Untitled Document

N-CSR 1 JIF630ANCSR.htm Untitled Document

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: 6/30/19

Item 1 - Reports to Shareholders



		ANNUAL REPORT June 30, 2019

	Janus Henderson Absolute Return Income Opportunities Fund (formerly named Janus Henderson Global Unconstrained Bond Fund)

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Absolute Return Income Opportunities Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	45
Additional Information	46
Useful Information About Your Fund Report	60
Designation Requirements	63
Trustees and Officers	64

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

FUND SNAPSHOT

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

PERFORMANCE OVERVIEW

For the 12-month period ending June 30, 2019, Janus Henderson Absolute Return Income Opportunities Fund’s Class I Shares returned 3.99%, compared with a 2.30% return for the Fund’s benchmark, the FTSE 3-Month U.S. Treasury Bill Index.

MARKET ENVIRONMENT

Global bond markets gained during the period, driven by the expectation that central banks would extend highly accommodative monetary policies. Initially, a sell-off in riskier assets indicated that investors were concerned that the Federal Reserve (Fed) would continue its normalization program despite a slowing global economy. Consequently the difference in yields between corporate credits and those on their risk-free benchmarks widened during the autumn. This “spread” widening occurred both in the investment-grade and high-yield space. After the Fed reversed course and signaled its willingness to cut interest rates at some point in 2019, markets rallied, especially Treasuries. The yield on the 10-year U.S. Treasury slid 86 basis points (bps) to 2.00% by the end of the period. Corporate credits ultimately generated positive returns, with investment-grade securities aided by both their interest-rate component and spread narrowing.

PERFORMANCE DISCUSSION

For the period, the Fund outperformed its benchmark, the FTSE 3-Month U.S. Treasury Bill Index. The strategy seeks to provide long-term positive returns through various market environments by managing portfolio duration, credit risk and volatility.

The Fund’s core of cash-based fixed income securities was the leading contributor to outperformance during the period. Included in this sleeve of the portfolio are corporate and securitized credits as well as sovereign debt, all of which generated positive returns. Detracting from performance were early-period positions aimed at capitalizing from a rise in credit spreads, which remained persistently low, and a position in the German Bund constructed to benefit from rising rates. Slow European growth throughout the period, however, kept downward pressure on Bund yields. Both of these types of positions occurred prior to the Fund’s change in management in February 2019. Other segments of the Fund’s interest-rate strategy, especially under new management, contributed modestly to performance.

The Fund makes extensive use of derivatives as a component of its Structural Alpha strategy. These derivatives are utilized with the aim of generating returns in addition to those attributed to our core fixed income allocation. Management has discretion to tactically use each of these derivatives to access trades and as hedging instruments. During the period, the Fund used options, futures, options on futures, credit default swaps (CDS), other swaps and forward exchange contracts. CDS are also used as part of a strategy to generate yield by selling default protection on an underlying asset. Forward exchange contracts are used, in part, to hedge our currency exposure and as a strategy for capitalizing on potential dislocations in the foreign currency market. For the period, the derivatives impact on performance was negative.

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

OUTLOOK

While we foresee eventual rises in service sector inflation, goods inflation should remain well contained, being that it is less linked to decreasing U.S. unemployment. Global spare capacity should continue to make inexpensive imports a viable alternative to domestic products, although a trade war’s tax on consumers may limit imports’ disinflationary effects. We expect unemployment to move beyond its near 50-year low, to the mid 3% level by year-end. While core inflation may become slightly elevated given increasing wage pressures, it should remain well


Janus Investment Fund	1

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

contained in the 2% to 2.5% range over the next few years.

In global bond markets we continue to favor U.S. and Australian rates versus the rest of the world. We had been more dovish than market consensus in terms of the future path of short-term rates, but markets are now pricing in multiple cuts by both countries’ central banks over the next year.

Elsewhere, we like systemically important, highly rated Asian issuers such as government-related energy, telecom and banking entities and the U.S. “too-big-to-fail” banks, whose bonds should be supported by a robust regulatory environment focused on less risk taking and greater capital requirements.

We remain less supportive of European bond opportunities. Stresses in the eurozone have increased, particularly with an Italian coalition government focused on decreasing taxes and increasing spending with what appears to be little concern over growing deficits.

Thank you for your investment in the Janus Henderson Absolute Return Income Opportunities Fund.


2	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Fund At A Glance

June 30, 2019


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	1.60%	1.69%
Class A Shares MOP	1.52%	1.61%
Class C Shares**	0.80%	0.89%
Class D Shares	1.85%	2.19%
Class I Shares	1.96%	2.05%
Class N Shares	1.78%	1.96%
Class R Shares	0.84%	1.22%
Class S Shares	-0.45%	1.46%
Class T Shares	1.64%	1.72%
Weighted Average Maturity		3.5 Years
Average Effective Duration***		1.7 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	17.9%
AA	8.9%
A	13.6%
BBB	47.2%
Not Rated	9.8%
Other	2.6%
† 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	66.4%
Asset-Backed/Commercial Mortgage-Backed Securities	30.5%
Commercial Paper	1.7%
OTC Purchased Options – Puts	0.2%
OTC Purchased Options – Calls	0.1%
Other		1.1%
		100.0%

Emerging markets comprised 13.0% of total net assets.


Janus Investment Fund	3

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2019				per the October 29, 2018 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	3.85%	0.37%	0.39%	1.03%	1.03%
Class A Shares at MOP	-1.06%	-0.60%	-0.57%
Class C Shares at NAV	2.96%	-0.37%	-0.34%	1.79%	1.79%
Class C Shares at CDSC	1.96%	-0.37%	-0.34%
Class D Shares⁽¹⁾	3.95%	0.46%	0.47%	0.95%	0.91%
Class I Shares	3.99%	0.62%	0.63%	0.78%	0.78%
Class N Shares	4.00%	0.66%	0.67%	0.69%	0.69%
Class R Shares	3.37%	-0.06%	-0.05%	1.55%	1.51%
Class S Shares	3.58%	0.15%	0.17%	1.29%	1.26%
Class T Shares	3.78%	0.42%	0.43%	0.96%	0.96%
FTSE 3-Month U.S. Treasury Bill Index	2.30%	0.84%	0.83%
3-Month USD LIBOR	2.60%	1.12%	1.11%
Morningstar Quartile - Class I Shares	3rd	4th	4th
Morningstar Ranking - based on total returns for Nontraditional Bond Funds	146/307	204/234	203/234

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).

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, 2019.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


4	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

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.

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

Returns include reinvestment of all dividends and distributions 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.

Class R Shares commenced operations on February 6, 2015. Performance shown for periods prior to February 6, 2015, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any applicable fee and expense limitations or waivers.

If Class R Shares of the Fund had been available during periods prior to February 6, 2015, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

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

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 on or about February 15, 2019, Nick Maroutsos is Portfolio Manager of the Fund.

Effective on or about June 28, 2019, Nick Maroutsos and Jason England are Co-Portfolio Managers of the Fund.

Effective June 28, 2019, the Fund’s primary benchmark index changed from the 3-Month USD LIBOR to the FTSE 3-Month US Treasury Bill Index. Janus Capital believes the FTSE 3-Month US Treasury Bill Index is a more appropriate benchmark against which to measure the Fund’s performance and regulators had signaled intent to phase out LIBOR as a key market interest rate by the end of 2021.

*The Fund’s inception date – May 27, 2014

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Absolute Return Income Opportunities 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 (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Net Annualized Expense Ratio (1/1/19 - 6/30/19)
Class A Shares		$1,000.00	$1,015.10	$4.85	$1,000.00	$1,019.98	$4.86	0.97%
Class C Shares		$1,000.00	$1,010.60	$8.56	$1,000.00	$1,016.20	$8.59	1.72%
Class D Shares		$1,000.00	$1,016.00	$4.05	$1,000.00	$1,020.78	$4.06	0.81%
Class I Shares		$1,000.00	$1,014.20	$3.25	$1,000.00	$1,021.57	$3.26	0.65%
Class N Shares		$1,000.00	$1,016.60	$0.95	$1,000.00	$1,023.85	$0.95	0.19%
Class R Shares		$1,000.00	$1,013.20	$7.11	$1,000.00	$1,017.67	$7.12	1.42%
Class S Shares		$1,000.00	$1,014.20	$5.86	$1,000.00	$1,018.92	$5.87	1.17%
Class T Shares		$1,000.00	$1,014.30	$4.10	$1,000.00	$1,020.73	$4.11	0.82%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2019


Principal or Contract Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 30.5%
	La Trobe Financial Capital Markets Trust 2017-1,
	30 Day Australian Bank Bill Rate + 2.9500%, 4.2700%, 1/14/49^‡	1,000,000	AUD	$712,480
	La Trobe Financial Capital Markets Trust 2017-2,
	30 Day Australian Bank Bill Rate + 1.9000%, 3.2723%, 1/12/49^‡	7,760,504	AUD	5,455,008
	La Trobe Financial Capital Markets Trust 2017-2,
	30 Day Australian Bank Bill Rate + 2.4000%, 3.7723%, 1/12/49^‡	8,000,000	AUD	5,635,923
	Liberty Series 2016-2,
	30 Day Australian Bank Bill Rate + 2.7000%, 3.9047%, 8/25/48^‡	891,632	AUD	628,971
	Liberty Series 2018-1 SME,
	30 Day Australian Bank Bill Rate + 1.4500%, 2.8177%, 7/10/50^‡	8,282,077	AUD	5,805,221
	Liberty Series 2018-1 SME,
	30 Day Australian Bank Bill Rate + 2.3500%, 3.7177%, 7/10/50^‡	3,500,000	AUD	2,451,439
	Liberty Series 2018-3,
	30 Day Australian Bank Bill Rate + 2.1000%, 3.3047%, 10/25/50^‡	1,500,000	AUD	1,054,034
	Pepper I-Prime 2017-2 Trust,
	30 Day Australian Bank Bill Rate + 2.0000%, 3.3500%, 12/13/48^‡	4,574,965	AUD	3,148,630
	Pepper I-Prime 2018-1 Trust,
	30 Day Australian Bank Bill Rate + 1.6500%, 2.8550%, 11/23/49^‡	8,200,000	AUD	5,709,960
	Pepper Residential Securities Trust NO 18,
	30 Day Australian Bank Bill Rate + 2.1000%, 3.4723%, 8/12/58^‡	1,887,342	AUD	1,312,357
	RedZed Trust Series 2018-1,
	30 Day Australian Bank Bill Rate + 2.4000%, 3.7677%, 3/9/50^‡	8,200,000	AUD	5,852,160
	Resimac Avoca Series 2014-1,
	30 Day Australian Bank Bill Rate + 1.6500%, 3.0177%, 7/11/39^‡	3,654,228	AUD	2,511,076
	RESIMAC Bastille Trust Series 2017-1NC,
	30 Day Australian Bank Bill Rate + 1.8500%, 3.2177%, 12/8/58^‡	323,156	AUD	227,141
	TORRENS Series 2014-2 Trust,
	30 Day Australian Bank Bill Rate + 1.6000%, 2.9723%, 1/12/46^‡	2,707,922	AUD	1,899,775
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $43,173,673)				42,404,175
Corporate Bonds– 66.4%
Banking – 29.5%
	Australia & New Zealand Banking Group Ltd,
	90 Day Australian Bank Bill Rate + 2.7000%, 4.2603%, 5/17/26^‡	3,000,000	AUD	2,162,584
	Australia & New Zealand Banking Group Ltd,
	AUD SWAP 5 YR + 1.8500%, 4.7500%, 5/13/27^‡	2,000,000	AUD	1,471,383
	Bendigo & Adelaide Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.4500%, 3.8700%, 11/30/28^‡	2,500,000	AUD	1,788,438
	Commonwealth Bank of Australia,
	90 Day Australian Bank Bill Rate + 2.6500%, 4.0500%, 6/3/26^‡	6,100,000	AUD	4,398,458
	Commonwealth Bank of Australia,
	ICE LIBOR USD 3 Month + 2.0940%, 3.3750%, 10/20/26^‡	$1,680,000		1,689,526
	DBS Group Holdings Ltd,
	90 Day Australian Bank Bill Rate + 1.5800%, 2.8804%, 3/16/28^‡	1,300,000	AUD	908,441
	Horse Gallop Finance Ltd,
	ICE LIBOR USD 3 Month + 1.1800%, 3.5099%, 6/28/21^‡	4,587,000		4,601,791
	Lloyds Banking Group PLC, 3.6500%, 3/20/23	3,000,000	AUD	2,184,797
	Lloyds Banking Group PLC, 3.9000%, 11/23/23	5,850,000	AUD	4,307,678
	Macquarie Group Ltd, 6.2500%, 1/14/21	716,000		754,446
	Macquarie Group Ltd,
	90 Day Australian Bank Bill Rate + 1.1500%, 2.4504%, 12/15/22^‡	3,460,000	AUD	2,430,214
	National Australia Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.4000%, 3.6150%, 9/21/26^‡	568,000	AUD	408,835
	National Australia Bank Ltd, AUD SWAP 5 YR + 2.4000%, 4.0000%, 9/21/26^‡	2,743,000	AUD	1,986,021
	Oversea-Chinese Banking Corp Ltd, 4.2500%, 6/19/24	2,300,000		2,414,302
	United Overseas Bank Ltd,
	USD SWAP SEMI 30/360 5YR + 1.9950%, 3.7500%, 9/19/24^‡	1,550,000		1,549,845
	United Overseas Bank Ltd,
	US Treasury Yield Curve Rate + 1.5000%, 3.7500%, 4/15/29 (144A)^‡	700,000		721,717
	Westpac Banking Corp,
	90 Day Australian Bank Bill Rate + 3.1000%, 4.4663%, 3/10/26^‡	1,200,000	AUD	868,665


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

Janus Investment Fund	7

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2019


Principal or Contract Amounts						Value
Corporate Bonds– (continued)
Banking – (continued)
	Westpac Banking Corp, AUD SWAP 5 YR + 1.9500%, 4.5000%, 3/11/27^‡	5,810,000	AUD		$4,256,468
	Westpac Banking Corp, AUD SWAP 5 YR + 2.6500%, 4.8000%, 6/14/28^‡	2,724,000	AUD		2,033,651
					40,937,260
Basic Industry – 0.7%
	Glencore Funding LLC, 4.1250%, 3/12/24 (144A)	$955,000			991,053
Consumer Cyclical – 13.8%
	Daimler Finance North America LLC,
	ICE LIBOR USD 3 Month + 0.8800%, 3.4034%, 2/22/22 (144A)^‡	2,350,000			2,364,171
	General Motors Financial Co Inc,
	ICE LIBOR USD 3 Month + 0.8500%, 3.4421%, 4/9/21^‡	1,610,000			1,609,265
	General Motors Financial Co Inc, 3.2000%, 7/6/21	3,600,000			3,630,628
	Hyundai Capital America, 3.0000%, 3/18/21 (144A)	600,000			603,040
	Hyundai Capital America, ICE LIBOR USD 3 Month + 0.9400%, 3.5286%, 7/8/21^‡	3,200,000			3,203,268
	Hyundai Capital America, 3.1000%, 4/5/22	3,900,000			3,919,180
	Volkswagen Financial Services Australia Pty Ltd, 3.3000%, 2/28/22	5,190,000	AUD		3,738,797
					19,068,349
Electric – 4.0%
	AusNet Services Holdings Pty Ltd, 5.3750%, 7/2/24	3,400,000	AUD		2,697,206
	ETSA Utilities Finance Pty Ltd,
	90 Day Australian Bank Bill Rate + 1.0200%, 2.4441%, 8/29/22^‡	1,050,000	AUD		738,597
	NRG Energy Inc, 3.7500%, 6/15/24 (144A)	2,100,000			2,156,423
					5,592,226
Financial Institutions – 3.0%
	Liberty Financial Pty Ltd, 5.1000%, 6/1/20	3,500,000	AUD		2,493,793
	Liberty Financial Pty Ltd, 5.1000%, 4/9/21	2,350,000	AUD		1,689,514
					4,183,307
Government Sponsored – 10.3%
	Bank of China Ltd/London, ICE LIBOR USD 3 Month + 0.7300%, 3.2016%, 6/7/21^‡	1,100,000			1,100,550
	Bank of China Ltd/Macau,
	ICE LIBOR USD 3 Month + 0.7500%, 3.3936%, 11/20/21^‡	1,150,000			1,151,610
	CNOOC Curtis Funding No 1 Pty Ltd, 4.5000%, 10/3/23	4,550,000			4,861,535
	Export-Import Bank of Korea,
	ICE LIBOR USD 3 Month + 0.5750%, 3.0953%, 6/1/21^‡	2,400,000			2,405,162
	ICBCIL Finance Co Ltd, 3.6500%, 3/5/22	800,000			816,138
	SGSP Australia Assets Pty Ltd, 3.3000%, 4/9/23	800,000			815,620
	Sinopec Capital 2013 Ltd, 3.1250%, 4/24/23	3,130,000			3,174,508
					14,325,123
Real Estate Investment Trusts (REITs) – 1.1%
	Vicinity Centres Trust, 4.0000%, 4/26/27	1,950,000	AUD		1,469,437
Semiconductor & Semiconductor Equipment – 1.2%
	Broadcom Inc, 3.1250%, 4/15/21 (144A)	1,660,000			1,670,737
Transportation – 2.8%
	Sydney Airport Finance Co Pty Ltd, 3.9000%, 3/22/23 (144A)	100,000			104,188
	Sydney Airport Finance Co Pty Ltd, 3.6250%, 4/28/26 (144A)	3,700,000			3,794,405
					3,898,593
Total Corporate Bonds (cost $91,283,385)					92,136,085
Commercial Paper– 1.7%
	ETP Legacy LP, 0%, 7/1/19 (144A)^◊(cost $2,399,410)	2,400,000			2,399,473
OTC Purchased Options – Calls– 0.1%
Counterparty/Reference Asset
Citibank:
	EUR Currency,
	Notional amount $9,235,000, premiums paid $249,945, unrealized depreciation $(105,953), exercise price $1.17, expires 2/26/20* (premiums paid $249,945)	9,235,000		143,992


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

8	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2019


Principal or Contract Amounts					Value
OTC Purchased Options – Puts– 0.2%
Counterparty/Reference Asset
Citibank:
	EUR Currency,
	Notional amount $9,235,000, premiums paid $248,468, unrealized appreciation $44,272, exercise price $1.17, expires 2/26/20* (premiums paid $248,468)	9,235,000	$292,740
Total Investments (total cost $137,354,881) – 98.9%				137,376,465
Cash, Receivables and Other Assets, net of Liabilities – 1.1%				1,514,471
Net Assets – 100%				$138,890,936


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

		% of
		Investment
Country	Value	Securities
Australia	$80,455,624	58.6	%
United States	19,628,746	14.3
China	15,706,132	11.4
United Kingdom	6,492,475	4.7
Germany	6,102,968	4.4
Singapore	5,594,305	4.1
South Korea	2,405,162	1.8
Switzerland	991,053	0.7



Total	$137,376,465	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)
Barclays Capital, Inc.:
Australian Dollar	9/6/19	(122,200,000)	$	85,249,775	$	(705,529)
Japanese Yen	7/9/19	(155,000,000)		1,440,025		1,277

						(704,252)
JPMorgan Chase & Co.:
Australian Dollar	9/6/19	500,000		(344,495)		7,204
Total					$	(697,048)


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

Janus Investment Fund	9

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2019

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
3-Year Australian Bond	48	9/16/19	$	3,874,420	$	7,914	$	(958)
5-Year US Treasury Note	13	9/30/19		1,536,031		19,094		-
Total					$	27,008	$	(958)


Schedule of Centrally Cleared Interest Rate Swaps
Payments made by Fund	Payments received by Fund	Payment Frequency	Maturity Date	Notional Amount			Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
ICE LIBOR USD 3 Month	2.5100% Fixed Rate	Quarterly	2/22/2022	39,400,000	USD	$	171	$	(629,584)	$	(14,207)
2.7338% Fixed Rate	ICE LIBOR USD 3 Month	Semiannual	2/22/2030	9,000,000	USD		174		685,087		(112)
	ICE LIBOR USD 3 Month	Semiannual	2/22/2030	9,000,000	USD		174		685,087		(112)
Total						$	345	$	55,503	$	(14,319)

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 June 30, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2019

	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 8,481	$ -	$ 8,481
Purchased options contracts, at value	436,732	-	436,732

Total Asset Derivatives	$445,213	$ -	$445,213

Liability Derivatives:
Forward foreign currency exchange contracts	$705,529	$ -	$705,529
Variation margin payable	-	15,277	15,277

Total Liability Derivatives	$705,529	$ 15,277	$720,806


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

10	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2019

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$(8,744,972)	$ -	$ -	$(31,985,687)	$(43,697,567)	$(84,428,226)
Forward foreign currency exchange contracts	-	-	8,449,612	-	-	8,449,612
Purchased options contracts	(81,184)	-	(475,091)	(1,083,134)	(1,808,792)	(3,448,201)
Purchased swaption contracts	-	(449,259)	-	-	136,020	(313,239)
Swap contracts	-	(12,546,291)	-	-	147,645	(12,398,646)
Written options contracts	3,792,755	-	(296,238)	30,284,197	30,673,689	64,454,403
Written swaption contracts	-	6,779,645	-	-	(56,102)	6,723,543

Total	$(5,033,401)	$ (6,215,905)	$7,678,283	$ (2,784,624)	$(14,605,107)	$(20,960,754)


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	$ 4,768,500	$ -	$ -	$ -	$ 5,573,454	$ 10,341,954
Forward foreign currency exchange contracts	-	-	(375,914)	-	-	(375,914)
Purchased options contracts	-	-	(46,590)	(66,303)		(112,893)
Swap contracts	-	(12,442,612)	-	-	55,503	(12,387,109)
Written options contracts	-	-	(116,207)	-	-	(116,207)

Total	$ 4,768,500	$(12,442,612)	$ (538,711)	$ (66,303)	$ 5,628,957	$ (2,650,169)

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


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

Janus Investment Fund	11

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2019


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2019

	Market Value^(a)
Credit default swaps, buy protection	$ (14,310,409)
Forward foreign currency exchange contracts, purchased	25,571,268
Forward foreign currency exchange contracts, sold	83,094,537
Futures contracts, purchased	270,465,560
Futures contracts, sold	500,138,830
Interest rate swaps, pay fixed rate/receive floating rate	(137,770)
Interest rate swaps, receive fixed rate/pay floating rate	158,910
Purchased options contracts, call	824,742
Purchased options contracts, put	486,056
Purchased swaption contracts, call	89,745
Purchased swaption contracts, put	116,929
Written options contracts, call	1,238,213
Written options contracts, put	977,768
Written swaption contracts, call	272,453
Written swaption contracts, put	121,433

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


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

12	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information


FTSE 3-Month U.S. Treasury Bill Index	FTSE 3-Month U.S. Treasury Bill Index tracks the performance of short-term U.S. government debt securities.
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.


