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	1.05%
		Ratio of Net Investment Income/(Loss)	1.78%	4.27%
	Portfolio Turnover Rate		18%	55%


Class I Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.13	0.45
		Net realized and unrealized gain/(loss)	0.82	0.71
	Total from Investment Operations		0.95	1.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.38)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.19)	(0.38)
	Net Asset Value, End of Period		$13.70	$12.94
	Total Return*		7.38%	9.70%
	Net Assets, End of Period (in thousands)		$91,650	$78,630
	Average Net Assets for the Period (in thousands)		$84,973	$66,190
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	1.00%
		Ratio of Net Investment Income/(Loss)	1.93%	3.97%
	Portfolio Turnover Rate		18%	55%

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

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

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

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

(4) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

22	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$12.49	$12.57	$11.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.39	0.44	0.46
		Net realized and unrealized gain/(loss)	(0.37)⁽³⁾	0.09	1.09	1.22
	Total from Investment Operations		0.03	0.48	1.53	1.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.36)	(0.33)	(0.29)
		Distributions (from capital gains)	—	(0.20)	(0.02)	—
	Total Dividends and Distributions		(0.36)	(0.56)	(0.35)	(0.29)
	Net Asset Value, End of Period		$12.16	$12.49	$12.57	$11.39
	Total Return*		0.48%	3.97%	13.56%	17.01%
	Net Assets, End of Period (in thousands)		$46,454	$24,356	$8,156	$1,463
	Average Net Assets for the Period (in thousands)		$36,087	$14,987	$4,251	$1,982
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽⁴⁾	1.24%	1.66%	7.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽⁵⁾	1.05%	1.05%	1.05%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁶⁾	3.13%	3.50%	4.18%
	Portfolio Turnover Rate		39%	26%	78%	188%

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

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

(1) Period from August 1, 2012 (inception date) through July 31, 2013.

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.91	$12.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.40
		Net realized and unrealized gain/(loss)	0.84	0.73
	Total from Investment Operations		0.96	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.39)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.20)	(0.39)
	Net Asset Value, End of Period		$13.67	$12.91
	Total Return*		7.45%	9.44%
	Net Assets, End of Period (in thousands)		$634	$50
	Average Net Assets for the Period (in thousands)		$289	$281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.90%	1.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	1.06%
		Ratio of Net Investment Income/(Loss)	1.83%	3.58%
	Portfolio Turnover Rate		18%	55%


Class S Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽³⁾
	Net Asset Value, Beginning of Period		$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.03
		Net realized and unrealized gain/(loss)	0.82	(0.16)⁽⁴⁾
	Total from Investment Operations		0.93	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.12)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.17)	(0.12)
	Net Asset Value, End of Period		$13.69	$12.93
	Total Return*		7.24%	0.97%
	Net Assets, End of Period (in thousands)		$53	$49
	Average Net Assets for the Period (in thousands)		$51	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.20%	1.44%
		Ratio of Net Investment Income/(Loss)	1.65%	3.22%
	Portfolio Turnover Rate		18%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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

(3) Period from June 5, 2017 (inception date) through June 30, 2017.

(4) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.


See Notes to Financial Statements.

24	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$11.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.28
		Net realized and unrealized gain/(loss)	0.17
	Total from Investment Operations		0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)
		Distributions (from capital gains)	—
	Total Dividends and Distributions		(0.23)
	Net Asset Value, End of Period		$12.17
	Total Return*		3.93%
	Net Assets, End of Period (in thousands)		$403
	Average Net Assets for the Period (in thousands)		$406
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.09%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	3.51%⁽⁵⁾
	Portfolio Turnover Rate		39%

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

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

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund..

(4) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(5) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and the period ended June 30, 2017			2017	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.03
		Net realized and unrealized gain/(loss)	0.83	(0.16)⁽³⁾
	Total from Investment Operations		0.94	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.12)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.19)	(0.12)
	Net Asset Value, End of Period		$13.68	$12.93
	Total Return*		7.30%	0.96%
	Net Assets, End of Period (in thousands)		$3,013	$59
	Average Net Assets for the Period (in thousands)		$780	$52
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.19%
		Ratio of Net Investment Income/(Loss)	1.79%	3.48%
	Portfolio Turnover Rate		18%	55%

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

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

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

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


See Notes to Financial Statements.

26	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Dividend & Income Builder Fund (fomerly named Henderson Dividend & Income Builder Fund) (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide current income from a portfolio of securities that exceeds the average yield on global stocks, and aims to provide a growing stream of income per share over time. The Fund's secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares)) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.


Janus Investment Fund	27

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

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


28	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

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

Financial assets of $64,407,131 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	29

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

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

Federal Income Taxes

2. Derivative Instruments


30	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

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

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

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

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

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

Forward Foreign Currency Exchange Contracts


Janus Investment Fund	31

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

3. Other Investments and Strategies

Additional Investment Risk


32	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

member states will require bailouts in the future. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (known as “Brexit”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will proceed, or how financial markets will react. In addition, one or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

Counterparties

Offsetting Assets and Liabilities


Janus Investment Fund	33

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas		$	200,401	$	—	$	—	$	200,401

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

Real Estate Investing

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Portfolio	Contractual Investment Advisory Fee (%)
First $1 Billion	0.75
Next $1 Billion	0.65
Above $2 Billion	0.55


Average Daily Net Assets of the Portfolio	Contractual Investment Advisory Fee (%)
First $1 Billion	0.75
Next $1 Billion	0.65
Above $2 Billion	0.55

Janus Capital pays HIML a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).


34	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Prior to the Reorganization, HGINA engaged Henderson Investment Management Limited (“HIML”) to act as the investment sub-adviser to the Predecessor Fund. The sub-advisers provided research, advice and recommendations with respect to the purchase and sale of securities and made investment decisions regarding assets of the Predecessor Fund subject to the oversight of the Predecessor Fund’s Board of Trustees and the Predecessor Fund’s Adviser. No additional fees were charged to the Predecessor Fund for services of the sub-advisers as these fees were paid from the fees earned by HGINA.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least at least November 1, 2018. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


Janus Investment Fund	35

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution fees and shareholder servicing fees” in the Statement of Operations.

Prior to the Reorganization, the Predecessor Fund’s Trust adopted a distribution plan for Class A and Class C shares of the Predecessor Fund in accordance with Rule 12b-1 under the 1940 Act (the “12b-1 Plan”). Under the 12b-1 Plan, the Predecessor Fund paid the distributor an annual fee of 0.25% of the average daily net assets attributable to Class A shares, an annual fee of 1.00% of the average daily net assets attributable to Class C shares. The 12b-1 Plan was used to induce or compensate financial intermediaries (including brokerage firms, depository institutions and other firms) to provide distribution services to the Predecessor Fund and their shareholders.


36	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2017. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	37

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

As of December 31, 2017, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%^*	-	%^*
Class C Shares		-*		-*
Class D Shares		1		-*
Class I Shares		-*		-*
Class N Shares		8		-*
Class S Shares		100		-*
Class T Shares		2		-*

*	Less than 0.50%

5. Federal Income Tax

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2017, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.



Capital Loss Carryover Schedule
For the period ended June 30, 2017
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ -	$ (875,255)	$ (875,255)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 140,337,619	$20,591,791	$ (1,945,126)	$ 18,646,665


38	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of December 31, 2017 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ -	$ (200,401)	$ (200,401)

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

6. Capital Share Transactions



		Period ended December 31, 2017		Period ended June 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		174,206	$ 2,350,723	754,911	$ 9,122,480
Reinvested dividends and distributions		25,058	338,243	61,530	760,901
Shares repurchased		(165,112)	(2,196,387)	(2,181,055)	(26,513,925)
Net Increase/(Decrease)		34,152	$ 492,579	(1,364,614)	$(16,630,544)
Class C Shares:
Shares sold		241,480	$ 3,209,137	834,857	$ 9,909,376
Reinvested dividends and distributions		22,752	303,621	50,464	619,971
Shares repurchased		(301,000)	(3,994,106)	(1,257,449)	(15,271,436)
Net Increase/(Decrease)		(36,768)	$ (481,348)	(372,128)	$ (4,742,089)
Class D Shares:
Shares sold		311,725	$ 4,206,214	36,199	$ 475,766
Reinvested dividends and distributions		2,377	32,248	287	3,726
Shares repurchased		(21,383)	(288,062)	-	-
Net Increase/(Decrease)		292,719	$ 3,950,400	36,486	$ 479,492
Class I Shares:
Shares sold		904,363	$12,123,014	4,236,743	$ 51,301,987
Reinvested dividends and distributions		89,336	1,206,154	159,418	1,982,927
Shares repurchased		(380,793)	(5,105,816)	(2,138,860)	(26,004,030)
Net Increase/(Decrease)		612,906	$ 8,223,352	2,257,301	$ 27,280,884
Class N Shares:
Shares sold		43,304	$ 580,318	8,803	$ 110,868
Reinvested dividends and distributions		429	5,781	592	7,195
Shares repurchased		(1,209)	(16,430)	(38,651)	(488,996)
Net Increase/(Decrease)		42,524	$ 569,669	(29,256)	$ (370,933)
Class S Shares:
Shares sold		-	$ -	3,780	$ 50,010
Reinvested dividends and distributions		49	660	36	466
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		49	$ 660	3,816	$ 50,476
Class T Shares:
Shares sold		214,687	$ 2,904,473	4,543	$ 60,010
Reinvested dividends and distributions		1,023	13,941	43	565
Shares repurchased		(157)	(2,132)	-	-
Net Increase/(Decrease)		215,553	$ 2,916,282	4,586	$ 60,575
(1)	Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.


Janus Investment Fund	39

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)




Period ended July 31, 2016⁽¹⁾		Shares	Amount

Class A Shares:
Shares sold		2,785,583	$32,547,025
Reinvested dividends and distributions		70,083	802,945
Shares repurchased		(772,776)	(9,069,716)
Net Increase/(Decrease)		2,082,890	$24,280,254
Class C Shares:
Shares sold		2,400,976	$27,918,336
Reinvested dividends and distributions		42,557	482,691
Shares repurchased		(794,960)	(9,145,391)
Net Increase/(Decrease)		1,648,573	$19,255,636
Class I Shares:
Shares sold		3,995,617	$47,186,699
Reinvested dividends and distributions		93,605	1,071,929
Shares repurchased		(2,219,176)	(25,861,891)
Net Increase/(Decrease)		1,870,046	$22,396,737
Class N Shares:
Shares sold		37,520	$ 447,689
Reinvested dividends and distributions		696	8,044
Shares repurchased		(5,104)	(60,821)
Net Increase/(Decrease)		33,112	$ 394,912
(1)	Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$40,750,100	$ 25,037,571	$ -	$ -


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$73,955,864	$ 68,221,543	$ -	$ -

8. Recent Accounting Pronouncements


40	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

9. Subsequent Event


Janus Investment Fund	41

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


42	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Funds

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


Janus Investment Fund	45

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


46	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	47

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Costs of Services Provided


48	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	49

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


50	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


Janus Investment Fund	51

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


52	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.


Janus Investment Fund	53

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

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

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.


54	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	55

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


56	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	57

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

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


58	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage1


Janus Investment Fund	59

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage2


60	DECEMBER 31, 2017

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage3


Janus Investment Fund	61

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93075 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Emerging Markets Managed Volatility Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Emerging Markets Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	16
Statement of Assets and Liabilities	18
Statement of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	27
Additional Information	38
Useful Information About Your Fund Report	52

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

Intech’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

sub-advised by

Intech Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2017, Janus Henderson Emerging Markets Managed Volatility Fund returned 15.44% for its Class I Shares. This compares to the 15.92% return posted by the MSCI Emerging Markets Index℠, the Fund’s benchmark.

INVESTMENT STRATEGY

Intech’s mathematical investment process is designed to determine potentially more efficient equity weightings of the securities in the benchmark index, utilizing a specific mathematical optimization and disciplined rebalancing routine. Rather than trying to predict the future direction of stock prices, the process seeks to use the volatility and correlation characteristics of stocks to construct portfolios.

The investment process begins with the stocks in the MSCI Emerging Markets Index. Intech’s investment process aims to capture stocks’ natural volatility through a rebalancing mechanism based on estimates of relative volatility and correlation in order to outperform the benchmark index over the long term. Within specific risk constraints, the investment process will tend to favor stocks with higher relative volatility and lower correlation as they offer more potential to capture volatility through periodic rebalancing. Once the target proportions are determined and the portfolio is constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. The Janus Henderson Emerging Markets Managed Volatility Fund focuses on seeking an excess return above the benchmark, while also reducing or managing the standard deviation of the portfolio depending on the market conditions, a strategy designed to manage the absolute risk of the portfolio.

PERFORMANCE REVIEW

The MSCI Emerging Markets Index posted a strong return of 15.92% for the six-month period ending December 31, 2017. Janus Henderson Emerging Markets Managed Volatility Fund underperformed the MSCI Emerging Markets Index over the period and generated a return of 15.44%.

The Fund’s defensive positioning acted as a headwind to relative performance as investors’ risk appetites continued to increase in the emerging equity markets. On average, the Fund was overweight lower beta stocks, or stocks with lower sensitivity to market movements. During the period, higher beta stocks outperformed lower beta stocks as well as the overall market, on average. Consequently, the Fund’s overweight to lower beta stocks detracted from the Fund’s relative return for the period.

The Fund’s active sector positioning tends to vary over time and is a function of the volatility and correlation characteristics of the underlying stocks. The Fund’s overall active sector positioning also detracted from relative performance during the period. Specifically, an average underweight to the information technology sector, as well as an average overweight allocation to the telecommunication services sector, detracted from the Fund’s relative performance during the period. However, an overall positive selection effect offset some of the adverse sector positioning and contributed to the Fund’s relative performance during the period, especially within the real estate and consumer discretionary sectors.

OUTLOOK

Because Intech does not conduct traditional economic or fundamental analysis, Intech has no view on individual stocks, sectors, economic or market conditions.

Managing downside exposure potentially allows for returns to compound and improve risk-adjusted returns over time. Over the long term, we believe that by reducing risk when market volatility increases and behaving like a core equity fund when market volatility is low, the Fund will achieve its investment objective of producing an excess return over the benchmark with lower absolute risk. Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk


Janus Investment Fund	1

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

management remaining the hallmark of our investment process. As Intech’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our fund shareholders.

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


2	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2017


5 Largest Equity Holdings - (% of Net Assets)
Chunghwa Telecom Co Ltd
Diversified Telecommunication Services	3.0%
Airports of Thailand PCL
Transportation Infrastructure	1.5%
CSPC Pharmaceutical Group Ltd
Pharmaceuticals	1.4%
Public Bank Bhd
Banks	1.3%
ANTA Sports Products Ltd
Textiles, Apparel & Luxury Goods	1.3%
	8.5%


Asset Allocation - (% of Net Assets)
Common Stocks	97.3%
Preferred Stocks	0.9%
Other		1.8%
		100.0%

Emerging markets comprised 97.8% of total net assets.

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

As of December 31, 2017

As of June 30, 2017


Janus Investment Fund	3

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017				per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	15.32%	34.16%	7.38%	7.62%	1.30%
Class A Shares at MOP	8.68%	26.43%	5.31%
Class C Shares at NAV	14.86%	33.24%	6.56%	8.20%	2.04%
Class C Shares at CDSC	13.86%	32.24%	6.56%
Class D Shares⁽¹⁾	15.41%	34.40%	7.49%	6.98%	1.22%
Class I Shares	15.44%	34.57%	7.64%	7.71%	1.12%
Class N Shares	14.50%	28.64%	0.64%	7.65%	1.06%
Class S Shares	15.30%	34.13%	7.27%	7.92%	1.56%
Class T Shares	15.37%	34.34%	7.51%	7.76%	1.31%
MSCI Emerging Markets Index	15.92%	37.28%	10.52%
Morningstar Quartile - Class I Shares	-	3rd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	465/847	540/726

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

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

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.


4	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

The expense ratios for Class N Shares are estimated.

Intech's focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

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

Returns include reinvestment of all dividends and distributionsand do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes..

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

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017 reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior August 4, 2017, the performance shown may have been different. The performance shown for periods following the Fund’s commencement Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 17, 2014

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)*	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)
Class A Shares		$1,000.00	$1,153.20	$7.33	$1,000.00	$1,018.40	$6.87	1.35%
Class C Shares		$1,000.00	$1,148.60	$11.21	$1,000.00	$1,014.77	$10.51	2.07%
Class D Shares		$1,000.00	$1,154.10	$6.46	$1,000.00	$1,019.21	$6.06	1.19%
Class I Shares		$1,000.00	$1,154.40	$6.62	$1,000.00	$1,019.06	$6.21	1.22%
Class N Shares		$1,000.00	$1,145.00	$4.36	$1,000.00	$1,020.21	$5.04	0.99%
Class S Shares		$1,000.00	$1,153.00	$7.76	$1,000.00	$1,018.00	$7.27	1.43%
Class T Shares		$1,000.00	$1,153.70	$6.46	$1,000.00	$1,019.21	$6.06	1.19%
*	Actual Expenses Paid During Period for Class N Shares reflect only the inception period for the Fund (August 4, 2017 to December 31, 2017) and are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 150/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. For all other share classes, the Actual Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
†	Hypothetical Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– 97.3%
Aerospace & Defense – 0.1%
	Embraer SA	900	$5,368
Auto Components – 1.0%
	Bharat Forge Ltd	733	8,394
	Hanon Systems	528	6,843
	Hyundai Mobis Co Ltd*	34	8,359
	Motherson Sumi Systems Ltd	10,360	61,582
			85,178
Automobiles – 3.2%
	Bajaj Auto Ltd	77	4,015
	Brilliance China Automotive Holdings Ltd	22,000	58,452
	BYD Co Ltd	1,000	8,680
	Dongfeng Motor Group Co Ltd	26,000	31,473
	Geely Automobile Holdings Ltd	21,000	72,058
	Guangzhou Automobile Group Co Ltd	4,000	9,449
	Hero MotoCorp Ltd	425	25,197
	Maruti Suzuki India Ltd	428	65,146
			274,470
Banks – 17.2%
	Abu Dhabi Commercial Bank PJSC	2,544	4,709
	Banco de Chile	345,977	55,473
	Banco de Credito e Inversiones	167	11,618
	Banco Santander Chile	885,414	69,386
	Bancolombia SA	889	8,926
	Bank Central Asia Tbk PT	41,600	67,068
	Bank Mandiri Persero Tbk PT	18,400	10,839
	Bank Negara Indonesia Persero Tbk PT	52,400	38,196
	Bank of the Philippine Islands	1,950	4,219
	Bank Rakyat Indonesia Persero Tbk PT	159,000	42,576
	BDO Unibank Inc	2,270	7,456
	Capitec Bank Holdings Ltd	58	5,153
	Chang Hwa Commercial Bank Ltd	47,250	26,280
	China Development Financial Holding Corp	48,000	16,341
	China Merchants Bank Co Ltd	5,500	21,887
	CIMB Group Holdings Bhd	43,400	70,188
	Credicorp Ltd	300	62,229
	CTBC Financial Holding Co Ltd	21,240	14,614
	Dubai Islamic Bank PJSC	10,710	18,042
	E.Sun Financial Holding Co Ltd	53,505	33,970
	First Abu Dhabi Bank PJSC	12,793	35,698
	First Financial Holding Co Ltd	109,657	72,055
	Grupo Financiero Banorte SAB de CV	11,500	63,079
	Grupo Financiero Santander Mexico SAB de CV	36,500	53,343
	Hana Financial Group Inc	553	25,735
	Hong Leong Bank Bhd	5,800	24,436
	Hua Nan Financial Holdings Co Ltd	27,450	15,449
	ICICI Bank Ltd	910	4,463
	Industrial Bank of Korea	411	6,303
	Itausa - Investimentos Itau SA	2,600	8,460
	Kasikornbank PCL	4,400	32,168
	KB Financial Group Inc	158	9,343
	Komercni banka as	483	20,748
	Krung Thai Bank PCL	25,700	15,128
	Malayan Banking Bhd	11,300	27,359
	Masraf Al Rayan QSC	583	5,941
	Mega Financial Holding Co Ltd	19,000	15,363
	Moneta Money Bank AS	6,075	23,506
	OTP Bank PLC	2,144	88,654
	Powszechna Kasa Oszczednosci Bank Polski SA*	599	7,612
	Public Bank Bhd	21,800	111,960


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

Janus Investment Fund	7

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Banks – (continued)
	Sberbank of Russia PJSC (ADR)	2,358	$39,911
	Siam Commercial Bank PCL	2,300	10,576
	SinoPac Financial Holdings Co Ltd	9,000	2,924
	Taishin Financial Holding Co Ltd	37,538	17,461
	Taiwan Cooperative Financial Holding Co Ltd	89,588	49,985
	Turkiye Garanti Bankasi AS	2,540	7,198
	Turkiye Halk Bankasi AS	12,880	36,691
	Woori Bank	4,658	68,504
			1,489,223
Beverages – 1.3%
	Arca Continental SAB de CV	3,100	21,435
	China Resources Beer Holdings Co Ltd	8,000	28,714
	Cia Cervecerias Unidas SA	2,998	44,986
	Coca-Cola Femsa SAB de CV	1,300	9,056
	Fomento Economico Mexicano SAB de CV	1,100	10,349
			114,540
Biotechnology – 1.2%
	3SBio Inc (144A)*	12,500	24,504
	Celltrion Inc	49	10,071
	Medy-Tox Inc	55	24,884
	SillaJen Inc*	464	40,416
			99,875
Capital Markets – 0.2%
	B3 SA - Brasil Bolsa Balcao	2,100	14,399
Chemicals – 2.3%
	Formosa Plastics Corp	3,000	9,942
	Hanwha Chemical Corp	372	10,962
	Indorama Ventures PCL	10,800	17,656
	LG Chem Ltd	24	9,071
	Nan Ya Plastics Corp	2,000	5,234
	OCI Co Ltd*	137	17,423
	Petronas Chemicals Group Bhd	12,000	22,821
	PTT Global Chemical PCL	38,300	99,816
	Sinopec Shanghai Petrochemical Co Ltd	14,000	7,975
			200,900
Commercial Services & Supplies – 0%
	China Everbright International Ltd	3,000	4,285
Communications Equipment – 0.2%
	ZTE Corp*	4,000	14,951
Construction & Engineering – 0.2%
	China State Construction International Holdings Ltd	2,000	2,790
	Gamuda Bhd	10,300	12,612
	IJM Corp Bhd	3,600	2,714
			18,116
Construction Materials – 2.4%
	Anhui Conch Cement Co Ltd	4,500	21,164
	Cemex SAB de CV	42,100	31,481
	Grasim Industries Ltd	2,103	38,312
	Grupo Argos SA/Colombia	2,508	17,571
	Indocement Tunggal Prakarsa Tbk PT	34,500	55,903
	Semen Indonesia Persero Tbk PT	13,400	9,780
	Siam Cement PCL	2,000	29,683
	Taiwan Cement Corp	3,000	3,675
			207,569
Consumer Finance – 0.8%
	Bajaj Finance Ltd	1,303	35,854
	Shriram Transport Finance Co Ltd	1,516	35,091
			70,945