ICE	Intercontinental Exchange
LLC	Limited Liability Company
LP	Limited Partnership
OTC	Over-the-Counter
PLC	Public Limited Company

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. 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 year ended June 30, 2019 is $14,805,207, which represents 10.7% of net assets.


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2019. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


◊	Zero coupon bond.


Janus Investment Fund	13

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	42,404,175	$	-
Corporate Bonds			-		92,136,085		-
Commercial Paper			-		2,399,473		-
OTC Purchased Options – Calls			-		143,992		-
OTC Purchased Options – Puts			-		292,740		-
Total Investments in Securities		$	-	$	137,376,465	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		8,481		-
Total Assets		$	-	$	137,384,946	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	705,529	$	-
Variation Margin Payable			958		14,319		-
Total Liabilities		$	958	$	719,848	$	-

(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.


14	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities

June 30, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	136,939,733
	Purchased options, at value⁽²⁾			436,732
	Deposits with brokers for centrally cleared derivatives			240,000
	Deposits with brokers for futures			100,000
	Forward foreign currency exchange contracts			8,481
	Cash denominated in foreign currency⁽³⁾			2,032,198
	Non-interested Trustees' deferred compensation			3,513
	Receivables:
		Investments sold		4,413,103
		Interest		757,166
		Fund shares sold		58,474
	Other assets			83,442
Total Assets				145,072,842
Liabilities:
	Due to custodian			4,278,073
	Forward foreign currency exchange contracts			705,529
	Variation margin payable			15,277
	Payables:			—
		Fund shares repurchased		665,959
		Professional fees		92,205
		Advisory fees		64,440
		Dividends		29,642
		Transfer agent fees and expenses		27,536
		12b-1 Distribution and shareholder servicing fees		22,026
		Custodian fees		9,004
		Investments purchased		8,806
		Non-interested Trustees' deferred compensation fees		3,513
		Non-interested Trustees' fees and expenses		1,672
		Affiliated fund administration fees payable		297
		Accrued expenses and other payables		257,927
Total Liabilities				6,181,906
Net Assets			$	138,890,936


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities

June 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	319,685,657
	Total distributable earnings (loss)		(180,794,721)
Total Net Assets		$	138,890,936
Net Assets - Class A Shares		$	25,376,643
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,841,416
Net Asset Value Per Share⁽⁴⁾		$	8.93
Maximum Offering Price Per Share⁽⁵⁾		$	9.38
Net Assets - Class C Shares		$	18,983,257
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,127,305
Net Asset Value Per Share⁽⁴⁾		$	8.92
Net Assets - Class D Shares		$	9,437,484
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,056,167
Net Asset Value Per Share		$	8.94
Net Assets - Class I Shares		$	57,628,434
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,458,265
Net Asset Value Per Share		$	8.92
Net Assets - Class N Shares		$	2,453,509
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		274,841
Net Asset Value Per Share		$	8.93
Net Assets - Class R Shares		$	949,639
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		106,274
Net Asset Value Per Share		$	8.94
Net Assets - Class S Shares		$	159,830
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		17,879
Net Asset Value Per Share		$	8.94
Net Assets - Class T Shares		$	23,902,140
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,678,356
Net Asset Value Per Share		$	8.92

(1) Includes cost of $136,856,468.

(2) Premiums paid of $498,413.

(3) Includes cost of $2,032,198.

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

(5) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

16	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations

For the year ended June 30, 2019



Investment Income:
	Interest		$	22,299,706
	Dividends			3,883,098
	Interest proceeds from short sales			35,277
	Other income			149,520
Total Investment Income				26,367,601
Expenses:
	Advisory fees			5,132,592
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		104,771
		Class C Shares		288,219
		Class R Shares		4,373
		Class S Shares		3,118
	Transfer agent administrative fees and expenses:
		Class D Shares		12,634
		Class R Shares		2,367
		Class S Shares		3,108
		Class T Shares		127,679
	Transfer agent networking and omnibus fees:
		Class A Shares		9,824
		Class C Shares		23,203
		Class I Shares		292,262
	Other transfer agent fees and expenses:
		Class A Shares		3,390
		Class C Shares		2,390
		Class D Shares		4,553
		Class I Shares		25,054
		Class N Shares		262
		Class R Shares		1
		Class S Shares		17
		Class T Shares		383
	Registration fees			170,558
	Professional fees			143,455
	Custodian fees			92,164
	Shareholder reports expense			88,557
	Short sales dividends expense			62,513
	Affiliated fund administration fees			18,113
	Non-interested Trustees’ fees and expenses			7,320
	Short sale fees and expenses			3,888
	Other expenses			80,541
Total Expenses				6,707,309
Less: Excess Expense Reimbursement and Waivers				(167,149)
Net Expenses				6,540,160
Net Investment Income/(Loss)				19,827,441


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations

For the year ended June 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	2,425,493
	Purchased options contracts		(3,448,201)
	Purchased swaption contracts		(313,239)
	Forward foreign currency exchange contracts		8,449,612
	Futures contracts		(84,428,226)
	Short sales		5,221,879
	Swap contracts		(12,398,646)
	Written options contracts		64,454,403
	Written swaption contracts		6,723,543
Total Net Realized Gain/(Loss) on Investments			(13,313,382)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		17,569,084
	Purchased options contracts		(112,893)
	Forward foreign currency exchange contracts		(375,914)
	Futures contracts		10,341,954
	Swap contracts		(12,387,109)
	Written options contracts		(116,207)
Total Change in Unrealized Net Appreciation/Depreciation			14,918,915
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	21,432,974


See Notes to Financial Statements.

18	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Statements of Changes in Net Assets



			Year ended June 30, 2019		Year ended June 30, 2018

Operations:
	Net investment income/(loss)		$	19,827,441	$	34,039,800
	Net realized gain/(loss) on investments			(13,313,382)		(132,714,513)
	Change in unrealized net appreciation/depreciation			14,918,915		(7,678,882)
Net Increase/(Decrease) in Net Assets Resulting from Operations				21,432,974		(106,353,595)
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(1,386,506)		N/A
		Class C Shares		(759,779)		N/A
		Class D Shares		(352,346)		N/A
		Class I Shares		(24,148,587)		N/A
		Class N Shares		(252,144)		N/A
		Class R Shares		(26,111)		N/A
		Class S Shares		(37,461)		N/A
		Class T Shares		(1,721,295)		N/A
	Total Dividends and Distributions to Shareholders			(28,684,229)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class A Shares		N/A		(2,273,073)
		Class C Shares		N/A		(812,473)
		Class D Shares		N/A		(343,498)
		Class I Shares		N/A		(40,212,821)
		Class N Shares		N/A		(776,901)
		Class R Shares		N/A		(13,400)
		Class S Shares		N/A		(18,256)
		Class T Shares		N/A		(4,235,861)
	Total Dividends from Net Investment Income			N/A		(48,686,283)
Net Decrease from Dividends and Distributions to Shareholders				(28,684,229)		(48,686,283)
Capital Share Transactions:
		Class A Shares		(36,694,149)		(55,300,949)
		Class C Shares		(27,005,160)		(10,539,508)
		Class D Shares		(3,122,304)		(2,933,609)
		Class I Shares		(1,102,440,602)		(396,889,973)
		Class N Shares		(75,336,326)		80,861,893
		Class R Shares		(15,119)		487,660
		Class S Shares		(1,373,731)		462,276
		Class T Shares		(86,843,462)		(92,951,828)
Net Increase/(Decrease) from Capital Share Transactions				(1,332,830,853)		(476,804,038)
Net Increase/(Decrease) in Net Assets				(1,340,082,108)		(631,843,916)
Net Assets:
	Beginning of period			1,478,973,044		2,110,816,960
	End of period⁽²⁾		$	138,890,936	$	1,478,973,044

(1) The requirement to disclose dividends and distributions paid to shareholders from net investment income and/or net realized gain from investment transactions was eliminated by the SEC (Securities Exchange Commission) in 2018.

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $1,750,045 as of June 30, 2018. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.88	$9.64	$9.70	$9.71	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.14	0.19	0.18	0.09
		Net realized and unrealized gain/(loss)	0.16	(0.70)	0.14	0.06	(0.27)
	Total from Investment Operations		0.34	(0.56)	0.33	0.24	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.20)	(0.38)	(0.13)	(0.07)
		Return of capital	—	—	(0.01)	(0.12)	(0.05)
	Total Dividends and Distributions		(0.29)	(0.20)	(0.39)	(0.25)	(0.12)
	Net Asset Value, End of Period		$8.93	$8.88	$9.64	$9.70	$9.71
	Total Return*		3.85%	(5.91)%	3.51%	2.54%	(1.86)%
	Net Assets, End of Period (in thousands)		$25,377	$62,043	$123,769	$85,242	$82,298
	Average Net Assets for the Period (in thousands)		$42,125	$107,328	$103,307	$81,615	$44,607
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.03%	1.00%	1.01%	1.01%	1.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	1.00%	1.01%	1.01%	1.07%
		Ratio of Net Investment Income/(Loss)	2.01%	1.43%	1.94%	1.90%	0.93%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%


Class C Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.88	$9.63	$9.69	$9.69	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.07	0.12	0.11	0.02
		Net realized and unrealized gain/(loss)	0.15	(0.69)	0.14	0.07	(0.28)
	Total from Investment Operations		0.26	(0.62)	0.26	0.18	(0.26)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.13)	(0.31)	(0.09)	(0.03)
		Return of capital	—	—	(0.01)	(0.09)	(0.03)
	Total Dividends and Distributions		(0.22)	(0.13)	(0.32)	(0.18)	(0.06)
	Net Asset Value, End of Period		$8.92	$8.88	$9.63	$9.69	$9.69
	Total Return*		2.96%	(6.49)%	2.75%	1.87%	(2.59)%
	Net Assets, End of Period (in thousands)		$18,983	$45,990	$60,913	$45,452	$51,993
	Average Net Assets for the Period (in thousands)		$30,267	$58,477	$54,205	$45,549	$26,045
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.81%	1.72%	1.75%	1.76%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.76%	1.72%	1.75%	1.76%	1.80%
		Ratio of Net Investment Income/(Loss)	1.22%	0.69%	1.22%	1.12%	0.23%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.


See Notes to Financial Statements.

20	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.89	$9.64	$9.70	$9.71	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.14	0.19	0.18	0.10
		Net realized and unrealized gain/(loss)	0.17	(0.68)	0.15	0.06	(0.27)
	Total from Investment Operations		0.34	(0.54)	0.34	0.24	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.21)	(0.39)	(0.13)	(0.08)
		Return of capital	—	—	(0.01)	(0.12)	(0.05)
	Total Dividends and Distributions		(0.29)	(0.21)	(0.40)	(0.25)	(0.13)
	Net Asset Value, End of Period		$8.94	$8.89	$9.64	$9.70	$9.71
	Total Return*		3.95%	(5.73)%	3.55%	2.53%	(1.68)%
	Net Assets, End of Period (in thousands)		$9,437	$12,526	$16,621	$14,162	$13,269
	Average Net Assets for the Period (in thousands)		$10,576	$15,676	$15,427	$13,166	$7,698
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%	0.92%	0.97%	1.01%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.92%	0.97%	1.01%	1.01%
		Ratio of Net Investment Income/(Loss)	1.91%	1.50%	2.01%	1.92%	0.98%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%


Class I Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.88	$9.64	$9.70	$9.70	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.23	0.16	0.21	0.21	0.12
		Net realized and unrealized gain/(loss)	0.12	(0.69)	0.15	0.07	(0.28)
	Total from Investment Operations		0.35	(0.53)	0.36	0.28	(0.16)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.23)	(0.41)	(0.15)	(0.09)
		Return of capital	—	—	(0.01)	(0.13)	(0.06)
	Total Dividends and Distributions		(0.31)	(0.23)	(0.42)	(0.28)	(0.15)
	Net Asset Value, End of Period		$8.92	$8.88	$9.64	$9.70	$9.70
	Total Return*		3.99%	(5.67)%	3.79%	2.90%	(1.56)%
	Net Assets, End of Period (in thousands)		$57,628	$1,166,188	$1,685,309	$1,168,251	$1,104,105
	Average Net Assets for the Period (in thousands)		$652,474	$1,704,727	$1,409,826	$1,035,919	$731,773
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.75%	0.74%	0.75%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.75%	0.74%	0.75%	0.76%
		Ratio of Net Investment Income/(Loss)	2.61%	1.67%	2.22%	2.15%	1.26%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.89	$9.64	$9.70	$9.70	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.16	0.22	0.21	0.12
		Net realized and unrealized gain/(loss)	0.08	(0.68)	0.14	0.07	(0.28)
	Total from Investment Operations		0.35	(0.52)	0.36	0.28	(0.16)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.23)	(0.41)	(0.15)	(0.09)
		Return of capital	—	—	(0.01)	(0.13)	(0.06)
	Total Dividends and Distributions		(0.31)	(0.23)	(0.42)	(0.28)	(0.15)
	Net Asset Value, End of Period		$8.93	$8.89	$9.64	$9.70	$9.70
	Total Return*		4.00%	(5.51)%	3.82%	2.93%	(1.58)%
	Net Assets, End of Period (in thousands)		$2,454	$78,752	$5,444	$3,967	$3,099
	Average Net Assets for the Period (in thousands)		$7,437	$31,271	$5,122	$3,265	$1,667
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.62%	0.66%	0.71%	0.73%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.66%	0.71%	0.73%	0.77%
		Ratio of Net Investment Income/(Loss)	2.79%	1.80%	2.25%	2.22%	1.22%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%


Class R Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽²⁾
	Net Asset Value, Beginning of Period		$8.89	$9.64	$9.70	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.09	0.14	0.15	0.03
		Net realized and unrealized gain/(loss)	0.18	(0.69)	0.15	0.06	(0.26)
	Total from Investment Operations		0.29	(0.60)	0.29	0.21	(0.23)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.15)	(0.34)	(0.11)	(0.04)
		Return of capital	—	—	(0.01)	(0.10)	(0.03)
	Total Dividends and Distributions		(0.24)	(0.15)	(0.35)	(0.21)	(0.07)
	Net Asset Value, End of Period		$8.94	$8.89	$9.64	$9.70	$9.70
	Total Return*		3.37%	(6.28)%	3.05%	2.15%	(2.31)%
	Net Assets, End of Period (in thousands)		$950	$959	$551	$211	$50
	Average Net Assets for the Period (in thousands)		$949	$836	$343	$162	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%	1.52%	1.47%	1.46%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.46%	1.52%	1.47%	1.46%	1.49%
		Ratio of Net Investment Income/(Loss)	1.27%	0.91%	1.42%	1.56%	0.71%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) Period from February 6, 2015 (inception date) through June 30, 2015.


See Notes to Financial Statements.

22	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.89	$9.63	$9.70	$9.70	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.11	0.17	0.17	0.07
		Net realized and unrealized gain/(loss)	0.13	(0.69)	0.14	0.07	(0.28)
	Total from Investment Operations		0.31	(0.58)	0.31	0.24	(0.21)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.16)	(0.37)	(0.13)	(0.06)
		Return of capital	—	—	(0.01)	(0.11)	(0.04)
	Total Dividends and Distributions		(0.26)	(0.16)	(0.38)	(0.24)	(0.10)
	Net Asset Value, End of Period		$8.94	$8.89	$9.63	$9.70	$9.70
	Total Return*		3.58%	(6.08)%	3.24%	2.51%	(2.13)%
	Net Assets, End of Period (in thousands)		$160	$1,500	$1,071	$541	$487
	Average Net Assets for the Period (in thousands)		$1,251	$949	$716	$463	$288
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.48%	1.26%	1.21%	1.23%	1.36%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.29%	1.22%	1.17%	1.14%	1.36%
		Ratio of Net Investment Income/(Loss)	1.97%	1.17%	1.75%	1.79%	0.71%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%


Class T Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$8.88	$9.63	$9.69	$9.70	$10.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.19	0.14	0.19	0.18	0.10
		Net realized and unrealized gain/(loss)	0.14	(0.68)	0.15	0.07	(0.28)
	Total from Investment Operations		0.33	(0.54)	0.34	0.25	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.21)	(0.39)	(0.14)	(0.08)
		Return of capital	—	—	(0.01)	(0.12)	(0.05)
	Total Dividends and Distributions		(0.29)	(0.21)	(0.40)	(0.26)	(0.13)
	Net Asset Value, End of Period		$8.92	$8.88	$9.63	$9.69	$9.70
	Total Return*		3.78%	(5.73)%	3.58%	2.60%	(1.80)%
	Net Assets, End of Period (in thousands)		$23,902	$111,015	$217,138	$164,055	$195,190
	Average Net Assets for the Period (in thousands)		$51,775	$193,808	$193,689	$173,502	$118,182
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	0.93%	0.95%	0.98%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.92%	0.94%	0.94%	1.01%
		Ratio of Net Investment Income/(Loss)	2.13%	1.49%	2.02%	1.92%	0.99%
	Portfolio Turnover Rate		170%	119%	145%	149%	107%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Absolute Return Income Opportunities Fund (formerly Janus Henderson Global Unconstrained 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 47 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to maximize total return, consistent with preservation of capital. The Fund is classified as diversified, 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.

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

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Funds have adopted an auto-conversion policy pursuant to which Class C Shares that have been held for ten years will be automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business day in the month following the month of the tenth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund will rely on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares. Please contact your financial intermediary for additional information.

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


24	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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 R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

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

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

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

Investment Valuation

Securities 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

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.


Janus Investment Fund	25

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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.

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 June 30, 2019 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.

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 daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. 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.


26	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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

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.

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 year ended June 30, 2019 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.


Janus Investment Fund	27

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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 or 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.

· 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. Additionally, the Fund may deposit cash and/or treasuries 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. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. 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.


28	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

Commodity-Linked Investments

The Fund may invest, directly or indirectly, in various commodity-linked investments that provide exposure to the commodities markets. Such exposure may subject the Fund to greater volatility than investments in traditional securities. The value of a given commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may therefore be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for 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 year, 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 decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the year, 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.

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.


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Notes to Financial Statements

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.

During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the year, the Fund purchased commodity futures to increase exposure to commodity risk.

During the year, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the year, the Fund sold futures on equity indices to decrease exposure to equity risk.

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 year, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to individual equity risk.

During the year, the Fund purchased call options on various equity index futures for the purpose of increasing exposure to broad equity risk.


30	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

During the year, the Fund purchased put options on various equity index futures for the purpose of decreasing exposure to broad equity risk.

During the year, the Fund purchased call options on bond futures in order to increase interest rate risk exposure where reducing this exposure via other markets such as the cash bond market was less attractive.

During the year, the Fund purchased put options on bond futures in order to reduce interest rate risk exposure where reducing this exposure via other markets such as the cash bond market was less attractive.

During the year, the Fund purchased call options on foreign exchange rates vs. the U.S. dollar in order to increase foreign currency exposure and reduce U.S. dollar exposure where increasing this exposure via the options market was most attractive.

During the year, the Fund purchased put options on foreign exchange rates vs. the U.S. dollar in order to decrease foreign currency exposure and increase U.S. dollar exposure where decreasing this exposure via the options market was most attractive.

During the year, the Fund purchased call and put options on commodity futures for the purpose of hedging exposure to commodity risk and/or generating income.

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 year, the Fund wrote call options on various equity index futures for the purpose of decreasing exposure to broad equity risk and/or generating carry.

During the year, the Fund wrote put options on various equity index futures for the purpose of increasing exposure to broad equity risk and/or generating carry.

During the year, the Fund wrote call options on bond futures in order to reduce interest rate risk where reducing this exposure via other markets such as the cash bond market was less attractive.

During the year, the Fund wrote put options on bond futures in order to increase interest rate risk where increasing this exposure via other markets such as the cash bond market was less attractive.

During the year, the Fund wrote call options on foreign exchange rates vs. the U.S. dollar in order to reduce currency risk where reducing this exposure via the foreign exchange forward markets was less attractive.

During the year, the Fund wrote put options on foreign exchange rates vs. the U.S. dollar in order to increase currency risk where increasing this exposure via the foreign exchange forward markets was less attractive.

During the year, the Fund wrote call options on commodity futures for the purpose of decreasing exposure to commodity risk and/or generating income.

During the year, the Fund wrote put options on commodity futures for the purpose of increasing exposure to commodity risk and/or generating income.

Options on Swap Contracts (Swaptions)

The Fund may purchase or write covered and uncovered put and call options on swap contracts, commonly referred to as “swaptions”. Swaption contracts grant the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time.

Swaptions can be used for a variety of purposes, including to manage the Fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the Fund's exposure to certain


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Notes to Financial Statements

markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk. Because the use of swaptions generally does not involve the delivery of securities or other underlying assets or principal, the risk of loss with respect to swaptions generally is limited to the net amount of payments that the Fund is contractually obligated to make. There is also a risk of a default by the other party to a swaption, in which case the Fund may not receive the net amount of payments that it contractually is entitled to receive. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, and interest rate risk, associated with both option contracts and swap contracts.

Interest rate written receiver swaptions, if exercised by the purchaser, allow the Fund to short interest rates by entering into a pay fixed/receive float interest rate swap. Selling the interest rate receiver option reduces the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates rise and/or implied interest rate volatility decreases. Interest rate written payer swaptions, if exercised by the purchaser, allow the Fund to take a long position on interest rates by entering into a receive fixed/pay float interest rate swap. Selling the interest rate payer option increases the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates fall and/or implied interest rate volatility decreases. Credit default written receiver swaptions, if exercised by the purchaser, allow the Fund to buy credit protection through credit default swaps. Selling the credit default receiver option reduces the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) increases. Credit default written payer swaptions, if exercised by the purchaser, allow the Fund to sell credit protection through credit default swaps. Selling the credit default payer option increases the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) decreases. Swaptions purchased are reported in the Schedule of Investments (if applicable). Swaptions written are reported as a liability on the Statement of Assets and Liabilities as “Swaptions written, at value” (if applicable).

During the year, the Fund purchased credit default receiver swaptions (call) and sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices.

During the year, the Fund purchased credit default payer swaptions (put) and bought protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices.

During the year, the Fund sold credit default receiver swaptions (call) in order to gain credit market volatility exposure and to reduce credit exposure.

During the year, the Fund sold credit default payer swaptions (put) in order to gain credit market volatility exposure and to gain credit exposure.

There were no swaptions held at June 30, 2019.

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.


32	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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 Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the 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.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements and index credit default swaps (“CDX”), for investment purposes and to add leverage to its portfolio. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to liquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

The Fund may invest in single-name credit default swaps (“CDS”) to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund’s total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the year, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

There were no credit default swaps held at June 30, 2019.

The Fund’s use of interest rate swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps may result in potential losses if interest rates do not move as expected or if the counterparties are unable to satisfy their obligations. Interest rate swaps are generally entered into on a net basis. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make.

During the year, the Fund entered into interest rate swaps paying a fixed interest rate and receiving a floating interest rate in order to decrease interest rate risk (duration) exposure. As interest rates rise, the Fund benefits by receiving a higher expected future floating rate, while paying a fixed rate that has not increased.

During the year, the Fund entered into interest rate swaps paying a floating interest rate and receiving a fixed interest rate in order to increase interest rate risk (duration) exposure. As interest rates fall, the Fund benefits by paying a lower future floating rate, while receiving a fixed rate that has not decreased.

3. Other Investments and Strategies

Additional Investment Risk

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


34	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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.

Geographic Investment Risk

To the extent the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.

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


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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.

Emerging Market Investing

Within the parameters of its specific investment policies, 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.

Inflation-Linked Securities

The Fund may invest in inflation-indexed bonds, including municipal inflation-indexed bonds and corporate inflation-indexed bonds, or in derivatives that are linked to these securities. Inflation-linked bonds are fixed-income securities that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds. In addition, inflation-linked bonds also normally decline in price when real interest rates rise. In the event of deflation, when prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

In the case of Treasury Inflation-Protected Securities, also known as TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury. For inflation-linked bonds that do not provide a similar guarantee, the adjusted principal value of the inflation-linked bond repaid at maturity may be less than the original principal. Other non-U.S. sovereign governments also issue inflation-linked securities (sometimes referred to as “linkers”) that are tied to their own local consumer price indices. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Inflation-linked bonds may also be issued by, or related to, sovereign governments of other developed countries, emerging market countries, or companies or other entities not affiliated with governments.

Mortgage- and Asset-Backed Securities


36	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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-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.

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.

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 (not accounted for as hedging instruments) as of June 30, 2019” table located in the Fund’s Schedule of Investments.


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets

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

Barclays Capital, Inc.		$	1,277	$	(1,277)	$	—	$	—
Citibank			436,732		—		—		436,732
JPMorgan Chase & Co.			7,204		—		—		7,204

Total		$	445,213	$	(1,277)	$	—	$	443,936
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.		$	705,529	$	(1,277)	$	—	$	704,252

(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 generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

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.

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.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital Management LLC ("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 $1 Billion	0.65
Next $2 Billion	0.62
Over $3 Billion	0.60


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

The Fund’s actual investment advisory fee rate for the reporting period was 0.64% of average annual net assets before any applicable waivers.

Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Kapstream Capital Pty Limited (Australia) ("Kapstream"), pursuant to which certain employees of Kapstream may also serve as employees or as "associated persons" of Janus Capital. In this capacity, employees of Kapstream are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital. The responsibilities of both Janus Capital and Kapstream under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

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 total annual fund 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 0.73% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2019. 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.

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.

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.


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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, 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. 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, 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.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of 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 any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $487,002 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2019. The Fund's portion is reported as part of “Other expenses” on 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 June 30, 2019 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 year ended June 30, 2019 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 $481,875 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2019.


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

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 year ended June 30, 2019, Janus Henderson Distributors retained upfront sales charges of $3,933.

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 year ended June 30, 2019, redeeming shareholders of Class A Shares paid CDSCs of $315 to Janus Henderson Distributors.

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 year ended June 30, 2019, redeeming shareholders of Class C Shares paid CDSCs of $15,696.

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 year ended June 30, 2019, the Fund engaged in cross trades amounting to $3,805,320 in purchases and $138,454,628 in sales, resulting in a net realized gain of $159,133. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

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

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


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,312,728	$ -	$(182,170,937)	$ -	$ -	$ 59,904	$ 3,584

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2019, 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 year ended June 30, 2019
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(82,609,808)	$(99,561,129)	$ (182,170,937)


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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

Note the capital loss carryforward are subject to limitation. Assuming no additional future limitations, a minimum of $11,422,577 should be available to offset future realized capital gains in fiscal year end June 30, 2020.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2019 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 137,372,881	$ 1,196,560	$ (1,192,976)	$ 3,584

Information on the tax components of derivatives as of June 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (677,610)	$ 63,417	$ -	$ 63,417

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

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


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 28,684,229	$ -	$ -	$ -


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 48,686,283	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 6,197	$ 8,415,958	$ (8,422,155)


42	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended June 30, 2019		Year ended June 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	443,537	$ 3,926,548	2,985,975	$ 28,694,960
Reinvested dividends and distributions	120,349	1,066,237	201,630	1,921,366
Shares repurchased	(4,706,934)	(41,686,934)	(9,045,168)	(85,917,275)
Net Increase/(Decrease)	(4,143,048)	$ (36,694,149)	(5,857,563)	$ (55,300,949)
Class C Shares:
Shares sold	211,405	$ 1,870,027	1,416,072	$ 13,575,620
Reinvested dividends and distributions	72,798	644,671	70,712	670,327
Shares repurchased	(3,338,169)	(29,519,858)	(2,632,179)	(24,785,455)
Net Increase/(Decrease)	(3,053,966)	$ (27,005,160)	(1,145,395)	$ (10,539,508)
Class D Shares:
Shares sold	54,846	$ 486,968	296,160	$ 2,842,293
Reinvested dividends and distributions	36,822	326,648	34,554	328,369
Shares repurchased	(444,987)	(3,935,920)	(645,341)	(6,104,271)
Net Increase/(Decrease)	(353,319)	$ (3,122,304)	(314,627)	$ (2,933,609)
Class I Shares:
Shares sold	3,888,596	$ 34,398,246	60,816,331	$ 582,072,842
Reinvested dividends and distributions	2,406,155	21,311,596	3,449,933	32,765,596
Shares repurchased	(131,103,909)	(1,158,150,444)	(107,864,217)	(1,011,728,411)
Net Increase/(Decrease)	(124,809,158)	$(1,102,440,602)	(43,597,953)	$ (396,889,973)
Class N Shares:
Shares sold	38,594	$ 328,224	15,033,504	$ 141,982,244
Reinvested dividends and distributions	28,606	252,073	84,232	776,178
Shares repurchased	(8,652,947)	(75,916,623)	(6,822,051)	(61,896,529)
Net Increase/(Decrease)	(8,585,747)	$ (75,336,326)	8,295,685	$ 80,861,893
Class R Shares:
Shares sold	38,100	$ 337,302	82,605	$ 790,392
Reinvested dividends and distributions	2,942	26,111	1,415	13,400
Shares repurchased	(42,667)	(378,532)	(33,333)	(316,132)
Net Increase/(Decrease)	(1,625)	$ (15,119)	50,687	$ 487,660
Class S Shares:
Shares sold	459,590	$ 4,044,392	205,133	$ 1,874,652
Reinvested dividends and distributions	4,225	37,461	1,914	18,237
Shares repurchased	(614,648)	(5,455,584)	(149,492)	(1,430,613)
Net Increase/(Decrease)	(150,833)	$ (1,373,731)	57,555	$ 462,276
Class T Shares:
Shares sold	380,616	$ 3,351,622	5,755,568	$ 55,164,395
Reinvested dividends and distributions	190,310	1,683,736	439,495	4,177,694
Shares repurchased	(10,398,780)	(91,878,820)	(16,241,040)	(152,293,917)
Net Increase/(Decrease)	(9,827,854)	$ (86,843,462)	(10,045,977)	$ (92,951,828)

The Fund experienced increased shareholder redemptions as a result of the change in portfolio management during the year ended June 30, 2019.

7. Purchases and Sales of Investment Securities

For the year ended June 30, 2019, 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
$1,052,247,999	$2,320,753,871	$ 135,243,633	$ 135,585,195


Janus Investment Fund	43

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

8. Recent Accounting Pronouncements

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. Management is currently evaluating the impacts of ASU 2017-08 on the Fund’s financial statements.

The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) in August 2018. The new guidance removes, modifies and enhances the disclosures to Topic 820. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. An entity is permitted, and Management has decided, to early adopt the removed and modified disclosures in these financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to June 30, 2019 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.


44	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Absolute Return Income Opportunities Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Absolute Return Income Opportunities Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2019, the related statement of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 16, 2019

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


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Janus Henderson Absolute Return Income Opportunities 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 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

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period

The Trustees of Janus Investment Fund, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund (each, a “JIF Fund,” and collectively, the “JIF Funds”), as well as each Portfolio of Janus Aspen Series (together with the JIF Funds, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each Janus Henderson Funds that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Capital and each subadviser 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 the information provided, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At a meeting held on December 6, 2018, 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 Janus Henderson 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 Janus Henderson Fund, and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2019 through February 1, 2020, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, refer to actual annual advisory fees (and, for the purposes of peer comparisons any administration fees excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

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 Janus Henderson Funds, taking into account the investment objective, strategies and policies of each Janus Henderson 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 Janus Henderson 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 Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson 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 Janus Henderson 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 Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson 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 Janus Henderson Funds and fund shareholders, ranging from investment management services to various other servicing functions, and that, in its view, Janus Capital is a capable provider of those services. The independent fee consultant also expressed the view 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 and the subadviser to each Janus Henderson Fund that utilizes a subadviser were appropriate and consistent with the terms of the respective investment advisory and subadvisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson 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 Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

Performance of the Funds

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson 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 Janus Henderson Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds’ performance has been reasonable: for the 36 months ended September 30, 2018, approximately 48% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2018, approximately 56% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

· 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, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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.

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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 bottom Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, 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 Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 Life Sciences Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 Select Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018. 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.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, including the impact of waivers on comparative peer performance.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 All Asset Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, 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 Triton Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12


50	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 that the performance trend was improving.

· 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Select Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

In consideration of each Janus Henderson 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 Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory and subadvisory agreement(s).

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the management fee rate (investment advisory and any administration fees, but excluding out-of-pocket costs) for many of the Janus Henderson Funds, net of waivers, was below the average management fee rate of the respective peer group of funds selected by Broadridge. 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


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

collected from such Janus Henderson Fund. The Trustees also considered the total expenses for each share class of each Janus Henderson 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 expressed the view that the management fees charged by Janus Capital to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. At the fund complex level, the independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 10% under the average total expenses for the respective Broadridge Expense Group peers and 19% under the average total expenses for the respective Broadridge Expense Universes; (3) management fees for the Janus Henderson Funds, on average, were 8% under the average management fees for the respective Expense Groups and 10% under the average for the respective Expense Universes; and (4) Janus Henderson Fund expenses by function for each asset and share class category were reasonable relative to peer benchmarks.

The independent fee consultant concluded that, based on its strategic review of expenses at the complex, category and individual share class level, Janus Henderson Fund expenses were found to be reasonable relative to peer benchmarks. Further, for certain Janus Henderson Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to investors in each Janus Henderson Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds were reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and expense waivers on such “focus list” 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 comparable subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, while subadviser fee rates charged to the Janus Henderson Funds were generally within a reasonable range of the fee rates that the subadviser charges to comparable separate account clients or non-affiliated funds. The Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Janus Henderson Funds, Janus Capital performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Janus Henderson 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 Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson institutional and subadvised fund investors; (4) in three of five product categories, the Janus Henderson Funds receive proportionally better pricing than the industry in relation to Janus Henderson institutional clients; and (5) in six of seven strategies, Janus Capital has lower management fees than the management fees charged to funds subadvised by Janus Capital.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2017, including the JIF Funds, and noted the following with regard to each JIF Fund’s total expenses, net of applicable fee waivers (the JIF Fund’s “total expenses”):

Alternative Fund

· For Janus Henderson Diversified Alternatives 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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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

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, 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 – 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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.

· 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 Global Unconstrained Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all 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 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 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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the peer group comparisons did not take into account a recent management fee reduction for the Fund, effective December 14, 2018 and that Janus Capital has contractually agreed to limit the Fund’s expenses at a lower (more favorable) level.

· For Janus Henderson Strategic 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.

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.

· 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.


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Additional Information (unaudited)

· For Janus Henderson European Focus 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 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 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 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.

· 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.

· 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, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. 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 above 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.

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.


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Additional Information (unaudited)

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

· 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 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, 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 the Fund’s total expenses were below the peer group average for all share classes.

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

· 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 the Fund’s total expenses were below the peer group average for all share classes.

· 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.

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

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 taking into account the limited peer group for the Fund. 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· 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.


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Additional Information (unaudited)

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, 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 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.

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Janus Henderson Funds, and considered profitability data of other publicly traded fund managers. 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, differences in complex size, differences in product mix, differences in types of business (mutual fund, institutional and other), differences in the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provides to each Janus Henderson Fund. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson 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 Janus Henderson Fund was reasonable. The Trustees also considered that the estimated profitability for an individual Janus Henderson 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 Janus Henderson 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 Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to Janus Capital, as well as the fees paid by Janus Capital to the subadvisers of subadvised Janus Henderson 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 Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by Janus Capital and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted the independent fee consultant’s analysis of economies of scale in prior years. They also noted that, although many Janus Henderson Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, the independent fee consultant concluded that 74% of these Janus Henderson Funds’ share classes have contractual management fees (gross of waivers) below their


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

Broadridge Expense Group averages. They also noted that for those Janus Henderson Funds whose expenses are being reduced by contractual expense limitations with Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale. Moreover, as the assets of some of the Janus Henderson Funds have declined in the past few years, certain Janus Henderson 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 Janus Henderson Funds that have caused the effective rate of advisory fees payable by such a Janus Henderson Fund to vary depending on the investment performance of the Janus Henderson Fund relative to its benchmark index over the measurement period; and a few Janus Henderson Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Janus Henderson 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 Janus Henderson Funds.

The Trustees also considered information provided by the independent fee consultant, which 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 Henderson complex. The independent consultant further 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 Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, Janus Capital appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant expressed the view that Janus Henderson Fund investors are well-served by the performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at Janus Capital.

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 Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of Janus Capital separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of Janus Capital and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered Janus Capital’s and each subadviser’s past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of Janus Capital and/or Janus Capital, and/or a subadviser to a Janus Henderson 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 likely to benefit each Janus Henderson 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 Janus Henderson Fund therefor, the Janus Henderson 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 its affiliates 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 the Janus Henderson Funds and other clients serviced by Janus Capital and its affiliates. They also concluded that Janus Capital and/or the subadvisers benefit from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson 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 certain other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Janus Henderson Fund could attract other business to Janus Capital, the subadvisers or other Janus Henderson funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Janus Henderson Funds.


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Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Select Value Fund

Janus Capital Management LLC (“Janus Capital”) met with the Trustees, each of whom serves as an “independent” Trustee (the “Trustees”), on December 5, 2018 and March 14, 2019, to discuss the Amended and Restated Investment Advisory Agreement (the “Amended Advisory Agreement”) for Janus Henderson Select Value Fund (“Select Value Fund”) and other matters related to investment strategy changes to shift the market capitalization focus of Select Value Fund (the “Strategy Change”). At these meetings, the Trustees discussed the Amended Advisory Agreement and the Strategy Change with their independent counsel, separately from management. During the course of the meetings, the Trustees requested and considered such information as they deemed relevant to their deliberations. At the meeting held on March 14, 2019, the Trustees, upon the recommendation of Janus Capital, voted unanimously to approve the Amended Advisory Agreement for Select Value Fund, and recommended that the Amended Advisory Agreement be submitted to shareholders for approval. The Trustees also approved matters related to the Strategy Change, effective upon approval of the Amended Advisory Agreement by the Fund’s shareholders.

In determining whether to approve the Amended Advisory Agreement, the Trustees noted their most recent consideration of Select Value Fund’s current advisory agreement (the “Current Advisory Agreement”) as part of the Trustees’ annual review and consideration of whether to continue the investment advisory agreement and sub-advisory agreement, as applicable, for each Janus Henderson fund, including Select Value Fund (the “Annual Review”). The Trustees noted that in connection with the Annual Review: (i) the Trustees received and reviewed information provided by Janus Capital and each sub-adviser, including Perkins Investment Management LLC (“Perkins”), in response to requests of the Trustees and their independent legal counsel, and also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant; and (ii) throughout the Annual Review, the Trustees were advised by their independent legal counsel. The Trustees also noted that based on the Trustees’ evaluation of the information provided by Janus Capital, Perkins, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between Select Value Fund and Janus Capital and Perkins were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and Perkins, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and the Trustees unanimously approved the continuation of the Current Advisory Agreement for another year.

In considering the Amended Advisory Agreement, 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 Amended Advisory Agreement are discussed separately below.

· The Trustees determined that the terms of the Amended Advisory Agreement are substantially similar to those of the Current Advisory Agreement, which the Trustees recently reviewed as part of the Annual Review, and the material changes made to the Amended Advisory Agreement address the proposed change to the benchmark index and the description of the period used for calculating the performance fee in order to allow for continuity of the fee based on Select Value Fund’s historical performance over a 36-month measurement period.

· As part of the Strategy Change, Select Value Fund will focus its investments on common stocks of companies that are small- and mid-capitalization stocks. The Trustees determined that the proposed benchmark index, the Russell 2500^TM Value Index, is more closely aligned with a small- and mid-cap stock focus than Select Value Fund’s current benchmark index, the Russell 3000^{^®} Value Index.

· Under the Amended Advisory Agreement, the structure of the performance fee was not changing, other than to utilize a different benchmark and performance calculation period to implement the new benchmark over time, and that this structure had been implemented initially for Select Value Fund based on analysis provided by the independent fee consultant. The Trustees considered the information provided by Janus Capital in this regard, and noted Janus Capital’s belief that this performance fee structure remained reasonable and appropriate for Select Value Fund. The Trustees concluded that this performance fee structure was reasonable for Select Value Fund as proposed, and also determined to seek further analysis from their independent fee consultant with respect to this matter. In this regard, Janus Capital agreed to consider further revisions to the proposed performance fee structure should that be needed based on the additional analysis provided.


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Additional Information (unaudited)

· As part of the Strategy Change, Perkins will continue to provide sub-advisory services to Select Value Fund, but will utilize new portfolio managers to implement Select Value Fund’s focus on common stocks of companies that are small- and mid-capitalization stocks. In this regard, the Trustees noted the information provided by Janus Capital with respect to the qualifications and experience of the new portfolio managers implementing investment strategies similar to the one to be utilized by Select Value Fund, and also noted that Perkins and the new portfolio managers provide sub-advisory services to other Janus Henderson funds the Trustees oversee.

· The information provided by Janus Capital with respect to (i) the impact of the Amended Advisory Agreement on the potential advisory fees to be paid by Select Value Fund going forward; and (ii) the potential transaction costs and capital gains to be incurred by Select Value Fund as part of the efforts to reposition Select Value Fund’s portfolio to focus its investments on common stocks of companies that are small- and mid-capitalization stocks. In this regard, the Trustees noted that Select Value Fund’s operating costs were not expected otherwise to materially change under the Amended Advisory Agreement.

· Janus Capital’s reasons for seeking to implement the Strategy Change, including Janus Capital’s belief that current marketplace demands for a small and mid-cap strategy, combined with Perkins’ experience in managing small- and mid-cap stocks, will provide greater opportunity for Select Value Fund to grow over the long-term, and that the Strategy Change is designed to create asset growth through increased sales for Select Value Fund, potentially resulting in increased operational efficiencies for Select Value Fund.

· Janus Capital will pay the fees and expenses related to seeking shareholder approval of the Amended Advisory Agreement, including the costs related to the preparation and distribution of proxy materials, and all other costs incurred in connection with the solicitation of proxies.

After discussion, the Trustees determined that the overall arrangements between Select Value Fund, Janus Capital, and Perkins under the Amended Advisory Agreement would continue to be fair and reasonable in light of the nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


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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 June 30, 2019. 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.


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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.


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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.


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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2019:



Dividends Received Deduction Percentage	10%
Qualified Dividend Income Percentage	9%


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Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 58 series or funds.

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


64	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


Janus Investment Fund	65

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Principal Curam Holdings (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	58	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


66	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	58	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016); Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


Janus Investment Fund	67

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	58	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	58	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


68	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017); Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer for Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	69

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


70	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jason England 151 Detroit Street Denver, CO 80206 DOB: 1969	Executive Vice President and Co-Portfolio Manager Janus Henderson Absolute Return Income Opportunities Fund	6/19-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, senior vice president and portfolio manager at Pacific Investment Management Company (1994-2015).
Nick Maroutsos 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Absolute Return Income Opportunities Fund	2/19-Present	Co-Head of Global Bonds and Portfolio Manager for other Janus Henderson accounts. Founder and Managing Director at Kapstream Capital (2006-Present).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).


Janus Investment Fund	71

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


72	JUNE 30, 2019

Janus Henderson Absolute Return Income Opportunities Fund

Notes

NotesPage1


Janus Investment Fund	73

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93024 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Adaptive Global Allocation Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	27
Statement of Assets and Liabilities	29
Statement of Operations	31
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	55
Additional Information	56
Useful Information About Your Fund Report	70
Designation Requirements	73
Trustees and Officers	74

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 4.33% for the 12-month period ended June 30, 2019. This compares with a return of 5.74% for its primary benchmark, the MSCI All Country World Index^SM. The Fund’s secondary benchmark, the Adaptive Global Allocation 60/40 Index (Hedged), an internally calculated index comprised of the MSCI All Country World Index (60%) and the Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) (40%), returned 6.93%. Its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index, returned 7.80%.