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

8	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Distributors – 0.2%
	Imperial Holdings Ltd	967	$20,536
Diversified Consumer Services – 1.2%
	Kroton Educacional SA	2,700	14,956
	New Oriental Education & Technology Group Inc (ADR)	400	37,600
	TAL Education Group (ADR)	1,700	50,507
			103,063
Diversified Financial Services – 0.8%
	Ayala Corp	1,555	31,626
	Chailease Holding Co Ltd	7,000	20,354
	Fubon Financial Holding Co Ltd	9,000	15,316
			67,296
Diversified Telecommunication Services – 5.3%
	China Telecom Corp Ltd	8,000	3,807
	Chunghwa Telecom Co Ltd	72,000	256,456
	Emirates Telecommunications Group Co PJSC	14,846	70,704
	Hellenic Telecommunications Organization SA	5,327	73,494
	Telekom Malaysia Bhd	25,400	39,533
	Telekomunikasi Indonesia Persero Tbk PT	36,100	11,752
			455,746
Electric Utilities – 1.8%
	CEZ AS	3,202	74,723
	Enel Americas SA	79,633	17,745
	Enel Chile SA	50,257	5,950
	Equatorial Energia SA	800	15,819
	Interconexion Electrica SA ESP	3,133	14,920
	PGE Polska Grupa Energetyczna SA*	3,447	11,935
	Tenaga Nasional Bhd	4,900	18,461
			159,553
Electronic Equipment, Instruments & Components – 3.9%
	AAC Technologies Holdings Inc	1,000	17,785
	AU Optronics Corp	70,000	29,124
	General Interface Solution Holding Ltd	4,000	26,705
	Hon Hai Precision Industry Co Ltd	6,000	19,118
	Innolux Corp	21,000	8,735
	Kingboard Chemical Holdings Ltd	5,500	29,679
	LG Innotek Co Ltd*	242	32,420
	Samsung Electro-Mechanics Co Ltd*	437	40,637
	Samsung SDI Co Ltd	455	86,406
	Sunny Optical Technology Group Co Ltd	4,000	50,671
			341,280
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Fibra Uno Administracion SA de CV	7,200	10,673
	Fortress REIT Ltd	3,459	11,839
			22,512
Food & Staples Retailing – 2.0%
	BIM Birlesik Magazalar AS	2,163	44,581
	Cencosud SA	2,813	8,311
	CP ALL PCL	39,600	93,517
	Magnit PJSC (GDR)	108	2,954
	Sun Art Retail Group Ltd	11,500	12,143
	Wal-Mart de Mexico SAB de CV	3,200	7,844
			169,350
Food Products – 1.6%
	Britannia Industries Ltd	344	25,364
	Charoen Pokphand Foods PCL	15,300	11,272
	China Huishan Dairy Holdings Co Ltd (144A)*^,¢	55,000	0
	China Mengniu Dairy Co Ltd*	5,000	14,866
	Gruma SAB de CV	475	6,024
	Kuala Lumpur Kepong Bhd	1,400	8,653


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

Janus Investment Fund	9

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Food Products – (continued)
	Nestle India Ltd	32	$3,946
	Orion Corp/Republic of Korea*	250	24,425
	PPB Group Bhd	1,300	5,543
	Sime Darby Plantation Bhd*	3,700	5,490
	Tingyi Cayman Islands Holding Corp	4,000	7,775
	Uni-President Enterprises Corp	3,000	6,651
	Want Want China Holdings Ltd	26,000	21,754
			141,763
Gas Utilities – 2.1%
	China Gas Holdings Ltd	26,000	71,726
	ENN Energy Holdings Ltd	9,000	63,856
	GAIL India Ltd	350	2,733
	Infraestructura Energetica Nova SAB de CV	8,800	43,175
			181,490
Health Care Providers & Services – 0.8%
	Bangkok Dusit Medical Services PCL	14,200	9,090
	Bumrungrad Hospital PCL	2,200	12,760
	IHH Healthcare Bhd	3,800	5,506
	Qualicorp SA	4,200	39,199
			66,555
Hotels, Restaurants & Leisure – 1.7%
	Jollibee Foods Corp	4,120	20,879
	Minor International PCL	8,800	11,800
	OPAP SA	3,361	42,287
	Yum China Holdings Inc	1,700	68,034
			143,000
Household Products – 0.9%
	Hindustan Unilever Ltd	2,460	52,621
	Kimberly-Clark de Mexico SAB de CV	5,300	9,342
	Unilever Indonesia Tbk PT	4,300	17,720
			79,683
Independent Power and Renewable Electricity Producers – 0.1%
	Enel Generacion Chile SA	6,433	5,825
	Engie Brasil Energia SA	500	5,337
			11,162
Industrial Conglomerates – 1.0%
	Beijing Enterprises Holdings Ltd	1,000	5,914
	Berli Jucker PCL	2,600	5,258
	Far Eastern New Century Corp	2,000	1,800
	Hanwha Corp*	883	34,193
	Sime Darby Bhd	3,700	2,017
	SM Investments Corp	1,950	38,628
			87,810
Information Technology Services – 0.8%
	Samsung SDS Co Ltd*	36	6,714
	Tata Consultancy Services Ltd	170	7,195
	Tech Mahindra Ltd	2,828	22,309
	Wipro Ltd	7,543	37,123
			73,341
Insurance – 2.5%
	Bajaj Finserv Ltd	184	15,078
	China Life Insurance Co Ltd/Taiwan	23,633	23,762
	DB Insurance Co Ltd*	78	5,187
	Discovery Ltd	230	3,469
	Hyundai Marine & Fire Insurance Co Ltd*	754	33,069
	PICC Property & Casualty Co Ltd	4,000	7,673
	Ping An Insurance Group Co of China Ltd	2,500	26,021


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

10	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Insurance – (continued)
	Powszechny Zaklad Ubezpieczen SA	8,176	$98,867
			213,126
Internet & Direct Marketing Retail – 0.1%
	JD.com Inc (ADR)*	300	12,426
Internet Software & Services – 3.9%
	58.com Inc (ADR)*	100	7,157
	Alibaba Group Holding Ltd (ADR)*	200	34,486
	Autohome Inc (ADR)	900	58,203
	Baidu Inc (ADR)*	200	46,842
	Kakao Corp*	120	15,345
	Tencent Holdings Ltd	1,600	82,715
	Weibo Corp (ADR)*	100	10,346
	YY Inc*	700	79,142
			334,236
Life Sciences Tools & Services – 0.1%
	Samsung Biologics Co Ltd (144A)*	19	6,578
Machinery – 0.7%
	Haitian International Holdings Ltd	4,000	12,030
	Hiwin Technologies Corp	2,000	21,551
	Weichai Power Co Ltd	27,000	29,577
			63,158
Marine – 0.1%
	MISC Bhd	4,100	7,523
Metals & Mining – 5.0%
	Aluminum Corp of China Ltd*	76,000	54,446
	China Molybdenum Co Ltd	30,000	19,157
	China Steel Corp	14,000	11,646
	Cia de Minas Buenaventura SAA (ADR)	1,000	14,080
	Eregli Demir ve Celik Fabrikalari TAS	16,023	42,333
	Gold Fields Ltd	3,914	17,075
	Grupo Mexico SAB de CV	800	2,641
	Hindalco Industries Ltd	1,260	5,399
	JSW Steel Ltd	5,099	21,545
	Korea Zinc Co Ltd*	19	8,742
	Magnitogorsk Iron & Steel Works PJSC	2,000	19,452
	MMC Norilsk Nickel PJSC (ADR)	1,282	23,923
	Novolipetsk Steel OJSC (GDR)	2,691	68,629
	POSCO	43	13,353
	Severstal PJSC (GDR)	1,601	24,544
	Southern Copper Corp	100	4,745
	Tata Steel Ltd	2,756	31,618
	Vale SA	2,034	24,797
	Vedanta Ltd	4,086	21,064
			429,189
Multiline Retail – 0.9%
	Lojas Renner SA	1,500	15,997
	SACI Falabella	6,287	62,715
			78,712
Oil, Gas & Consumable Fuels – 6.8%
	Bharat Petroleum Corp Ltd	518	4,197
	China Shenhua Energy Co Ltd	3,500	9,054
	CNOOC Ltd	7,000	10,064
	Coal India Ltd	2,252	9,279
	Ecopetrol SA	48,175	35,281
	Empresas COPEC SA	2,224	35,137
	Exxaro Resources Ltd	1,050	13,835
	IRPC PCL	150,400	32,525
	LUKOIL PJSC (ADR)	940	53,773
	MOL Hungarian Oil & Gas PLC	2,288	26,580


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

Janus Investment Fund	11

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – (continued)
	Novatek PJSC (GDR)	89	$10,694
	Oil & Natural Gas Corp Ltd	4,475	13,682
	Petroleo Brasileiro SA*	1,800	9,224
	Petronet LNG Ltd	5,481	21,850
	Polski Koncern Naftowy ORLEN SA	942	28,619
	Polskie Gornictwo Naftowe i Gazownictwo SA	2,384	4,302
	PTT Exploration & Production PCL	2,600	7,970
	PTT PCL	3,100	41,844
	Reliance Industries Ltd	4,658	67,207
	SK Innovation Co Ltd	49	9,332
	S-Oil Corp	98	10,693
	Tatneft PJSC (ADR)	123	6,084
	Thai Oil PCL	13,700	43,523
	Tupras Turkiye Petrol Rafinerileri AS	2,162	69,328
	United Tractors Tbk PT	4,500	11,729
	Yanzhou Coal Mining Co Ltd	2,000	2,331
			588,137
Paper & Forest Products – 1.7%
	Empresas CMPC SA	9,223	31,364
	Fibria Celulose SA	1,800	26,469
	Lee & Man Paper Manufacturing Ltd	16,000	18,919
	Nine Dragons Paper Holdings Ltd	27,000	43,256
	Sappi Ltd	1,551	11,257
	Suzano Papel e Celulose SA	2,200	12,399
			143,664
Personal Products – 0.6%
	Dabur India Ltd	1,661	9,083
	Hengan International Group Co Ltd	3,500	38,849
	LG Household & Health Care Ltd*	6	6,653
			54,585
Pharmaceuticals – 2.7%
	Cipla Ltd/India	2,490	23,678
	CSPC Pharmaceutical Group Ltd	58,000	117,105
	Kalbe Farma Tbk PT	28,900	3,602
	Piramal Enterprises Ltd.	47	2,108
	Richter Gedeon Nyrt	2,187	57,318
	Shanghai Fosun Pharmaceutical Group Co Ltd	1,000	6,415
	Sino Biopharmaceutical Ltd	15,000	26,545
			236,771
Real Estate Management & Development – 3.2%
	Agile Group Holdings Ltd	8,000	12,140
	Central Pattana PCL	16,600	43,373
	China Evergrande Group*	2,000	6,850
	Country Garden Holdings Co Ltd	24,000	45,604
	DAMAC Properties Dubai Co PJSC	42,199	37,934
	Emaar Properties PJSC	875	1,652
	Fullshare Holdings Ltd*	12,500	5,758
	NEPI Rockcastle PLC	1,940	33,605
	Sime Darby Property Bhd*	3,700	1,629
	SM Prime Holdings Inc	54,700	41,096
	Sunac China Holdings Ltd	12,000	49,467
			279,108
Road & Rail – 0.9%
	Localiza Rent a Car SA	2,700	17,951
	Rumo SA*	15,600	60,756
			78,707
Semiconductor & Semiconductor Equipment – 3.3%
	GCL-Poly Energy Holdings Ltd*	68,000	12,114
	Hanergy Thin Film Power Group Ltd (144A)*^,¢	52,000	1,439


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

12	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Hyundai Robotics Co Ltd*	6	$2,133
	Macronix International*	18,000	26,624
	MediaTek Inc	1,000	9,861
	Nanya Technology Corp	9,000	22,917
	Phison Electronics Corp	3,000	29,370
	Siliconware Precision Industries Co Ltd	26,000	43,909
	SK Hynix Inc	1,393	98,372
	Win Semiconductors Corp	4,000	37,816
	Winbond Electronics Corp	5,000	3,932
			288,487
Software – 0.6%
	CD Projekt SA	528	14,713
	NCSoft Corp*	84	35,097
			49,810
Technology Hardware, Storage & Peripherals – 0.1%
	Compal Electronics Inc	5,000	3,573
	Quanta Computer Inc	1,000	2,077
	Samsung Electronics Co Ltd	3	7,128
			12,778
Textiles, Apparel & Luxury Goods – 2.4%
	ANTA Sports Products Ltd	24,000	108,871
	CCC SA	413	33,721
	Eclat Textile Co Ltd	3,000	30,029
	LPP SA	11	28,081
	Shenzhou International Group Holdings Ltd	1,000	9,498
			210,200
Thrifts & Mortgage Finance – 0.3%
	Housing Development Finance Corp Ltd	201	5,380
	Indiabulls Housing Finance Ltd	898	16,818
			22,198
Tobacco – 0.3%
	KT&G Corp	204	22,016
Transportation Infrastructure – 2.7%
	Airports of Thailand PCL	61,800	128,722
	Bangkok Expressway & Metro PCL	146,100	34,549
	DP World Ltd*	36	900
	Grupo Aeroportuario del Pacifico SAB de CV	2,300	23,644
	Grupo Aeroportuario del Sureste SAB de CV	175	3,188
	Jiangsu Expressway Co Ltd	6,000	9,137
	Malaysia Airports Holdings Bhd	6,700	14,603
	Promotora y Operadora de Infraestructura SAB de CV	1,660	16,436
	Zhejiang Expressway Co Ltd	2,000	2,199
			233,378
Water Utilities – 0.2%
	Aguas Andinas SA	16,859	11,169
	Guangdong Investment Ltd	4,000	5,355
			16,524
Wireless Telecommunication Services – 3.6%
	Advanced Info Service PCL	2,000	11,723
	America Movil SAB de CV	39,900	34,403
	Axiata Group Bhd	7,300	9,888
	Bharti Airtel Ltd	1,978	16,371
	DiGi.Com Bhd	13,200	16,647
	Far EasTone Telecommunications Co Ltd	36,000	88,930
	Maxis Bhd	6,300	9,364
	Taiwan Mobile Co Ltd	21,000	75,867
	TIM Participacoes SA	6,000	23,227
	Turkcell Iletisim Hizmetleri AS	2,190	8,947


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

Janus Investment Fund	13

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Common Stocks– (continued)
Wireless Telecommunication Services – (continued)
	Vodacom Group Ltd	1,464	$17,262
			312,629
Total Common Stocks (cost $7,420,616)			8,417,899
Preferred Stocks– 0.9%
Banks – 0.5%
	Banco Bradesco SA	500	5,130
	Bancolombia SA	2,951	29,398
	Itau Unibanco Holding SA	500	6,477
			41,005
Chemicals – 0.3%
	Sociedad Quimica y Minera de Chile SA	454	26,982
Oil, Gas & Consumable Fuels – 0.1%
	Petroleo Brasileiro SA	1,700	8,317
Total Preferred Stocks (cost $65,290)			76,304
Total Investments (total cost $7,485,906) – 98.2%			8,494,203
Cash, Receivables and Other Assets, net of Liabilities – 1.8%			156,069
Net Assets – 100%			$8,650,272


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

		% of
		Investment
Country	Value	Securities
China	$1,783,690	21.0	%
Taiwan	1,099,416	12.9
South Korea	736,407	8.7
India	713,702	8.4
Thailand	692,953	8.2
Malaysia	416,947	4.9
Chile	386,661	4.5
Mexico	346,113	4.1
Brazil	314,282	3.7
Indonesia	269,165	3.2
Russia	249,964	2.9
Poland	227,850	2.7
Turkey	209,078	2.5
Hungary	172,552	2.0
United Arab Emirates	169,639	2.0
Philippines	143,904	1.7
Czech Republic	118,977	1.4
Greece	115,781	1.4
Colombia	106,096	1.2
South Africa	100,426	1.2
Peru	81,054	0.9
Isle of Man	33,605	0.4
Qatar	5,941	0.1



Total	$8,494,203	100.0	%


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

14	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2017

The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the year ended December 31, 2017. Unless otherwise indicated, all information in the table is for the year ended December 31, 2017.

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾			Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 12/31/17
Investment Companies– 0%
Money Markets – 0%
	Janus Cash Liquidity Fund LLC, 1.2731%^ºº	$	987		$	—	$	—	$	—


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 12/31/17
Investment Companies– 0%
Money Markets – 0%
	Janus Cash Liquidity Fund LLC, 1.2731%^ºº		36,000		4,219,800		(4,255,800)		—


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

Janus Investment Fund	15

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the equity market performance of emerging markets.


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LLC	Limited Liability Company
PCL	Public Company Limited
PJSC	Private Joint Stock Company
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of December 31, 2017.


¢	Security is valued using significant unobservable inputs.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks
Aerospace & Defense	$	-	$	5,368	$	-
Auto Components		-		85,178		-
Automobiles		-		274,470		-
Banks		62,229		1,426,994		-
Beverages		-		114,540		-
Biotechnology		-		99,875		-
Capital Markets		-		14,399		-
Chemicals		-		200,900		-
Commercial Services & Supplies		-		4,285		-
Communications Equipment		-		14,951		-


16	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs
Construction & Engineering		-		18,116		-
Construction Materials		-		207,569		-
Consumer Finance		-		70,945		-
Distributors		-		20,536		-
Diversified Consumer Services		88,107		14,956		-
Diversified Financial Services		-		67,296		-
Diversified Telecommunication Services		-		455,746		-
Electric Utilities		-		159,553		-
Electronic Equipment, Instruments & Components		-		341,280		-
Equity Real Estate Investment Trusts (REITs)		-		22,512		-
Food & Staples Retailing		-		169,350		-
Food Products		-		141,763		0
Gas Utilities		-		181,490		-
Health Care Providers & Services		-		66,555		-
Hotels, Restaurants & Leisure		68,034		74,966		-
Household Products		-		79,683		-
Independent Power and Renewable Electricity Producers		-		11,162		-
Industrial Conglomerates		-		87,810		-
Information Technology Services		-		73,341		-
Insurance		-		213,126		-
Internet Software & Services		236,176		98,060		-
Life Sciences Tools & Services		-		6,578		-
Machinery		-		63,158		-
Marine		-		7,523		-
Metals & Mining		18,825		410,364		-
Multiline Retail		-		78,712		-
Oil, Gas & Consumable Fuels		-		588,137		-
Paper & Forest Products		-		143,664		-
Personal Products		-		54,585		-
Pharmaceuticals		-		236,771		-
Real Estate Management & Development		-		279,108		-
Road & Rail		-		78,707		-
Semiconductor & Semiconductor Equipment		-		287,048		1,439
Software		-		49,810		-
Technology Hardware, Storage & Peripherals		-		12,778		-
Textiles, Apparel & Luxury Goods		-		210,200		-
Thrifts & Mortgage Finance		-		22,198		-
Tobacco		-		22,016		-
Transportation Infrastructure		900		232,478		-
Water Utilities		-		16,524		-
Wireless Telecommunication Services		-		312,629		-
All Other		12,426		-		-
Preferred Stocks		-		76,304		-
Total Assets	$	486,697	$	8,006,067	$	1,439


Janus Investment Fund	17

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	8,494,203
	Cash denominated in foreign currency⁽²⁾			667
	Non-interested Trustees' deferred compensation			165
	Receivables:
		Investments sold		757,045
		Due from adviser		53,819
		Fund shares sold		40,666
		Dividends		14,319
		Dividends from affiliates		188
		Foreign tax reclaims		22
	Other assets			1,265
Total Assets				9,362,359
Liabilities:
	Due to custodian			615,047
	Payables:			—
		Fund shares repurchased		37,272
		Professional fees		17,493
		Custodian fees		17,380
		Advisory fees		7,517
		Transfer agent fees and expenses		1,684
		Non-interested Trustees' deferred compensation fees		165
		12b-1 Distribution and shareholder servicing fees		136
		Fund administration fees		62
		Non-interested Trustees' fees and expenses		45
		Accrued expenses and other payables		15,286
Total Liabilities				712,087
Net Assets			$	8,650,272


See Notes to Financial Statements.

18	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	7,557,188
	Undistributed net investment income/(loss)		(63,559)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		147,101
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,009,542
Total Net Assets		$	8,650,272
Net Assets - Class A Shares		$	164,067
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,836
Net Asset Value Per Share⁽³⁾		$	11.86
Maximum Offering Price Per Share⁽⁴⁾		$	12.58
Net Assets - Class C Shares		$	96,149
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,118
Net Asset Value Per Share⁽³⁾		$	11.84
Net Assets - Class D Shares		$	6,735,311
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		568,297
Net Asset Value Per Share		$	11.85
Net Assets - Class I Shares		$	84,459
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,093
Net Asset Value Per Share		$	11.91
Net Assets - Class N Shares		$	1,320,973
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		111,372
Net Asset Value Per Share		$	11.86
Net Assets - Class S Shares		$	61,867
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,214
Net Asset Value Per Share		$	11.87
Net Assets - Class T Shares		$	187,446
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,799
Net Asset Value Per Share		$	11.86

(1) Includes cost of $7,485,906.

(2) Includes cost of $667.

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2017⁽¹⁾

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	109,154
	Dividends from affiliates			987
	Other income			614
	Foreign tax withheld			(13,426)
Total Investment Income				97,329
Expenses:
	Advisory fees			36,078
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		232
		Class C Shares		457
		Class S Shares		73
	Transfer agent administrative fees and expenses:
		Class D Shares		3,548
		Class S Shares		73
		Class T Shares		259
	Transfer agent networking and omnibus fees:
		Class A Shares		14
		Class C Shares		10
		Class I Shares		433
	Other transfer agent fees and expenses:
		Class A Shares		39
		Class C Shares		7
		Class D Shares		933
		Class I Shares		66
		Class N Shares		11
		Class S Shares		4
		Class T Shares		12
	Registration fees			98,343
	Custodian fees			46,475
	Professional fees			30,511
	Shareholder reports expense			1,586
	Fund administration fees			304
	Non-interested Trustees’ fees and expenses			115
	Other expenses			3,977
Total Expenses				223,560
Less: Excess Expense Reimbursement and Waivers				(178,140)
Net Expenses				45,420
Net Investment Income/(Loss)				51,909


See Notes to Financial Statements.

20	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2017(1)



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽²⁾	$	443,743
Total Net Realized Gain/(Loss) on Investments			443,743
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾		520,939
Total Change in Unrealized Net Appreciation/Depreciation			520,939
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,016,591

(1) Period from August 4, 2017 (inception date) through December 31, 2017 for Class N Shares.

(2) Includes realized foreign capital gains tax on investments of $(4,548).

(3) Includes change in unrealized appreciation/depreciation of $2,435 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets



			Period ended December 31, 2017 (unaudited)⁽¹⁾		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	51,909	$	36,737
	Net realized gain/(loss) on investments			443,743		(67,218)
	Change in unrealized net appreciation/depreciation			520,939		452,435
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,016,591		421,954
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(2,398)		(1,470)
		Class C Shares		(701)		(105)
		Class D Shares		(100,880)		(22,736)
		Class I Shares		(2,120)		(10,436)
		Class N Shares		(19,377)		N/A
		Class S Shares		(694)		(441)
		Class T Shares		(3,217)		(1,748)
	Total Dividends from Net Investment Income			(129,387)		(36,936)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(998)		—
		Class C Shares		(497)		—
		Class D Shares		(37,425)		—
		Class I Shares		(1,070)		—
		Class N Shares		(6,727)		N/A
		Class S Shares		(316)		—
		Class T Shares		(1,212)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(48,245)		—
Net Decrease from Dividends and Distributions to Shareholders				(177,632)		(36,936)
Capital Share Transactions:
		Class A Shares		(27,791)		8,970
		Class C Shares		837		31,105
		Class D Shares		1,875,752		2,432,061
		Class I Shares		(843,756)		109,466
		Class N Shares		1,298,187		N/A
		Class S Shares		1,010		441
		Class T Shares		(10,003)		(16,332)
Net Increase/(Decrease) from Capital Share Transactions				2,294,236		2,565,711
Net Increase/(Decrease) in Net Assets				3,133,195		2,950,729
Net Assets:
	Beginning of period			5,517,077		2,566,348
	End of period		$	8,650,272	$	5,517,077

Undistributed Net Investment Income/(Loss)			$	(63,559)	$	13,919

(1) Period from August 4, 2017 (inception date) through December 31, 2017 for Class N Shares.