MARKET ENVIRONMENT

Riskier asset classes rose through the earlier part of the period, fueled in part by steady growth in the U.S., which remained a bright spot in developed markets. Yields on U.S. Treasuries climbed above 3% during the autumn as wage data caused some market participants to suspect inflation may see an uptick as the U.S. economic expansion continued. A different concern arose not long after as slowing global growth and trade tensions caused investors to question whether the economy could handle additional rate hikes by the Federal Reserve (Fed). Matters were not helped by the Fed’s seeming commitment to maintain its normalization program. This led risk assets to sell off, and in late December, Fed officials capitulated and lowered their forecast of future rate increases. For the remainder of the period, risk assets rallied, as did Treasuries, fueled by the expectation of lower policy rates.

PERFORMANCE DISCUSSION

For the period, the Fund underperformed its benchmarks. Underperformance relative to its secondary benchmark – comprised of a 60/40 allocation to equities and bonds – was largely the consequence of the size of the Fund’s equity allocation during two periods in which the market inflected. First, the Fund was overweight to stocks leading into the October market correction, which continued through the end of 2018. Beginning in October, the Fund’s proprietary options-market signals indicated diminished attractiveness for equities and the Fund consequently reduced its equities exposure significantly from 74% at the end of September to 42% by the end of December.

While this reduction in weighting aided relative performance against the secondary benchmark, particularly during December’s equity weakness, January’s swift mean reversion, which led to a sustained equities rally, resulted in additional underperformance.

Riskier assets reversed course after Fed officials pivoted by indicating a pause in rate hikes, if not a reduction. Sensing more favorable conditions, the Fund’s equities allocation increased from 42% to nearly 82% by period end as the the primary – equities based – benchmark gained over five of the first six months of 2019. The overweight benefited performance as many equity indices notched record highs, but these gains were not enough to entirely offset the underperformance that occurred during the earlier bouts of market uncertainty.

Early in the period, the Fund benefited from market-based signals indicating that interest rates would head higher and the term structure of bonds would steepen. That scenario materialized as U.S. annual wage growth crested 3%. Beginning in the fourth quarter, however, the trend in rates shifted and U.S. Government Treasuries rallied significantly, with the yield on the 10-year note sliding from 3.23% to 2.00% by the end of June. While the Fund was initially not positioned for this flight to safer assets, options markets adjusted to the expectation of a more dovish Fed, which ensuingly led to an increase in the Fund’s duration during December and January as the yield on 10-year Treasuries slide to under 3.0%.

We believe that compound returns are most affected by tail risks, not average returns. For that key reason, the


Janus Investment Fund	1

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund’s focus is on mitigating drawdowns while capturing upside opportunities. Our proprietary technology garners information constantly from the options markets, and we view their implied estimates of tail risk as robust and reliable indicators of future risk. The strategy sees these indicators as extremely useful in dynamically managing the risk of an investment in order to enhance compound returns. While the Fund dynamically allocates to equities, at any time, equity weightings could vary. The typical average equity weight is less than 100%. Thus, the Fund may underperform during a period of consistently strong equity performance.

We view investment risk as having two components: drawdown risk and upside risk. Of course, while compound returns are most affected by drawdowns (left tail risk), we believe that not participating in upside opportunities (right tail risk) is also risky.

During the period, with the aim of hedging certain exposures, the Fund used a series of derivative instruments including options, futures, swaps and forward exchange contracts. Since many of the derivatives we use, namely futures and certain options, are liquid, the Fund utilizes them as low-cost instruments to dynamically adjust exposures to desired targets. Other derivatives, including swaps and forward contracts, are also used to adjust portfolio exposures as conditions merit in a timely and/or cost-effective manner. This may lead to short positions in futures when exposures need to be adjusted downward. For the period, the Fund’s derivative exposure contributed to performance.

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

OUTLOOK

Consistent with signals of the last several months, we see mild inflationary pressures emerging. Until April and May, our forward-looking, options-based measures had been showing no signs of inflation. But we are starting to see clues of a change of course with the options markets shifting their pricing from no inflation to some inflation. Currently, the attractiveness of inflation-sensitive assets sits at average levels, rather than the lower-than-average levels where they had mostly resided. So by no means are we suggesting an imminent breakout in inflation, but the steady move higher in the attractiveness of inflation-sensitive assets to normal levels is important to watch, particularly because we believe inflation is one of the most pronounced risks to financial assets, which have rallied sharply in response to a return of a more dovish stance by the Fed. Should inflation come out of hiding, the doves likely will be chased away by hawks.

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


2	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

June 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Vanguard FTSE All-World ex-US
Exchange-Traded Funds (ETFs)	12.1%
Vanguard FTSE Europe
Exchange-Traded Funds (ETFs)	8.0%
Vanguard S&P 500
Exchange-Traded Funds (ETFs)	5.6%
Vanguard FTSE Pacific
Exchange-Traded Funds (ETFs)	5.6%
Vanguard Total International Bond
Exchange-Traded Funds (ETFs)	5.4%
	36.7%


Asset Allocation - (% of Net Assets)
Investment Companies	90.4%
Common Stocks	12.8%
Commercial Paper	1.4%
Preferred Stocks	0.1%
Other		(4.7)%
		100.0%

Emerging markets comprised 6.4% of total net assets.

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

As of June 30, 2019

As of June 30, 2018


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 June 30, 2019			per the October 29, 2018 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	4.22%	4.24%	1.73%	1.09%
Class A Shares at MOP	-1.81%	2.71%
Class C Shares at NAV	3.96%	3.60%	2.44%	1.83%
Class C Shares at CDSC	2.96%	3.60%
Class D Shares⁽¹⁾	4.31%	4.31%	1.94%	0.95%
Class I Shares	4.33%	4.48%	1.48%	0.86%
Class N Shares	4.46%	4.52%	1.37%	0.81%
Class S Shares	4.33%	4.17%	1.93%	1.31%
Class T Shares	4.33%	4.33%	1.64%	1.06%
MSCI All Country World Index	5.74%	6.68%
Adaptive Global Allocation 60/40 Index (Hedged)	6.93%	5.84%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)	7.80%	4.08%
Morningstar Quartile - Class I Shares	2nd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	187/474	106/406

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, 2019.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


4	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

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 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 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.


Janus Investment Fund	5

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Net Annualized Expense Ratio (1/1/19 - 6/30/19)
Class A Shares		$1,000.00	$1,095.50	$4.96	$1,000.00	$1,020.02	$4.77	0.95%
Class C Shares		$1,000.00	$1,096.90	$5.98	$1,000.00	$1,019.05	$5.75	1.15%
Class D Shares		$1,000.00	$1,096.60	$4.21	$1,000.00	$1,020.78	$4.06	0.81%
Class I Shares		$1,000.00	$1,096.40	$3.85	$1,000.00	$1,021.12	$3.71	0.74%
Class N Shares		$1,000.00	$1,097.50	$3.54	$1,000.00	$1,021.42	$3.41	0.68%
Class S Shares		$1,000.00	$1,097.60	$4.04	$1,000.00	$1,020.91	$3.89	0.78%
Class T Shares		$1,000.00	$1,096.50	$4.26	$1,000.00	$1,020.73	$4.11	0.82%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– 12.8%
Aerospace & Defense – 0%
	Airbus SE	14	$1,984
	BAE Systems PLC	519	3,265
	Huntington Ingalls Industries Inc	25	5,618
	Leonardo SpA	117	1,482
	Meggitt PLC	972	6,467
	Raytheon Co	40	6,955
	Textron Inc	142	7,532
			33,303
Air Freight & Logistics – 0%
	CH Robinson Worldwide Inc	66	5,567
	Expeditors International of Washington Inc	67	5,083
	Royal Mail PLC	482	1,297
			11,947
Airlines – 0.1%
	Alaska Air Group Inc	258	16,489
	American Airlines Group Inc	345	11,250
	ANA Holdings Inc	100	3,310
	Deutsche Lufthansa AG	27	463
	easyJet PLC	99	1,198
	Japan Airlines Co Ltd	100	3,194
	Southwest Airlines Co	315	15,996
	United Continental Holdings Inc*	149	13,045
			64,945
Auto Components – 0.1%
	Aptiv PLC	126	10,185
	Cie Generale des Etablissements Michelin SCA	18	2,283
	Continental AG	15	2,186
	NGK Spark Plug Co Ltd	100	1,876
	Nokian Renkaat OYJ	299	9,334
	Stanley Electric Co Ltd	100	2,456
	Sumitomo Rubber Industries Ltd	100	1,156
	Toyoda Gosei Co Ltd	100	1,949
	Valeo SA	60	1,951
	Yokohama Rubber Co Ltd	100	1,837
			35,213
Automobiles – 0.1%
	Bayerische Motoren Werke AG	40	2,960
	Ferrari NV	53	8,604
	Fiat Chrysler Automobiles NV	370	5,159
	General Motors Co	207	7,976
	Mitsubishi Motors Corp	300	1,436
	Nissan Motor Co Ltd	300	2,147
	Peugeot SA	90	2,217
	Renault SA	232	14,582
	Yamaha Motor Co Ltd	100	1,776
			46,857
Banks – 0.5%
	ABN AMRO Group NV	52	1,112
	Aozora Bank Ltd	200	4,798
	Australia & New Zealand Banking Group Ltd	88	1,742
	Banco Bilbao Vizcaya Argentaria SA	243	1,358
	Banco de Sabadell SA	3,727	3,860
	Bank of America Corp	284	8,236
	Bank of East Asia Ltd	5,600	15,664
	Bank of Kyoto Ltd	100	3,864
	Bank of Queensland Ltd	1,697	11,351
	Bankia SA	459	1,084
	Bankinter SA	587	4,043
	Barclays PLC	553	1,052


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Banks – (continued)
	Bendigo & Adelaide Bank Ltd	1,327	$10,786
	BOC Hong Kong Holdings Ltd	3,500	13,778
	Chiba Bank Ltd	800	3,904
	Citizens Financial Group Inc	247	8,734
	Comerica Inc	200	14,528
	Commonwealth Bank of Australia	39	2,266
	Concordia Financial Group Ltd	1,100	4,092
	Fifth Third Bancorp	918	25,612
	First Republic Bank/CA	42	4,101
	Fukuoka Financial Group Inc	300	5,474
	Hang Seng Bank Ltd	1,900	47,309
	HSBC Holdings PLC	1,754	14,629
	Huntington Bancshares Inc/OH	546	7,546
	Japan Post Bank Co Ltd	300	3,045
	KeyCorp	639	11,342
	M&T Bank Corp	35	5,952
	Mebuki Financial Group Inc	2,400	6,256
	Mediobanca Banca di Credito Finanziario SpA	482	4,968
	National Australia Bank Ltd	214	4,014
	National Bank of Canada	40	1,900
	PNC Financial Services Group Inc	107	14,689
	Raiffeisen Bank International AG	18	422
	Regions Financial Corp	1,751	26,160
	Royal Bank of Canada	5	397
	Royal Bank of Scotland Group PLC	588	1,641
	Seven Bank Ltd	1,800	4,709
	Shinsei Bank Ltd	300	4,656
	Shizuoka Bank Ltd	700	5,156
	Skandinaviska Enskilda Banken AB	86	796
	SVB Financial Group*	4	898
	Svenska Handelsbanken AB	752	7,444
	Swedbank AB	80	1,202
	Westpac Banking Corp	227	4,519
	Yamaguchi Financial Group Inc	1,200	8,193
			339,282
Beverages – 0.2%
	Brown-Forman Corp	262	14,523
	Coca-Cola Amatil Ltd	1,525	10,939
	Coca-Cola Bottlers Japan Holdings Inc	100	2,532
	Coca-Cola Co	537	27,344
	Coca-Cola European Partners PLC	56	3,164
	Coca-Cola HBC AG*	88	3,321
	Constellation Brands Inc	63	12,407
	Davide Campari-Milano SpA	934	9,147
	Heineken NV	22	2,454
	Molson Coors Brewing Co	112	6,272
	Pernod Ricard SA	46	8,474
	Remy Cointreau SA	3	432
	Suntory Beverage & Food Ltd	100	4,346
	Treasury Wine Estates Ltd	478	5,006
			110,361
Biotechnology – 0.1%
	AbbVie Inc	39	2,836
	BeiGene Ltd (ADR)*	28	3,471
	Biogen Inc*	97	22,685
	CSL Ltd	39	5,885
	Gilead Sciences Inc	403	27,227
	Grifols SA	371	10,966
	Incyte Corp*	249	21,155


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

8	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Biotechnology – (continued)
	Regeneron Pharmaceuticals Inc*	16	$5,008
	Vertex Pharmaceuticals Inc*	23	4,218
			103,451
Building Products – 0%
	Allegion PLC	130	14,371
	Assa Abloy AB	112	2,533
	Cie de Saint-Gobain	17	662
	Johnson Controls International plc	275	11,360
			28,926
Capital Markets – 0.2%
	Deutsche Boerse AG	17	2,404
	Hong Kong Exchanges & Clearing Ltd	400	14,123
	Investec PLC	1,395	9,051
	Japan Exchange Group Inc	500	7,941
	London Stock Exchange Group PLC	68	4,737
	Macquarie Group Ltd	76	6,689
	Moody's Corp	24	4,687
	MSCI Inc	18	4,298
	Nasdaq Inc	357	34,333
	Natixis SA	976	3,927
	Northern Trust Corp	34	3,060
	Partners Group Holding AG	18	14,148
	S&P Global Inc	60	13,667
	Schroders PLC	37	1,433
	State Street Corp	89	4,989
	T Rowe Price Group Inc	43	4,718
			134,205
Chemicals – 0.4%
	Air Liquide SA	75	10,491
	Air Products & Chemicals Inc	4	905
	Air Water Inc	200	3,421
	Albemarle Corp	70	4,929
	Celanese Corp	159	17,140
	CF Industries Holdings Inc	88	4,110
	Clariant AG*	1,078	21,923
	Corteva Inc*	56	1,656
	Covestro AG	117	5,947
	Daicel Corp	200	1,777
	Dow Inc	50	2,465
	DuPont de Nemours Inc	56	4,204
	Eastman Chemical Co	73	5,682
	Ecolab Inc	171	33,762
	EMS-Chemie Holding AG	14	9,089
	Evonik Industries AG	124	3,610
	FMC Corp	115	9,539
	Givaudan SA (REG)	1	2,824
	Hitachi Chemical Co Ltd	100	2,714
	Incitec Pivot Ltd	1,668	3,992
	International Flavors & Fragrances Inc	112	16,250
	JSR Corp	100	1,578
	Kaneka Corp	100	3,757
	Kansai Paint Co Ltd	100	2,096
	Koninklijke DSM NV	107	13,222
	Kuraray Co Ltd	100	1,194
	LANXESS AG	123	7,307
	LyondellBasell Industries NV	78	6,718
	Mitsubishi Gas Chemical Co Inc	200	2,664
	Orica Ltd	189	2,689
	PPG Industries Inc	84	9,804


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Chemicals – (continued)
	Sherwin-Williams Co	7	$3,208
	Symrise AG	379	36,467
	Taiyo Nippon Sanso Corp	100	2,122
	Teijin Ltd	100	1,704
	Tosoh Corp	100	1,405
	Yara International ASA	389	18,878
			281,243
Commercial Services & Supplies – 0.2%
	Babcock International Group PLC	204	1,187
	Brambles Ltd	130	1,175
	Cintas Corp	144	34,170
	Copart Inc*	525	39,238
	Edenred	101	5,151
	G4S PLC	316	835
	Republic Services Inc	553	47,912
	Rollins Inc	326	11,694
			141,362
Communications Equipment – 0.1%
	Arista Networks Inc*	21	5,452
	F5 Networks Inc*	8	1,165
	Juniper Networks Inc	825	21,970
	Motorola Solutions Inc	68	11,338
	Nokia OYJ	2,419	12,006
	Telefonaktiebolaget LM Ericsson	683	6,483
			58,414
Construction & Engineering – 0%
	Bouygues SA	40	1,481
	CIMIC Group Ltd	29	911
	Eiffage SA	11	1,087
	Ferrovial SA	316	8,086
	Shimizu Corp	200	1,660
	SNC-Lavalin Group Inc	75	1,517
			14,742
Construction Materials – 0.1%
	Boral Ltd	740	2,659
	HeidelbergCement AG	76	6,148
	Imerys SA	258	13,673
	James Hardie Industries PLC (CDI)	45	591
	Taiheiyo Cement Corp	100	3,024
	Vulcan Materials Co	128	17,576
			43,671
Consumer Finance – 0%
	Acom Co Ltd	900	3,239
	AEON Financial Service Co Ltd	100	1,609
	Synchrony Financial	242	8,390
			13,238
Containers & Packaging – 0.1%
	Amcor PLC	667	7,580
	Avery Dennison Corp	137	15,848
	Ball Corp	252	17,637
	International Paper Co	17	736
	Packaging Corp of America	60	5,719
	Sealed Air Corp	245	10,481
			58,001
Distributors – 0.1%
	Genuine Parts Co	384	39,775
	LKQ Corp*	1,084	28,845
			68,620


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

10	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Diversified Consumer Services – 0.1%
	H&R Block Inc	1,677	$49,136
Diversified Financial Services – 0%
	Eurazeo SA	23	1,603
	Industrivarden AB	75	1,663
	Kinnevik AB	30	781
	Mitsubishi UFJ Lease & Finance Co Ltd	700	3,708
	Pargesa Holding SA	17	1,311
	Tokyo Century Corp	100	4,216
	Wendel SA	79	10,768
			24,050
Diversified Telecommunication Services – 0.2%
	AT&T Inc	298	9,986
	BCE Inc	86	3,913
	BT Group PLC	2,189	5,460
	Elisa OYJ	199	9,707
	HKT Trust & HKT Ltd	4,000	6,350
	Iliad SA	16	1,796
	Koninklijke KPN NV	2,351	7,216
	Nippon Telegraph & Telephone Corp	100	4,654
	Orange SA	364	5,737
	PCCW Ltd	8,000	4,619
	Proximus SADP	70	2,063
	Singapore Telecommunications Ltd	2,200	5,692
	Telefonica Deutschland Holding AG	1,574	4,396
	Telefonica SA	571	4,687
	Telenor ASA	246	5,225
	Telstra Corp Ltd	8,499	22,967
	TELUS Corp	126	4,658
	Verizon Communications Inc	546	31,193
			140,319
Electric Utilities – 0.1%
	Alliant Energy Corp	50	2,454
	Chugoku Electric Power Co Inc	100	1,260
	CLP Holdings Ltd	500	5,518
	Duke Energy Corp	27	2,382
	Electricite de France SA	133	1,676
	Emera Inc	89	3,637
	Endesa SA	30	771
	Enel SpA	711	4,963
	Entergy Corp	21	2,162
	Eversource Energy	62	4,697
	Exelon Corp	13	623
	FirstEnergy Corp	22	942
	Fortis Inc/Canada	27	1,066
	Hydro One Ltd (144A)	870	15,175
	Iberdrola SA	79	787
	Kyushu Electric Power Co Inc	100	981
	Pinnacle West Capital Corp	17	1,600
	Power Assets Holdings Ltd	500	3,597
	PPL Corp	39	1,209
	Red Electrica Corp SA	505	10,514
	SSE PLC	206	2,935
	Terna Rete Elettrica Nazionale SpA	1,232	7,843
	Xcel Energy Inc	42	2,499
			79,291
Electrical Equipment – 0%
	ABB Ltd	269	5,400
	AMETEK Inc	81	7,358
	Legrand SA	5	365


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Electrical Equipment – (continued)
	Melrose Industries PLC	455	$1,045
	OSRAM Licht AG	46	1,514
	Rockwell Automation Inc	34	5,570
	Siemens Gamesa Renewable Energy SA	25	416
			21,668
Electronic Equipment, Instruments & Components – 0.2%
	Amphenol Corp	417	40,007
	Corning Inc	194	6,447
	Hexagon AB	211	11,721
	IPG Photonics Corp*	13	2,005
	Keysight Technologies Inc*	352	31,613
	TE Connectivity Ltd	345	33,044
			124,837
Energy Equipment & Services – 0.1%
	Halliburton Co	495	11,256
	Helmerich & Payne Inc	71	3,594
	National Oilwell Varco Inc	908	20,185
	Schlumberger Ltd	551	21,897
	TechnipFMC PLC	239	6,200
	Tenaris SA	597	7,812
	WorleyParsons Ltd	194	2,003
			72,947
Entertainment – 0.4%
	Activision Blizzard Inc	441	20,815
	DeNA Co Ltd	1,000	19,156
	Electronic Arts Inc*	525	53,161
	Netflix Inc*	77	28,284
	Nexon Co Ltd*	100	1,449
	Take-Two Interactive Software Inc*	388	44,050
	Toho Co Ltd/Tokyo	100	4,249
	Ubisoft Entertainment SA*	13	1,017
	Viacom Inc	168	5,018
	Vivendi SA	766	21,082
	Walt Disney Co	772	107,802
			306,083
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Alexandria Real Estate Equities Inc	14	1,975
	American Tower Corp	28	5,725
	Apartment Investment & Management Co	74	3,709
	Ascendas Real Estate Investment Trust	2,100	4,844
	AvalonBay Communities Inc	32	6,502
	Boston Properties Inc	15	1,935
	British Land Co PLC	24	164
	CapitaLand Mall Trust	800	1,555
	Covivio	16	1,674
	Daiwa House REIT Investment Corp	2	4,826
	Digital Realty Trust Inc	31	3,651
	Duke Realty Corp	58	1,833
	Equinix Inc	4	2,017
	Equity Residential	52	3,948
	Essex Property Trust Inc	13	3,795
	Extra Space Storage Inc	25	2,652
	Federal Realty Investment Trust	23	2,961
	Gecina SA	10	1,496
	Goodman Group	74	781
	GPT Group	2,403	10,373
	Hammerson PLC	189	665
	HCP Inc	22	704
	Host Hotels & Resorts Inc	36	656