See Notes to Financial Statements.

22	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016		2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.47	$9.48	$10.49		$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.08	0.18		0.06
		Net realized and unrealized gain/(loss)	1.52	1.01	(1.03)		0.43
	Total from Investment Operations		1.60	1.09	(0.85)		0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.10)	(0.08)		—
		Distributions (from capital gains)	(0.06)	—	(0.08)		—
	Total Dividends and Distributions		(0.21)	(0.10)	(0.16)		—
	Net Asset Value, End of Period		$11.86	$10.47	$9.48		$10.49
	Total Return*		15.32%	11.64%	(8.06)%		4.90%
	Net Assets, End of Period (in thousands)		$164	$169	$145		$157
	Average Net Assets for the Period (in thousands)		$185	$152	$140		$159
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.79%	7.53%	10.33%		36.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.35%	1.29%	1.30%		1.31%
		Ratio of Net Investment Income/(Loss)	1.39%	0.85%	1.89%		1.05%
	Portfolio Turnover Rate		60%	116%	84%		43%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.44	$9.44	$10.44	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.04	0.01	0.10	0.02
		Net realized and unrealized gain/(loss)	1.51	1.01	(1.02)	0.42
	Total from Investment Operations		1.55	1.02	(0.92)	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.02)	—⁽³⁾	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.15)	(0.02)	(0.08)	—
	Net Asset Value, End of Period		$11.84	$10.44	$9.44	$10.44
	Total Return*		14.86%	10.85%	(8.77)%	4.40%
	Net Assets, End of Period (in thousands)		$96	$84	$48	$52
	Average Net Assets for the Period (in thousands)		$91	$52	$46	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.54%	8.12%	11.11%	37.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.07%	2.05%	2.08%	2.09%
		Ratio of Net Investment Income/(Loss)	0.67%	0.14%	1.11%	0.27%
	Portfolio Turnover Rate		60%	116%	84%	43%

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

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

(1) Period from December 17, 2014 (inception date) through June 30, 2015.

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.47	$9.49	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.10	0.19	0.08
		Net realized and unrealized gain/(loss)	1.53	0.99	(1.02)	0.41
	Total from Investment Operations		1.61	1.09	(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.11)	(0.09)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.23)	(0.11)	(0.17)	—
	Net Asset Value, End of Period		$11.85	$10.47	$9.49	$10.49
	Total Return*		15.41%	11.70%	(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$6,735	$4,206	$1,488	$1,335
	Average Net Assets for the Period (in thousands)		$5,872	$2,602	$1,194	$1,037
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.88%	6.89%	10.26%	27.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.22%	1.19%	1.23%
		Ratio of Net Investment Income/(Loss)	1.35%	1.00%	2.08%	1.38%
	Portfolio Turnover Rate		60%	116%	84%	43%


Class I Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.48	$9.49	$10.50	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.10	0.21	0.10
		Net realized and unrealized gain/(loss)	1.50	1.01	(1.04)	0.40
	Total from Investment Operations		1.61	1.11	(0.83)	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.12)	(0.10)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.18)	(0.12)	(0.18)	—
	Net Asset Value, End of Period		$11.91	$10.48	$9.49	$10.50
	Total Return*		15.44%	11.93%	(7.82)%	5.00%
	Net Assets, End of Period (in thousands)		$84	$831	$664	$305
	Average Net Assets for the Period (in thousands)		$645	$765	$391	$181
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.96%	7.62%	9.29%	27.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.10%	1.04%	1.05%
		Ratio of Net Investment Income/(Loss)	1.83%	0.97%	2.30%	1.79%
	Portfolio Turnover Rate		60%	116%	84%	43%

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

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

(1) Period from December 17, 2014 (inception date) through June 30, 2015.

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


See Notes to Financial Statements.

24	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31 (unaudited)			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$11.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	0.95
	Total from Investment Operations		1.00
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)
		Distributions (from capital gains)	(0.06)
	Total Dividends and Distributions		(0.24)
	Net Asset Value, End of Period		$11.86
	Total Return*		9.05%
	Net Assets, End of Period (in thousands)		$1,321
	Average Net Assets for the Period (in thousands)		$596
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%
		Ratio of Net Investment Income/(Loss)	1.00%
	Portfolio Turnover Rate		60%


Class S Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽³⁾
	Net Asset Value, Beginning of Period		$10.47	$9.48	$10.47	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.07	0.17	0.04
		Net realized and unrealized gain/(loss)	1.52	1.01	(1.02)	0.43
	Total from Investment Operations		1.60	1.08	(0.85)	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.09)	(0.06)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.20)	(0.09)	(0.14)	—
	Net Asset Value, End of Period		$11.87	$10.47	$9.48	$10.47
	Total Return*		15.30%	11.52%	(8.06)%	4.70%
	Net Assets, End of Period (in thousands)		$62	$54	$48	$52
	Average Net Assets for the Period (in thousands)		$58	$50	$47	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.03%	7.83%	10.55%	36.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.42%	1.33%	1.58%
		Ratio of Net Investment Income/(Loss)	1.31%	0.71%	1.87%	0.78%
	Portfolio Turnover Rate		60%	116%	84%	43%

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

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

(1) Period from August 4, 2017 (inception date) through December 31, 2017.

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

(3) Period from December 17, 2014 (inception date) through June 30, 2015.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year or period ended June 30			2017	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.48	$9.49	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.09	0.19	0.06
		Net realized and unrealized gain/(loss)	1.52	1.01	(1.02)	0.43
	Total from Investment Operations		1.60	1.10	(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.11)	(0.09)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.22)	(0.11)	(0.17)	—
	Net Asset Value, End of Period		$11.86	$10.48	$9.49	$10.49
	Total Return*		15.37%	11.78%	(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$187	$174	$175	$169
	Average Net Assets for the Period (in thousands)		$206	$170	$155	$165
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.84%	7.67%	10.26%	35.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.18%	1.11%	1.32%
		Ratio of Net Investment Income/(Loss)	1.47%	0.93%	2.10%	1.07%
	Portfolio Turnover Rate		60%	116%	84%	43%

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

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

(1) Period from December 17, 2014 (inception date) through June 30, 2015.

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


See Notes to Financial Statements.

26	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets Managed Volatility Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

Investment Valuation


Janus Investment Fund	27

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Valuation Inputs Summary

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

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


28	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Financial assets of $3,662,678 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions


Janus Investment Fund	29

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


30	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Emerging Market Investing

To the extent that emerging markets may be included in its benchmark index, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.

Real Estate Investing

To the extent that real estate-related securities may be included in the Fund’s named benchmark index, Intech’s mathematical investment process may select equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

3. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.95
Next $1 Billion	0.92
Next $3 Billion	0.90

Intech Investment Management LLC (“Intech”) serves as subadviser to the Fund. As subadviser, Intech provides day-to-day management of the investment operations of the Fund subject to the general oversight of Janus Capital. Janus Capital owns approximately 97% of Intech.


Janus Investment Fund	31

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Janus Capital pays Intech a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.95% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2017) was 1.08%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


32	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or the subadviser) provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. Total compensation of $217,876 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2017. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	33

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by Janus Henderson Distributors during the period ended December 31, 2017.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2017.

As of December 31, 2017, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	95	%	2	%
Class C Shares	63		1
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	4		1
Class S Shares	100		1
Class T Shares	73		2


34	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

4. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2017
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (200,679)	$ (45,826)	$ (246,505)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 7,488,241	$ 1,195,479	$ (189,517)	$ 1,005,962


Janus Investment Fund	35

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



		Period ended December 31, 2017⁽¹⁾		Year ended June 30, 2017
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		150	$ 1,653	747	$ 7,500
Reinvested dividends and distributions		292	3,396	165	1,470
Shares repurchased		(2,778)	(32,840)	-	-
Net Increase/(Decrease)		(2,336)	$ (27,791)	912	$ 8,970
Class C Shares:
Shares sold		-	$ -	2,989	$ 31,000
Reinvested dividends and distributions		103	1,198	12	105
Shares repurchased		(31)	(361)	-	-
Net Increase/(Decrease)		72	$ 837	3,001	$ 31,105
Class D Shares:
Shares sold		279,389	$3,178,012	359,468	$3,534,066
Reinvested dividends and distributions		11,810	137,001	2,557	22,730
Shares repurchased		(124,401)	(1,439,261)	(117,370)	(1,124,735)
Net Increase/(Decrease)		166,798	$1,875,752	244,655	$2,432,061
Class I Shares:
Shares sold		15,287	$ 173,264	35,379	$ 350,572
Reinvested dividends and distributions		274	3,190	1,174	10,436
Shares repurchased		(87,730)	(1,020,210)	(27,201)	(251,542)
Net Increase/(Decrease)		(72,169)	$ (843,756)	9,352	$ 109,466
Class N Shares:
Shares sold		111,229	$1,296,441	-	$ -
Reinvested dividends and distributions		2,248	26,104	-	-
Shares repurchased		(2,105)	(24,358)	-	-
Net Increase/(Decrease)		111,372	$1,298,187	N/A	N/A
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		87	1,010	50	441
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		87	$ 1,010	50	$ 441
Class T Shares:
Shares sold		3,060	$ 35,568	805	$ 8,011
Reinvested dividends and distributions		382	4,429	197	1,748
Shares repurchased		(4,227)	(50,000)	(2,819)	(26,091)
Net Increase/(Decrease)		(785)	$ (10,003)	(1,817)	$ (16,332)
(1)	Period from August 4, 2017 (inception date) through December 31, 2017 for Class N Shares.

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 6,411,077	$ 4,377,005	$ -	$ -

7. Recent Accounting Pronouncements


36	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

amendments to Regulation S-X, which require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X was August 1, 2017. This report incorporates the amendments to Regulation S-X.

8. Subsequent Event


Janus Investment Fund	37

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

The Fund is required to disclose its complete holdings in the quarterly holdings report on Form N-Q within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. These reports (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 60-day lag. Holdings are generally posted approximately two business days thereafter under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


38	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Funds

Asset Allocation Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


40	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


Janus Investment Fund	41

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


42	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	43

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Costs of Services Provided


44	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	45

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


46	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


Janus Investment Fund	47

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


48	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.


Janus Investment Fund	49

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

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

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.


50	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	51

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


52	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights

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


Janus Investment Fund	53

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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

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


54	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage1


Janus Investment Fund	55

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage2


56	DECEMBER 31, 2017

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage3


Janus Investment Fund	57

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93012 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Flexible Bond Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Flexible Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	20
Statement of Assets and Liabilities	22
Statement of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	26
Notes to Financial Statements	30
Additional Information	43
Useful Information About Your Fund Report	57

Janus Henderson Flexible Bond Fund (unaudited)

FUND SNAPSHOT

This dynamic core bond fund leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its history, the fund has utilized an active and flexible approach to manage across a variety of market and rate cycles.

Michael Keough

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE OVERVIEW

During the six-month period ended December 31, 2017, Janus Henderson Flexible Bond Fund’s Class I Shares returned 1.10% compared with 1.24% for the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

INVESTMENT ENVIRONMENT

Investment-grade corporate credit rallied over the last six months. The period started off relatively tranquil, with generally solid corporate earnings and the economy humming along at its slow, but steady, pace. Corporate credit spreads gradually compressed. In August, the Trump administration’s general lack of reform progress and escalating tensions between the U.S. and North Korea brought on brief hesitation, as did an influx of greater-than expected supply in November. Overall, however, positive earnings data, strengthening fundamentals and an upward trajectory in global growth helped corporate credit gain ground. Late in the period, the passage of U.S. tax reform and optimism around its potential to provide tailwinds for the U.S. economy helped investment-grade corporate credit spreads reach post-crisis tights. Spreads on high-yield corporate credit also tightened over the period.

Investors agreed that the Federal Reserve’s (Fed) measured pace to monetary policy normalization would continue under Jerome Powell, the nominee for the next Fed chairman. At its December meeting, the Fed took another step along the normalization path and raised its benchmark rate for the third time in 2017. It also began normalizing its balance sheet late in the period. The Treasury curve flattened. Fed-driven volatility pushed shorter-dated yields higher and the yield on the 30-year bond fell amid investors’ reach for yield. The 10-year Treasury note yield closed December at 2.41%, up from 2.30% at the end of June.

PERFORMANCE DISCUSSION

The Fund underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, during the six-month period. Our security selection and spread carry (a measure of excess income) were positive for relative results; however, our yield curve positioning and asset allocation decisions weighed on performance.

At the asset class level, our investment-grade corporate credit positioning detracted on a relative basis. While our overweight allocation benefitted relative performance as spreads tightened, those gains were offset by our yield curve positioning. We continue to emphasize shorter- and intermediate-dated securities in which we believe we have insight into the issuer’s ability to pay down debt. Our limited exposure to the duration of long corporate credit weighed on results, while many benchmark constituents benefited from the rally in 30-year Treasury yields.

On a credit sector basis, electric utilities and technology led relative detractors. Within electric utilities, our lack of exposure to longer-dated securities held back results. Security selection was the primary driver of underperformance in the technology sector. This was due in large part to our exposure to Broadcom. Our overweight position weighed on results as the semiconductor company made an unexpected bid for Qualcomm during the period. Spreads widened under the assumption that much of the acquisition would be financed with debt. We believe the diversification will ultimately be positive for Broadcom. We also appreciate management’s commitment to investment-grade ratings and the company’s track record of rapid deleveraging after prior acquisitions.

Relative sector contributors included banking and brokerage, asset managers and exchanges. The prospect of higher interest rates continued to benefit financials, and our overweight allocations aided relative results. Security selection, including a position in Raymond James Financial, was also positive. The financial services


Janus Investment Fund	1

Janus Henderson Flexible Bond Fund (unaudited)

company received a credit rating upgrade by Moody’s during the period and also reported a solid fourth quarter and strong end to its fiscal year. Raymond James continues to demonstrate its ability to attract advisors and assets and to strengthen its business for the long term. We like the stability of the company’s business model and appreciate the management team’s conservative approach to the balance sheet.

At the asset class level, our positioning in Treasury securities contributed to relative performance. Our significant underweight allocation proved beneficial as yields rose across much of the Treasury curve. Our bias to the 30-year bond, which we use to balance our credit exposure, also supported results as long-term yields rallied. Our out-of-index allocation to asset-backed securities (ABS) further aided performance, due, in part, to our ability to out-carry the index. Our allocation to mortgage-backed securities (MBS) weighed on relative performance. Our holdings, which emphasize specified pools with lower prepayment risk and higher coupons, lagged the positions in the index.

OUTLOOK

We anticipate growth will remain firm and inflation subdued in 2018. The Fed will likely raise interest rates two to three times as a result. We expect range-bound but moderately higher Treasury yields and a flatter curve. The front end of the curve should rise as the Fed hikes, while a cautious Fed, investors’ demand for yield and growth without inflation should push long-term yields lower. However, we are mindful that a more aggressive than expected tightening path could result in policy error, an inverted Treasury curve and dramatic disruption in the rate market. We intend to maintain duration modestly below that of the benchmark, but we will continue in our tactical approach to yield curve positioning with a focus on capital preservation.

While both the economic and corporate earnings outlooks remain constructive and supported by tax reform, we expect a lower return environment for corporate credit in 2018 compared with the previous two calendar years. Spread tightening will be moderate, in our view, and carry will be the primary driver of returns. Given rich valuations and the asymmetric risk profile of credit investing, security avoidance will be critical. We remain committed to managing idiosyncratic risk in the Fund and seeking higher-quality business models with consistent free cash flow and management teams committed to sound balance sheets. These issuers should offer steady carry and minimize downside risk in various market environments.

As we balance a constructive fundamental outlook with the current valuation environment, we remain opportunistic, seeking to identify and capitalize on spread movements that create the potential for attractive returns. In particular, we expect U.S. tax reform and disruptive industry trends – such as the Amazon effect – to be potential generators of opportunities. As always, our goal is to participate in spread tightening while keeping capital preservation and strong risk-adjusted returns at the forefront.

Thank you for your investment in Janus Henderson Flexible Bond Fund.


2	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund (unaudited)

Fund At A Glance

December 31, 2017


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	1.98%	1.98%
Class A Shares MOP	1.88%	1.88%
Class C Shares**	1.32%	1.32%
Class D Shares	2.27%	2.27%
Class I Shares	2.35%	2.35%
Class N Shares	2.42%	2.42%
Class R Shares	1.65%	1.65%
Class S Shares	1.91%	1.91%
Class T Shares	2.17%	2.17%
Weighted Average Maturity		7.6 Years
Average Effective Duration***		5.4 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	1.1%
AA	40.6%
A	7.9%
BBB	37.2%
BB	7.8%
B	1.9%
Not Rated	3.1%
Other	0.4%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	46.9%
Mortgage-Backed Securities	23.9%
United States Treasury Notes/Bonds	15.5%
Asset-Backed/Commercial Mortgage-Backed Securities	8.5%
Investment Companies	6.6%
Bank Loans and Mezzanine Loans	3.9%
Other		(5.3)%
		100.0%


Janus Investment Fund	3

Janus Henderson Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017						per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	0.89%	3.25%	1.98%	4.90%	6.60%	0.84%	0.83%
Class A Shares at MOP	-3.91%	-1.62%	0.99%	4.39%	6.43%
Class C Shares at NAV	0.60%	2.61%	1.25%	4.16%	5.91%	1.53%	1.52%
Class C Shares at CDSC	-0.40%	1.61%	1.25%	4.16%	5.91%
Class D Shares⁽¹⁾	1.06%	3.55%	2.19%	5.08%	6.66%	0.60%	0.59%
Class I Shares	1.10%	3.62%	2.23%	5.00%	6.64%	0.56%	0.56%
Class N Shares	1.13%	3.81%	2.35%	5.00%	6.64%	0.45%	0.45%
Class R Shares	0.75%	2.94%	1.59%	4.48%	6.21%	1.20%	1.20%
Class S Shares	0.88%	3.20%	1.85%	4.74%	6.46%	0.95%	0.95%
Class T Shares	1.01%	3.57%	2.11%	5.00%	6.64%	0.70%	0.70%
Bloomberg Barclays U.S. Aggregate Bond Index	1.24%	3.54%	2.10%	4.01%	6.36%^**
Morningstar Quartile - Class T Shares	-	3rd	2nd	1st	1st
Morningstar Ranking - based on total returns for Intermediate-Term Bond Funds	-	578/1025	429/919	104/807	27/192

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

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

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.


4	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – July 7, 1987

** The Bloomberg Barclays U.S. Aggregate Bond Index’s since inception returns are calculated from June 30, 1987.

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Flexible Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)
Class A Shares		$1,000.00	$1,008.90	$4.51	$1,000.00	$1,020.72	$4.53	0.89%
Class C Shares		$1,000.00	$1,006.00	$7.53	$1,000.00	$1,017.69	$7.58	1.49%
Class D Shares		$1,000.00	$1,010.60	$2.99	$1,000.00	$1,022.23	$3.01	0.59%
Class I Shares		$1,000.00	$1,011.00	$2.53	$1,000.00	$1,022.68	$2.55	0.50%
Class N Shares		$1,000.00	$1,011.30	$2.23	$1,000.00	$1,022.99	$2.24	0.44%
Class R Shares		$1,000.00	$1,007.50	$5.97	$1,000.00	$1,019.26	$6.01	1.18%
Class S Shares		$1,000.00	$1,008.80	$4.66	$1,000.00	$1,020.57	$4.69	0.92%
Class T Shares		$1,000.00	$1,010.10	$3.39	$1,000.00	$1,021.83	$3.41	0.67%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 8.5%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$14,931,000	$15,170,896
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	10,323,000	10,425,588
	AmeriCredit Automobile Receivables Trust 2016-2, 3.6500%, 5/9/22	10,090,000	10,263,829
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	32,515,508	31,633,508
	BAMLL Commercial Mortgage Securities Trust 2013-WBRK,
	3.5343%, 3/10/37 (144A)^‡	14,258,000	14,488,365
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 4.0000%, 5.4770%, 12/15/31 (144A)	1,620,000	1,576,736
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 5.5000%, 6.9770%, 12/15/31 (144A)	6,437,780	6,121,362
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	16,661,000	17,965,823
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	8,015,000	8,182,800
	Caesars Palace Las Vegas Trust 2017-VICI, 4.1384%, 10/15/34 (144A)	12,187,000	12,516,304
	Caesars Palace Las Vegas Trust 2017-VICI, 4.3540%, 10/15/34 (144A)^‡	15,363,000	14,916,603
	Caesars Palace Las Vegas Trust 2017-VICI, 4.3540%, 10/15/34 (144A)^‡	11,285,000	11,514,388
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 1.7500%, 3.2270%, 7/15/30 (144A)	6,855,000	6,857,876
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 2.5000%, 3.9770%, 7/15/30 (144A)	4,719,000	4,720,942
	CKE Restaurant Holdings Inc, 4.4740%, 3/20/43 (144A)	20,482,813	20,522,851
	Coinstar Funding LLC Series 2017-1, 5.2160%, 4/25/47 (144A)	6,207,805	6,445,515
	DB Master Finance LLC, 3.6290%, 11/20/47 (144A)	6,494,000	6,536,341
	DB Master Finance LLC, 4.0300%, 11/20/47 (144A)	7,713,000	7,879,601
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	26,974,225	27,068,095
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	3,438,383	3,400,629
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	17,556,000	17,936,614
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 4.5521%, 7/25/24	20,572,210	21,989,749
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.9000%, 6.4521%, 11/25/24	11,353,974	12,990,754
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.0000%, 5.5521%, 5/25/25	4,477,863	4,865,258
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 4.5000%, 6.0521%, 2/25/24	26,289,690	30,710,372
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.6000%, 5.1521%, 4/25/24	20,127,997	22,454,329
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	16,045,500	15,074,494
	GS Mortgage Securities Corp II, 3.5911%, 9/10/37 (144A)^‡	10,476,000	10,668,454
	GS Mortgage Securities Trust 2014-GSFL,
	ICE LIBOR USD 1 Month + 5.9500%, 7.4270%, 7/15/31 (144A)	7,879,000	7,901,501
	GSCCRE Commercial Mortgage Trust 2015-HULA,
	ICE LIBOR USD 1 Month + 4.4000%, 5.8770%, 8/15/32 (144A)	13,434,000	13,476,167
	Houston Galleria Mall Trust 2015-HGLR, 3.0866%, 3/5/37 (144A)	5,793,000	5,734,490
	Jimmy Johns Funding LLC, 4.8460%, 7/30/47 (144A)	13,004,408	13,027,165
	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2,
	5.6616%, 11/15/43 (144A)^‡	7,566,000	7,585,479
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.6210%, 9/5/32 (144A)^‡	9,561,000	9,536,049
	JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	3.5537%, 10/5/31 (144A)	3,250,000	3,268,382
	JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	4.0090%, 10/5/31 (144A)^‡	4,985,000	5,007,863
	LB-UBS Commercial Mortgage Trust 2006-C1, 5.2760%, 2/15/41^‡	13,564	13,565
	LB-UBS Commercial Mortgage Trust 2008-C1, 6.3193%, 4/15/41^‡	9,268,000	9,209,179
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 0.8000%, 2.3521%, 11/25/50 (144A)^§	20,526,000	20,526,000
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 1.0000%, 2.5521%, 11/25/50 (144A)^§	5,100,000	5,100,000
	MAD Mortgage Trust 2017-330M, 3.2944%, 8/15/34 (144A)^‡	6,047,000	6,082,842
	MSSG Trust 2017-237P, 3.3970%, 9/13/39 (144A)	13,597,000	13,766,393