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

12	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	ICADE	3	$275
	Iron Mountain Inc	15	469
	Japan Real Estate Investment Corp	1	6,085
	Japan Retail Fund Investment Corp	2	4,045
	Klepierre SA	55	1,843
	Land Securities Group PLC	48	508
	Mid-America Apartment Communities Inc	34	4,004
	Nippon Prologis REIT Inc	5	11,545
	Nomura Real Estate Master Fund Inc	3	4,611
	Prologis Inc	38	3,044
	Public Storage	11	2,620
	Regency Centers Corp	30	2,002
	RioCan Real Estate Investment Trust	202	4,009
	SBA Communications Corp*	11	2,473
	Scentre Group	312	841
	SL Green Realty Corp	30	2,411
	SmartCentres Real Estate Investment Trust	50	1,268
	Stockland	7,574	22,169
	UDR Inc	81	3,636
	United Urban Investment Corp	5	8,377
	Vornado Realty Trust	37	2,372
	Welltower Inc	270	22,013
			179,061
Food & Staples Retailing – 0.2%
	Aeon Co Ltd	100	1,717
	Alimentation Couche-Tard Inc	57	3,587
	Carrefour SA	191	3,687
	Costco Wholesale Corp	54	14,270
	Dairy Farm International Holdings LTD	100	715
	Empire Co Ltd	202	5,088
	J Sainsbury PLC	260	647
	Kroger Co	762	16,543
	Lawson Inc	100	4,796
	METRO AG	116	2,120
	Metro Inc/CN	383	14,373
	Seven & i Holdings Co Ltd	200	6,768
	Sundrug Co Ltd	100	2,705
	Sysco Corp	72	5,092
	Tesco PLC	1,429	4,113
	Walgreens Boots Alliance Inc	217	11,863
	Walmart Inc	30	3,315
	Wm Morrison Supermarkets PLC	4,431	11,331
	Woolworths Group Ltd	827	19,289
			132,019
Food Products – 0.3%
	Associated British Foods PLC	54	1,689
	Barry Callebaut AG	2	4,013
	Calbee Inc	100	2,698
	Campbell Soup Co	38	1,523
	Danone SA	94	7,961
	General Mills Inc	58	3,046
	Hormel Foods Corp	503	20,392
	Kellogg Co	204	10,928
	Kikkoman Corp	100	4,351
	Kraft Heinz Co	540	16,762
	Lamb Weston Holdings Inc	460	29,146
	McCormick & Co Inc/MD	286	44,333
	Mondelez International Inc	754	40,641
	Mowi ASA	248	5,801


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Food Products – (continued)
	Nestle SA (REG)	66	$6,835
	NH Foods Ltd	100	4,281
	Nisshin Seifun Group Inc	100	2,281
	Toyo Suisan Kaisha Ltd	100	4,119
	Tyson Foods Inc	127	10,254
	WH Group Ltd (144A)	1,000	1,014
	Wilmar International Ltd	400	1,094
	Yamazaki Baking Co Ltd	100	1,511
			224,673
Gas Utilities – 0%
	APA Group	70	531
	Atmos Energy Corp	22	2,322
	Hong Kong & China Gas Co Ltd	2,200	4,878
	Naturgy Energy Group SA	118	3,250
			10,981
Health Care Equipment & Supplies – 0.4%
	Baxter International Inc	414	33,907
	Becton Dickinson and Co	30	7,560
	Boston Scientific Corp (144A)*	484	20,802
	Cooper Cos Inc	81	27,288
	Danaher Corp	95	13,577
	Edwards Lifesciences Corp*	7	1,293
	Hologic Inc*	332	15,943
	IDEXX Laboratories Inc*	35	9,637
	Intuitive Surgical Inc*	3	1,574
	Koninklijke Philips NV	70	3,039
	Medtronic PLC	88	8,570
	ResMed Inc	45	5,491
	Smith & Nephew PLC	1,395	30,199
	Sonova Holding AG (REG)	54	12,274
	Straumann Holding AG	17	15,007
	Stryker Corp	64	13,157
	Teleflex Inc	42	13,908
	Varian Medical Systems Inc*	95	12,932
			246,158
Health Care Providers & Services – 0.2%
	Alcon Inc*	10	618
	Alfresa Holdings Corp	100	2,466
	AmerisourceBergen Corp	141	12,022
	Cardinal Health Inc	34	1,601
	Centene Corp*	184	9,649
	CVS Health Corp	288	15,693
	Fresenius SE & Co KGaA	208	11,274
	Henry Schein Inc*	135	9,436
	Humana Inc	9	2,388
	Laboratory Corp of America Holdings*	117	20,229
	Medipal Holdings Corp	100	2,207
	Quest Diagnostics Inc	203	20,667
	Ramsay Health Care Ltd	109	5,527
	Sonic Healthcare Ltd	411	7,818
	Universal Health Services Inc	159	20,732
			142,327
Health Care Technology – 0%
	Cerner Corp	46	3,372
	M3 Inc	100	1,827
			5,199
Hotels, Restaurants & Leisure – 0.3%
	Accor SA	554	23,775
	Carnival Corp	17	791


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

14	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Hotels, Restaurants & Leisure – (continued)
	Chipotle Mexican Grill Inc*	13	$9,527
	Compass Group PLC	703	16,843
	Crown Resorts Ltd	510	4,457
	Darden Restaurants Inc	247	30,067
	Domino's Pizza Enterprises Ltd	5	132
	Flight Centre Travel Group Ltd	181	5,279
	Flutter Entertainment PLC	35	2,632
	McDonald's Corp	149	30,941
	MGM China Holdings Ltd	2,000	3,400
	MGM Resorts International	284	8,114
	Norwegian Cruise Line Holdings Ltd*	357	19,146
	Royal Caribbean Cruises Ltd	33	4,000
	Sands China Ltd	800	3,825
	Sodexo SA	25	2,922
	Tabcorp Holdings Ltd	1,395	4,357
	Whitbread PLC	112	6,583
			176,791
Household Durables – 0.1%
	Barratt Developments PLC	360	2,617
	DR Horton Inc	158	6,815
	Husqvarna AB	747	6,990
	Leggett & Platt Inc	870	33,382
	Lennar Corp	502	24,327
	Mohawk Industries Inc*	29	4,277
	Newell Brands Inc	216	3,331
	Sekisui Chemical Co Ltd	200	3,002
	Sekisui House Ltd	100	1,647
			86,388
Household Products – 0.2%
	Church & Dwight Co Inc	153	11,178
	Clorox Co	124	18,986
	Colgate-Palmolive Co	628	45,009
	Henkel AG & Co KGaA	41	3,764
	Kimberly-Clark Corp	318	42,383
	Lion Corp	200	3,724
	Pigeon Corp	100	4,021
	Reckitt Benckiser Group PLC	116	9,152
			138,217
Independent Power and Renewable Electricity Producers – 0%
	AES Corp/VA	204	3,419
	Uniper SE	165	4,995
			8,414
Industrial Conglomerates – 0%
	CK Hutchison Holdings Ltd	1,000	9,857
	General Electric Co	635	6,667
	Roper Technologies Inc	20	7,325
	Smiths Group PLC	104	2,067
			25,916
Information Technology Services – 0.5%
	Akamai Technologies Inc*	51	4,087
	Alliance Data Systems Corp	43	6,026
	Amadeus IT Group SA	172	13,621
	Atos SE	103	8,609
	Broadridge Financial Solutions Inc	72	9,193
	Capgemini SA	45	5,594
	CGI Inc*	18	1,384
	Computershare Ltd	417	4,745
	Fidelity National Information Services Inc	682	83,668
	Fiserv Inc*	29	2,644


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Information Technology Services – (continued)
	FleetCor Technologies Inc*	34	$9,549
	Gartner Inc*	205	32,993
	Global Payments Inc	51	8,167
	Jack Henry & Associates Inc	361	48,345
	PayPal Holdings Inc*	97	11,103
	Shopify Inc*	19	5,711
	Total System Services Inc	177	22,704
	VeriSign Inc*	65	13,595
	Western Union Co	2,458	48,890
	Worldline SA/France*	40	2,910
			343,538
Insurance – 0.5%
	Ageas	108	5,612
	AIA Group Ltd	1,000	10,786
	Allstate Corp	49	4,983
	Aon PLC	89	17,175
	Arthur J Gallagher & Co	366	32,058
	Assurant Inc	60	6,383
	AXA SA	7	184
	Baloise Holding AG	3	531
	Brighthouse Financial Inc*	162	5,944
	Cincinnati Financial Corp	182	18,868
	CNP Assurances	241	5,468
	Direct Line Insurance Group PLC	3,665	15,440
	Everest Re Group Ltd	41	10,134
	Gjensidige Forsikring ASA	894	18,012
	Great-West Lifeco Inc	601	13,839
	Hannover Rueck SE	32	5,173
	Hartford Financial Services Group Inc	60	3,343
	Insurance Australia Group Ltd	901	5,224
	Loews Corp	416	22,743
	Mapfre SA	2,442	7,137
	Marsh & McLennan Cos Inc	69	6,883
	Medibank Pvt Ltd	10,857	26,596
	NN Group NV	71	2,857
	Poste Italiane SpA (144A)	1,162	12,232
	Power Corp of Canada	102	2,198
	QBE Insurance Group Ltd	1,088	9,034
	RSA Insurance Group PLC	635	4,650
	Sampo Oyj	54	2,548
	SCOR SE	227	9,951
	Sony Financial Holdings Inc	500	12,004
	Suncorp Group Ltd	167	1,579
	Torchmark Corp	204	18,250
	Travelers Cos Inc	98	14,653
	Zurich Insurance Group AG	37	12,888
			345,360
Interactive Media & Services – 0.3%
	Alphabet Inc - Class A*	75	81,210
	Facebook Inc*	254	49,022
	Kakaku.com Inc	100	1,929
	LINE Corp*	100	2,797
	REA Group Ltd	49	3,303
	TripAdvisor Inc*	422	19,534
	Twitter Inc*	618	21,568
	Yahoo Japan Corp	200	586
			179,949
Internet & Direct Marketing Retail – 2.4%
	Amazon.com Inc*	855	1,619,054


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

16	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Internet & Direct Marketing Retail – (continued)
	Booking Holdings Inc*	8	$14,998
	eBay Inc	1,112	43,924
	Expedia Group Inc	21	2,794
			1,680,770
Leisure Products – 0%
	Hasbro Inc	210	22,193
Life Sciences Tools & Services – 0.1%
	Illumina Inc*	13	4,786
	IQVIA Holdings Inc*	11	1,770
	Lonza Group AG*	47	15,866
	Mettler-Toledo International Inc*	24	20,160
	PerkinElmer Inc	95	9,152
	Thermo Fisher Scientific Inc	10	2,937
	Waters Corp*	23	4,951
			59,622
Machinery – 0.1%
	Alfa Laval AB	59	1,288
	Alstom SA	137	6,354
	Amada Holdings Co Ltd	100	1,125
	ANDRITZ AG	104	3,913
	Caterpillar Inc	53	7,223
	CNH Industrial NV	635	6,510
	Cummins Inc	16	2,741
	Deere & Co	80	13,257
	Dover Corp	38	3,808
	Fortive Corp	97	7,907
	Hino Motors Ltd	200	1,683
	Illinois Tool Works Inc	7	1,056
	JTEKT Corp	200	2,423
	KION Group AG	6	378
	Kone OYJ	101	5,959
	Metso OYJ	65	2,553
	Mitsubishi Heavy Industries Ltd	100	4,352
	PACCAR Inc	51	3,655
	Parker-Hannifin Corp	34	5,780
	SKF AB	55	1,012
	Volvo AB	77	1,222
	Wabtec Corp	11	789
	Wartsila OYJ Abp	238	3,451
	Weir Group PLC	58	1,139
	Xylem Inc/NY	6	502
			90,080
Media – 0.5%
	Axel Springer SE	57	4,014
	CBS Corp	950	47,405
	Charter Communications Inc*	55	21,735
	Comcast Corp	481	20,337
	Dentsu Inc	100	3,488
	Discovery Inc - Class A*	859	26,371
	Eutelsat Communications SA	23	430
	Hakuhodo DY Holdings Inc	200	3,365
	Interpublic Group of Cos Inc	2,642	59,683
	ITV PLC	1,204	1,651
	JCDecaux SA	203	6,148
	News Corp	4,315	58,209
	Omnicom Group Inc	698	57,201
	Pearson PLC	57	593
	Publicis Groupe SA	65	3,431
	RTL Group SA	28	1,434


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Media – (continued)
	SES SA	167	$2,610
	Shaw Communications Inc	483	9,856
	Singapore Press Holdings Ltd	2,100	3,788
	Telenet Group Holding NV	19	1,058
	WPP PLC	19	239
			333,046
Metals & Mining – 0.2%
	Agnico Eagle Mines Ltd	540	27,689
	Alumina Ltd	1,753	2,867
	Anglo American PLC	330	9,404
	Antofagasta PLC	776	9,159
	ArcelorMittal	52	930
	Barrick Gold Corp	75	1,184
	BHP Group Ltd	189	5,460
	BlueScope Steel Ltd	211	1,785
	Boliden AB	448	11,461
	Fortescue Metals Group Ltd	126	798
	Freeport-McMoRan Inc	711	8,255
	Fresnillo PLC	576	6,364
	Glencore PLC*	1,041	3,613
	Hitachi Metals Ltd	200	2,258
	Lundin Mining Corp	1,155	6,360
	Newcrest Mining Ltd	193	4,328
	Newmont Goldcorp Corp	489	18,812
	Norsk Hydro ASA	1,493	5,340
	Rio Tinto Ltd	12	874
	Rio Tinto PLC	76	4,710
	thyssenkrupp AG	234	3,412
	voestalpine AG	262	8,092
			143,155
Multiline Retail – 0.1%
	Canadian Tire Corp Ltd	78	8,499
	Dollar General Corp	86	11,624
	Dollar Tree Inc*	143	15,357
	Dollarama Inc	12	422
	Harvey Norman Holdings Ltd	749	2,140
	Isetan Mitsukoshi Holdings Ltd	200	1,622
	J Front Retailing Co Ltd	100	1,146
	Kohl's Corp	151	7,180
	Macy's Inc	146	3,133
	Marks & Spencer Group PLC	2,662	7,122
	Next PLC	227	15,927
	Nordstrom Inc	229	7,296
	Takashimaya Co Ltd	200	2,191
	Wesfarmers Ltd	173	4,391
			88,050
Multi-Utilities – 0.1%
	AGL Energy Ltd	113	1,587
	Ameren Corp	34	2,554
	Canadian Utilities Ltd	446	12,589
	CenterPoint Energy Inc	167	4,781
	Centrica PLC	6,900	7,690
	CMS Energy Corp	52	3,011
	Consolidated Edison Inc	172	15,081
	Dominion Energy Inc	144	11,134
	DTE Energy Co	32	4,092
	E.ON SE	373	4,050
	National Grid PLC	121	1,284
	Public Service Enterprise Group Inc	37	2,176


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

18	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Multi-Utilities – (continued)
	RWE AG	38	$936
	Suez	340	4,905
	Veolia Environnement SA	208	5,065
	WEC Energy Group Inc	39	3,251
			84,186
Oil, Gas & Consumable Fuels – 0.8%
	Anadarko Petroleum Corp	506	35,703
	Apache Corp	624	18,077
	Cabot Oil & Gas Corp	1,535	35,244
	Caltex Australia Ltd	355	6,167
	Canadian Natural Resources Ltd	91	2,454
	Chevron Corp	82	10,204
	Concho Resources Inc	160	16,509
	ConocoPhillips	167	10,187
	Devon Energy Corp	603	17,198
	Diamondback Energy Inc	208	22,666
	Enagas SA	492	13,127
	Enbridge Inc	47	1,698
	Encana Corp	307	1,576
	Eni SpA	462	7,671
	EOG Resources Inc	205	19,098
	Equinor ASA	752	14,856
	Exxon Mobil Corp	302	23,142
	Hess Corp	65	4,132
	HollyFrontier Corp	279	12,912
	Husky Energy Inc	787	7,459
	Idemitsu Kosan Co Ltd	100	3,006
	Imperial Oil Ltd	324	8,972
	Kinder Morgan Inc/DE	3,527	73,644
	Koninklijke Vopak NV	183	8,436
	Lundin Petroleum AB	128	3,970
	Marathon Petroleum Corp	12	671
	Neste Oyj	558	18,929
	Noble Energy Inc	300	6,720
	Occidental Petroleum Corp	200	10,056
	Oil Search Ltd	740	3,672
	OMV AG	87	4,238
	Origin Energy Ltd	815	4,182
	Pembina Pipeline Corp	238	8,861
	Phillips 66	184	17,211
	Pioneer Natural Resources Co	117	18,002
	Repsol SA	1,285	20,137
	Santos Ltd	874	4,343
	Snam SpA	5,076	25,222
	Suncor Energy Inc	201	6,271
	TC Energy Corp	342	16,956
	Valero Energy Corp	140	11,985
	Vermilion Energy Inc	153	3,324
	Washington H Soul Pattinson & Co Ltd	102	1,574
	Williams Cos Inc	683	19,151
	Woodside Petroleum Ltd	197	5,028
			584,641
Paper & Forest Products – 0%
	Mondi PLC	104	2,364
	UPM-Kymmene OYJ	381	10,122
	West Fraser Timber Co Ltd	23	1,049
			13,535
Personal Products – 0%
	Beiersdorf AG	50	5,999


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Personal Products – (continued)
	Estee Lauder Cos Inc	13	$2,380
	Pola Orbis Holdings Inc	100	2,792
	Unilever NV	40	2,435
	Unilever PLC	35	2,175
			15,781
Pharmaceuticals – 0.2%
	Allergan PLC	43	7,199
	Astellas Pharma Inc	100	1,424
	AstraZeneca PLC	77	6,294
	Aurora Cannabis Inc*	163	1,277
	Bristol-Myers Squibb Co	789	35,781
	Canopy Growth Corp*	104	4,199
	Eli Lilly & Co	146	16,175
	GlaxoSmithKline PLC	599	11,991
	Kyowa Hakko Kirin Co Ltd	100	1,799
	Merck KGaA	129	13,486
	Mitsubishi Tanabe Pharma Corp	100	1,113
	Novartis AG	54	4,936
	Ono Pharmaceutical Co Ltd	100	1,792
	Roche Holding AG	77	21,673
	Santen Pharmaceutical Co Ltd	100	1,656
	UCB SA	260	21,553
	Vifor Pharma AG	138	19,948
	Zoetis Inc	21	2,383
			174,679
Professional Services – 0.1%
	Bureau Veritas SA	378	9,333
	Equifax Inc	7	947
	IHS Markit Ltd*	342	21,792
	Persol Holdings Co Ltd	100	2,348
	Recruit Holdings Co Ltd	100	3,334
	SEEK Ltd	65	965
	Teleperformance	4	801
	Verisk Analytics Inc	147	21,530
	Wolters Kluwer NV	46	3,348
			64,398
Real Estate Management & Development – 0.1%
	Aeon Mall Co Ltd	200	3,009
	CapitaLand Ltd	1,500	3,914
	CK Asset Holdings Ltd	500	3,914
	Deutsche Wohnen SE	28	1,027
	Henderson Land Development Co Ltd	3,300	18,187
	Hulic Co Ltd	500	4,017
	New World Development Co Ltd	3,000	4,693
	Sun Hung Kai Properties Ltd	500	8,481
	Swire Pacific Ltd	500	6,145
	Tokyu Fudosan Holdings Corp	200	1,104
	Vonovia SE	16	764
	Wharf Holdings Ltd	3,000	7,950
			63,205
Road & Rail – 0.1%
	Aurizon Holdings Ltd	1,537	5,826
	JB Hunt Transport Services Inc	303	27,697
	Keikyu Corp	100	1,721
	MTR Corp Ltd	2,000	13,467
	Tokyu Corp	100	1,773
			50,484
Semiconductor & Semiconductor Equipment – 0.2%
	Advanced Micro Devices Inc*	362	10,994


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

20	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Applied Materials Inc	335	$15,045
	ASM Pacific Technology Ltd	100	1,024
	ASML Holding NV	6	1,253
	Broadcom Inc	19	5,469
	Infineon Technologies AG	674	11,914
	Intel Corp	108	5,170
	Lam Research Corp	51	9,580
	Maxim Integrated Products Inc	140	8,375
	Microchip Technology Inc	32	2,774
	Micron Technology Inc*	262	10,111
	NVIDIA Corp	90	14,781
	NXP Semiconductors NV	46	4,490
	QUALCOMM Inc	394	29,972
	STMicroelectronics NV	201	3,565
	Xilinx Inc	132	15,565
			150,082
Software – 0.2%
	ANSYS Inc*	70	14,337
	Autodesk Inc*	33	5,376
	BlackBerry Ltd*	1,591	11,859
	Citrix Systems Inc	479	47,009
	Dassault Systemes SE	117	18,661
	Fortinet Inc*	73	5,609
	Sage Group PLC	1,897	19,327
	salesforce.com Inc*	42	6,373
	SAP SE	221	30,339
	Temenos AG*	80	14,319
			173,209
Specialty Retail – 0.4%
	Advance Auto Parts Inc	135	20,809
	AutoZone Inc*	86	94,554
	Best Buy Co Inc	127	8,856
	Foot Locker Inc	330	13,834
	Gap Inc*	538	9,668
	Industria de Diseno Textil SA	193	5,803
	Kingfisher PLC	3,208	8,753
	O'Reilly Automotive Inc*	70	25,852
	Ross Stores Inc	96	9,516
	Tiffany & Co	215	20,133
	Tractor Supply Co	207	22,522
	Ulta Beauty Inc*	81	28,098
	USS Co Ltd	100	1,969
			270,367
Technology Hardware, Storage & Peripherals – 0.1%
	Apple Inc	141	27,907
	Brother Industries Ltd	100	1,888
	Canon Inc	300	8,755
	FUJIFILM Holdings Corp	100	5,068
	Konica Minolta Inc	100	973
	NEC Corp	100	3,933
	NetApp Inc	265	16,350
	Western Digital Corp	53	2,520
	Xerox Corp	78	2,762
			70,156
Textiles, Apparel & Luxury Goods – 0.2%
	adidas AG	42	12,963
	Capri Holdings Ltd*	329	11,410
	Cie Financiere Richemont SA	43	3,650
	EssilorLuxottica SA	56	7,305