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

Janus Investment Fund	7

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	MSSG Trust 2017-237P, 3.6900%, 9/13/39 (144A)	$2,391,000	$2,417,635
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	5,310,000	5,300,161
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	6,647,000	6,619,461
	Santander Drive Auto Receivables Trust 2013-4, 4.6700%, 1/15/20 (144A)	16,689,000	16,724,614
	Santander Drive Auto Receivables Trust 2013-A, 4.7100%, 1/15/21 (144A)	11,182,000	11,257,855
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	10,585,000	10,695,492
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	17,514,000	17,815,539
	Shops at Crystals Trust 2016-CSTL, 3.1255%, 7/5/36 (144A)	10,212,000	10,032,567
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 2.5000%, 3.9770%, 11/15/27 (144A)	5,056,000	4,897,618
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 3.2500%, 4.7270%, 11/15/27 (144A)	16,812,884	15,908,995
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 4.1500%, 5.6270%, 11/15/27 (144A)	8,244,000	7,599,324
	Station Place Securitization Trust 2017-3,
	ICE LIBOR USD 1 Month + 1.0000%, 2.2942%, 7/24/18 (144A)^§	22,822,000	22,825,783
	Taco Bell Funding LLC, 3.8320%, 5/25/46 (144A)	19,601,875	19,867,872
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.4130%, 12/15/43^‡	9,159,033	9,342,580
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, 4/15/47^‡	14,492,701	14,714,294
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 6.0841%, 5/15/46^‡	6,724,280	6,895,291
	Wendys Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	32,656,320	32,743,839
	Wendys Funding LLC 2018-1, 3.5730%, 3/15/48 (144A)	5,824,000	5,822,183
	Wendys Funding LLC 2018-1, 3.8840%, 3/15/48 (144A)	8,350,000	8,355,870
	Worldwide Plaza Trust 2017-WWP, 3.5263%, 11/10/36 (144A)	9,310,000	9,558,681
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $735,590,497)			734,528,805
Bank Loans and Mezzanine Loans– 3.9%
Banking – 0%
	Vantiv LLC, ICE LIBOR USD + 2.0000%, 3.4770%, 8/9/24	3,612,000	3,628,543
	Vantiv LLC, ICE LIBOR USD + 2.0000%, 0%, 3/31/25^(a)	1,116,000	1,120,654
			4,749,197
Basic Industry – 0.5%
	Axalta Coating Systems US Holdings Inc,
	ICE LIBOR USD + 2.0000%, 3.6934%, 6/1/24	40,702,340	40,831,366
Capital Goods – 0.3%
	Reynolds Group Holdings Inc, ICE LIBOR USD + 2.7500%, 4.0998%, 2/5/23	29,923,308	30,047,490
Communications – 0.9%
	Mission Broadcasting Inc, ICE LIBOR USD + 2.5000%, 3.8607%, 1/17/24	1,902,169	1,906,240
	Nexstar Broadcasting Inc, ICE LIBOR USD + 2.5000%, 3.8607%, 1/17/24	15,063,093	15,095,328
	Nielsen Finance LLC, ICE LIBOR USD + 2.0000%, 3.4319%, 10/4/23	23,746,169	23,835,217
	Sinclair Television Group Inc, ICE LIBOR USD + 2.5000%, 0%, 12/12/24^(a)	17,578,000	17,545,129
	Zayo Group LLC, ICE LIBOR USD + 2.0000%, 3.5521%, 1/19/21	1,746,800	1,750,538
	Zayo Group LLC, ICE LIBOR USD + 2.2500%, 3.8021%, 1/19/24	16,045,977	16,094,917
			76,227,369
Consumer Cyclical – 1.7%
	Aramark Services Inc, ICE LIBOR USD + 2.0000%, 3.5690%, 3/28/24	17,835,943	17,930,651
	Golden Nugget Inc/NV, ICE LIBOR USD + 3.2500%, 4.7699%, 10/4/23	24,243,430	24,410,224
	Hilton Worldwide Finance LLC, ICE LIBOR USD + 2.0000%, 3.5521%, 10/25/23	52,649,187	52,892,427
	KFC Holding Co, ICE LIBOR USD + 2.0000%, 3.4908%, 6/16/23	49,365,129	49,622,321
			144,855,623
Consumer Non-Cyclical – 0.2%
	Post Holdings Inc, ICE LIBOR USD + 2.2500%, 3.8200%, 5/24/24	4,677,495	4,691,715
	Quintiles IMS Inc, ICE LIBOR USD + 2.0000%, 3.6934%, 3/7/24	10,053,393	10,089,283
			14,780,998
Technology – 0.3%
	CommScope Inc, ICE LIBOR USD + 2.5000%, 3.3833%, 12/29/22	24,396,851	24,508,588
Total Bank Loans and Mezzanine Loans (cost $336,066,692)			336,000,631


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

8	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– 46.9%
Asset-Backed Securities – 0.3%
	American Tower Trust #1, 1.5510%, 3/15/18 (144A)	$24,000,000	$23,967,449
Banking – 8.8%
	Ally Financial Inc, 3.2500%, 11/5/18	10,928,000	10,955,320
	Ally Financial Inc, 8.0000%, 12/31/18	5,776,000	6,050,360
	Bank of America Corp, 2.5030%, 10/21/22	43,285,000	42,818,621
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0900%, 3.0930%, 10/1/25	10,363,000	10,336,850
	Bank of America Corp, 4.1830%, 11/25/27	21,515,000	22,461,260
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.8140%, 4.2440%, 4/24/38	21,797,000	23,621,896
	Bank of New York Mellon Corp, 2.4500%, 8/17/26	3,421,000	3,248,130
	Bank of New York Mellon Corp, 3.2500%, 5/16/27	27,194,000	27,478,639
	Capital One Financial Corp, 3.3000%, 10/30/24	32,898,000	32,771,379
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.4300%, 2.9106%, 9/1/23	24,348,000	25,061,951
	Citigroup Inc, 3.2000%, 10/21/26	14,005,000	13,891,690
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28	35,175,000	36,398,840
	Citizens Bank NA/Providence RI, 2.6500%, 5/26/22	8,704,000	8,623,312
	Citizens Financial Group Inc, 3.7500%, 7/1/24	6,756,000	6,750,205
	Citizens Financial Group Inc, 4.3500%, 8/1/25	4,697,000	4,884,418
	Citizens Financial Group Inc, 4.3000%, 12/3/25	25,281,000	26,510,328
	Discover Financial Services, 3.9500%, 11/6/24	16,988,000	17,349,319
	Discover Financial Services, 3.7500%, 3/4/25	4,041,000	4,066,772
	First Republic Bank/CA, 4.6250%, 2/13/47	8,631,000	9,222,233
	Goldman Sachs Capital I, 6.3450%, 2/15/34	28,660,000	36,049,329
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 1.2010%, 3.2720%, 9/29/25	26,789,000	26,674,948
	Goldman Sachs Group Inc, 3.7500%, 2/25/26	7,153,000	7,337,788
	Goldman Sachs Group Inc, 3.5000%, 11/16/26	35,814,000	36,014,594
	JPMorgan Chase & Co, 2.2950%, 8/15/21	26,044,000	25,808,042
	JPMorgan Chase & Co, 3.3750%, 5/1/23	35,656,000	36,237,586
	JPMorgan Chase & Co, 3.8750%, 9/10/24	8,774,000	9,150,380
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3370%, 3.7820%, 2/1/28	30,252,000	31,339,805
	Morgan Stanley, ICE LIBOR USD 3 Month + 1.3400%, 3.5910%, 7/22/28	39,064,000	39,411,883
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	26,663,000	28,490,989
	SVB Financial Group, 5.3750%, 9/15/20	16,823,000	17,978,747
	Synchrony Financial, 4.5000%, 7/23/25	23,742,000	24,804,819
	Synchrony Financial, 3.7000%, 8/4/26	24,127,000	23,780,947
	UBS AG, USD SWAP SEMI 30/360 5YR + 3.7650%, 4.7500%, 5/22/23	14,379,000	14,477,611
	US Bancorp, 2.3750%, 7/22/26	24,463,000	23,025,999
	Wells Fargo & Co, 3.0000%, 4/22/26	7,451,000	7,308,214
	Wells Fargo & Co, 4.1000%, 6/3/26	22,147,000	23,217,751
	Wells Fargo & Co, 4.3000%, 7/22/27	19,659,000	20,926,956
			764,537,911
Basic Industry – 2.2%
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	17,658,000	18,401,953
	Freeport-McMoRan Inc, 3.1000%, 3/15/20	6,257,000	6,217,894
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	32,376,000	32,949,930
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	12,947,000	13,302,950
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	17,219,000	18,147,926
	Sherwin-Williams Co, 2.7500%, 6/1/22	6,424,000	6,398,255
	Sherwin-Williams Co, 3.1250%, 6/1/24	7,335,000	7,373,850
	Sherwin-Williams Co, 3.4500%, 6/1/27	20,842,000	21,169,295
	Sherwin-Williams Co, 4.5000%, 6/1/47	5,395,000	5,893,118
	Steel Dynamics Inc, 4.1250%, 9/15/25 (144A)	17,215,000	17,344,113
	Steel Dynamics Inc, 5.0000%, 12/15/26	7,678,000	8,119,485
	Teck Resources Ltd, 4.5000%, 1/15/21	6,788,000	6,999,786
	Teck Resources Ltd, 4.7500%, 1/15/22	9,805,000	10,234,459
	Teck Resources Ltd, 8.5000%, 6/1/24 (144A)	16,185,000	18,289,050
			190,842,064
Brokerage – 2.0%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	22,053,000	22,707,754


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

Janus Investment Fund	9

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Brokerage – (continued)
	Charles Schwab Corp, 3.0000%, 3/10/25	$11,739,000	$11,697,336
	Charles Schwab Corp, 3.2000%, 1/25/28	12,492,000	12,507,770
	E*TRADE Financial Corp, 2.9500%, 8/24/22	20,608,000	20,431,340
	E*TRADE Financial Corp, 3.8000%, 8/24/27	17,927,000	17,863,366
	Lazard Group LLC, 4.2500%, 11/14/20	12,164,000	12,668,844
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp,
	4.8750%, 4/15/45 (144A)	4,580,000	4,666,422
	Raymond James Financial Inc, 5.6250%, 4/1/24	10,029,000	11,367,856
	Raymond James Financial Inc, 3.6250%, 9/15/26	11,706,000	11,757,720
	Raymond James Financial Inc, 4.9500%, 7/15/46	19,213,000	21,701,979
	TD Ameritrade Holding Corp, 2.9500%, 4/1/22	11,728,000	11,867,065
	TD Ameritrade Holding Corp, 3.6250%, 4/1/25	12,500,000	12,937,631
			172,175,083
Capital Goods – 2.7%
	Arconic Inc, 5.1250%, 10/1/24	24,699,000	26,362,057
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	4.2500%, 9/15/22 (144A)	3,156,000	3,211,230
	Ball Corp, 4.3750%, 12/15/20	11,232,000	11,625,120
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	20,716,000	20,823,309
	CRH America Finance Inc, 3.4000%, 5/9/27 (144A)	4,219,000	4,216,809
	Eagle Materials Inc, 4.5000%, 8/1/26	1,549,000	1,614,833
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	4,652,000	4,977,640
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	9,539,000	10,031,752
	Northrop Grumman Corp, 2.5500%, 10/15/22	23,408,000	23,238,028
	Northrop Grumman Corp, 2.9300%, 1/15/25	20,151,000	20,026,447
	Northrop Grumman Corp, 3.2500%, 1/15/28	24,394,000	24,421,990
	Northrop Grumman Corp, 4.0300%, 10/15/47	15,800,000	16,496,661
	Owens Corning, 4.2000%, 12/1/24	10,140,000	10,621,041
	Owens Corning, 3.4000%, 8/15/26	5,158,000	5,061,391
	Rockwell Collins Inc, 3.2000%, 3/15/24	9,691,000	9,763,270
	Rockwell Collins Inc, 3.5000%, 3/15/27	16,567,000	16,863,388
	Vulcan Materials Co, 7.5000%, 6/15/21	7,080,000	8,192,325
	Vulcan Materials Co, 4.5000%, 4/1/25	20,165,000	21,483,179
			239,030,470
Communications – 5.8%
	American Tower Corp, 3.3000%, 2/15/21	17,753,000	18,076,923
	American Tower Corp, 3.4500%, 9/15/21	1,855,000	1,895,770
	American Tower Corp, 3.5000%, 1/31/23	3,289,000	3,362,528
	American Tower Corp, 4.4000%, 2/15/26	11,662,000	12,260,583
	American Tower Corp, 3.3750%, 10/15/26	21,311,000	20,931,923
	AT&T Inc, 3.4000%, 8/14/24	14,376,000	14,446,639
	AT&T Inc, 4.2500%, 3/1/27	8,072,000	8,226,497
	AT&T Inc, 3.9000%, 8/14/27	11,916,000	11,992,184
	AT&T Inc, 4.1000%, 2/15/28 (144A)	19,374,000	19,432,337
	AT&T Inc, 5.2500%, 3/1/37	6,267,000	6,623,692
	AT&T Inc, 5.1500%, 2/14/50	8,877,000	8,921,289
	AT&T Inc, 5.3000%, 8/14/58	18,387,000	18,430,297
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	16,328,000	16,603,535
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.1250%, 5/1/27 (144A)	6,618,000	6,518,730
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.0000%, 2/1/28 (144A)^†	28,850,000	28,056,625
	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.9080%, 7/23/25	23,015,000	24,463,678
	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.7500%, 2/15/28	6,345,000	6,073,321
	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.2000%, 3/15/28	13,375,000	13,239,123
	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.3750%, 5/1/47	6,897,000	7,066,030
	Comcast Corp, 2.3500%, 1/15/27	14,515,000	13,703,867


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

10	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications – (continued)
	Comcast Corp, 3.3000%, 2/1/27	$9,827,000	$10,022,718
	Comcast Corp, 3.4000%, 7/15/46	2,408,000	2,276,082
	Cox Communications Inc, 3.1500%, 8/15/24 (144A)	15,187,000	14,954,062
	Cox Communications Inc, 3.3500%, 9/15/26 (144A)	23,575,000	23,032,213
	Cox Communications Inc, 3.5000%, 8/15/27 (144A)	13,773,000	13,580,973
	Crown Castle International Corp, 5.2500%, 1/15/23	14,667,000	16,057,379
	Crown Castle International Corp, 3.2000%, 9/1/24	13,711,000	13,565,751
	Crown Castle International Corp, 3.6500%, 9/1/27	24,514,000	24,446,710
	Lamar Media Corp, 5.0000%, 5/1/23	9,202,000	9,478,060
	NBCUniversal Media LLC, 4.4500%, 1/15/43	4,568,000	4,980,384
	Time Warner Inc, 3.6000%, 7/15/25	13,231,000	13,257,494
	UBM PLC, 5.7500%, 11/3/20 (144A)	19,005,000	19,730,843
	Verizon Communications Inc, 2.6250%, 8/15/26	47,276,000	44,516,287
	Verizon Communications Inc, 4.1250%, 3/16/27	10,935,000	11,398,859
	Verizon Communications Inc, 4.1250%, 8/15/46	16,259,000	15,006,601
	Verizon Communications Inc, 4.8620%, 8/21/46	8,148,000	8,479,755
			505,109,742
Consumer Cyclical – 4.5%
	1011778 BC ULC / New Red Finance Inc, 4.6250%, 1/15/22 (144A)	22,922,000	23,466,398
	1011778 BC ULC / New Red Finance Inc, 4.2500%, 5/15/24 (144A)	20,759,000	20,707,103
	Amazon.com Inc, 2.8000%, 8/22/24 (144A)	10,100,000	10,066,987
	Amazon.com Inc, 3.1500%, 8/22/27 (144A)	31,878,000	31,916,564
	Amazon.com Inc, 4.0500%, 8/22/47 (144A)	11,972,000	12,889,862
	CVS Health Corp, 2.8000%, 7/20/20	14,455,000	14,514,282
	CVS Health Corp, 4.7500%, 12/1/22	8,925,000	9,558,598
	DR Horton Inc, 3.7500%, 3/1/19	12,361,000	12,526,385
	DR Horton Inc, 4.0000%, 2/15/20	2,958,000	3,042,547
	General Motors Co, 4.8750%, 10/2/23	12,189,000	13,188,579
	General Motors Co, 4.2000%, 10/1/27	14,552,000	15,056,421
	General Motors Financial Co Inc, 3.1000%, 1/15/19	1,900,000	1,910,156
	General Motors Financial Co Inc, 3.9500%, 4/13/24	22,211,000	22,861,279
	IHO Verwaltungs GmbH, 4.1250%, 9/15/21 (144A)	4,677,000	4,758,848
	IHO Verwaltungs GmbH, 4.5000%, 9/15/23 (144A)	3,019,000	3,077,508
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	11,056,000	11,986,915
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	13,425,000	14,163,375
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	22,946,000	22,917,318
	McDonald's Corp, 3.5000%, 3/1/27	33,983,000	34,939,173
	McDonald's Corp, 4.8750%, 12/9/45	11,590,000	13,414,487
	MDC Holdings Inc, 5.5000%, 1/15/24	13,773,000	14,530,515
	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc,
	5.6250%, 5/1/24	10,032,000	10,684,080
	Priceline Group Inc, 3.6000%, 6/1/26	32,618,000	32,749,241
	Tapestry Inc, 3.0000%, 7/15/22	6,799,000	6,774,107
	Tapestry Inc, 4.1250%, 7/15/27	6,799,000	6,848,779
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	6,044,000	6,142,215
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	4,914,000	5,356,260
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	3,364,000	3,490,150
	ZF North America Capital Inc, 4.5000%, 4/29/22 (144A)	3,389,000	3,558,450
			387,096,582
Consumer Non-Cyclical – 5.5%
	Abbott Laboratories, 3.8750%, 9/15/25	2,946,000	3,046,391
	Abbott Laboratories, 3.7500%, 11/30/26	5,466,000	5,611,330
	Anheuser-Busch InBev Finance Inc, 2.6500%, 2/1/21	6,221,000	6,251,667
	Anheuser-Busch InBev Finance Inc, 3.3000%, 2/1/23	35,189,000	36,003,691
	Becton Dickinson and Co, 2.8940%, 6/6/22	10,682,000	10,613,841
	Becton Dickinson and Co, 3.3630%, 6/6/24	23,747,000	23,808,249
	Becton Dickinson and Co, 3.7000%, 6/6/27	16,550,000	16,672,863
	Celgene Corp, 2.7500%, 2/15/23	13,235,000	13,123,851
	Constellation Brands Inc, 4.7500%, 12/1/25	2,552,000	2,803,079


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

Janus Investment Fund	11

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	Constellation Brands, Inc., 4.2500%, 5/1/23	$22,825,000	$24,142,130
	Danone SA, 2.0770%, 11/2/21 (144A)	25,614,000	25,052,837
	Danone SA, 2.5890%, 11/2/23 (144A)	11,922,000	11,624,505
	Express Scripts Holding Co, 3.5000%, 6/15/24	8,628,000	8,702,542
	Express Scripts Holding Co, 3.4000%, 3/1/27	9,720,000	9,535,631
	HCA Inc, 3.7500%, 3/15/19	8,871,000	8,948,621
	HCA Inc, 5.0000%, 3/15/24	13,726,000	14,275,040
	HCA Inc, 5.2500%, 6/15/26	11,314,000	11,992,840
	HCA Inc, 4.5000%, 2/15/27	13,248,000	13,314,240
	Life Technologies Corp, 6.0000%, 3/1/20	14,882,000	15,927,079
	LifePoint Health Inc, 5.5000%, 12/1/21	1,327,000	1,353,540
	McCormick & Co Inc/MD, 3.1500%, 8/15/24	19,102,000	19,198,962
	McCormick & Co Inc/MD, 3.4000%, 8/15/27	14,353,000	14,536,699
	Molson Coors Brewing Co, 3.0000%, 7/15/26	30,968,000	30,302,548
	Newell Brands Inc, 5.0000%, 11/15/23	10,328,000	10,900,094
	Post Holdings Inc, 5.7500%, 3/1/27 (144A)	9,081,000	9,239,918
	Post Holdings Inc, 5.6250%, 1/15/28 (144A)	4,411,000	4,427,541
	Reckitt Benckiser Treasury Services PLC, 2.7500%, 6/26/24 (144A)	12,434,000	12,161,811
	Shire Acquisitions Investments Ireland DAC, 2.4000%, 9/23/21	14,976,000	14,738,701
	Shire Acquisitions Investments Ireland DAC, 3.2000%, 9/23/26	15,163,000	14,821,557
	Sysco Corp, 2.5000%, 7/15/21	4,659,000	4,645,925
	Sysco Corp, 3.3000%, 7/15/26	11,578,000	11,647,533
	Sysco Corp, 3.2500%, 7/15/27	7,737,000	7,708,652
	Universal Health Services Inc, 4.7500%, 8/1/22 (144A)	16,397,000	16,704,444
	Wm Wrigley Jr Co, 2.4000%, 10/21/18 (144A)	25,106,000	25,176,154
	Wm Wrigley Jr Co, 3.3750%, 10/21/20 (144A)	15,201,000	15,566,754
			474,581,260
Electric – 1.9%
	Dominion Energy Inc, 2.0000%, 8/15/21	2,679,000	2,617,628
	Dominion Energy Inc, 2.8500%, 8/15/26	3,768,000	3,637,897
	Duke Energy Corp, 1.8000%, 9/1/21	7,241,000	7,042,226
	Duke Energy Corp, 2.4000%, 8/15/22	8,949,000	8,791,162
	Duke Energy Corp, 2.6500%, 9/1/26	19,418,000	18,600,463
	Duke Energy Corp, 3.1500%, 8/15/27	13,428,000	13,326,889
	NextEra Energy Operating Partners LP, 4.2500%, 9/15/24 (144A)	3,070,000	3,123,725
	NextEra Energy Operating Partners LP, 4.5000%, 9/15/27 (144A)	5,663,000	5,634,685
	PPL Capital Funding Inc, 3.1000%, 5/15/26	22,411,000	21,928,560
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	16,534,000	17,718,418
	Southern Co, 2.3500%, 7/1/21	24,425,000	24,277,609
	Southern Co, 2.9500%, 7/1/23	15,191,000	15,196,098
	Southern Co, 3.2500%, 7/1/26	20,003,000	19,612,097
			161,507,457
Energy – 3.3%
	Andeavor Logistics LP / Tesoro Logistics Finance Corp, 5.2500%, 1/15/25	6,424,000	6,756,121
	Canadian Natural Resources Ltd, 5.9000%, 2/1/18	7,384,000	7,409,599
	Canadian Natural Resources Ltd, 2.9500%, 1/15/23	7,124,000	7,091,090
	Cenovus Energy Inc, 5.7000%, 10/15/19	464,000	488,035
	Columbia Pipeline Group Inc, 4.5000%, 6/1/25	7,877,000	8,385,072
	ConocoPhillips Co, 4.9500%, 3/15/26	18,763,000	21,292,228
	Enbridge Energy Partners LP, 5.8750%, 10/15/25	11,091,000	12,559,087
	Energy Transfer Equity LP, 4.2500%, 3/15/23	11,154,000	11,070,345
	Energy Transfer Equity LP, 5.8750%, 1/15/24	11,945,000	12,572,113
	Energy Transfer LP, 4.1500%, 10/1/20	9,183,000	9,482,163
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	8,567,000	9,130,282
	Kinder Morgan Energy Partners LP, 3.9500%, 9/1/22	9,896,000	10,211,649
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	990,000	1,082,432
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	7,902,000	8,344,943
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	2,621,000	2,665,229
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	6,700,000	6,951,250