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Textiles, Apparel & Luxury Goods – (continued)
	Hanesbrands Inc	555	$9,557
	Hermes International	13	9,372
	Kering SA	4	2,365
	Kontoor Brands Inc*	15	420
	Moncler SpA	136	5,813
	NIKE Inc	280	23,506
	Puma SE	91	6,067
	PVH Corp	140	13,250
	Tapestry Inc	382	12,121
	VF Corp	111	9,696
			127,495
Tobacco – 0%
	Altria Group Inc	46	2,178
	British American Tobacco PLC	15	524
	Imperial Brands PLC	253	5,933
	Japan Tobacco Inc	200	4,415
	Philip Morris International Inc	66	5,183
			18,233
Trading Companies & Distributors – 0.1%
	Brenntag AG	7	345
	Bunzl PLC	300	7,911
	Fastenal Co	390	12,710
	ITOCHU Corp	100	1,911
	Marubeni Corp	100	661
	Mitsui & Co Ltd	100	1,627
	Rexel SA	204	2,589
	Sumitomo Corp	200	3,029
	Toyota Tsusho Corp	100	3,029
	United Rentals Inc*	36	4,775
	WW Grainger Inc	14	3,755
			42,342
Transportation Infrastructure – 0%
	Aeroports de Paris	12	2,117
	Getlink SE	453	7,256
	Japan Airport Terminal Co Ltd	100	4,263
	Sydney Airport	583	3,290
	Transurban Group	1,128	11,670
			28,596
Water Utilities – 0%
	American Water Works Co Inc	196	22,736
	Severn Trent PLC	164	4,265
	United Utilities Group PLC	225	2,236
			29,237
Wireless Telecommunication Services – 0.1%
	KDDI Corp	200	5,090
	Millicom International Cellular SA (SDR)	46	2,589
	NTT DOCOMO Inc	300	6,992
	Rogers Communications Inc	255	13,652
	Tele2 AB	260	3,796
	Vodafone Group PLC	5,543	9,101
			41,220
Total Common Stocks (cost $8,695,271)			9,069,865
Preferred Stocks– 0.1%
Automobiles – 0.1%
	Porsche Automobil Holding SE	175	11,367
	Volkswagen AG	53	8,930
			20,297


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

22	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Preferred Stocks– (continued)
Chemicals – 0%
	Fuchs Petrolub SE	186	$7,312
Health Care Equipment & Supplies – 0%
	Sartorius AG	33	6,764
Media – 0%
	ProSiebenSat.1 Media SE	513	8,057
Total Preferred Stocks (cost $40,906)			42,430
Investment Companies– 90.4%
Exchange-Traded Funds (ETFs) – 85.4%
	Deutsche X-trackers Harvest CSI 300 China A-Shares*^,#	24,401	687,132
	Invesco QQQ Trust Series 1	15,491	2,892,789
	iShares 20+ Year Treasury Bond^#	14,668	1,948,057
	iShares 7-10 Year Treasury Bond	12,124	1,333,882
	iShares Agency Bond^#	8,012	923,223
	iShares Core MSCI Emerging Markets	42,099	2,165,573
	iShares FTSE/Xinhua China 25 Index Fund	15,808	676,108
	iShares iBoxx $ High Yield Corporate Bond	15,822	1,379,362
	iShares iBoxx $ Investment Grade Corporate Bond	11,725	1,458,238
	iShares MSCI Canada	25,480	729,238
	iShares MSCI India	50,610	1,786,533
	iShares MSCI South Korea Capped	22,652	1,356,175
	Nomura - TOPIX	74,640	1,125,139
	Vanguard Consumer Staples	1	149
	Vanguard Financials	8,575	591,761
	Vanguard FTSE All-World ex-US	168,526	8,593,365
	Vanguard FTSE Emerging Markets	88,341	3,757,143
	Vanguard FTSE Europe	103,376	5,675,342
	Vanguard FTSE Pacific	59,469	3,929,712
	Vanguard Growth	4,377	715,158
	Vanguard High Dividend Yield	21,589	1,886,447
	Vanguard Industrials^#	4,041	589,178
	Vanguard International High Dividend Yield^#	38,596	2,369,022
	Vanguard Mid-Cap	11,532	1,927,689
	Vanguard Mortgage-Backed Securities	18,300	966,789
	Vanguard S&P 500	14,609	3,932,012
	Vanguard Small-Cap	2,882	451,494
	Vanguard Total International Bond	66,267	3,797,099
	Vanguard Value	26,192	2,905,217
			60,549,026
Investments Purchased with Cash Collateral from Securities Lending – 5.0%
	Janus Henderson Cash Collateral Fund LLC, 2.3576%^ºº,£	3,527,475	3,527,475
Total Investment Companies (cost $61,056,735)			64,076,501
Commercial Paper– 1.4%
	Intesa Sanpaolo Funding LLC, 0%, 8/16/19^◊(cost $996,087)	$1,000,000	996,208
Total Investments (total cost $70,788,999) – 104.7%			74,185,004
Liabilities, net of Cash, Receivables and Other Assets – (4.7)%			(3,303,094)
Net Assets – 100%			$70,881,910


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

June 30, 2019


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

		% of
		Investment
Country	Value	Securities
United States	$64,105,700	86.4	%
India	1,786,533	2.4
Japan	1,507,949	2.0
China	1,363,240	1.8
South Korea	1,356,175	1.8
Italy	1,103,634	1.5
Canada	969,164	1.3
United Kingdom	329,770	0.5
Australia	303,166	0.4
France	282,025	0.4
Germany	240,286	0.3
Hong Kong	209,294	0.3
Switzerland	187,253	0.3
Spain	109,647	0.2
Finland	74,609	0.1
Norway	68,112	0.1
Sweden	64,951	0.1
Netherlands	53,026	0.1
Belgium	30,286	0.0
Singapore	20,887	0.0
Austria	16,665	0.0
Ireland	2,632	0.0



Total	$74,185,004	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/19
Investment Companies - 5.0%
Investments Purchased with Cash Collateral from Securities Lending - 5.0%
	Janus Henderson Cash Collateral Fund LLC, 2.3576%^ºº	$	99,592^∆	$	-	$	-	$	3,527,475


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

24	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019


		Share Balance at 6/30/18		Purchases		Sales		Share Balance at 6/30/19
Investment Companies - 5.0%
Investments Purchased with Cash Collateral from Securities Lending - 5.0%
	Janus Henderson Cash Collateral Fund LLC, 2.3576%^ºº		8,252,929		262,244,278		(266,969,732)		3,527,475


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:
Euro	7/11/19	(576,663)	$	650,874	$	(5,235)
HSBC Securities (USA), Inc.:
Australian Dollar	7/11/19	(781,910)		551,051		2,029
Korean Won	7/11/19	(350,084,475)		300,706		(2,700)
Swedish Krona	7/11/19	(1,670,320)		176,985		(3,114)
Swiss Franc	7/11/19	(246,679)		243,472		(9,570)
Taiwan Dollar	7/11/19	(7,686,202)		249,164		1,515

						(11,840)
Total					$	(17,075)

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
CBOE VIX	40	7/17/19	$	621,000	$	(24,700)	$	(22,000)

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Bank of America:


CBOE Volatility Index (VIX)	137	17.00	USD		7/17/19	$	(206,596)	$	17,605	$	2,869	$	(14,736)


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

Janus Investment Fund	25

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2019

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 June 30, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2019

	Currency Contracts	Equity Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 3,544	$ -	$ 3,544


Liability Derivatives:
Forward foreign currency exchange contracts	$ 20,619	$ -	$20,619
Options written, at value	-	14,736	14,736
Variation margin payable	-	22,000	22,000

Total Liability Derivatives	$ 20,619	$ 36,736	$57,355

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Futures contracts	$ -	$(217,904)	$(217,904)
Forward foreign currency exchange contracts	402,906	-	402,906
Written options contracts	-	53,350	53,350

Total	$ 402,906	$(164,554)	$ 238,352


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Futures contracts	$ -	$ (24,700)	$ (24,700)
Forward foreign currency exchange contracts	(147,683)	-	(147,683)
Written options contracts	-	2,869	2,869

Total	$(147,683)	$ (21,831)	$(169,514)

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 Year Ended June 30, 2019

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 7,392,295
Futures contracts, purchased	839,321
Futures contracts, sold	688,904
Written options contracts, call	4,010

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


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

26	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


Adaptive Global Allocation 60/40 Index (Hedged)	Adaptive Global Allocation 60/40 Index (Hedged) 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 (USD Hedged) (40%).
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)	Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) 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.


ADR	American Depositary Receipt
CDI	Clearing House Electronic Subregister System Depositary Interest
LLC	Limited Liability Company
OTC	Over-the-Counter
PLC	Public Limited Company
REG	Registered
SDR	Swedish Depositary Receipt

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2019.


#	Loaned security; a portion of the security is on loan at June 30, 2019.


◊	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.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


Janus Investment Fund	27

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Common Stocks		$	9,069,865	$	-	$	-
Preferred Stocks			-		42,430		-
Investment Companies			60,549,026		3,527,475		-
Commercial Paper			-		996,208		-
Total Investments in Securities		$	69,618,891	$	4,566,113	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		3,544		-
Total Assets		$	69,618,891	$	4,569,657	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	20,619	$	-
Options Written, at Value			-		14,736		-
Variation Margin Payable			22,000		-		-
Total Liabilities		$	22,000	$	35,355	$	-

(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	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities

June 30, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	70,657,529
	Affiliated investments, at value⁽³⁾			3,527,475
	Cash			158,260
	Deposits with brokers for futures			360,000
	Forward foreign currency exchange contracts			3,544
	Cash denominated in foreign currency⁽⁴⁾			5,284
	Closed foreign currency contracts			532
	Non-interested Trustees' deferred compensation			1,794
	Receivables:
		Fund shares sold		6,968,790
		Investments sold		2,183,162
		Dividends		59,009
		Due from adviser		57,323
		Foreign tax reclaims		7,908
	Other assets			518
Total Assets				83,991,128
Liabilities:
	Collateral for securities loaned (Note 3)			3,527,475
	Forward foreign currency exchange contracts			20,619
	Options written, at value⁽⁵⁾			14,736
	Closed foreign currency contracts			82,825
	Variation margin payable			22,000
	Payables:			—
		Fund shares repurchased		7,031,610
		Investments purchased		2,206,512
		Professional fees		52,286
		Advisory fees		46,944
		Custodian fees		18,529
		Transfer agent fees and expenses		3,589
		12b-1 Distribution and shareholder servicing fees		2,323
		Non-interested Trustees' deferred compensation fees		1,794
		Non-interested Trustees' fees and expenses		518
		Affiliated fund administration fees payable		156
		Accrued expenses and other payables		77,302
Total Liabilities				13,109,218
Net Assets			$	70,881,910


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities

June 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	68,148,053
	Total distributable earnings (loss)		2,733,857
Total Net Assets		$	70,881,910
Net Assets - Class A Shares		$	2,566,677
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		248,758
Net Asset Value Per Share⁽⁶⁾		$	10.32
Maximum Offering Price Per Share⁽⁷⁾		$	10.95
Net Assets - Class C Shares		$	1,777,769
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		172,563
Net Asset Value Per Share⁽⁶⁾		$	10.30
Net Assets - Class D Shares		$	2,813,117
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		272,317
Net Asset Value Per Share		$	10.33
Net Assets - Class I Shares		$	15,007,981
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,449,849
Net Asset Value Per Share		$	10.35
Net Assets - Class N Shares		$	46,086,526
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,450,712
Net Asset Value Per Share		$	10.35
Net Assets - Class S Shares		$	1,302,988
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		125,943
Net Asset Value Per Share		$	10.35
Net Assets - Class T Shares		$	1,326,852
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		128,396
Net Asset Value Per Share		$	10.33

(1) Includes cost of $67,261,524.

(2) Includes $3,451,095 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $3,527,475.

(4) Includes cost of $5,284.

(5) Premiums received $17,605.

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

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


See Notes to Financial Statements.

30	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations

For the year ended June 30, 2019



Investment Income:
	Dividends		$	1,821,758
	Interest			196,660
	Affiliated securities lending income, net			99,592
	Other income			1,608
	Foreign tax withheld			(10,189)
Total Investment Income				2,109,429
Expenses:
	Advisory fees			558,076
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		4,383
		Class C Shares		6,856
		Class S Shares		546
	Transfer agent administrative fees and expenses:
		Class D Shares		3,069
		Class S Shares		3,136
		Class T Shares		6,284
	Transfer agent networking and omnibus fees:
		Class A Shares		1,085
		Class C Shares		402
		Class I Shares		9,186
	Other transfer agent fees and expenses:
		Class A Shares		209
		Class C Shares		172
		Class D Shares		759
		Class I Shares		723
		Class N Shares		1,427
		Class S Shares		26
		Class T Shares		51
	Registration fees			141,992
	Custodian fees			76,895
	Professional fees			73,821
	Non-affiliated fund administration fees			67,454
	Non-interested Trustees’ fees and expenses			2,007
	Affiliated fund administration fees			1,750
	Shareholder reports expense			89
	Other expenses			34,013
Total Expenses				994,411
Less: Excess Expense Reimbursement and Waivers				(436,953)
Net Expenses				557,458
Net Investment Income/(Loss)				1,551,971


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations

For the year ended June 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(809,502)
	Forward foreign currency exchange contracts		402,906
	Futures contracts		(217,904)
	Written options contracts		53,350
Total Net Realized Gain/(Loss) on Investments			(571,150)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		2,389,940
	Forward foreign currency exchange contracts		(147,683)
	Futures contracts		(24,700)
	Written options contracts		2,869
Total Change in Unrealized Net Appreciation/Depreciation			2,220,426
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	3,201,247


See Notes to Financial Statements.

32	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Statements of Changes in Net Assets



			Year ended June 30, 2019		Year ended June 30, 2018

Operations:
	Net investment income/(loss)		$	1,551,971	$	972,243
	Net realized gain/(loss) on investments			(571,150)		4,143,685
	Change in unrealized net appreciation/depreciation			2,220,426		(1,288,278)
Net Increase/(Decrease) in Net Assets Resulting from Operations				3,201,247		3,827,650
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(120,007)		N/A
		Class C Shares		(69,592)		N/A
		Class D Shares		(118,346)		N/A
		Class I Shares		(756,351)		N/A
		Class N Shares		(2,436,252)		N/A
		Class S Shares		(56,970)		N/A
		Class T Shares		(116,855)		N/A
	Total Dividends and Distributions to Shareholders			(3,674,373)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class A Shares		N/A		(12,386)
		Class C Shares		N/A		(15,309)
		Class D Shares		N/A		(34,259)
		Class I Shares		N/A		(74,095)
		Class N Shares		N/A		(959,456)
		Class S Shares		N/A		(18,359)
		Class T Shares		N/A		(42,761)
	Total Dividends from Net Investment Income			N/A		(1,156,625)
	Distributions from Net Realized Gain from Investment Transactions⁽¹⁾
		Class A Shares		N/A		(42,830)
		Class C Shares		N/A		(83,298)
		Class D Shares		N/A		(110,002)
		Class I Shares		N/A		(229,169)
		Class N Shares		N/A		(2,889,637)
		Class S Shares		N/A		(69,088)
		Class T Shares		N/A		(138,227)
	Total Distributions from Net Realized Gain from Investment Transactions			N/A		(3,562,251)
Net Decrease from Dividends and Distributions to Shareholders				(3,674,373)		(4,718,876)
Capital Share Transactions:
		Class A Shares		1,850,471		32,841
		Class C Shares		169,585		409,268
		Class D Shares		331,054		916,576
		Class I Shares		5,124,748		5,453,056
		Class N Shares		(5,503,928)		3,755,002
		Class S Shares		50,241		87,770
		Class T Shares		(1,209,569)		315,716
Net Increase/(Decrease) from Capital Share Transactions				812,602		10,970,229
Net Increase/(Decrease) in Net Assets				339,476		10,079,003
Net Assets:
	Beginning of period			70,542,434		60,463,431
	End of period⁽²⁾		$	70,881,910	$	70,542,434

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $353,881 as of June 30, 2018. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.43	$10.55	$9.49	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.22	0.13	0.09	0.05	0.01
		Net realized and unrealized gain/(loss)	0.17	0.55	1.06	(0.23)	(0.32)
	Total from Investment Operations		0.39	0.68	1.15	(0.18)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.18)	(0.09)	(0.02)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.50)	(0.80)	(0.09)	(0.02)	—
	Net Asset Value, End of Period		$10.32	$10.43	$10.55	$9.49	$9.69
	Total Return*		4.22%	6.27%	12.17%	(1.85)%	(3.10)%
	Net Assets, End of Period (in thousands)		$2,567	$766	$743	$571	$485
	Average Net Assets for the Period (in thousands)		$2,179	$777	$609	$530	$496
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%	1.63%	1.52%	1.54%	13.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	1.01%	1.07%	1.09%	1.07%
		Ratio of Net Investment Income/(Loss)	2.14%	1.24%	0.86%	0.55%	5.04%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%


Class C Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.35	$10.48	$9.44	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17	0.06	0.01	(0.01)	0.01
		Net realized and unrealized gain/(loss)	0.20	0.54	1.05	(0.23)	(0.32)
	Total from Investment Operations		0.37	0.60	1.06	(0.24)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.11)	(0.02)	(0.01)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.42)	(0.73)	(0.02)	(0.01)	—
	Net Asset Value, End of Period		$10.30	$10.35	$10.48	$9.44	$9.69
	Total Return*		3.96%	5.58%	11.21%	(2.52)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,778	$1,603	$1,225	$1,046	$24
	Average Net Assets for the Period (in thousands)		$1,695	$1,448	$1,112	$827	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.88%	2.34%	2.27%	2.29%	14.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.75%	1.83%	1.84%	1.82%
		Ratio of Net Investment Income/(Loss)	1.71%	0.54%	0.05%	(0.06)%	4.29%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.43	$10.54	$9.49	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.20	0.15	0.09	0.06	0.01
		Net realized and unrealized gain/(loss)	0.20	0.55	1.05	(0.25)	(0.31)
	Total from Investment Operations		0.40	0.70	1.14	(0.19)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.19)	(0.09)	(0.02)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.50)	(0.81)	(0.09)	(0.02)	—
	Net Asset Value, End of Period		$10.33	$10.43	$10.54	$9.49	$9.70
	Total Return*		4.31%	6.51%	12.13%	(1.93)%	(3.00)%
	Net Assets, End of Period (in thousands)		$2,813	$2,480	$1,619	$1,285	$102
	Average Net Assets for the Period (in thousands)		$2,564	$2,139	$1,435	$973	$64
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.43%	1.84%	2.01%	2.59%	20.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.86%	0.96%	1.10%	0.98%
		Ratio of Net Investment Income/(Loss)	1.97%	1.39%	0.94%	0.69%	5.03%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%


Class I Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.46	$10.57	$9.51	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.19	0.17	0.09	0.01
		Net realized and unrealized gain/(loss)	0.19	0.52	1.00	(0.24)	(0.32)
	Total from Investment Operations		0.40	0.71	1.17	(0.15)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.20)	(0.11)	(0.03)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.51)	(0.82)	(0.11)	(0.03)	—
	Net Asset Value, End of Period		$10.35	$10.46	$10.57	$9.51	$9.69
	Total Return*		4.33%	6.57%	12.42%	(1.55)%	(3.10)%
	Net Assets, End of Period (in thousands)		$15,008	$9,959	$4,596	$1,090	$48
	Average Net Assets for the Period (in thousands)		$14,537	$4,830	$1,802	$854	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%	1.38%	1.40%	1.28%	13.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.77%	0.79%	0.80%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	2.12%	1.75%	1.69%	0.94%	5.29%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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 N Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.46	$10.56	$9.51	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.16	0.10	0.07	0.01
		Net realized and unrealized gain/(loss)	0.20	0.56	1.06	(0.23)	(0.31)
	Total from Investment Operations		0.41	0.72	1.16	(0.16)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.20)	(0.11)	(0.03)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.52)	(0.82)	(0.11)	(0.03)	—
	Net Asset Value, End of Period		$10.35	$10.46	$10.56	$9.51	$9.70
	Total Return*		4.36%	6.72%	12.43%	(1.65)%	(3.00)%
	Net Assets, End of Period (in thousands)		$46,087	$51,921	$48,806	$48,423	$53,702
	Average Net Assets for the Period (in thousands)		$49,849	$52,068	$48,134	$49,786	$9,234
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.26%	1.27%	1.24%	1.27%	67.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.73%	0.81%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	2.10%	1.52%	1.03%	0.73%	6.84%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%


Class S Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.53	$9.48	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.20	0.12	0.07	0.05	0.01
		Net realized and unrealized gain/(loss)	0.20	0.55	1.06	(0.24)	(0.32)
	Total from Investment Operations		0.40	0.67	1.13	(0.19)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.16)	(0.08)	(0.02)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.47)	(0.78)	(0.08)	(0.02)	—
	Net Asset Value, End of Period		$10.35	$10.42	$10.53	$9.48	$9.69
	Total Return*		4.33%	6.24%	11.95%	(1.99)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,303	$1,256	$1,183	$1,057	$24
	Average Net Assets for the Period (in thousands)		$1,258	$1,267	$1,110	$831	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.79%	1.83%	1.75%	1.78%	13.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	1.11%	1.17%	1.24%	1.32%
		Ratio of Net Investment Income/(Loss)	1.92%	1.14%	0.70%	0.53%	4.79%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.43	$10.55	$9.50	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.14	0.09	0.07	0.01
		Net realized and unrealized gain/(loss)	0.20	0.55	1.06	(0.24)	(0.32)
	Total from Investment Operations		0.39	0.69	1.15	(0.17)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.19)	(0.10)	(0.02)	—
		Distributions (from capital gains)	(0.41)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.49)	(0.81)	(0.10)	(0.02)	—
	Net Asset Value, End of Period		$10.33	$10.43	$10.55	$9.50	$9.69
	Total Return*		4.23%	6.40%	12.17%	(1.72)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,327	$2,557	$2,291	$1,085	$48
	Average Net Assets for the Period (in thousands)		$2,521	$2,635	$1,204	$856	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.62%	1.54%	1.51%	1.53%	13.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.92%	0.94%	1.00%	1.07%
		Ratio of Net Investment Income/(Loss)	1.90%	1.30%	0.95%	0.77%	5.04%
	Portfolio Turnover Rate		268%	440%	302%⁽³⁾	122%	10%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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	37

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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 47 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.

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


38	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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.

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.

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.


Janus Investment Fund	39

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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.

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.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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 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.

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	41

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

During the year, 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.

Futures Contracts

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.

During the year, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the year, the Fund sold futures on equity indices to decrease exposure to equity risk.