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

12	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy – (continued)
	NuStar Logistics LP, 5.6250%, 4/28/27	$17,003,000	$17,300,553
	Oceaneering International Inc, 4.6500%, 11/15/24	10,196,000	9,917,771
	Phillips 66 Partners LP, 3.6050%, 2/15/25	11,285,000	11,367,121
	Phillips 66 Partners LP, 3.7500%, 3/1/28	4,552,000	4,552,675
	Phillips 66 Partners LP, 4.6800%, 2/15/45	4,045,000	4,151,212
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	5,030,000	5,182,166
	Plains All American Pipeline LP / PAA Finance Corp, 4.5000%, 12/15/26	4,869,000	4,934,407
	Regency Energy Partners LP / Regency Energy Finance Corp, 5.8750%, 3/1/22	13,345,000	14,587,931
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27	21,894,000	23,487,810
	TC PipeLines LP, 3.9000%, 5/25/27	14,845,000	14,914,980
	Williams Cos Inc, 3.7000%, 1/15/23	5,998,000	5,968,010
	Williams Partners LP, 3.7500%, 6/15/27	24,291,000	24,334,576
	Williams Partners LP / ACMP Finance Corp, 4.8750%, 3/15/24	9,307,000	9,725,815
			285,916,665
Finance Companies – 0.6%
	Park Aerospace Holdings Ltd, 5.2500%, 8/15/22 (144A)	15,471,000	15,374,306
	Park Aerospace Holdings Ltd, 5.5000%, 2/15/24 (144A)	18,946,000	18,803,905
	Quicken Loans Inc, 5.2500%, 1/15/28 (144A)	21,344,000	21,070,797
			55,249,008
Financial Institutions – 1.3%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	25,777,000	27,154,218
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	36,721,000	37,914,433
	LeasePlan Corp NV, 2.5000%, 5/16/18 (144A)	44,304,000	44,309,070
			109,377,721
Industrial – 0.1%
	Cintas Corp No 2, 4.3000%, 6/1/21	6,952,000	7,329,213
Insurance – 1.0%
	Aetna Inc, 2.8000%, 6/15/23	9,454,000	9,303,021
	Centene Corp, 4.7500%, 5/15/22	1,364,000	1,415,150
	Centene Corp, 6.1250%, 2/15/24	4,039,000	4,271,243
	Centene Corp, 4.7500%, 1/15/25	5,642,000	5,740,735
	UnitedHealth Group Inc, 2.3750%, 10/15/22	8,339,000	8,257,229
	UnitedHealth Group Inc, 3.7500%, 7/15/25	13,485,000	14,210,093
	UnitedHealth Group Inc, 3.1000%, 3/15/26	5,163,000	5,199,780
	UnitedHealth Group Inc, 3.4500%, 1/15/27	3,413,000	3,529,620
	UnitedHealth Group Inc, 3.3750%, 4/15/27	1,727,000	1,774,145
	UnitedHealth Group Inc, 2.9500%, 10/15/27	16,125,000	16,072,970
	WellCare Health Plans Inc, 5.2500%, 4/1/25	16,000,000	16,880,000
			86,653,986
Real Estate Investment Trusts (REITs) – 1.1%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	5,168,000	5,189,505
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	26,252,000	27,873,356
	Alexandria Real Estate Equities Inc, 4.5000%, 7/30/29	11,832,000	12,538,276
	Digital Realty Trust LP, 3.7000%, 8/15/27	8,040,000	8,096,115
	Senior Housing Properties Trust, 6.7500%, 4/15/20	5,363,000	5,695,633
	Senior Housing Properties Trust, 6.7500%, 12/15/21	6,271,000	6,938,645
	SL Green Realty Corp, 5.0000%, 8/15/18	11,577,000	11,718,805
	SL Green Realty Corp, 7.7500%, 3/15/20	20,594,000	22,658,218
			100,708,553
Technology – 5.6%
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.6250%, 1/15/24 (144A)	15,758,000	15,666,303
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.8750%, 1/15/27 (144A)^†	57,463,000	56,530,551
	Cadence Design Systems Inc, 4.3750%, 10/15/24^†	32,562,000	34,538,538
	Equifax Inc, 2.3000%, 6/1/21	5,496,000	5,364,133
	Equifax Inc, 3.3000%, 12/15/22	16,874,000	16,762,142
	Fidelity National Information Services Inc, 3.6250%, 10/15/20	5,971,000	6,134,616
	Fidelity National Information Services Inc, 4.5000%, 10/15/22	7,073,000	7,570,173
	First Data Corp, 7.0000%, 12/1/23 (144A)	20,692,000	21,881,790
	Iron Mountain Inc, 4.8750%, 9/15/27 (144A)	24,079,000	24,079,000


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

Janus Investment Fund	13

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology – (continued)
	Iron Mountain Inc, 5.2500%, 3/15/28 (144A)	$19,034,000	$18,938,830
	NXP BV / NXP Funding LLC, 4.1250%, 6/15/20 (144A)	7,227,000	7,400,665
	NXP BV / NXP Funding LLC, 4.1250%, 6/1/21 (144A)	5,367,000	5,474,340
	NXP BV / NXP Funding LLC, 3.8750%, 9/1/22 (144A)	21,117,000	21,354,566
	NXP BV / NXP Funding LLC, 4.6250%, 6/1/23 (144A)	12,604,000	13,183,784
	Total System Services Inc, 3.8000%, 4/1/21	11,327,000	11,608,735
	Total System Services Inc, 4.8000%, 4/1/26	32,479,000	35,130,204
	Trimble Inc, 4.7500%, 12/1/24	40,171,000	43,344,529
	TSMC Global Ltd, 1.6250%, 4/3/18 (144A)^†	56,446,000	56,345,581
	Verisk Analytics Inc, 4.8750%, 1/15/19	10,602,000	10,855,656
	Verisk Analytics Inc, 5.8000%, 5/1/21	30,298,000	32,964,833
	Verisk Analytics Inc, 4.1250%, 9/12/22	13,208,000	13,787,173
	Verisk Analytics Inc, 5.5000%, 6/15/45	13,628,000	15,864,724
	VMware Inc, 3.9000%, 8/21/27	8,617,000	8,696,209
			483,477,075
Transportation – 0.2%
	FedEx Corp, 3.9000%, 2/1/35	1,829,000	1,856,768
	FedEx Corp, 4.4000%, 1/15/47	797,000	849,635
	Penske Truck Leasing Co Lp / PTL Finance Corp, 3.3750%, 3/15/18 (144A)	13,774,000	13,814,889
			16,521,292
Total Corporate Bonds (cost $4,002,920,187)			4,064,081,531
Mortgage-Backed Securities– 23.9%
Fannie Mae Pool:
	6.0000%, 10/1/35	4,630,650	5,248,582
	6.0000%, 12/1/35	3,864,914	4,389,423
	6.0000%, 2/1/37	1,927,461	2,216,351
	6.0000%, 10/1/38	4,004,917	4,515,138
	5.5000%, 12/1/39	7,098,676	7,829,225
	5.5000%, 3/1/40	6,045,157	6,756,258
	5.5000%, 4/1/40	10,733,116	11,808,403
	5.5000%, 2/1/41	3,655,856	4,086,142
	5.0000%, 5/1/41	2,707,408	2,923,207
	5.5000%, 5/1/41	3,873,597	4,269,182
	5.5000%, 6/1/41	8,394,339	9,366,714
	5.5000%, 6/1/41	3,432,121	3,779,492
	5.5000%, 7/1/41	13,605,275	14,982,209
	5.0000%, 10/1/41	2,933,185	3,166,584
	5.5000%, 12/1/41	6,638,068	7,320,312
	5.5000%, 2/1/42	34,131,386	37,582,785
	4.5000%, 11/1/42	4,407,841	4,756,976
	3.5000%, 2/1/43	28,299,914	29,183,180
	3.5000%, 2/1/43	5,090,033	5,249,148
	3.5000%, 3/1/43	15,546,101	16,031,959
	5.5000%, 10/1/43	7,509,078	8,395,215
	3.5000%, 4/1/44	9,755,536	10,104,508
	5.5000%, 5/1/44	7,449,263	8,203,167
	5.0000%, 7/1/44	12,321,399	13,529,358
	4.5000%, 10/1/44	9,237,062	10,019,221
	3.5000%, 2/1/45	26,071,467	26,888,931
	4.5000%, 3/1/45	15,356,736	16,658,919
	4.5000%, 6/1/45	8,430,543	9,025,696
	4.5000%, 9/1/45	37,610,507	40,800,520
	3.0000%, 10/1/45	4,629,308	4,632,773
	3.0000%, 10/1/45	2,948,709	2,950,796
	3.5000%, 12/1/45	8,667,598	8,976,523
	3.0000%, 1/1/46	597,726	598,190
	3.5000%, 1/1/46	25,537,300	26,447,481
	3.5000%, 1/1/46	22,042,900	22,828,538
	3.0000%, 3/1/46	19,943,692	19,957,808


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

14	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	3.0000%, 3/1/46	$13,419,786	$13,429,285
	4.0000%, 5/31/46	287,155,000	300,450,277
	3.5000%, 7/1/46	16,545,357	17,101,423
	3.5000%, 7/1/46	16,253,240	16,813,553
	4.5000%, 7/1/46	10,276,316	11,081,454
	4.0000%, 8/1/46	1,074,091	1,136,914
	4.0000%, 8/1/46	916,081	969,661
	4.0000%, 8/1/46	695,036	735,688
	4.0000%, 10/1/46	4,438,476	4,694,303
	3.0000%, 11/1/46	9,539,098	9,545,850
	3.0000%, 11/1/46	3,737,973	3,747,935
	3.0000%, 11/1/46	3,513,728	3,523,105
	4.5000%, 11/1/46	3,734,697	4,036,788
	3.5000%, 12/1/46	1,272,269	1,311,036
	3.5000%, 12/1/46	446,822	460,437
	3.5000%, 1/1/47	5,077,227	5,231,938
	3.5000%, 1/1/47	928,797	957,098
	3.5000%, 1/1/47	495,538	510,638
	3.0000%, 2/1/47	25,616,743	25,775,547
	4.5000%, 2/1/47	15,490,101	16,708,496
	4.0000%, 3/1/47	1,418,766	1,501,234
	4.0000%, 3/1/47	380,126	402,184
	4.0000%, 3/1/47	376,722	398,510
	4.0000%, 4/1/47	1,868,194	1,973,327
	4.0000%, 4/1/47	1,484,552	1,570,701
	4.0000%, 4/1/47	1,327,631	1,402,344
	4.0000%, 5/1/47	80,917,323	85,575,355
	4.0000%, 5/1/47	4,808,072	5,034,070
	4.0000%, 5/1/47	2,045,071	2,160,159
	4.0000%, 5/1/47	1,552,670	1,642,774
	4.0000%, 5/1/47	1,217,558	1,288,216
	4.0000%, 5/1/47	504,045	533,648
	4.5000%, 5/1/47	2,563,399	2,775,200
	4.5000%, 5/1/47	2,110,402	2,277,101
	4.5000%, 5/1/47	2,071,619	2,232,216
	4.5000%, 5/1/47	1,560,303	1,689,841
	4.5000%, 5/1/47	1,452,031	1,564,597
	4.5000%, 5/1/47	1,270,395	1,374,680
	4.5000%, 5/1/47	714,037	771,590
	4.5000%, 5/1/47	518,296	561,392
	4.5000%, 5/1/47	468,131	506,516
	3.0000%, 5/31/47	10,625,000	10,612,599
	3.5000%, 5/31/47	167,098,000	171,385,629
	3.5000%, 6/1/47	1,008,590	1,039,586
	4.0000%, 6/1/47	5,933,887	6,267,822
	4.0000%, 6/1/47	3,120,934	3,274,435
	4.0000%, 6/1/47	2,855,343	3,019,730
	4.0000%, 6/1/47	2,773,614	2,934,571
	4.0000%, 6/1/47	2,655,810	2,790,539
	4.0000%, 6/1/47	2,190,053	2,320,367
	4.0000%, 6/1/47	1,312,762	1,377,330
	4.0000%, 6/1/47	1,252,064	1,313,648
	4.0000%, 6/1/47	993,264	1,051,996
	4.0000%, 6/1/47	821,195	867,284
	4.0000%, 6/1/47	596,851	625,041
	4.0000%, 6/1/47	353,813	375,918
	4.5000%, 6/1/47	9,231,716	9,947,383
	4.5000%, 6/1/47	899,024	973,775
	3.5000%, 7/1/47	1,931,034	1,991,452


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

Janus Investment Fund	15

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	3.5000%, 7/1/47	$1,162,004	$1,198,921
	3.5000%, 7/1/47	881,958	911,847
	3.5000%, 7/1/47	527,476	545,757
	3.5000%, 7/1/47	521,439	538,552
	4.0000%, 7/1/47	23,045,932	24,386,587
	4.0000%, 7/1/47	5,818,578	6,146,023
	4.0000%, 7/1/47	4,360,726	4,606,129
	4.0000%, 7/1/47	4,074,455	4,309,028
	4.0000%, 7/1/47	2,238,324	2,363,722
	4.0000%, 7/1/47	2,231,137	2,362,183
	4.0000%, 7/1/47	1,779,812	1,885,053
	4.0000%, 7/1/47	1,203,637	1,274,332
	4.0000%, 7/1/47	1,071,287	1,123,980
	4.0000%, 7/1/47	1,064,536	1,127,060
	4.0000%, 7/1/47	683,016	717,663
	4.0000%, 7/1/47	598,193	630,245
	4.5000%, 7/1/47	6,560,912	7,069,528
	4.5000%, 7/1/47	5,856,066	6,310,046
	4.5000%, 7/1/47	5,777,999	6,225,955
	3.5000%, 8/1/47	7,164,919	7,364,447
	3.5000%, 8/1/47	4,539,801	4,680,134
	3.5000%, 8/1/47	4,150,736	4,282,603
	3.5000%, 8/1/47	1,003,168	1,034,606
	3.5000%, 8/1/47	440,788	454,792
	4.0000%, 8/1/47	11,951,656	12,516,737
	4.0000%, 8/1/47	9,817,491	10,281,671
	4.0000%, 8/1/47	9,756,692	10,305,756
	4.0000%, 8/1/47	8,742,413	9,234,398
	4.0000%, 8/1/47	5,785,951	6,111,557
	4.0000%, 8/1/47	4,318,030	4,567,935
	4.0000%, 8/1/47	4,063,998	4,270,161
	4.0000%, 8/1/47	2,504,551	2,638,077
	4.0000%, 8/1/47	1,830,841	1,939,098
	4.0000%, 8/1/47	1,029,129	1,077,843
	4.5000%, 8/1/47	8,139,049	8,770,054
	4.5000%, 8/1/47	1,997,685	2,152,554
	3.5000%, 9/1/47	22,766,178	23,401,326
	3.5000%, 9/1/47	3,581,143	3,702,735
	4.0000%, 9/1/47	9,985,517	10,547,471
	4.0000%, 9/1/47	6,409,324	6,770,017
	4.0000%, 9/1/47	1,044,697	1,103,489
	4.0000%, 9/1/47	316,581	335,075
	4.5000%, 9/1/47	38,679,945	41,201,612
	4.5000%, 9/1/47	6,831,826	7,361,504
	4.5000%, 9/1/47	5,105,634	5,501,461
	4.5000%, 9/1/47	4,637,896	4,997,462
	3.5000%, 10/1/47	30,784,374	31,644,027
	3.5000%, 10/1/47	8,860,282	9,107,700
	3.5000%, 10/1/47	748,637	772,927
	3.5000%, 10/1/47	663,566	686,096
	3.5000%, 10/1/47	533,551	551,007
	3.5000%, 10/1/47	310,236	321,513
	4.0000%, 10/1/47	5,081,182	5,340,296
	4.0000%, 10/1/47	4,398,375	4,645,899
	4.0000%, 10/1/47	4,229,104	4,467,103
	4.0000%, 10/1/47	2,834,247	2,993,748
	4.0000%, 10/1/47	2,324,054	2,460,561
	4.0000%, 10/1/47	1,203,286	1,273,963
	4.5000%, 10/1/47	1,182,031	1,273,673


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

16	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.5000%, 10/1/47	$539,284	$581,094
	3.0000%, 11/1/47	7,808,757	7,814,284
	3.5000%, 11/1/47	2,649,106	2,741,514
	3.5000%, 11/1/47	1,649,041	1,706,625
	4.0000%, 11/1/47	6,370,303	6,693,468
	4.0000%, 11/1/47	1,965,371	2,078,386
	4.0000%, 11/1/47	1,031,401	1,092,620
	4.5000%, 11/1/47	5,790,814	6,239,759
	3.0000%, 12/1/47	3,385,830	3,388,227
	3.0000%, 12/1/47	1,643,700	1,644,863
	3.5000%, 12/1/47	5,408,447	5,587,929
	3.5000%, 12/1/47	1,115,177	1,152,184
	3.5000%, 5/1/56	6,842,210	7,041,031
			1,576,742,783
Freddie Mac Gold Pool:
	5.5000%, 10/1/36	3,335,361	3,731,452
	6.0000%, 4/1/40	3,255,205	3,747,144
	5.5000%, 8/1/41	10,318,916	11,686,636
	5.5000%, 8/1/41	9,722,557	10,885,811
	5.0000%, 3/1/42	8,568,844	9,400,166
	3.5000%, 2/1/44	10,920,751	11,256,463
	4.5000%, 5/1/44	8,293,633	8,928,052
	3.0000%, 1/1/45	10,192,739	10,209,737
	4.0000%, 2/1/46	7,159,545	7,589,483
	3.5000%, 7/1/46	32,279,337	33,449,520
	3.0000%, 10/1/46	30,014,511	30,082,056
	3.0000%, 12/1/46	53,831,510	53,952,729
	4.0000%, 6/1/47	22,838,709	24,145,594
	4.0000%, 8/1/47	19,622,190	20,547,216
	3.5000%, 9/1/47	25,501,546	26,315,838
	3.5000%, 9/1/47	15,880,131	16,339,968
	3.5000%, 9/1/47	9,102,272	9,365,839
	3.5000%, 9/1/47	7,802,060	8,027,991
	3.5000%, 9/1/47	7,027,132	7,265,096
	4.0000%, 9/1/47	8,208,116	8,587,488
	3.5000%, 10/1/47	20,592,956	21,189,259
	3.5000%, 10/1/47	13,746,908	14,144,975
	3.5000%, 12/1/47	29,929,137	30,933,421
			381,781,934
Ginnie Mae I Pool:
	4.5000%, 9/15/40	5,374,934	5,741,943
	4.5000%, 5/15/41	4,920,494	5,206,441
	4.0000%, 1/15/45	30,952,995	32,511,522
	4.5000%, 8/15/46	34,988,341	37,680,444
	4.0000%, 7/15/47	18,578,688	19,491,686
	4.0000%, 8/15/47	3,741,709	3,925,873
			104,557,909
Ginnie Mae II Pool:
	4.0000%, 8/20/47	2,827,814	2,970,240
	4.0000%, 8/20/47	746,174	783,757
	4.0000%, 8/20/47	533,191	560,046
			4,314,043
Total Mortgage-Backed Securities (cost $2,084,557,140)			2,067,396,669
United States Treasury Notes/Bonds– 15.5%
	1.2500%, 8/31/19^†	86,241,000	85,353,890
	1.3750%, 9/30/19^†	159,590,000	158,196,305
	1.5000%, 10/31/19	41,309,000	41,020,039
	1.7500%, 11/30/19	267,155,000	266,482,701


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

Janus Investment Fund	17

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017


Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– (continued)
	1.6250%, 10/15/20	$1,842,000	$1,825,499
	1.7500%, 11/15/20	53,013,000	52,704,117
	1.7500%, 5/31/22	31,650,000	31,095,707
	1.7500%, 6/30/22	6,558,000	6,438,749
	1.8750%, 7/31/22	10,535,000	10,391,088
	1.6250%, 8/31/22	26,297,000	25,643,814
	1.8750%, 9/30/22	17,080,000	16,830,419
	2.0000%, 11/30/22	12,162,000	12,049,592
	2.1250%, 2/29/24	44,886,000	44,432,651
	2.1250%, 9/30/24	6,269,000	6,188,672
	2.0000%, 11/15/26^†	17,871,000	17,289,961
	2.2500%, 2/15/27^†	54,960,900	54,223,243
	2.2500%, 8/15/27^†	59,473,000	58,618,152
	2.2500%, 11/15/27	124,362,000	122,568,678
	3.6250%, 2/15/44	25,370,400	29,624,042
	2.2500%, 8/15/46	2,070,000	1,865,118
	3.0000%, 2/15/47	34,026,000	35,745,065
	3.0000%, 5/15/47	40,020,000	42,029,351
	2.7500%, 8/15/47^†	178,403,000	178,425,489
	2.7500%, 11/15/47	42,542,000	42,563,910
Total United States Treasury Notes/Bonds (cost $1,333,614,649)			1,341,606,252
Investment Companies– 6.6%
Money Markets – 6.6%
	Janus Cash Liquidity Fund LLC, 1.2731%^ºº,£(cost $569,292,220)	569,292,220	569,292,220
Total Investments (total cost $9,062,041,385) – 105.3%			9,112,906,108
Liabilities, net of Cash, Receivables and Other Assets – (5.3)%			(460,592,110)
Net Assets – 100%			$8,652,313,998


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

		% of
		Investment
Country	Value	Securities
United States	$8,645,639,154	94.9	%
Canada	94,685,520	1.0
Netherlands	91,722,425	1.0
United Kingdom	78,102,061	0.9
Taiwan	56,345,581	0.6
Belgium	42,255,358	0.5
Ireland	41,606,250	0.4
France	36,677,342	0.4
Switzerland	14,477,611	0.2
Germany	11,394,806	0.1



Total	$9,112,906,108	100.0	%


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

18	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2017

Schedules of Affiliated Investments – (% of Net Assets)


			Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 12/31/17
Investment Companies– 6.6%
Investments Purchased with Cash Collateral from Securities Lending – 0%
		Janus Cash Collateral Fund LLC, 1.2573%^ºº	$	1,090^∆	$	—	$	—	$	—
Money Markets – 6.6%
	Janus Cash Liquidity Fund LLC, 1.2731%^ºº			1,513,077		—		—		569,292,220


Total Affiliated Investments – 6.6%	$	1,514,167	$	—	$	—	$	569,292,220

(1) For securities that were affiliated for a portion of the period ended December 31, 2017, this column reflects amounts for the entire period ended December 31, 2017 and not just the period in which the security was affiliated.


			Share Balance at 6/30/17		Purchases		Sales		Share Balance at 12/31/17
Investment Companies– 6.6%
Investments Purchased with Cash Collateral from Securities Lending – 0%
		Janus Cash Collateral Fund LLC, 1.2573%^ºº		—		133,951,419		(133,951,419)		—
Money Markets – 6.6%
	Janus Cash Liquidity Fund LLC, 1.2731%^ºº			147,933,777		2,810,165,443		(2,388,807,000)		569,292,220


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

Janus Investment Fund	19

Janus Henderson Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company

144A


(a)	All or a portion of this position has not settled, or is not funded. Upon settlement or funding date, interest rates for unsettled or unfunded amounts will be determined. Interest and dividends will not be accrued until time of settlement or funding.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of December 31, 2017, is $615,450,478.


‡	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2017.


ºº	Rate shown is the 7-day yield as of December 31, 2017.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


§	Schedule of Restricted and Illiquid Securities (as of December 31, 2017)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20		4/29/13	$	15,208,110	$	15,074,494	0.2	%
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 0.8000%, 2.3521%, 11/25/50		11/29/17		20,526,000		20,526,000	0.2
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 1.0000%, 2.5521%, 11/25/50		11/29/17		5,100,000		5,100,000	0.0
Station Place Securitization Trust 2017-3, ICE LIBOR USD 1 Month + 1.0000%, 2.2942%, 7/24/18		8/11/17		22,822,000		22,825,783	0.3
Total			$	63,656,110	$	63,526,277	0.7	%

The Fund has registration rights for certain restricted securities held as of December 31, 2017. The issuer incurs all registration costs.


20	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	734,528,805	$	-
Bank Loans and Mezzanine Loans		-		336,000,631		-
Corporate Bonds		-		4,064,081,531		-
Mortgage-Backed Securities		-		2,067,396,669		-
United States Treasury Notes/Bonds		-		1,341,606,252		-
Investment Companies		-		569,292,220		-
Total Assets	$	-	$	9,112,906,108	$	-


Janus Investment Fund	21

Janus Henderson Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	8,543,613,888
	Affiliated investments, at value⁽²⁾			569,292,220
	Cash			11,518,120
	Non-interested Trustees' deferred compensation			164,988
	Receivables:
		Interest		58,705,283
		Investments sold		34,251,962
		Fund shares sold		14,076,275
		Dividends from affiliates		575,779
	Other assets			157,975
Total Assets				9,232,356,490
Liabilities:
	Payables:			—
		Investments purchased		548,720,621
		Fund shares repurchased		14,997,727
		Advisory fees		3,054,619
		Dividends		1,734,261
		Transfer agent fees and expenses		1,273,117
		12b-1 Distribution and shareholder servicing fees		291,058
		Non-interested Trustees' deferred compensation fees		164,988
		Non-interested Trustees' fees and expenses		63,579
		Fund administration fees		59,052
		Professional fees		31,564
		Custodian fees		13,644
		Accrued expenses and other payables		9,638,262
Total Liabilities				580,042,492
Net Assets			$	8,652,313,998


See Notes to Financial Statements.

22	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	8,802,760,168
	Undistributed net investment income/(loss)		(13,905,294)
	Undistributed net realized gain/(loss) from investments		(187,430,597)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		50,889,721
Total Net Assets		$	8,652,313,998
Net Assets - Class A Shares		$	215,710,648
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		20,840,249
Net Asset Value Per Share⁽³⁾		$	10.35
Maximum Offering Price Per Share⁽⁴⁾		$	10.87
Net Assets - Class C Shares		$	245,181,471
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		23,680,486
Net Asset Value Per Share⁽³⁾		$	10.35
Net Assets - Class D Shares		$	609,009,086
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		58,825,371
Net Asset Value Per Share		$	10.35
Net Assets - Class I Shares		$	5,736,787,547
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		554,125,876
Net Asset Value Per Share		$	10.35
Net Assets - Class N Shares		$	639,117,653
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,759,779
Net Asset Value Per Share		$	10.35
Net Assets - Class R Shares		$	39,611,359
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,825,732
Net Asset Value Per Share		$	10.35
Net Assets - Class S Shares		$	38,759,237
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,743,422
Net Asset Value Per Share		$	10.35
Net Assets - Class T Shares		$	1,128,136,997
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		108,986,499
Net Asset Value Per Share		$	10.35

(1) Includes cost of $8,492,749,165.

(2) Includes cost of $569,292,220.

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

(4) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2017



Investment Income:
	Interest		$	133,729,570
	Dividends from affiliates			1,513,077
	Dividends			815,733
	Affiliated securities lending income, net			1,090
	Other income			1,220,512
Total Investment Income				137,279,982
Expenses:
	Advisory fees			17,599,262
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		319,118
		Class C Shares		1,308,379
		Class R Shares		100,239
		Class S Shares		56,282
	Transfer agent administrative fees and expenses:
		Class D Shares		371,853
		Class R Shares		50,277
		Class S Shares		56,282
		Class T Shares		1,516,338
	Transfer agent networking and omnibus fees:
		Class A Shares		313,476
		Class C Shares		98,807
		Class I Shares		1,960,799
	Other transfer agent fees and expenses:
		Class A Shares		13,418
		Class C Shares		13,695
		Class D Shares		65,138
		Class I Shares		132,375
		Class N Shares		10,249
		Class R Shares		809
		Class S Shares		587
		Class T Shares		12,474
	Fund administration fees			352,019
	Shareholder reports expense			319,960
	Registration fees			163,651
	Non-interested Trustees’ fees and expenses			141,666
	Professional fees			82,625
	Custodian fees			41,605
	Other expenses			271,507
Total Expenses				25,372,890
Less: Excess Expense Reimbursement and Waivers				(115,424)
Net Expenses				25,257,466
Net Investment Income/(Loss)				112,022,516
Net Realized Gain/(Loss) on Investments:
	Investments			37,614,810
Total Net Realized Gain/(Loss) on Investments				37,614,810
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			(57,374,264)
Total Change in Unrealized Net Appreciation/Depreciation				(57,374,264)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	92,263,062


See Notes to Financial Statements.

24	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Statements of Changes in Net Assets



			Period ended December 31, 2017 (unaudited)		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	112,022,516	$	223,187,370
	Net realized gain/(loss) on investments			37,614,810		(11,460,015)
	Change in unrealized net appreciation/depreciation			(57,374,264)		(179,079,452)
Net Increase/(Decrease) in Net Assets Resulting from Operations				92,263,062		32,647,903
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(3,267,685)		(14,497,347)
		Class C Shares		(2,605,981)		(6,481,358)
		Class D Shares		(8,884,298)		(18,305,465)
		Class I Shares		(83,968,834)		(158,686,321)
		Class N Shares		(8,850,535)		(17,318,183)
		Class R Shares		(456,536)		(992,340)
		Class S Shares		(569,155)		(1,495,898)
		Class T Shares		(16,887,521)		(40,234,487)
Net Decrease from Dividends and Distributions to Shareholders				(125,490,545)		(258,011,399)
Capital Share Transactions:
		Class A Shares		(152,848,892)		(332,836,864)
		Class C Shares		(38,212,560)		(86,123,339)
		Class D Shares		(11,048,436)		(34,081,307)
		Class I Shares		269,028,397		68,199,107
		Class N Shares		69,928,497		(29,588,634)
		Class R Shares		(1,407,550)		(6,892,186)
		Class S Shares		(9,413,419)		(22,468,252)
		Class T Shares		(161,326,597)		(244,548,205)
Net Increase/(Decrease) from Capital Share Transactions				(35,300,560)		(688,339,680)
Net Increase/(Decrease) in Net Assets				(68,528,043)		(913,703,176)
Net Assets:
	Beginning of period			8,720,842,041		9,634,545,217
	End of period		$	8,652,313,998	$	8,720,842,041

Undistributed Net Investment Income/(Loss)			$	(13,905,294)	$	(437,265)


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Flexible Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016		2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.48		$10.64	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.12⁽¹⁾	0.23⁽¹⁾	0.23⁽¹⁾		0.24⁽¹⁾	0.25⁽¹⁾	0.30
		Net realized and unrealized gain/(loss)	(0.03)	(0.20)	0.18		(0.13)	0.31	(0.14)
	Total from Investment Operations		0.09	0.03	0.41		0.11	0.56	0.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.27)	(0.26)		(0.27)	(0.30)	(0.30)
		Distributions (from capital gains)	—	—	—		—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.13)	(0.27)	(0.26)		(0.27)	(0.42)	(0.51)
	Net Asset Value, End of Period		$10.35	$10.39	$10.63		$10.48	$10.64	$10.50
	Total Return*		0.89%	0.30%	3.97%		1.02%	5.47%	1.45%
	Net Assets, End of Period (in thousands)		$215,711	$369,125	$720,360		$785,362	$666,272	$719,932
	Average Net Assets for the Period (in thousands)		$256,903	$572,984	$728,366		$678,538	$649,984	$786,291
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.84%	0.81%		0.79%	0.80%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	0.84%	0.81%		0.79%	0.79%	0.75%
		Ratio of Net Investment Income/(Loss)	2.20%	2.15%	2.18%		2.25%	2.38%	2.09%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%		124%	118%	118%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.48	$10.64	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.09⁽¹⁾	0.16⁽¹⁾	0.16⁽¹⁾	0.16⁽¹⁾	0.17⁽¹⁾	0.21
		Net realized and unrealized gain/(loss)	(0.03)	(0.20)	0.18	(0.13)	0.31	(0.14)
	Total from Investment Operations		0.06	(0.04)	0.34	0.03	0.48	0.07
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.20)	(0.19)	(0.19)	(0.22)	(0.21)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.10)	(0.20)	(0.19)	(0.19)	(0.34)	(0.42)
	Net Asset Value, End of Period		$10.35	$10.39	$10.63	$10.48	$10.64	$10.50
	Total Return*		0.60%	(0.38)%	3.27%	0.28%	4.68%	0.65%
	Net Assets, End of Period (in thousands)		$245,181	$284,311	$379,168	$349,070	$304,253	$432,713
	Average Net Assets for the Period (in thousands)		$265,893	$343,064	$358,131	$332,035	$341,462	$470,325
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.49%	1.52%	1.49%	1.53%	1.58%	1.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.49%	1.52%	1.49%	1.53%	1.56%	1.55%
		Ratio of Net Investment Income/(Loss)	1.63%	1.51%	1.50%	1.52%	1.60%	1.30%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%

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

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

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

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

26	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.47	$10.64	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.13⁽¹⁾	0.26⁽¹⁾	0.25⁽¹⁾	0.26⁽¹⁾	0.27⁽¹⁾	0.32
		Net realized and unrealized gain/(loss)	(0.02)	(0.20)	0.19	(0.14)	0.31	(0.14)
	Total from Investment Operations		0.11	0.06	0.44	0.12	0.58	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.30)	(0.28)	(0.29)	(0.32)	(0.32)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.15)	(0.30)	(0.28)	(0.29)	(0.44)	(0.53)
	Net Asset Value, End of Period		$10.35	$10.39	$10.63	$10.47	$10.64	$10.50
	Total Return*		1.06%	0.54%	4.28%	1.12%	5.67%	1.61%
	Net Assets, End of Period (in thousands)		$609,009	$622,426	$671,895	$643,371	$662,074	$750,690
	Average Net Assets for the Period (in thousands)		$618,187	$649,107	$644,053	$658,439	$677,831	$825,062
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.59%	0.60%	0.60%	0.60%	0.61%	0.60%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.60%	0.60%	0.60%	0.61%	0.60%
		Ratio of Net Investment Income/(Loss)	2.54%	2.44%	2.39%	2.46%	2.57%	2.25%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%


Class I Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.48	$10.64	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.26⁽¹⁾	0.25⁽¹⁾	0.26⁽¹⁾	0.27⁽¹⁾	0.32
		Net realized and unrealized gain/(loss)	(0.03)	(0.20)	0.18	(0.13)	0.31	(0.14)
	Total from Investment Operations		0.11	0.06	0.43	0.13	0.58	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.30)	(0.28)	(0.29)	(0.32)	(0.32)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.15)	(0.30)	(0.28)	(0.29)	(0.44)	(0.53)
	Net Asset Value, End of Period		$10.35	$10.39	$10.63	$10.48	$10.64	$10.50
	Total Return*		1.10%	0.59%	4.22%	1.24%	5.69%	1.66%
	Net Assets, End of Period (in thousands)		$5,736,788	$5,490,323	$5,552,671	$5,971,814	$3,486,670	$2,918,160
	Average Net Assets for the Period (in thousands)		$5,678,962	$5,521,703	$5,344,122	$5,007,807	$3,017,072	$2,181,783
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.50%	0.55%	0.56%	0.57%	0.62%	0.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.50%	0.55%	0.56%	0.57%	0.59%	0.55%
		Ratio of Net Investment Income/(Loss)	2.63%	2.50%	2.43%	2.46%	2.59%	2.28%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%

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

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

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

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Flexible Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.62	$10.47	$10.63	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.27⁽¹⁾	0.27⁽¹⁾	0.27⁽¹⁾	0.29⁽¹⁾	0.39
		Net realized and unrealized gain/(loss)	(0.02)	(0.19)	0.18	(0.12)	0.30	(0.19)
	Total from Investment Operations		0.12	0.08	0.45	0.15	0.59	0.20
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.31)	(0.30)	(0.31)	(0.34)	(0.34)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.16)	(0.31)	(0.30)	(0.31)	(0.46)	(0.55)
	Net Asset Value, End of Period		$10.35	$10.39	$10.62	$10.47	$10.63	$10.50
	Total Return*		1.13%	0.79%	4.35%	1.37%	5.74%	1.77%
	Net Assets, End of Period (in thousands)		$639,118	$571,544	$613,840	$638,030	$225,650	$64,760
	Average Net Assets for the Period (in thousands)		$583,870	$581,190	$592,601	$467,431	$161,478	$210,599
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.44%	0.44%	0.44%	0.44%	0.45%	0.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.44%	0.44%	0.44%	0.44%	0.45%	0.44%
		Ratio of Net Investment Income/(Loss)	2.70%	2.60%	2.55%	2.57%	2.78%	2.45%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%


Class R Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.48	$10.64	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.10⁽¹⁾	0.19⁽¹⁾	0.19⁽¹⁾	0.19⁽¹⁾	0.20⁽¹⁾	0.26
		Net realized and unrealized gain/(loss)	(0.02)	(0.20)	0.18	(0.12)	0.32	(0.14)
	Total from Investment Operations		0.08	(0.01)	0.37	0.07	0.52	0.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.23)	(0.22)	(0.23)	(0.26)	(0.26)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.12)	(0.23)	(0.22)	(0.23)	(0.38)	(0.47)
	Net Asset Value, End of Period		$10.35	$10.39	$10.63	$10.48	$10.64	$10.50
	Total Return*		0.75%	(0.06)%	3.57%	0.61%	5.05%	1.02%
	Net Assets, End of Period (in thousands)		$39,611	$41,175	$49,255	$33,915	$23,049	$30,080
	Average Net Assets for the Period (in thousands)		$40,135	$44,888	$41,127	$28,705	$24,473	$29,460
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.20%	1.20%	1.19%	1.20%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.20%	1.20%	1.19%	1.20%	1.17%
		Ratio of Net Investment Income/(Loss)	1.95%	1.84%	1.81%	1.84%	1.95%	1.67%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%

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

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

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

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

28	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.48	$10.64	$10.50	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.12⁽¹⁾	0.22⁽¹⁾	0.21⁽¹⁾	0.23⁽¹⁾	0.23⁽¹⁾	0.28
		Net realized and unrealized gain/(loss)	(0.03)	(0.20)	0.18	(0.14)	0.32	(0.14)
	Total from Investment Operations		0.09	0.02	0.39	0.09	0.55	0.14
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.26)	(0.24)	(0.25)	(0.29)	(0.28)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.13)	(0.26)	(0.24)	(0.25)	(0.41)	(0.49)
	Net Asset Value, End of Period		$10.35	$10.39	$10.63	$10.48	$10.64	$10.50
	Total Return*		0.88%	0.20%	3.83%	0.87%	5.31%	1.26%
	Net Assets, End of Period (in thousands)		$38,759	$48,347	$72,406	$68,701	$116,274	$75,202
	Average Net Assets for the Period (in thousands)		$45,062	$60,867	$71,575	$92,884	$83,118	$78,304
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.94%	0.94%	0.94%	0.95%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.94%	0.94%	0.94%	0.95%	0.94%
		Ratio of Net Investment Income/(Loss)	2.20%	2.08%	2.06%	2.18%	2.23%	1.91%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%


Class T Shares
For a share outstanding during the period ended December 31, 2017 (unaudited) and each year ended June 30			2017	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.62	$10.47	$10.63	$10.49	$10.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.13⁽¹⁾	0.25⁽¹⁾	0.24⁽¹⁾	0.25⁽¹⁾	0.26⁽¹⁾	0.31
		Net realized and unrealized gain/(loss)	(0.02)	(0.19)	0.18	(0.13)	0.31	(0.15)
	Total from Investment Operations		0.11	0.06	0.42	0.12	0.57	0.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.29)	(0.27)	(0.28)	(0.31)	(0.31)
		Distributions (from capital gains)	—	—	—	—	(0.12)	(0.21)
	Total Dividends and Distributions		(0.15)	(0.29)	(0.27)	(0.28)	(0.43)	(0.52)
	Net Asset Value, End of Period		$10.35	$10.39	$10.62	$10.47	$10.63	$10.49
	Total Return*		1.01%	0.55%	4.10%	1.12%	5.58%	1.42%
	Net Assets, End of Period (in thousands)		$1,128,137	$1,293,591	$1,574,950	$1,409,448	$1,135,441	$1,165,892
	Average Net Assets for the Period (in thousands)		$1,212,221	$1,476,151	$1,482,943	$1,300,050	$1,096,557	$1,333,891
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.68%	0.69%	0.69%	0.69%	0.70%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.69%	0.68%	0.69%	0.69%	0.69%
		Ratio of Net Investment Income/(Loss)	2.45%	2.35%	2.31%	2.35%	2.49%	2.16%
	Portfolio Turnover Rate		68%⁽²⁾	96%	99%	124%	118%	118%

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

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

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

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Flexible Bond Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain maximum total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


30	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	31

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Dividends and Distributions

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


32	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk

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


Janus Investment Fund	33

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of December 31, 2017.

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

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

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

· Mezzanine Loans - Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases, and Treasury and Federal Reserve purchases of their mortgage-


34	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

Real Estate Investing

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. Deutsche Bank AG acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodian functions in accordance with the Agency Securities Lending and Repurchase Agreement. The Fund may lend portfolio securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

Upon receipt of cash collateral, Janus Capital may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. Janus Capital currently intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. An investment in Janus Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely


Janus Investment Fund	35

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

manner. As adviser to the Fund and Janus Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. There were no securities on loan as of December 31, 2017.

Sovereign Debt

TBA Commitments

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

When-Issued and Delayed Delivery Securities

The Fund may purchase or sell securities on a when-issued or delayed delivery basis. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Fund may hold liquid assets as collateral with the Fund’s custodian sufficient to cover the purchase price.


36	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

3. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $300 Million	0.50
Over $300 Million	0.40

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.45% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2017) was 0.51%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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


Janus Investment Fund	37

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital. For all share classes except Class D Shares, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, of up to 0.50% of the Class R Shares' average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2017 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2017 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $210,375 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2017.


38	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered product compliant with Rule 2a-7 under the 1940 Act. There are no restrictions on the Fund's ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. The units of Janus Cash Liquidity Fund LLC are not charged any management fee, sales charge or service fee.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the period ended December 31, 2017, Janus Henderson Distributors retained upfront sales charges of $9,036.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended December 31, 2017, redeeming shareholders of Class A Shares paid CDSCs of $9,795 to Janus Henderson Distributors.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2017, the Fund engaged in cross trades amounting to $56,600,219 in purchases and $18,190,858 in sales, resulting in a net realized loss of $178,713. The net realized loss is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax


Janus Investment Fund	39

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)



Capital Loss Carryover Schedule
For the year ended June 30, 2017
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(206,038,374)	$(11,922,675)	$ (217,961,049)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 9,070,639,524	$91,706,032	$(49,439,448)	$ 42,266,584


40	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended December 31, 2017		Year ended June 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	3,072,080	$ 31,936,786	16,598,575	$ 173,841,625
Reinvested dividends and distributions	187,590	1,950,899	1,114,686	11,656,307
Shares repurchased	(17,946,946)	(186,736,577)	(49,973,847)	(518,334,796)
Net Increase/(Decrease)	(14,687,276)	$(152,848,892)	(32,260,586)	$ (332,836,864)
Class C Shares:
Shares sold	1,024,646	$ 10,651,085	4,470,482	$ 46,986,312
Reinvested dividends and distributions	204,528	2,126,171	488,523	5,099,649
Shares repurchased	(4,903,538)	(50,989,816)	(13,281,395)	(138,209,300)
Net Increase/(Decrease)	(3,674,364)	$ (38,212,560)	(8,322,390)	$ (86,123,339)
Class D Shares:
Shares sold	2,700,492	$ 28,102,835	7,528,149	$ 78,767,716
Reinvested dividends and distributions	805,434	8,371,720	1,645,940	17,176,623
Shares repurchased	(4,572,462)	(47,522,991)	(12,509,248)	(130,025,646)
Net Increase/(Decrease)	(1,066,536)	$ (11,048,436)	(3,335,159)	$ (34,081,307)
Class I Shares:
Shares sold	92,888,619	$ 966,201,682	226,178,611	$2,364,184,213
Reinvested dividends and distributions	7,330,241	76,187,075	13,457,299	140,399,698
Shares repurchased	(74,381,093)	(773,360,360)	(233,863,634)	(2,436,384,804)
Net Increase/(Decrease)	25,837,767	$ 269,028,397	5,772,276	$ 68,199,107
Class N Shares:
Shares sold	12,384,784	$ 128,592,991	17,935,674	$ 187,137,050
Reinvested dividends and distributions	791,506	8,224,905	1,571,248	16,394,527
Shares repurchased	(6,434,268)	(66,889,399)	(22,276,457)	(233,120,211)
Net Increase/(Decrease)	6,742,022	$ 69,928,497	(2,769,535)	$ (29,588,634)
Class R Shares:
Shares sold	533,864	$ 5,553,037	1,668,630	$ 17,426,368
Reinvested dividends and distributions	29,854	310,305	66,074	690,068
Shares repurchased	(699,572)	(7,270,892)	(2,407,471)	(25,008,622)
Net Increase/(Decrease)	(135,854)	$ (1,407,550)	(672,767)	$ (6,892,186)
Class S Shares:
Shares sold	676,169	$ 7,040,147	1,295,947	$ 13,547,748
Reinvested dividends and distributions	54,562	567,433	142,717	1,490,980
Shares repurchased	(1,638,748)	(17,020,999)	(3,599,626)	(37,506,980)
Net Increase/(Decrease)	(908,017)	$ (9,413,419)	(2,160,962)	$ (22,468,252)
Class T Shares:
Shares sold	9,363,492	$ 97,334,884	34,518,656	$ 360,839,220
Reinvested dividends and distributions	1,613,867	16,774,477	3,826,433	39,932,993
Shares repurchased	(26,487,569)	(275,435,958)	(62,086,519)	(645,320,418)
Net Increase/(Decrease)	(15,510,210)	$(161,326,597)	(23,741,430)	$ (244,548,205)


Janus Investment Fund	41

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$2,741,642,725	$3,227,564,396	$2,917,443,087	$2,974,415,016

7. Recent Accounting Pronouncements

8. Subsequent Event


42	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	43

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Funds

Asset Allocation Funds


44	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	45

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


46	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	47

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


48	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	49

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Alternative Funds


50	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	51

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


52	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	53

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.


54	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

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

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.


Janus Investment Fund	55

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


56	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


Janus Investment Fund	57

Janus Henderson Flexible Bond Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


58	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Useful Information About Your Fund Report (unaudited)

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


Janus Investment Fund	59

Janus Henderson Flexible Bond Fund

Notes

NotesPage1


60	DECEMBER 31, 2017

Janus Henderson Flexible Bond Fund

Notes

NotesPage2


Janus Investment Fund	61

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93019 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Global Allocation Fund – Conservative

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Global Allocation Fund - Conservative


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	17
Additional Information	24
Useful Information About Your Fund Report	38

Janus Henderson Global Allocation Fund - Conservative (unaudited)

FUND SNAPSHOT

This fund of funds offers broad global diversification for investors by utilizing the full spectrum of Janus Henderson’s investment expertise and solutions, with the goal of providing higher risk-adjusted returns than the broad markets.