Options Contracts


Janus Investment Fund	43

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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).

During the year, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

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.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

Counterparties

Emerging Market Investing

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


Janus Investment Fund	45

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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.

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


46	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets

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

Deutsche Bank AG		$	3,451,095	$	—	$	(3,451,095)	$	—
HSBC Securities (USA), Inc.			3,544		(3,544)		—		—

Total		$	3,454,639	$	(3,544)	$	(3,451,095)	$	—
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		$	19,971	$	—	$	—	$	19,971
HSBC Securities (USA), Inc.			15,384		(3,544)		—		11,840

Total		$	35,355	$	(3,544)	$	—	$	31,811
(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.

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. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. Securities on loan 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. See “Securities Lending” in the notes to financial statements for additional information.

Real Estate Investing


Janus Investment Fund	47

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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 Henderson Cash Collateral Fund LLC. An investment in Janus Henderson 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 manner. As adviser to the Fund and Janus Henderson 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 Henderson Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Henderson 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. As of June 30, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,451,095. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2019 is $3,527,475, resulting in the net amount due to the counterparty of $76,380.

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


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. 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 Management LLC's (“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

The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.

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 total annual fund 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, 2019. 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	49

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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, 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. 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.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2019 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 $481,875 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2019.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2019 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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 year ended June 30, 2019, Janus Henderson Distributors retained upfront sales charges of $571.

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 year ended June 30, 2019.

As of June 30, 2019, 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	72		2
Class D Shares	48		2
Class I Shares	-		-
Class N Shares	96		62
Class S Shares	100		2
Class T Shares	-		-

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).

5. Federal Income Tax


Janus Investment Fund	51

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,185,937	$ -	$ (13,305)	$ -	$ -	$ 2,384	$ 1,558,841



Capital Loss Carryover Schedule
For the year ended June 30, 2019
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (13,305)	$ 0	$ (13,305)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 72,626,163	$ 2,142,632	$ (583,791)	$ 1,558,841

Information on the tax components of derivatives as of June 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 985	$ 4,384	$ -	$ 4,384

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

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


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,577,951	$ 2,096,422	$ -	$ -


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 4,131,790	$ 587,086	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (4,485)	$ (1,381)	$ 5,866

6. Capital Share Transactions



	Year ended June 30, 2019		Year ended June 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	263,945	$ 2,762,794	19,160	$ 204,066
Reinvested dividends and distributions	12,794	120,007	5,219	55,216
Shares repurchased	(101,438)	(1,032,330)	(21,405)	(226,441)
Net Increase/(Decrease)	175,301	$ 1,850,471	2,974	$ 32,841
Class C Shares:
Shares sold	40,783	$ 399,274	28,828	$ 312,302
Reinvested dividends and distributions	7,443	69,592	9,356	98,607
Shares repurchased	(30,545)	(299,281)	(156)	(1,641)
Net Increase/(Decrease)	17,681	$ 169,585	38,028	$ 409,268
Class D Shares:
Shares sold	56,428	$ 562,998	102,858	$1,118,070
Reinvested dividends and distributions	12,469	116,956	13,642	144,192
Shares repurchased	(34,379)	(348,900)	(32,266)	(345,686)
Net Increase/(Decrease)	34,518	$ 331,054	84,234	$ 916,576
Class I Shares:
Shares sold	875,906	$ 9,044,162	628,842	$6,660,877
Reinvested dividends and distributions	80,463	756,351	28,637	303,264
Shares repurchased	(459,039)	(4,675,765)	(139,819)	(1,511,085)
Net Increase/(Decrease)	497,330	$ 5,124,748	517,660	$5,453,056
Class N Shares:
Shares sold	159,160	$ 1,615,734	369,834	$4,063,452
Reinvested dividends and distributions	259,176	2,436,252	363,465	3,849,093
Shares repurchased	(933,484)	(9,555,914)	(387,157)	(4,157,543)
Net Increase/(Decrease)	(515,148)	$(5,503,928)	346,142	$3,755,002
Class S Shares:
Shares sold	-	$ -	4,733	$ 50,023
Reinvested dividends and distributions	6,067	56,970	8,273	87,447
Shares repurchased	(678)	(6,729)	(4,774)	(49,700)
Net Increase/(Decrease)	5,389	$ 50,241	8,232	$ 87,770
Class T Shares:
Shares sold	20,015	$ 203,731	65,840	$ 721,009
Reinvested dividends and distributions	12,445	116,855	17,123	180,988
Shares repurchased	(149,172)	(1,530,155)	(55,095)	(586,281)
Net Increase/(Decrease)	(116,712)	$(1,209,569)	27,868	$ 315,716


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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
$255,877,242	$ 180,225,690	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event


54	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Adaptive Global Allocation Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Adaptive Global Allocation Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2019, the related statement of operations for the year ended June 30, 2019, the statement of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes, and the financial highlights for each of the four years in the period ended June 30, 2019 and for the period June 23, 2015 (commencement date) through June 30, 2015 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2019 and the financial highlights for each of the four years in the period ended June 30, 2019 and for the period June 23, 2015 (commencement date) through June 30, 2015 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 16, 2019

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


56	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


58	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


Janus Investment Fund	59

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


60	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance.

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Alternative Fund


62	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds

Global and International Equity Funds


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Janus Henderson Adaptive Global Allocation 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 Real Estate 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

Multi-Asset Funds


64	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

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

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

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

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

· 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.

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.


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Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

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.

Economies of Scale


66	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


Janus Investment Fund	67

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Select Value Fund


68	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)


Janus Investment Fund	69

Janus Henderson Adaptive Global Allocation 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.


70	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation 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


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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.


72	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2019:



Capital Gain Distributions	$2,096,422
Dividends Received Deduction Percentage	99%
Qualified Dividend Income Percentage	98%


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Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)

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


74	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


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Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Principal Curam Holdings (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	58	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


76	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	58	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016); Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


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Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	58	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	58	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


78	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017); Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer for Driehaus Mutual Funds (1996-2002).


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Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


80	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Ashwin Alankar 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Adaptive Global Allocation Fund	6/15-Present	Head of Global Asset Allocation of Janus Capital and Portfolio Manager for other Janus Henderson accounts. Formerly, Co-Chief Investment Officer of AllianceBernstein’s Tail Risk Parity (2010-2014).
Enrique Chang 151 Detroit Street Denver, CO 80206 DOB: 1962	Executive Vice President and Co-Portfolio Manager Janus Henderson Adaptive Global Allocation Fund	6/15-Present	Global Chief Investment Officer of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, President, Head of Investments of Janus Capital (2016-2017); and Chief Investment Officer Equities and Asset Allocation of Janus Capital (2013-2016). During the five years prior to 2013, Mr. Chang was Chief Investment Officer and Executive Vice President for American Century Investments.


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Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).


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Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


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Notes

NotesPage1


84	JUNE 30, 2019

Janus Henderson Adaptive Global Allocation Fund

Notes

NotesPage2


Janus Investment Fund	85

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93059 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Developed World Bond Fund (formerly named Janus Henderson Strategic Income Fund)

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Developed World Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	17
Statement of Assets and Liabilities	19
Statement of Operations	21
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	50
Additional Information	51
Useful Information About Your Fund Report	65
Designation Requirements	68
Trustees and Officers	69

Janus Henderson Developed World Bond Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Developed World Bond Fund is a developed market fixed income fund seeking total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions between countries, fixed income asset classes, sectors and credit ratings. We believe that outside of the bond’s coupon, asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle. The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, by style, we favor sensible income from large, non-cyclical businesses that are likely to continue paying their coupons in the years to come.

John Pattullo

co-portfolio manager

Jenna Barnard

co-portfolio manager

PERFORMANCE

The Janus Henderson Developed World Bond Fund’s Class I Shares returned 8.77% over the one-year period ended June 30, 2019. The Fund’s primary benchmark, the Bloomberg Barclays Global Aggregate Credit Index (USD hedged), returned 9.40%.

INVESTMENT ENVIRONMENT

The investment environment during the year under review was one of paradigm shift for bond markets and central bankers. It revealed that the road to rising inflation and interest-rate normalization was not the one they had hoped for, nor which their simple and dated economic models told them. We have termed this “the point of realization. ” Indeed, the structural factors that have, for many years, served to weigh down on growth and inflation – and which have anchored long-dated bond yields in recent years – have proved too strong to be overcome. At the first sign of a cyclical deceleration, central bankers across the developed world have reverted to rate cutting mode. Even in the most “normal” developed world economy, the U.S., we have learned some profound truths about the outlook for interest rates and, hence, bond yields. This continues to filter through in the performance of every asset class in the developed world. Rates (effective federal funds rate) peaked at 2.4% this cycle versus 5.3% in the last cycle, inflation has structurally undershot its target for 10 years and quantitative easing could not be reversed in full. If this is true in the U.S., there is little hope for interest rates going up in the rest of the developed world. Indeed, the idea of a lower bound to interest rates in negative interest rate countries was challenged as the period under review came to an end. The new Chief Economist of the European Central Bank published a speech extolling the virtues of this policy and its effectiveness and arguing the market needs to understand that rates can go significantly lower than the -40 basis points at which they stand at the time of writing (if required by the economic data).

PERFORMANCE DISCUSSION

The Fund underperformed its index, yet performance was strong during the period; the key determinant of this return has been duration management. The aggregate duration of the Fund was run at a high level through most of the period under review. We disagreed with the consensus view of a breakout to even higher bond yields in the second half of 2018, and positioned accordingly with high sensitivity to duration. This proved the correct decision as we reached an inflection point in this business cycle’s interest-rate policy, particularly in the U.S. We also positioned to take advantage of continued interest-rate divergence across the developed world. Of particular note was the exposure to Australian government bonds, which proved a strong driver of performance as the Reserve Bank of Australia (RBA) was forced to cut interest rates twice in the summer of 2019 following weak employment and inflation data. Feeding from this duration view was a preference for longer-dated, investment-grade (higher-quality) corporate bonds in the portfolio. Locking in long-dated income streams seemed a preferable choice to moving down the credit spectrum to shorter-dated, lower-quality high-yield bonds. Many of our purchases were focused in this area, in late 2018 in U.S. dollar investment-grade bonds and in 2019 increasingly euro-denominated bonds (partly based on the expectation that the European Central Bank would reinitiate its purchases of such bonds as part of a new quantitative easing


Janus Investment Fund	1

Janus Henderson Developed World Bond Fund (unaudited)

scheme). Over the course of the year, all bond markets performed strongly, including high-yield and financial bonds, but the latter markets experienced considerable drawdown in late 2018, which we avoided the worst of via our asset allocation described above.

DERIVATIVES USAGE

The Fund makes use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. The Fund uses credit default swaps to manage exposure to a given issuer or sector by either selling protection to increase exposure (i.e., leverage), buying protection to reduce exposure or to effectively take a “short” position. The Fund uses futures as a liquid and straightforward way of either reducing or increasing the Fund’s duration (interest rate sensitivity). Currency forwards are used to hedge the Fund’s foreign currency back to the U.S. dollar. Additional forwards may be used to hedge underlying currency risk if exposure is significant. In aggregate, these positions contributed to performance during the period.

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

OUTLOOK

At the time of writing (July 2019), it is clear the much hoped for -sharp recovery in global growth is unlikely. The China stimulus narrative was overhyped (or just plain wrong) in early 2019 and China/Asia data remains concerningly weak. To reiterate our view of this downturn, it is an industrial/manufacturing downturn that started in Asia and, as a result, has a severe impact on Europe (exposure to Asia is high for European exporters). Thus, this is the first serious non-U.S. sourced downturn since 1998. The U.S. will likely be the most insulated from this downturn of the major economies, but won't be immune. We have now had 13 consecutive quarters of declining global manufacturing data. This is a prolonged downturn and is starting to seep into services sectors and some employment markets (such as Germany and Australia and even signs in the U.S.). Should there be any material shift to labor market weakness, then we would expect central banks to act quickly and aggressively with monetary policy stimulus. This is what happened to the RBA in June 2019 and may serve as an pertinent case study should similar shifts be seen in other parts of the developed world.


2	JUNE 30, 2019

Janus Henderson Developed World Bond Fund (unaudited)

Fund At A Glance

June 30, 2019


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	1.20%	1.20%
Class A Shares MOP	1.15%	1.15%
Class C Shares**	0.47%	0.47%
Class D Shares	1.31%	1.47%
Class I Shares	1.44%	1.44%
Class N Shares	1.47%	1.59%
Class S Shares	-0.86%	1.09%
Class T Shares	1.27%	1.27%
Weighted Average Maturity		7.8 Years
Average Effective Duration***		8.0 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	13.2%
AA	17.4%
A	18.6%
BBB	18.8%
BB	10.0%
B	2.0%
Not Rated	16.2%
Other	3.8%
† 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	65.1%
Foreign Government Bonds	22.2%
United States Treasury Notes/Bonds	6.9%
Investment Companies	5.8%
Bank Loans and Mezzanine Loans	0.7%
Asset-Backed/Commercial Mortgage-Backed Securities	0.4%
Other		(1.1)%
		100.0%


Janus Investment Fund	3

Janus Henderson Developed World Bond Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2019					per the October 29, 2018 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	8.48%	4.32%	7.33%	5.21%	0.98%	0.98%
Class A Shares at MOP	3.29%	3.31%	6.81%	4.88%
Class C Shares at NAV	7.67%	3.53%	6.49%	4.40%	1.72%	1.72%
Class C Shares at CDSC	6.67%	3.53%	6.49%	4.40%
Class D Shares⁽¹⁾	8.78%	4.32%	7.33%	5.21%	0.79%	0.77%
Class I Shares	8.77%	4.59%	7.33%	5.21%	0.72%	0.72%
Class N Shares	8.94%	4.32%	7.33%	5.21%	0.67%	0.64%
Class S Shares	8.51%	4.21%	7.26%	5.16%	2.20%	1.14%
Class T Shares	8.59%	4.32%	7.33%	5.21%	0.89%	0.89%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged)	9.40%	4.16%	5.52%	4.72%
Morningstar Quartile - Class A Shares	2nd	1st	1st	1st
Morningstar Ranking - based on total returns for World Bond - USD Hedged Funds	29/96	15/73	5/52	15/49

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, 2019.


4	JUNE 30, 2019

Janus Henderson Developed World Bond Fund (unaudited)

Performance

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.

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.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Strategic Income 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 and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on September 30, 2003. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on April 29, 2011 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

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 applicable 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 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable 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, except that for periods prior to April 29, 2011, performance for Class I Shares 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 (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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.


Janus Investment Fund	5

Janus Henderson Developed World Bond Fund (unaudited)

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 Predecessor Fund’s inception date – September 30, 2003

(1) Closed to certain new investors.


6	JUNE 30, 2019

Janus Henderson Developed World Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Net Annualized Expense Ratio (1/1/19 - 6/30/19)
Class A Shares		$1,000.00	$1,072.30	$5.09	$1,000.00	$1,019.89	$4.96	0.99%
Class C Shares		$1,000.00	$1,067.90	$8.76	$1,000.00	$1,016.24	$8.55	1.71%
Class D Shares		$1,000.00	$1,073.20	$4.16	$1,000.00	$1,020.78	$4.06	0.81%
Class I Shares		$1,000.00	$1,072.70	$3.75	$1,000.00	$1,021.17	$3.66	0.73%
Class N Shares		$1,000.00	$1,074.10	$3.45	$1,000.00	$1,021.47	$3.36	0.67%
Class S Shares		$1,000.00	$1,072.30	$5.28	$1,000.00	$1,019.65	$5.14	1.03%
Class T Shares		$1,000.00	$1,071.80	$4.57	$1,000.00	$1,020.38	$4.46	0.89%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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 Developed World Bond Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 0.4%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 2.7500%, 3/15/24	3,840,000	EUR	$4,502,307
	Tesco Property Finance 3 PLC, 5.7440%, 4/13/40	339,003	GBP	562,887
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $4,930,396)				5,065,194
Bank Loans and Mezzanine Loans– 0.7%
Basic Industry – 0.2%
	SIG Combibloc PurchaseCo Sarl,
	ICE LIBOR USD 3 Month + 2.5000%, 2.5000%, 10/2/25^‡	1,700,000	EUR	1,939,812
Communications – 0.1%
	McAfee LLC, ICE LIBOR USD 3 Month + 3.5000%, 3.5000%, 9/30/24^‡	982,575	EUR	1,117,553
Consumer Non-Cyclical – 0.2%
	Froneri International Ltd,
	ICE LIBOR USD 1 Month + 3.0000%, 3.7218%, 1/31/25^‡	2,244,543	GBP	2,832,788
Software – 0%
	SS&C European Holdings Sarl,
	ICE LIBOR USD 3 Month + 2.2500%, 4.6500%, 4/16/25^‡	$8,170		8,133
Technology – 0.2%
	McAfee LLC, ICE LIBOR USD 1 Month + 3.7500%, 6.1524%, 9/30/24^‡	2,137,453		2,133,114
	SS&C Technologies Inc, ICE LIBOR USD 3 Month + 2.2500%, 4.6520%, 4/16/25^‡	12,156		12,101
				2,145,215
Total Bank Loans and Mezzanine Loans (cost $8,364,305)				8,043,501
Corporate Bonds– 65.1%
Banking – 5.6%
	Bank of America Corp, 3.3000%, 8/5/21	5,870,000	AUD	4,244,114
	Bank of America Corp,
	Canada Bankers Acceptances 3 Month + 1.2020%, 3.4070%, 9/20/25^‡	2,500,000	CAD	1,981,824
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^‡,µ	4,600,000		4,835,060
	Citibank, National Association, 3.7500%, 5/4/21	7,216,000	AUD	5,243,404
	Cooperatieve Rabobank UA/Australia, 4.2500%, 5/12/26	3,000,000	AUD	2,351,626
	Credit Suisse AG/Sydney, 3.5000%, 4/29/20	4,830,000	AUD	3,442,223
	Goldman Sachs Group Inc, 4.0000%, 5/2/24	5,270,000	AUD	3,955,153
	HBOS Sterling Finance Jersey LP,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 4.4000%, 7.8810%^‡,µ	1,909,000	GBP	3,595,781
	JPMorgan Chase & Co, 4.5000%, 1/30/26	6,950,000	AUD	5,485,885
	Lloyds Banking Group PLC, 4.2500%, 11/22/27	2,190,000	AUD	1,656,805
	Lloyds Banking Group PLC,
	ICE LIBOR USD 3 Month + 1.2700%, 6.6570% (144A)^‡,µ	5,486,000		5,787,730
	Morgan Stanley, 3.1250%, 8/5/21	4,000,000	CAD	3,118,069
	Morgan Stanley, 5.0000%, 9/30/21	5,000,000	AUD	3,747,286
	RBS Capital Trust II, ICE LIBOR USD 3 Month + 1.9425%, 6.4250%^‡,µ	1,514,000		1,930,350
	Royal Bank of Scotland Group PLC,
	ICE LIBOR USD 3 Month + 2.5000%, 7.6480%^‡,µ	971,000		1,264,726
	Wells Fargo & Co, 3.0000%, 1/22/21	3,500,000		3,531,107
	Wells Fargo & Co, 3.7000%, 7/27/26	6,000,000	AUD	4,529,519
	Wells Fargo & Co, 4.0000%, 4/27/27	3,500,000	AUD	2,700,982
				63,401,644
Basic Industry – 1.1%
	Air Liquide Finance SA, 0.6250%, 6/20/30	6,700,000	EUR	7,677,223
	Argentum Netherlands BV for Givaudan SA, 2.0000%, 9/17/30	3,600,000	EUR	4,558,052
				12,235,275
Capital Goods – 0.6%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	6.0000%, 2/15/25 (144A)	860,000		890,100
	Berry Global Inc, 6.0000%, 10/15/22	3,154,000		3,217,080
	Berry Global Inc, 5.1250%, 7/15/23	902,000		922,115
	Silgan Holdings Inc, 4.7500%, 3/15/25	1,125,000		1,133,437
				6,162,732
Communications – 11.1%
	American Tower Corp, 3.6000%, 1/15/28	4,180,000		4,253,071
	Arqiva Broadcast Finance PLC, 6.7500%, 9/30/23	1,600,000	GBP	2,182,634