Enrique Chang

co-portfolio manager

Ashwin Alankar

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Global Allocation Fund – Conservative’s Class I Shares returned 5.43% for the six-month period ended December 31, 2017. This compares with a return of 2.86% for the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s primary benchmark, and a return of 6.14% for its secondary benchmark, the Global Conservative Allocation Index, an internally calculated, hypothetical combination of total returns from the Bloomberg Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index^SM (40%).

INVESTMENT ENVIRONMENT

Global financial markets enjoyed the tailwinds of synchronized economic growth across major regions during the period. Stocks benefited, too, from solid corporate earnings and, later in the period, the prospect of tax reform in the U.S. Emerging markets outperformed their developed market peers and among advanced economies, the U.S. and Japan tended to register higher returns than major European benchmarks. On a sector basis, technology and materials rose the most while traditionally defensive sectors – consumer staples, health care and utilities – delivered the most muted gains.

Global bond markets rose as well. A key driver was spread compression in both investment-grade and high-yield corporate credits, with those of the former reaching a decade low. Treasury performance was more dispersed. The yield on the 2-year U.S. Treasury rose as the market coalesced around a third Federal Reserve-rate hike in 2017, which ultimately occurred in December. The 10-year note, after dipping to nearly 2% in September saw spreads widen to 2.41% by period end and the yield on the 30-year slipped to 2.74%. German Bunds remained well bid as the European Central Bank announced it would extend its asset purchasing program, albeit in smaller increments. In the UK, the Bank of England initiated its first rate hike since the Global Financial Crisis as inflation crested 3%.

INVESTMENT PROCESS

Janus Henderson Global Allocation Fund – Conservative invests across a broad set of Janus Henderson funds that span a wide range of global asset categories with a base allocation of 30% to 50% equities, 50% to 65% fixed income and 0% to 20% alternative investments that are rebalanced quarterly. Janus Henderson Global Allocation Fund – Conservative is structured as a “fund of funds” portfolio that provides investors with broad, diversified exposure to various types of investments with an emphasis on managing investment risk. The Fund is also designed to blend the three core competencies that Janus Henderson practices as an organization: mathematically driven strategies, risk-managed strategies and fundamentally driven growth and value-oriented strategies. We believe that combining these very different approaches in a single investment can potentially produce a portfolio with a unique and powerful performance profile.

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


Janus Investment Fund	1

Janus Henderson Global Allocation Fund - Conservative (unaudited)

PERFORMANCE DISCUSSION

The Fund outperformed its primary benchmark during the six-month period but underperformed its secondary benchmark. Generating the highest returns was the Fund’s position in the Janus Henderson Global Bond Fund. Global Bonds rose on the back of narrowing corporate credits spreads and mid- to longer-dated Treasurys largely holding ground despite the prospect of rising rates in the U.S. and an eventual step back from highly accommodative monetary policy abroad. Also contributing was the Janus Henderson Overseas Fund as its holdings in China’s Internet giants rallied considerably. The Janus Henderson Adaptive Global Allocation Fund was a contributor as well. This is a strategy designed to use forward-looking views on potential extreme market movements in order to minimize the risk of significant loss in a major downturn while still participating in upside opportunities.

The lone position to generate negative returns was the Janus Henderson Contrarian Fund, which was weighed down by certain health care names. The Janus Henderson Short-Term Bond Fund generated only slightly positive returns as shorter-dated Treasurys came under pressure during the period as this segment of the yield curve tends to be more sensitive to interest rate hikes. Also modestly gaining was the Janus Henderson Global Research Fund, which is a research-driven best ideas portfolio that seeks to deliver outperformance by focusing on stock selection while minimizing the impact of sector allocation.

OUTLOOK

An aging bull market and a 10-year economic expansion have us, like many investors, wondering: How much longer can this rally continue? But signals from our Adaptive Multi-Asset Solutions Team's proprietary options pricing model suggest a correction is not imminent.

The Federal Reserve is expected to continue raising interest rates gradually in 2018 and beyond, while slowly reducing its $4.5 trillion balance sheet. The European Central Bank, which has yet to begin tightening, is focusing on tapering asset purchases first and will likely raise rates at a later date. This staggered approach could help global markets avoid a sudden liquidity crunch that would curtail growth, create a headwind for equities and cause global bond yields to spike – more reason to believe the current expansion can persist.

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


2	DECEMBER 31, 2017

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Fund At A Glance

December 31, 2017


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	36.7	%
Janus Henderson Diversified Alternatives Fund - Class N Shares	9.8
Janus Henderson Flexible Bond Fund - Class N Shares	8.2
Janus Henderson Short-Term Bond Fund - Class N Shares	5.7
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.4
Janus Henderson Overseas Fund - Class N Shares	5.2
Janus Henderson Large Cap Value Fund - Class N Shares	3.1
Janus Henderson International Value Fund - Class N Shares	3.0
Janus Henderson International Managed Volatility Fund - Class N Shares	2.8
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	2.3
Janus Henderson Global Select Fund - Class N Shares	2.3
Janus Henderson Global Research Fund - Class N Shares	2.2
Janus Henderson Emerging Markets Fund - Class N Shares	2.1
Janus Henderson Enterprise Fund - Class N Shares	1.9
Janus Henderson Small Cap Value Fund - Class N Shares	1.8
Janus Henderson Global Real Estate Fund - Class I Shares	1.8
Janus Henderson Triton Fund - Class N Shares	1.7
Janus Henderson Contrarian Fund - Class N Shares	1.3
Janus Henderson Mid Cap Value Fund - Class N Shares	1.1
Janus Henderson Forty Fund - Class N Shares	0.9
Janus Henderson Asia Equity Fund - Class I Shares	0.7


Asset Allocation - (% of Net Assets)
Fixed Income Funds	50.6%
Equity Funds	39.6%
Alternative Funds	9.8%
Other		(0.0)%
		100.0%


Janus Investment Fund	3

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2017						per the October 27, 2017 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	5.30%	12.74%	5.24%	5.14%	5.99%	1.15%
Class A Shares at MOP	-0.78%	6.22%	4.01%	4.52%	5.47%
Class C Shares at NAV	4.91%	11.91%	4.64%	4.46%	5.29%	1.88%
Class C Shares at CDSC	3.91%	10.91%	4.64%	4.46%	5.29%
Class D Shares⁽¹⁾	5.45%	12.87%	5.45%	5.34%	6.21%	0.95%
Class I Shares	5.43%	12.95%	5.50%	5.29%	6.17%	0.90%
Class S Shares	5.18%	12.47%	5.08%	4.93%	5.77%	1.30%
Class T Shares	5.37%	12.80%	5.40%	5.29%	6.17%	1.05%
Bloomberg Barclays Global Aggregate Bond Index	2.86%	7.39%	0.79%	3.09%	3.90%
Global Conservative Allocation Index	6.14%	13.78%	4.80%	4.01%	5.20%
Morningstar Quartile - Class T Shares	-	4th	3rd	1st	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	-	341/459	283/391	27/245	73/226

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

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


4	DECEMBER 31, 2017

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Performance

has different risks. Please see the prospectus for more information about risks, holdings and other details.

Performance of the Global Allocation Funds depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Capital Management is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.

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

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

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 30, 2005

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Beginning Account Value (7/1/17)	Ending Account Value (12/31/17)	Expenses Paid During Period (7/1/17 - 12/31/17)†	Net Annualized Expense Ratio (7/1/17 - 12/31/17)††
Class A Shares		$1,000.00	$1,053.00	$2.33	$1,000.00	$1,022.94	$2.29	0.45%
Class C Shares		$1,000.00	$1,049.10	$5.84	$1,000.00	$1,019.51	$5.75	1.13%
Class D Shares		$1,000.00	$1,054.50	$1.40	$1,000.00	$1,023.84	$1.38	0.27%
Class I Shares		$1,000.00	$1,054.30	$1.14	$1,000.00	$1,024.10	$1.12	0.22%
Class S Shares		$1,000.00	$1,051.80	$3.26	$1,000.00	$1,022.03	$3.21	0.63%
Class T Shares		$1,000.00	$1,053.70	$1.81	$1,000.00	$1,023.44	$1.79	0.35%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.
††	Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


6	DECEMBER 31, 2017

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2017


Shares			Value
Investment Companies^£– 100.0%
Alternative Funds – 9.8%
	Janus Henderson Diversified Alternatives Fund - Class N Shares	2,295,497	$23,368,156
Equity Funds – 39.6%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	1,217,741	12,932,411
	Janus Henderson Asia Equity Fund - Class I Shares	137,717	1,658,116
	Janus Henderson Contrarian Fund - Class N Shares	165,990	3,130,578
	Janus Henderson Emerging Markets Fund - Class N Shares	454,052	4,912,843
	Janus Henderson Enterprise Fund - Class N Shares	38,602	4,577,826
	Janus Henderson Forty Fund - Class N Shares	65,693	2,146,832
	Janus Henderson Global Real Estate Fund - Class I Shares	379,332	4,358,525
	Janus Henderson Global Research Fund - Class N Shares	67,501	5,305,556
	Janus Henderson Global Select Fund - Class N Shares	325,577	5,485,965
	Janus Henderson International Managed Volatility Fund - Class N Shares	722,598	6,684,027
	Janus Henderson International Value Fund - Class N Shares	603,182	7,002,943
	Janus Henderson Large Cap Value Fund - Class N Shares	469,010	7,255,587
	Janus Henderson Mid Cap Value Fund - Class N Shares	157,778	2,645,943
	Janus Henderson Overseas Fund - Class N Shares	379,316	12,339,143
	Janus Henderson Small Cap Value Fund - Class N Shares	189,944	4,363,010
	Janus Henderson Triton Fund - Class N Shares	134,616	3,899,815
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares	501,980	5,491,664
			94,190,784
Fixed Income Funds – 50.6%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,876,691	19,423,748
	Janus Henderson Global Bond Fund - Class N Shares	9,061,233	87,452,145
	Janus Henderson Short-Term Bond Fund - Class N Shares	4,505,792	13,562,434
			120,438,327
Total Investments (total cost $220,425,149) – 100.0%			237,997,267
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(58,725)
Net Assets – 100%			$237,938,542

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 12/31/17
Investment Companies– 100.0%
Alternative Funds – 9.8%
	Janus Henderson Diversified Alternatives Fund - Class N Shares	$	584,967	$	11,733	$	(343,434)	$	23,368,156
Equity Funds – 39.6%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		813,232		35,222		14,392		12,932,411
	Janus Henderson Asia Equity Fund - Class I Shares		25,567		77,155		95,453		1,658,116
	Janus Henderson Contrarian Fund - Class I Shares		—		(870)		4,006		—
	Janus Henderson Contrarian Fund - Class N Shares		38,574		(2,711)		(166,341)		3,130,578
	Janus Henderson Emerging Markets Fund - Class N Shares		56,590		294,483		330,353		4,912,843
	Janus Henderson Enterprise Fund - Class N Shares		8,637		174,795		298,415		4,577,826
	Janus Henderson Forty Fund - Class N Shares		16,707		(200,876)		296,225		2,146,832
	Janus Henderson Global Real Estate Fund - Class I Shares		157,478		36,318		163,721		4,358,525


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

Janus Investment Fund	7

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2017


		Dividend Income⁽¹⁾			Realized Gain/(Loss)⁽¹⁾			Change in Unrealized Appreciation/ Depreciation⁽¹⁾			Value at 12/31/17
Investment Companies– (continued)
Equity Funds – (continued)
	Janus Henderson Global Research Fund - Class I Shares			—			21,611			(1,766,729)			—
	Janus Henderson Global Research Fund - Class N Shares			44,021			288,954			1,953,471			5,305,556
	Janus Henderson Global Select Fund - Class I Shares			—			23,111			(967,168)			—
	Janus Henderson Global Select Fund - Class N Shares			53,854			376,998			1,244,734			5,485,965
	Janus Henderson International Managed Volatility Fund - Class N Shares			101,394			44,935			538,229			6,684,027
	Janus Henderson International Value Fund - Class N Shares			201,992			149,784			277,915			7,002,943
	Janus Henderson Large Cap Value Fund - Class N Shares			135,259			524,776			(843,092)			7,255,587
	Janus Henderson Mid Cap Value Fund - Class N Shares			14,999			49,742			(85,459)			2,645,943
	Janus Henderson Overseas Fund - Class N Shares			245,051			(42,656)			1,090,781			12,339,143
	Janus Henderson Small Cap Value Fund - Class N Shares			88,125			97,016			(80,226)			4,363,010
	Janus Henderson Triton Fund - Class N Shares			6,451			826,713			(481,664)			3,899,815
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares			228,218			757,021			(390,498)			5,491,664
Total Equity Funds			$	2,236,149		$	3,531,521		$	1,526,518		$	94,190,784
Fixed Income Funds – 50.6%
	Janus Henderson Flexible Bond Fund - Class N Shares			232,150			15,215			(95,655)			19,423,748
	Janus Henderson Global Bond Fund - Class N Shares			(641,307)⁽²⁾			179,362			2,942,964			87,452,145
	Janus Henderson Short-Term Bond Fund - Class N Shares			126,362			(6,743)			(37,988)			13,562,434
Total Fixed Income Funds			$	(282,795)		$	187,834		$	2,809,321		$	120,438,327
Total Affiliated Investments – 100.0%			$	2,538,321		$	3,731,088		$	3,992,405		$	237,997,267

(1) For securities that were affiliated for a portion of the period ended December 31, 2017, this column reflects amounts for the entire period ended December 31, 2017 and not just the period in which the security was affiliated.

(2) During the Fund’s current reporting period, a portion of the prior year distributions it received from this underlying fund was determined to be tax

return of capital distributions. The negative amount disclosed was originally recorded as income in the Fund’s prior fiscal year and has been

reclassified as a tax return of capital in the current reporting period.


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 12/31/17
Investment Companies– 100.0%
Alternative Funds – 9.8%
	Janus Henderson Diversified Alternatives Fund - Class N Shares		1,235,687		1,120,409		(60,599)		2,295,497
Equity Funds – 39.6%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		1,132,502		131,193		(45,954)		1,217,741


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

8	DECEMBER 31, 2017

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2017


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 12/31/17
Investment Companies– (continued)
Equity Funds – (continued)
	Janus Henderson Asia Equity Fund - Class I Shares		168,974		6,346		(37,603)		137,717
	Janus Henderson Contrarian Fund - Class I Shares		203,907		361		(204,268)		—
	Janus Henderson Contrarian Fund - Class N Shares		—		217,177		(51,187)		165,990
	Janus Henderson Emerging Markets Fund - Class N Shares		718,893		23,563		(288,404)		454,052
	Janus Henderson Enterprise Fund - Class N Shares		48,979		1,452		(11,829)		38,602
	Janus Henderson Forty Fund - Class N Shares		84,438		6,620		(25,365)		65,693
	Janus Henderson Global Real Estate Fund - Class I Shares		414,263		20,374		(55,305)		379,332
	Janus Henderson Global Research Fund - Class I Shares		76,941		136		(77,077)		—
	Janus Henderson Global Research Fund - Class N Shares		—		78,806		(11,305)		67,501
	Janus Henderson Global Select Fund - Class I Shares		386,340		684		(387,024)		—
	Janus Henderson Global Select Fund - Class N Shares		—		390,892		(65,315)		325,577
	Janus Henderson International Managed Volatility Fund - Class N Shares		738,318		22,900		(38,620)		722,598
	Janus Henderson International Value Fund - Class N Shares		712,365		29,028		(138,211)		603,182
	Janus Henderson Large Cap Value Fund - Class N Shares		511,954		66,995		(109,939)		469,010
	Janus Henderson Mid Cap Value Fund - Class N Shares		183,560		19,557		(45,339)		157,778
	Janus Henderson Overseas Fund - Class N Shares		442,950		14,288		(77,922)		379,316
	Janus Henderson Small Cap Value Fund - Class N Shares		211,432		18,922		(40,410)		189,944
	Janus Henderson Triton Fund - Class N Shares		182,227		8,994		(56,605)		134,616
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares		582,338		34,562		(114,920)		501,980
Fixed Income Funds – 50.6%
	Janus Henderson Flexible Bond Fund - Class N Shares		1,321,365		614,640		(59,314)		1,876,691
	Janus Henderson Global Bond Fund - Class N Shares		9,111,501		317,648		(367,916)		9,061,233
	Janus Henderson Short-Term Bond Fund - Class N Shares		4,598,276		116,397		(208,881)		4,505,792


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

Janus Investment Fund	9

Janus Henderson Global Allocation Fund - Conservative

Notes to Schedule of Investments and Other Information (unaudited)


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Conservative Allocation Index	Global Conservative Allocation Index is an internally-calculated, hypothetical combination of total returns from the Bloomberg Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index^SM (40%).
MSCI All Country World Index^SM	MSCI All Country World Index^SMreflects the equity market performance of global developed and emerging markets.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Investment Companies
Alternative Funds	$	23,368,156	$	-	$	-
Equity Funds		94,190,784		-		-
Fixed Income Funds		120,438,327		-		-
Total Assets	$	237,997,267	$	-	$	-


10	DECEMBER 31, 2017

Janus Henderson Global Allocation Fund - Conservative

Statement of Assets and Liabilities (unaudited)

December 31, 2017



Assets:
	Affiliated investments, at value⁽¹⁾		$	237,997,267
	Non-interested Trustees' deferred compensation			4,544
	Receivables:
		Dividends from affiliates		330,597
		Fund shares sold		163,123
	Other assets			1,976
Total Assets				238,497,507
Liabilities:
	Payables:			—
		Investments purchased		426,029
		Transfer agent fees and expenses		41,020
		Fund shares repurchased		18,798
		12b-1 Distribution and shareholder servicing fees		15,892
		Professional fees		15,775
		Advisory fees		10,383
		Non-interested Trustees' deferred compensation fees		4,544
		Non-interested Trustees' fees and expenses		1,692
		Accrued expenses and other payables		24,832
Total Liabilities				558,965
Net Assets			$	237,938,542
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	216,444,725
	Undistributed net investment income/(loss)			94,000
	Undistributed net realized gain/(loss) from investments			3,826,542
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			17,573,275
Total Net Assets			$	237,938,542
Net Assets - Class A Shares			$	4,577,362
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			361,385
Net Asset Value Per Share⁽²⁾			$	12.67
Maximum Offering Price Per Share⁽³⁾			$	13.44
Net Assets - Class C Shares			$	16,726,982
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,345,621
Net Asset Value Per Share⁽²⁾			$	12.43
Net Assets - Class D Shares			$	185,120,951
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			14,570,223
Net Asset Value Per Share			$	12.71
Net Assets - Class I Shares			$	5,579,928
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			439,372
Net Asset Value Per Share			$	12.70
Net Assets - Class S Shares			$	1,519,532
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			120,541
Net Asset Value Per Share			$	12.61
Net Assets - Class T Shares			$	24,413,787
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,923,860
Net Asset Value Per Share			$	12.69


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Global Allocation Fund - Conservative

Statement of Operations (unaudited)

For the period ended December 31, 2017



Investment Income:
	Dividends from affiliates		$	2,538,321
Total Investment Income				2,538,321
Expenses:
	Advisory fees			58,686
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		5,568
		Class C Shares		78,656
		Class S Shares		1,884
	Transfer agent administrative fees and expenses:
		Class D Shares		109,582
		Class S Shares		1,888
		Class T Shares		29,958
	Transfer agent networking and omnibus fees:
		Class A Shares		1,490
		Class C Shares		5,311
		Class I Shares		2,425
	Other transfer agent fees and expenses:
		Class A Shares		260
		Class C Shares		806
		Class D Shares		13,755
		Class I Shares		149
		Class S Shares		30
		Class T Shares		281
	Registration fees			55,493
	Professional fees			24,018
	Shareholder reports expense			17,800
	Non-interested Trustees’ fees and expenses			3,803
	Other expenses			1,514
Total Expenses				413,357
Less: Excess Expense Reimbursement and Waivers				(3,199)
Net Expenses				410,158
Net Investment Income/(Loss)				2,128,163
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			3,731,088
	Capital gain distributions from underlying funds			2,323,902
Total Net Realized Gain/(Loss) on Investments				6,054,990
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			3,992,405
Total Change in Unrealized Net Appreciation/Depreciation				3,992,405
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	12,175,558


See Notes to Financial Statements.

12	DECEMBER 31, 2017

Janus Henderson Global Allocation Fund - Conservative

Statements of Changes in Net Assets



			Period ended December 31, 2017 (unaudited)		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	2,128,163	$	2,058,899
	Net realized gain/(loss) on investments			6,054,990		10,066,079
	Change in unrealized net appreciation/depreciation			3,992,405		1,797,208
Net Increase/(Decrease) in Net Assets Resulting from Operations				12,175,558		13,922,186
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(67,795)		(24,694)
		Class C Shares		(145,183)		(26,864)
		Class D Shares		(2,995,876)		(1,644,779)
		Class I Shares		(94,058)		(42,288)
		Class S Shares		(18,686)		(8,836)
		Class T Shares		(378,355)		(226,186)
	Total Dividends from Net Investment Income			(3,699,953)		(1,973,647)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(184,616)		(21,152)
		Class C Shares		(681,540)		(64,944)
		Class D Shares		(7,386,834)		(622,696)
		Class I Shares		(223,759)		(14,605)
		Class S Shares		(59,625)		(5,668)
		Class T Shares		(980,095)		(93,380)
	Total Distributions from Net Realized Gain from Investment Transactions			(9,516,469)		(822,445)
Net Decrease from Dividends and Distributions to Shareholders				(13,216,422)		(2,796,092)
Capital Share Transactions:
		Class A Shares		93,228		(7,714,963)
		Class C Shares		(3,771)		(5,050,133)
		Class D Shares		6,998,223		(23,731,717)
		Class I Shares		539,796		1,239,101
		Class S Shares		(20,457)		(109,958)
		Class T Shares		419,604		(6,524,105)
Net Increase/(Decrease) from Capital Share Transactions				8,026,623		(41,891,775)
Net Increase/(Decrease) in Net Assets				6,985,759		(30,765,681)
Net Assets:
	Beginning of period			230,952,783		261,718,464
	End of period		$	237,938,542	$	230,952,783

Undistributed Net Investment Income/(Loss)			$	94,000	$	1,665,790


See Notes to Financial Statements.

Janus Investment Fund	13




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93020 02-18


Holdings - (% of Net Assets)
Janus Henderson Overseas Fund - Class N Shares	11.4	%
Janus Henderson Global Bond Fund - Class N Shares	10.9
Janus Henderson Diversified Alternatives Fund - Class N Shares	8.7
Janus Henderson Large Cap Value Fund - Class N Shares	6.7
Janus Henderson International Value Fund - Class N Shares	6.5
Janus Henderson International Managed Volatility Fund - Class N Shares	6.2
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.4
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	5.1
Janus Henderson Global Select Fund - Class N Shares	5.1
Janus Henderson Global Research Fund - Class N Shares	4.9
Janus Henderson Emerging Markets Fund - Class N Shares	4.6
Janus Henderson Enterprise Fund - Class N Shares	4.1
Janus Henderson Global Real Estate Fund - Class I Shares	4.0
Janus Henderson Small Cap Value Fund - Class N Shares	3.9
Janus Henderson Triton Fund - Class N Shares	3.6
Janus Henderson Contrarian Fund - Class N Shares	2.9
Janus Henderson Mid Cap Value Fund - Class N Shares	2.5
Janus Henderson Forty Fund - Class N Shares	1.9
Janus Henderson Asia Equity Fund - Class I Shares	1.6


Asset Allocation - (% of Net Assets)
Equity Funds	80.4%
Fixed Income Funds	10.9%
Alternative Funds	8.7%
Other		(0.0)%
		100.0%


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Growth Allocation Index	Global Growth Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (80%) and the Bloomberg Barclays Global Aggregate Bond Index (20%).
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.



Assets:
	Affiliated investments, at value⁽¹⁾		$	264,315,867
	Non-interested Trustees' deferred compensation			5,050
	Receivables:
		Fund shares sold		110,192
		Investments sold		85,660
		Dividends from affiliates		85,312
	Other assets			2,145
Total Assets				264,604,226
Liabilities:
	Due to custodian			7,970
	Payables:			—
		Fund shares repurchased		143,112
		Investments purchased		84,983
		Transfer agent fees and expenses		49,726
		Printing fees		16,569
		Professional fees		15,736
		Registration fees		11,795
		Advisory fees		11,508
		12b-1 Distribution and shareholder servicing fees		5,982
		Non-interested Trustees' deferred compensation fees		5,050
		Non-interested Trustees' fees and expenses		1,840
		Accrued expenses and other payables		8,847
Total Liabilities				363,118
Net Assets			$	264,241,108
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	215,505,258
	Undistributed net investment income/(loss)			18,876
	Undistributed net realized gain/(loss) from investments			6,158,018
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			42,558,956
Total Net Assets			$	264,241,108
Net Assets - Class A Shares			$	4,500,433
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			315,868
Net Asset Value Per Share⁽²⁾			$	14.25
Maximum Offering Price Per Share⁽³⁾			$	15.12
Net Assets - Class C Shares			$	5,115,867
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			364,909
Net Asset Value Per Share⁽²⁾			$	14.02
Net Assets - Class D Shares			$	225,167,729
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			15,699,354
Net Asset Value Per Share			$	14.34
Net Assets - Class I Shares			$	8,399,672
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			585,860
Net Asset Value Per Share			$	14.34
Net Assets - Class S Shares			$	2,671,151
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			188,397
Net Asset Value Per Share			$	14.18
Net Assets - Class T Shares			$	18,386,256
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,283,330
Net Asset Value Per Share			$	14.33



Investment Income:
	Dividends from affiliates		$	4,742,355
Total Investment Income				4,742,355
Expenses:
	Advisory fees			64,370
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		5,411
		Class C Shares		20,614
		Class S Shares		3,314
	Transfer agent administrative fees and expenses:
		Class D Shares		132,172
		Class S Shares		3,312
		Class T Shares		23,013
	Transfer agent networking and omnibus fees:
		Class A Shares		1,445
		Class C Shares		2,362
		Class I Shares		2,851
	Other transfer agent fees and expenses:
		Class A Shares		251
		Class C Shares		254
		Class D Shares		23,828
		Class I Shares		196
		Class S Shares		42
		Class T Shares		308
	Registration fees			55,597
	Shareholder reports expense			27,801
	Professional fees			24,246
	Non-interested Trustees’ fees and expenses			4,216
	Other expenses			1,611
Total Expenses				397,214
Less: Excess Expense Reimbursement and Waivers				(2,501)
Net Expenses				394,713
Net Investment Income/(Loss)				4,347,642
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			3,666,462
	Capital gain distributions from underlying funds			5,366,820
Total Net Realized Gain/(Loss) on Investments				9,033,282
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			7,369,408
Total Change in Unrealized Net Appreciation/Depreciation				7,369,408
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	20,750,332




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93021 02-18


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	27.9	%
Janus Henderson Diversified Alternatives Fund - Class N Shares	11.1
Janus Henderson Overseas Fund - Class N Shares	8.0
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.4
Janus Henderson Large Cap Value Fund - Class N Shares	4.8
Janus Henderson International Value Fund - Class N Shares	4.7
Janus Henderson International Managed Volatility Fund - Class N Shares	4.4
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	3.6
Janus Henderson Global Select Fund - Class N Shares	3.6
Janus Henderson Global Research Fund - Class N Shares	3.4
Janus Henderson Emerging Markets Fund - Class N Shares	3.2
Janus Henderson Enterprise Fund - Class N Shares	2.9
Janus Henderson Short-Term Bond Fund - Class N Shares	2.8
Janus Henderson Global Real Estate Fund - Class I Shares	2.8
Janus Henderson Small Cap Value Fund - Class N Shares	2.7
Janus Henderson Triton Fund - Class N Shares	2.6
Janus Henderson Contrarian Fund - Class N Shares	2.0
Janus Henderson Mid Cap Value Fund - Class N Shares	1.7
Janus Henderson Forty Fund - Class N Shares	1.3
Janus Henderson Asia Equity Fund - Class I Shares	1.1


Asset Allocation - (% of Net Assets)
Equity Funds	58.2%
Fixed Income Funds	30.7%
Alternative Funds	11.1%
Other		(0.0)%
		100.0%


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Moderate Allocation Index	Global Moderate Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (60%) and the Bloomberg Barclays Global Aggregate Bond Index (40%).
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.



Assets:
	Affiliated investments, at value⁽¹⁾		$	264,751,567
	Non-interested Trustees' deferred compensation			5,061
	Receivables:
		Dividends from affiliates		231,594
		Investments sold		182,401
		Fund shares sold		34,993
	Other assets			2,205
Total Assets				265,207,821
Liabilities:
	Payables:			—
		Investments purchased		231,587
		Fund shares repurchased		177,732
		Transfer agent fees and expenses		47,477
		Professional fees		15,738
		12b-1 Distribution and shareholder servicing fees		10,128
		Registration fees		9,059
		Non-interested Trustees' deferred compensation fees		5,061
		Advisory fees		4,507
		Non-interested Trustees' fees and expenses		1,889
		Accrued expenses and other payables		21,616
Total Liabilities				524,794
Net Assets			$	264,683,027
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	228,097,471
	Undistributed net investment income/(loss)			68,566
	Undistributed net realized gain/(loss) from investments			5,699,346
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			30,817,644
Total Net Assets			$	264,683,027
Net Assets - Class A Shares			$	10,573,135
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			806,787
Net Asset Value Per Share⁽²⁾			$	13.11
Maximum Offering Price Per Share⁽³⁾			$	13.91
Net Assets - Class C Shares			$	8,061,696
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			623,098
Net Asset Value Per Share⁽²⁾			$	12.94
Net Assets - Class D Shares			$	220,215,523
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			16,713,499
Net Asset Value Per Share			$	13.18
Net Assets - Class I Shares			$	4,678,492
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			355,341
Net Asset Value Per Share			$	13.17
Net Assets - Class S Shares			$	2,688,705
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			206,610
Net Asset Value Per Share			$	13.01
Net Assets - Class T Shares			$	18,465,476
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,404,626
Net Asset Value Per Share			$	13.15



Investment Income:
	Dividends from affiliates		$	3,714,647
Total Investment Income				3,714,647
Expenses:
	Advisory fees			65,487
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		13,304
		Class C Shares		38,056
		Class S Shares		3,436
	Transfer agent administrative fees and expenses:
		Class D Shares		130,384
		Class S Shares		3,439
		Class T Shares		23,068
	Transfer agent networking and omnibus fees:
		Class A Shares		3,913
		Class C Shares		3,153
		Class I Shares		1,886
	Other transfer agent fees and expenses:
		Class A Shares		574
		Class C Shares		406
		Class D Shares		19,916
		Class I Shares		136
		Class S Shares		35
		Class T Shares		275
	Registration fees			54,502
	Professional fees			24,268
	Shareholder reports expense			23,623
	Non-interested Trustees’ fees and expenses			4,274
	Other expenses			1,674
Total Expenses				415,809
Less: Excess Expense Reimbursement and Waivers				(19,170)
Net Expenses				396,639
Net Investment Income/(Loss)				3,318,008
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			4,601,763
	Capital gain distributions from underlying funds			3,867,228
Total Net Realized Gain/(Loss) on Investments				8,468,991
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			5,557,252
Total Change in Unrealized Net Appreciation/Depreciation				5,557,252
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	17,344,251




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93022 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Global Bond Fund

	Janus Investment Fund


Ratings^† Summary - (% of Total Investments)
AAA	4.9%
AA	12.9%
A	5.3%
BBB	22.7%
BB	11.4%
B	1.9%
Not Rated	36.6%
Other	4.3%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.


Asset Allocation - (% of Net Assets)
Foreign Government Bonds	40.7%
Corporate Bonds	27.5%
Asset-Backed/Commercial Mortgage-Backed Securities	10.7%
Inflation-Indexed Bonds	9.8%
United States Treasury Notes/Bonds	4.9%
Investment Companies	4.8%
Bank Loans and Mezzanine Loans	0.9%
OTC Purchased Options – Puts	0.0%
Other		0.7%
		100.0%


Shares/Principal/ Contract Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 10.7%
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	$391,000		$394,886
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	2,116,695		2,059,279
	BHMS 2014-ATLS Mortgage Trust,
	ICE LIBOR USD 1 Month + 3.0000%, 4.3607%, 7/5/33 (144A)	1,388,000		1,400,028
	Caesars Palace Las Vegas Trust 2017-VICI, 4.3540%, 10/15/34 (144A)^‡	1,436,000		1,394,275
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 2.5000%, 3.9770%, 7/15/30 (144A)	1,156,000		1,156,476
	Coinstar Funding LLC Series 2017-1, 5.2160%, 4/25/47 (144A)	233,825		242,779
	Conn Funding II LP, 4.5200%, 11/15/20 (144A)	957,000		956,954
	CPS Auto Receivables Trust 2013-C, 7.3200%, 12/15/20 (144A)	1,090,000		1,111,138
	DB Master Finance LLC, 3.6290%, 11/20/47 (144A)	171,000		172,115
	DB Master Finance LLC, 4.0300%, 11/20/47 (144A)	202,000		206,363
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	889,455		892,550
	ECAF I Ltd, 5.8020%, 6/15/40 (144A)	1,209,107		1,201,776
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	685,278		643,808
	GSCCRE Commercial Mortgage Trust 2015-HULA,
	ICE LIBOR USD 1 Month + 4.4000%, 5.8770%, 8/15/32 (144A)	1,415,000		1,419,441
	Icon Brand Holdings LLC, 4.2290%, 1/25/43 (144A)	410,544		380,272
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.6210%, 9/5/32 (144A)^‡	310,000		309,191
	LB-UBS Commercial Mortgage Trust 2008-C1, 6.3193%, 4/15/41^‡	242,000		240,464
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 1.6000%, 3.1521%, 11/25/50 (144A)^§	648,000		648,000
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	433,000		437,520
	S-Jets 2017-1 Ltd, 5.6820%, 8/15/42 (144A)	286,489		294,678
	S-Jets 2017-1 Ltd, 7.0210%, 8/15/42 (144A)	958,333		972,777
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 3.2500%, 4.7270%, 11/15/27 (144A)	3,330,900		3,151,825
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 4.1500%, 5.6270%, 11/15/27 (144A)	439,000		404,670
	Station Place Securitization Trust 2017-3,
	ICE LIBOR USD 1 Month + 1.0000%, 2.2942%, 7/24/18 (144A)^§	613,000		613,102
	Taco Bell Funding LLC, 3.8320%, 5/25/46 (144A)	601,388		609,548
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.4130%, 12/15/43^‡	1,385,842		1,413,614
	Wendys Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	1,358,725		1,362,366
	Westlake Automobile Receivables Trust 2015-3, 5.8900%, 7/15/22 (144A)	1,332,000		1,357,706
	WILLIS ENGINE STRUCTURED TRUST III, 6.3600%, 8/15/42 (144A)^Ç	879,605		864,701
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $26,421,246)				26,312,302
Bank Loans and Mezzanine Loans– 0.9%
Communications – 0.3%
	Charter Communications Operating LLC,
	ICE LIBOR USD + 2.0000%, 0%, 4/30/25^(a)	657,000		657,237
Non-Agency Commercial Mortgage-Backed Securities – 0.6%
	Mural Loft Loan, 8.9500%, 8/1/22 (144A)^‡,§	1,530,000		1,530,000
Total Bank Loans and Mezzanine Loans (cost $2,186,183)				2,187,237
Corporate Bonds– 27.5%
Banking – 7.1%
	Ally Financial Inc, 3.6000%, 5/21/18	631,000		632,893
	Australia & New Zealand Banking Group Ltd, 3.2500%, 6/3/20	1,581,000	AUD	1,251,873
	Banco Bilbao Vizcaya Argentaria SA, 3.0000%, 10/20/20	2,400,000		2,418,844
	Bank of America Corp, 4.4500%, 3/3/26	658,000		702,175
	Capital One NA/Mclean VA, 2.4000%, 9/5/19	1,825,000		1,822,352
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.4300%, 2.9106%, 9/1/23	530,000		545,541
	Citizens Financial Group Inc, 4.3000%, 12/3/25	703,000		737,184
	Commonwealth Bank of Australia, 3.2500%, 1/17/22	1,610,000	AUD	1,268,654
	CYBG PLC, GBP SWAP 5 YR + 3.5160%, 5.0000%, 2/9/26	891,000	GBP	1,279,723
	First Republic Bank/CA, 4.6250%, 2/13/47	250,000		267,125
	Morgan Stanley, 5.0000%, 9/30/21^†	3,365,000	AUD	2,803,496


Shares/Principal/ Contract Amounts					Value
Foreign Government Bonds– (continued)
	Portugal Obrigacoes do Tesouro OT, 2.2000%, 10/17/22 (144A)	1,211,000	EUR		$1,571,505
	Portugal Obrigacoes do Tesouro OT, 5.6500%, 2/15/24 (144A)	1,825,000	EUR		2,782,931
	Portugal Obrigacoes do Tesouro OT, 4.1250%, 4/14/27 (144A)	2,892,000	EUR		4,112,369
	Portugal Obrigacoes do Tesouro OT, 4.1000%, 2/15/45 (144A)	4,572,000	EUR		6,410,991
	Republic of Poland Government Bond, 1.5000%, 4/25/20	9,528,000	PLN		2,712,976
	Republic of Poland Government Bond, 2.5000%, 7/25/27	9,098,000	PLN		2,446,119
	Spain Government Bond, 4.8000%, 1/31/24 (144A)	444,000	EUR		663,548
	Spain Government Bond, 3.8000%, 4/30/24 (144A)	632,000	EUR		902,105
	Spain Government Bond, 1.5000%, 4/30/27 (144A)	969,000	EUR		1,167,922
	Spain Government Bond, 2.9000%, 10/31/46 (144A)	470,000	EUR		571,429
	United Kingdom Gilt, 3.7500%, 9/7/21	503,000	GBP		757,284
	United Kingdom Gilt, 1.5000%, 7/22/47	1,951,000	GBP		2,478,294
Total Foreign Government Bonds (cost $98,147,260)					99,729,475
Inflation-Indexed Bonds– 9.8%
	Japanese Government CPI Linked Bond, 0.1000%, 3/10/26	493,466,000	JPY		4,636,373
	Japanese Government CPI Linked Bond, 0.1000%, 3/10/27	796,234,900	JPY		7,502,249
	United States Treasury Inflation Indexed Bonds, 0.3750%, 7/15/27^ÇÇ	$7,474,409			7,439,822
	United States Treasury Inflation Indexed Bonds, 1.0000%, 2/15/46^ÇÇ	3,548,001			3,796,485
	United States Treasury Inflation Indexed Bonds, 0.8750%, 2/15/47^ÇÇ	612,118			637,171
Total Inflation-Indexed Bonds (cost $23,746,870)					24,012,100
United States Treasury Notes/Bonds– 4.9%
	1.5000%, 10/31/19	1,350,000			1,340,557
	2.0000%, 11/30/22	3,689,000			3,654,904
	2.3750%, 5/15/27	2,192,000			2,185,079
	2.2500%, 11/15/27	889,000			876,180
	2.5000%, 2/15/45	958,000			912,256
	2.2500%, 8/15/46	1,302,000			1,173,132
	2.7500%, 11/15/47	1,821,000			1,821,938
Total United States Treasury Notes/Bonds (cost $11,871,112)					11,964,046
Investment Companies– 4.8%
Money Markets – 4.8%
	Janus Cash Liquidity Fund LLC, 1.2731%^ºº,£(cost $11,781,965)	11,781,965			11,781,965
OTC Purchased Options – Puts– 0%
Counterparty/Reference Asset
JPMorgan Chase & Co.:
	EUR currency,
	Notional amount $21,180,404, premiums paid $112,256, unrealized depreciation $(91,012), exercise price $1.10, expires 6/1/18*	21,180,404		21,244
Total Investments (total cost $239,344,130) – 99.3%					243,360,529
Cash, Receivables and Other Assets, net of Liabilities – 0.7%					1,602,428
Net Assets – 100%					$244,962,957


Total Affiliated Investments – 4.8%	$	53,106	$	—	$	—	$	11,781,965


EUR Currency	21,180,404	1.05	USD		6/1/18	$	21,180,404	$	40,878	$	35,223	$	(5,655)


ÇÇ	Security is a U.S. Treasury Inflation-Protected Security (TIPS).


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	231,557,320
	Affiliated investments, at value⁽²⁾			11,781,965
	Purchased options, at value⁽³⁾			21,244
	Deposits with brokers for futures			90,000
	Forward foreign currency exchange contracts			1,001,091
	Cash denominated in foreign currency⁽⁴⁾			590,366
	Closed foreign currency contracts			98,112
	Variation margin receivable			1,407
	Non-interested Trustees' deferred compensation			4,668
	Receivables:
		Interest		2,230,581
		Fund shares sold		143,215
		Dividends from affiliates		8,698
	Other assets			5,524
Total Assets				247,534,191
Liabilities:
	Due to custodian			39,903
	Forward foreign currency exchange contracts			1,307,887
	Options written, at value⁽⁵⁾			5,655
	Closed foreign currency contracts			35,108
	Variation margin payable			16,015
	Payables:			—
		Investments purchased		836,621
		Fund shares repurchased		159,667
		Advisory fees		82,213
		Professional fees		26,999
		Transfer agent fees and expenses		13,241
		Custodian fees		11,003
		Non-interested Trustees' deferred compensation fees		4,668
		Dividends		4,216
		12b-1 Distribution and shareholder servicing fees		3,169
		Non-interested Trustees' fees and expenses		1,685
		Fund administration fees		1,670
		Accrued expenses and other payables		21,514
Total Liabilities				2,571,234
Net Assets			$	244,962,957




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	256,811,969
	Undistributed net investment income/(loss)		(12,060,259)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(3,617,142)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		3,828,389
Total Net Assets		$	244,962,957
Net Assets - Class A Shares		$	2,600,288
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		269,026
Net Asset Value Per Share⁽⁶⁾		$	9.67
Maximum Offering Price Per Share⁽⁷⁾		$	10.15
Net Assets - Class C Shares		$	2,825,838
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		292,280
Net Asset Value Per Share⁽⁶⁾		$	9.67
Net Assets - Class D Shares		$	10,445,402
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,081,873
Net Asset Value Per Share		$	9.65
Net Assets - Class I Shares		$	29,976,856
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,105,415
Net Asset Value Per Share		$	9.65
Net Assets - Class N Shares		$	193,214,962
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		20,029,019
Net Asset Value Per Share		$	9.65
Net Assets - Class S Shares		$	399,533
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,328
Net Asset Value Per Share		$	9.67
Net Assets - Class T Shares		$	5,500,078
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		569,343
Net Asset Value Per Share		$	9.66



Investment Income:
	Interest		$	4,045,299
	Dividends from affiliates			51,992
	Affiliated securities lending income, net			1,114
	Other income			104,356
	Foreign tax withheld			(13,423)
Total Investment Income				4,189,338
Expenses:
	Advisory fees			708,870
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		3,573
		Class C Shares		15,010
		Class S Shares		551
	Transfer agent administrative fees and expenses:
		Class D Shares		6,307
		Class S Shares		551
		Class T Shares		7,116
	Transfer agent networking and omnibus fees:
		Class A Shares		1,160
		Class C Shares		1,338
		Class I Shares		14,520
	Other transfer agent fees and expenses:
		Class A Shares		156
		Class C Shares		156
		Class D Shares		1,755
		Class I Shares		671
		Class N Shares		2,584
		Class S Shares		11
		Class T Shares		106
	Registration fees			76,220
	Professional fees			35,155
	Custodian fees			30,438
	Fund administration fees			9,528
	Shareholder reports expense			4,162
	Non-interested Trustees’ fees and expenses			3,757
	Other expenses			31,556
Total Expenses				955,251
Less: Excess Expense Reimbursement and Waivers				(191,798)
Net Expenses				763,453
Net Investment Income/(Loss)				3,425,885



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	553,019
	Purchased options contracts		(193,278)
	Forward foreign currency exchange contracts		755,249
	Futures contracts		193,832
Total Net Realized Gain/(Loss) on Investments			1,308,822
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,777,398
	Purchased options contracts		98,495
	Forward foreign currency exchange contracts		(131,349)
	Futures contracts		93,004
	Written options contracts		35,223
Total Change in Unrealized Net Appreciation/Depreciation			1,872,771
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	6,607,478




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-24-93023 02-18



		SEMIANNUAL REPORT December 31, 2017

	Janus Henderson Global Income Managed Volatility Fund

	Janus Investment Fund


Asset Allocation - (% of Net Assets)
Common Stocks	97.4%
Investment Companies	2.5%
Other		0.1%
		100.0%


Shares			Value
Common Stocks– 97.4%
Aerospace & Defense – 4.2%
	Lockheed Martin Corp	38,700	$12,424,635
Air Freight & Logistics – 0.3%
	Deutsche Post AG	18,977	901,390
Airlines – 1.5%
	easyJet PLC	951	18,795
	Japan Airlines Co Ltd	113,800	4,453,579
			4,472,374
Auto Components – 1.4%
	Bridgestone Corp	44,700	2,079,095
	Sumitomo Rubber Industries Ltd	111,200	2,066,321
			4,145,416
Automobiles – 0.7%
	General Motors Co	32,700	1,340,373
	Nissan Motor Co Ltd	64,700	645,331
			1,985,704
Banks – 3.5%
	Bank of Nova Scotia	1,500	96,817
	BOC Hong Kong Holdings Ltd	102,500	518,453
	Canadian Imperial Bank of Commerce	5,000	487,508
	DBS Group Holdings Ltd	15,600	288,922
	Hang Seng Bank Ltd	285,600	7,081,454
	United Overseas Bank Ltd	94,100	1,856,828
			10,329,982
Beverages – 0.3%
	Coca-Cola Co	16,800	770,784
Biotechnology – 1.5%
	AbbVie Inc	24,600	2,379,066
	Gilead Sciences Inc	30,000	2,149,200
			4,528,266
Capital Markets – 1.4%
	CI Financial Corp	3,200	75,799
	CME Group Inc	15,900	2,322,195
	T Rowe Price Group Inc	17,900	1,878,247
			4,276,241
Chemicals – 1.1%
	Agrium Inc	11,000	1,265,420
	BASF SE	2,187	239,983
	Givaudan SA	75	173,040
	LyondellBasell Industries NV	14,500	1,599,640
			3,278,083
Construction & Engineering – 0.4%
	Bouygues SA	23,876	1,240,173
Construction Materials – 0%
	Fletcher Building Ltd	17,217	92,654
Diversified Consumer Services – 1.3%
	H&R Block Inc	146,900	3,851,718
Diversified Telecommunication Services – 4.3%
	AT&T Inc	122,100	4,747,248
	BCE Inc	33,877	1,627,541
	Elisa OYJ	7,540	295,555
	HKT Trust & HKT Ltd	3,837,000	4,893,227
	Singapore Telecommunications Ltd	33,000	88,105
	Spark New Zealand Ltd	409,261	1,052,296
	Swisscom AG	496	263,719
			12,967,691
Electric Utilities – 18.9%
	Alliant Energy Corp	9,600	409,056
	American Electric Power Co Inc	4,800	353,136