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

8	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Communications – (continued)
	AT&T Inc, 2.4500%, 6/30/20	$3,500,000		$3,498,313
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.1250%, 5/1/23 (144A)	1,300,000		1,327,218
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.8750%, 5/1/27 (144A)	418,000		440,990
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.3750%, 6/1/29 (144A)	4,268,000		4,406,710
	Comcast Corp, 3.3750%, 8/15/25	2,342,000		2,448,087
	Comcast Corp, 3.9500%, 10/15/25	4,088,000		4,407,874
	Comcast Corp, 4.1500%, 10/15/28	5,708,000		6,291,412
	Crown Castle International Corp, 3.4000%, 2/15/21	1,600,000		1,621,505
	Crown Castle International Corp, 3.2000%, 9/1/24	2,276,000		2,323,094
	Crown Castle International Corp, 3.6500%, 9/1/27	2,810,000		2,892,440
	Crown Castle International Corp, 3.8000%, 2/15/28	1,990,000		2,065,747
	Deutsche Telekom International Finance BV, 2.2250%, 1/17/20 (144A)	2,820,000		2,812,655
	Deutsche Telekom International Finance BV, 1.5000%, 4/3/28	2,800,000	EUR	3,403,678
	Entertainment One Ltd, 4.6250%, 7/15/26 (144A)	1,930,000	GBP	2,519,128
	Lions Gate Capital Holdings LLC, 5.8750%, 11/1/24 (144A)	3,644,000		3,735,100
	Orange SA, 1.0000%, 5/12/25	4,100,000	EUR	4,874,873
	Orange SA, 2.0000%, 1/15/29	3,300,000	EUR	4,195,661
	Orange SA, 1.3750%, 1/16/30	5,500,000	EUR	6,617,419
	RELX Finance BV, 1.5000%, 5/13/27	500,000	EUR	605,245
	Sirius XM Radio Inc, 6.0000%, 7/15/24 (144A)	4,550,000		4,676,263
	Sirius XM Radio Inc, 5.3750%, 4/15/25 (144A)	2,315,000		2,387,344
	Sky Ltd, 2.5000%, 9/15/26	1,015,000	EUR	1,309,775
	T-Mobile USA Inc, 6.0000%, 3/1/23	2,100,000		2,147,250
	T-Mobile USA Inc, 6.5000%, 1/15/26	2,320,000		2,508,059
	T-Mobile USA Inc, 4.5000%, 2/1/26	596,000		610,155
	T-Mobile USA Inc, 4.7500%, 2/1/28	933,000		961,270
	TWDC Enterprises 18 Corp, 2.7580%, 10/7/24	7,402,000	CAD	5,804,697
	TWDC Enterprises 18 Corp, 1.8500%, 7/30/26	6,474,000		6,271,347
	Verizon Communications Inc, 3.1250%, 3/16/22	2,100,000		2,151,910
	Verizon Communications Inc, 3.5000%, 2/17/23	2,120,000	AUD	1,563,852
	Verizon Communications Inc, 4.5000%, 8/17/27	6,200,000	AUD	4,884,536
	Verizon Communications Inc, 4.0160%, 12/3/29 (144A)	3,420,000		3,704,273
	Verizon Communications Inc, 2.8750%, 1/15/38	10,150,000	EUR	13,708,904
	Virgin Media Secured Finance PLC, 6.2500%, 3/28/29	3,052,000	GBP	4,092,406
	Vodafone Group PLC, 3.2500%, 12/13/22	1,600,000	AUD	1,166,043
	WMG Acquisition Corp, 3.6250%, 10/15/26 (144A)	750,000	EUR	899,495
				125,770,433
Consumer Cyclical – 11.1%
	Amazon.com Inc, 3.1500%, 8/22/27	17,248,000		18,122,364
	Booking Holdings Inc, 1.8000%, 3/3/27	6,010,000	EUR	7,386,357
	Co-operative Group Holdings 2011 Ltd, 6.8750%, 7/8/20^Ç	2,509,000	GBP	3,341,765
	Co-operative Group Holdings 2011 Ltd, 7.5000%, 7/8/26^Ç	2,800,000	GBP	3,969,471
	Co-Operative Group Ltd, 5.1250%, 5/17/24	3,600,000	GBP	4,776,597
	CPUK Finance Ltd, 4.2500%, 8/28/22	1,700,000	GBP	2,160,463
	CPUK Finance Ltd, 4.2500%, 8/28/22 (144A)	700,000	GBP	889,603
	CPUK Finance Ltd, 4.8750%, 8/28/25	1,000,000	GBP	1,269,999
	CPUK Finance Ltd, 4.8750%, 8/28/25 (144A)	400,000	GBP	507,999
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	1,400,000		1,483,300
	ISS Global A/S, 1.1250%, 1/7/21	1,500,000	EUR	1,731,546
	Mastercard Inc, 2.1000%, 12/1/27	11,960,000	EUR	15,601,870
	McDonald's Corp, 3.1250%, 3/4/25	10,380,000	CAD	8,200,549
	McDonald's Corp, 3.4500%, 9/8/26	9,200,000	AUD	6,833,840
	McDonald's Corp, 2.6250%, 6/11/29	3,900,000	EUR	5,168,744
	Service Corp International/US, 4.6250%, 12/15/27	6,882,000		7,028,242
	Service Corp International/US, 5.1250%, 6/1/29	1,994,000		2,098,685
	Sodexo SA, 0.7500%, 4/14/27	380,000	EUR	440,857
	Sodexo SA, 1.7500%, 6/26/28	1,100,000	GBP	1,402,481
	Visa Inc, 3.1500%, 12/14/25	7,580,000		7,947,194
	Visa Inc, 2.7500%, 9/15/27	11,990,000		12,222,701


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

Janus Investment Fund	9

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Cyclical – (continued)
	Walmart Inc, 2.5500%, 4/8/26	4,000,000	EUR	$5,260,205
	Walmart Inc, 3.7000%, 6/26/28	$6,620,000		7,225,801
				125,070,633
Consumer Non-Cyclical – 19.8%
	Abbott Ireland Financing DAC, 1.5000%, 9/27/26	7,980,000	EUR	9,727,933
	Anheuser-Busch InBev Finance Inc, 2.6000%, 5/15/24	9,000,000	CAD	6,887,880
	Anheuser-Busch InBev SA/NV, 2.7500%, 3/17/36	3,706,000	EUR	4,884,458
	Aramark Services Inc, 5.1250%, 1/15/24	681,000		699,728
	Aramark Services Inc, 5.0000%, 4/1/25 (144A)	445,000		451,675
	Aramark Services Inc, 4.7500%, 6/1/26	2,419,000		2,461,332
	Aramark Services Inc, 5.0000%, 2/1/28 (144A)	3,000,000		3,086,250
	Bacardi Ltd, 4.4500%, 5/15/25 (144A)	4,736,000		5,031,962
	Becton Dickinson and Co, 3.7000%, 6/6/27	5,310,000		5,546,242
	Boston Scientific Corp, 3.4500%, 3/1/24	5,730,000		5,990,278
	Boston Scientific Corp, 4.0000%, 3/1/29	893,000		965,413
	Bristol-Myers Squibb Co, 3.2000%, 6/15/26 (144A)	3,006,000		3,118,866
	Catalent Pharma Solutions Inc, 4.8750%, 1/15/26 (144A)	2,739,000		2,780,085
	Coca-Cola Co, 0.7500%, 3/9/23	2,000,000	EUR	2,341,768
	Coca-Cola Co, 3.2500%, 6/11/24	4,990,000	AUD	3,753,833
	Coca-Cola Co, 1.2500%, 3/8/31	6,820,000	EUR	8,270,043
	Coca-Cola Co, 1.6250%, 3/9/35	1,610,000	EUR	2,026,249
	Constellation Brands Inc, 4.7500%, 11/15/24	1,605,000		1,765,564
	Constellation Brands Inc, 3.5000%, 5/9/27	4,000,000		4,103,076
	Cott Holdings Inc, 5.5000%, 4/1/25 (144A)	1,336,000		1,361,050
	Danone SA, 1.2080%, 11/3/28	1,300,000	EUR	1,581,588
	Elanco Animal Health Inc, 4.9000%, 8/28/28 (144A)	4,010,000		4,476,317
	Eli Lilly & Co, 3.3750%, 3/15/29	6,554,000		6,977,060
	Estee Lauder Cos Inc, 3.1500%, 3/15/27	4,430,000		4,585,809
	FBG Finance Pty Ltd, 3.2500%, 9/6/22	2,330,000	AUD	1,695,754
	FBG Finance Pty Ltd, 3.7500%, 9/6/24	3,710,000	AUD	2,794,047
	HCA Inc, 5.0000%, 3/15/24	67,000		72,959
	HCA Inc, 5.2500%, 6/15/26	2,390,000		2,645,287
	HCA Inc, 5.8750%, 2/1/29	737,000		807,936
	HCA Inc, 4.1250%, 6/15/29	1,879,000		1,922,680
	Heineken NV, 3.5000%, 1/29/28 (144A)	2,320,000		2,409,413
	Heineken NV, 1.5000%, 10/3/29	3,800,000	EUR	4,627,683
	Heineken NV, 2.0200%, 5/12/32	2,800,000	EUR	3,563,537
	IQVIA Inc, 4.8750%, 5/15/23 (144A)	2,500,000		2,565,625
	Johnson & Johnson, 2.4500%, 3/1/26	2,460,000		2,475,217
	Johnson & Johnson, 2.9000%, 1/15/28	3,480,000		3,588,153
	Johnson & Johnson, 1.1500%, 11/20/28	5,110,000	EUR	6,284,848
	Kellogg Co, 1.2500%, 3/10/25	7,700,000	EUR	9,134,819
	Lamb Weston Holdings Inc, 4.8750%, 11/1/26 (144A)	4,060,000		4,222,400
	LVMH Moet Hennessy Louis Vuitton SE, 0.7500%, 5/26/24	5,000,000	EUR	5,904,986
	Mars Inc, 2.7000%, 4/1/25 (144A)	3,703,000		3,776,198
	Mars Inc, 3.2000%, 4/1/30 (144A)	6,645,000		6,900,617
	Novartis Finance SA, 1.3750%, 8/14/30	4,480,000	EUR	5,493,707
	Novartis Finance SA, 1.7000%, 8/14/38	2,330,000	EUR	2,964,842
	PepsiCo Inc, 2.1500%, 5/6/24	7,800,000	CAD	5,961,633
	PepsiCo Inc, 1.1250%, 3/18/31	2,000,000	EUR	2,402,747
	Procter & Gamble Co, 1.2000%, 10/30/28	3,080,000	EUR	3,772,638
	Procter & Gamble Co, 1.8750%, 10/30/38	5,730,000	EUR	7,597,556
	Sysco Corp, 1.2500%, 6/23/23	4,200,000	EUR	4,947,297
	Sysco Corp, 3.5500%, 3/15/25	3,088,000		3,234,573
	Tesco PLC, 6.1250%, 2/24/22	1,550,000	GBP	2,193,396
	Tesco PLC, 5.5000%, 1/13/33	3,691,000	GBP	5,883,011
	Tesco PLC, 6.1500%, 11/15/37 (144A)	3,080,000		3,565,087
	Unilever PLC, 1.5000%, 7/22/26	3,700,000	GBP	4,701,474
	Unilever PLC, 1.5000%, 6/11/39	8,000,000	EUR	9,521,151


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

10	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	Wm Morrison Supermarkets PLC, 3.5000%, 7/27/26	1,997,000	GBP	$2,759,504
	Zoetis Inc, 3.9000%, 8/20/28	$730,000		777,491
				224,042,725
Government Sponsored – 2.3%
	Deutsche Bahn Finance GMBH, 1.6250%, 8/16/33	5,990,000	EUR	7,506,669
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 9/11/26	10,000,000	AUD	7,746,287
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 3/15/28	13,660,000	AUD	10,673,256
				25,926,212
Industrial – 0.4%
	Cintas Corp No 2, 2.9000%, 4/1/22	2,000,000		2,033,372
	Cintas Corp No 2, 3.7000%, 4/1/27	2,000,000		2,128,643
				4,162,015
Insurance – 0.9%
	Aviva PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 2.9700%, 6.8750%^‡,µ	1,300,000	GBP	1,680,316
	BUPA Finance PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 2.6000%, 6.1250%^‡,µ	1,414,000	GBP	1,878,281
	Phoenix Group Holdings PLC, 4.1250%, 7/20/22	1,600,000	GBP	2,111,223
	Phoenix Group Holdings PLC, 6.6250%, 12/18/25	2,412,000	GBP	3,375,696
	Scottish Widows Ltd, 7.0000%, 6/16/43	612,000	GBP	1,021,875
				10,067,391
Non-Agency Commercial Mortgage-Backed Securities – 0.1%
	Nationwide Building Society, 10.2500%^‡,µ	850,000	GBP	1,628,306
Owned No Guarantee – 0.3%
	TenneT Holding BV, 1.7500%, 6/4/27	3,000,000	EUR	3,766,933
Real Estate Investment Trusts (REITs) – 0.2%
	Digital Realty Trust LP, 4.7500%, 10/1/25	1,900,000		2,081,253
Supranational – 1.0%
	European Investment Bank, 2.7000%, 1/12/23	10,000,000	AUD	7,349,194
	European Investment Bank, 3.1000%, 8/17/26	4,520,000	AUD	3,474,106
				10,823,300
Technology – 10.6%
	Adobe Inc, 3.2500%, 2/1/25	3,429,000		3,574,085
	Alphabet Inc, 1.9980%, 8/15/26	21,696,000		21,152,499
	Amadeus IT Group SA, 1.5000%, 9/18/26	6,100,000	EUR	7,434,211
	Apple Inc, 2.6500%, 6/10/20	2,800,000	AUD	1,985,815
	Apple Inc, 3.7000%, 8/28/22	15,060,000	AUD	11,240,825
	Apple Inc, 1.3750%, 5/24/29	4,480,000	EUR	5,542,445
	Dell International LLC / EMC Corp, 5.4500%, 6/15/23 (144A)	11,635,000		12,540,247
	Equinix Inc, 5.3750%, 4/1/23	2,200,000		2,241,250
	Equinix Inc, 2.8750%, 10/1/25	2,100,000	EUR	2,488,865
	Equinix Inc, 2.8750%, 2/1/26	2,200,000	EUR	2,618,352
	First Data Corp, 5.7500%, 1/15/24 (144A)	1,110,000		1,141,219
	Fiserv Inc, 3.5000%, 7/1/29	3,010,000		3,086,646
	Fiserv Inc, 1.6250%, 7/1/30	3,470,000	EUR	4,033,470
	Intel Corp, 4.0000%, 12/1/22	7,500,000	AUD	5,636,174
	InterXion Holding NV, 4.7500%, 6/15/25	2,000,000	EUR	2,473,683
	InterXion Holding NV, 4.7500%, 6/15/25 (144A)	450,000	EUR	556,579
	Iron Mountain Inc, 6.0000%, 8/15/23	2,000,000		2,055,000
	Microsoft Corp, 3.3000%, 2/6/27	4,980,000		5,276,977
	Microsoft Corp, 3.1250%, 12/6/28	8,000,000	EUR	11,419,739
	Microsoft Corp, 3.4500%, 8/8/36	1,325,000		1,400,795
	salesforce.com Inc, 3.7000%, 4/11/28	10,072,000		10,853,845
	VMware Inc, 3.9000%, 8/21/27	1,135,000		1,149,515
				119,902,236
Total Corporate Bonds (cost $718,996,964)				735,041,088
Foreign Government Bonds– 22.2%
	Australia Government Bond, 2.0000%, 12/21/21	11,000,000	AUD	7,914,482


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

Janus Investment Fund	11

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts				Value
Foreign Government Bonds– (continued)
	Australia Government Bond, 2.7500%, 4/21/24	29,129,000	AUD	$22,096,351
	Australia Government Bond, 2.2500%, 5/21/28	8,000,000	AUD	6,058,386
	Australia Government Bond, 2.7500%, 11/21/28	38,800,000	AUD	30,647,302
	Australia Government Bond, 3.2500%, 4/21/29	27,000,000	AUD	22,282,214
	Australia Government Bond, 3.7500%, 4/21/37	18,500,000	AUD	17,187,871
	Bundesrepublik Deutschland Bundesanleihe, 1.2500%, 8/15/48	4,000,000	EUR	5,803,188
	Canadian Government Bond, 0.5000%, 3/1/22	13,250,000	CAD	9,872,434
	Canadian Government Bond, 1.7500%, 3/1/23	52,500,000	CAD	40,558,863
	Canadian Government Bond, 2.0000%, 6/1/28	47,000,000	CAD	37,521,750
	Sweden Government Bond, 0.7500%, 5/12/28	222,000,000	SEK	25,738,511
	Sweden Government Bond, 3.5000%, 3/30/39	25,000,000	SEK	4,199,526
	United Kingdom Gilt, 1.6250%, 10/22/28	15,800,000	GBP	21,473,829
Total Foreign Government Bonds (cost $243,188,612)				251,354,707
United States Treasury Notes/Bonds– 6.9%
	2.0000%, 1/31/20	$10,000,000		9,996,094
	2.6250%, 8/31/20	35,000,000		35,283,008
	2.7500%, 11/15/23	23,000,000		23,956,836
	2.8750%, 5/15/28	8,000,000		8,585,000
Total United States Treasury Notes/Bonds (cost $75,930,274)				77,820,938
Investment Companies– 5.8%
Money Markets – 5.8%
	Fidelity Investments Money Market Treasury Portfolio, 2.2500%^ºº(cost $65,323,539)	65,323,539		65,323,539
Total Investments (total cost $1,116,734,090) – 101.1%				1,142,648,967
Liabilities, net of Cash, Receivables and Other Assets – (1.1)%				(12,844,091)
Net Assets – 100%				$1,129,804,876


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

		% of
		Investment
Country	Value	Securities
United States	$648,695,347	56.8	%
United Kingdom	110,531,276	9.7
Australia	106,186,606	9.3
Canada	91,833,225	8.0
Germany	37,945,733	3.3
France	32,695,088	2.9
Sweden	29,938,037	2.6
Netherlands	19,749,454	1.7
Switzerland	16,458,824	1.4
Belgium	16,262,139	1.4
Supranational	10,823,300	0.9
Spain	7,434,211	0.7
Ireland	5,392,407	0.5
Bermuda	5,031,962	0.4
Luxembourg	1,939,812	0.2
Denmark	1,731,546	0.2



Total	$1,142,648,967	100.0	%


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

12	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019


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:
Australian Dollar	7/24/19	110,000	$	(76,555)	$	722
Australian Dollar	7/24/19	(301,997,548)		207,825,885		(4,333,706)
British Pound	7/24/19	(442,049)		566,409		4,430
British Pound	7/24/19	(65,761,558)		82,852,073		(750,645)
Canadian Dollar	7/24/19	(152,398,828)		113,694,733		(2,763,959)
Euro	7/24/19	(8,360,407)		9,543,934		20,042
Euro	7/24/19	(204,603,133)		230,140,809		(2,936,224)
Swedish Krona	7/24/19	(265,657,100)		28,068,874		(608,871)

						(11,368,211)
JPMorgan Chase and Co.:
Australian Dollar	8/9/19	(22,400,000)		15,630,742		(113,788)
Japanese Yen	8/9/19	1,724,048,220		(15,910,945)		133,568

						19,780
Total					$	(11,348,431)

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	264	9/19/19	$	33,783,750	$	98,016	$	8,250
5-Year US Treasury Note	1,238	9/30/19		146,277,438		235,272		-
Euro-Bund	132	9/6/19		25,921,015		268,644		36,014
Euro-Buxl	55	9/6/19		12,686,151		314,676		-
Long Gilt	439	9/26/19		72,628,779		(18,114)		(139,242)
Total					$	898,494	$	(94,978)


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

Janus Investment Fund	13

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019

Schedule of OTC Credit Default Swaps - Buy Protection

Counterparty/

Reference Asset

Maturity

Date

Notional

Amount

Premiums

Paid/(Received)

Unrealized

Appreciation/

(Depreciation)

Swap Contracts,

at Value

Asset/(Liability)

Barclays Capital, Inc.:


Renault SA, Fixed Rate 1.00%, Paid quarterly	12/20/21	3,000,000	EUR	$	10,704	$	(60,102)	$	(49,398)

Citibank, National Association:


Arrow Electronics Inc, Fixed Rate 1.00%, Paid quarterly	12/20/23	8,100,000	USD	(7,354)	(97,550)	(104,904)
Avenet Inc, Fixed Rate 1.00%, Paid quarterly	12/20/23	4,050,000	USD	-	(51,978)	(51,978)
Commonwealth Bank of Australia, Fixed Rate 1.00%, Paid quarterly	6/20/23	2,205,000	USD	(28,624)	(32,934)	(61,558)
Commonwealth Bank of Australia, Fixed Rate 1.00%, Paid quarterly	6/20/23	2,205,000	USD	(25,915)	(35,643)	(61,558)
National Austrailia Bank, Fixed Rate 1.00%, Paid quarterly	6/20/23	4,410,000	USD	(53,845)	(56,675)	(110,520)
Westpac Banking Corp, Fixed Rate 1.00%, Paid quarterly	6/20/23	2,205,000	USD	(26,923)	(28,847)	(55,770)
Westpac Banking Corp, Fixed Rate 1.00%, Paid quarterly	6/20/23	2,205,000	USD	(29,127)	(26,643)	(55,770)
				(171,788)	(330,270)	(502,058)

JPMorgan Chase & Co.:


Host Hotels & Resorts LP, Fixed Rate 1.00%, Paid quarterly	12/20/20	1,250,000	USD		20,186		(36,925)		(16,739)
Host Hotels & Resorts LP, Fixed Rate 1.00%, Paid quarterly	12/20/20	1,250,000	USD		20,186		(36,925)		(16,739)
					40,372		(73,850)		(33,478)
Total				$	(120,712)	$	(464,222)	$	(584,934)


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

14	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019

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 June 30, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2019

	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$ 158,762	$ -	$ 158,762
Variation margin receivable	-	-	44,264	44,264

Total Asset Derivatives	$ -	$ 158,762	$ 44,264	$ 203,026

Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$11,507,193	$ -	$11,507,193
Outstanding swap contracts, at value	584,934	-	-	584,934
Variation margin payable	-	-	139,242	139,242

Total Liability Derivatives	$584,934	$11,507,193	$ 139,242	$12,231,369

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$(1,211,157)	$ 8,038,821	$ 6,827,664
Forward foreign currency exchange contracts	-	28,188,236	-	-	28,188,236
Purchased options contracts	-	-	-	(94,578)	(94,578)
Swap contracts	(836,087)	-	-	-	(836,087)

Total	$(836,087)	$ 28,188,236	$(1,211,157)	$ 7,944,243	$ 34,085,235


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ -	$ 239,775	$ 239,775
Forward foreign currency exchange contracts	-	(11,613,180)	-	-	(11,613,180)
Swap contracts	(460,811)	-	-	-	(460,811)

Total	$(460,811)	$(11,613,180)	$ -	$ 239,775	$(11,834,216)

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


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

Janus Investment Fund	15

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2019


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2019

	Market Value^(a)
Credit default swaps, buy protection	$ (1,035,134)
Forward foreign currency exchange contracts, purchased	19,996,680
Forward foreign currency exchange contracts, sold	564,154,473
Futures contracts, purchased	184,018,410
Futures contracts, sold	1,635,637
Purchased options contracts, call	3,606

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


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

16	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information

Bloomberg Barclays Global

Aggregate Credit Index (USD Hedged)

Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
OTC	Over-the-Counter
PLC	Public Limited Company

144A


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2019. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of June 30, 2019.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated represents the next call date.


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


Janus Investment Fund	17

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	5,065,194	$	-
Bank Loans and Mezzanine Loans			-		8,043,501		-
Corporate Bonds			-		735,041,088		-
Foreign Government Bonds			-		251,354,707		-
United States Treasury Notes/Bonds			-		77,820,938		-
Investment Companies			65,323,539		-		-
Total Investments in Securities		$	65,323,539	$	1,077,325,428	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		158,762		-
Variation Margin Receivable			44,264		-		-
Total Assets		$	65,367,803	$	1,077,484,190	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	11,507,193	$	-
Outstanding Swap Contracts, at Value			-		584,934		-
Variation Margin Payable			139,242		-		-
Total Liabilities		$	139,242	$	12,092,127	$	-

(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.


18	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities

June 30, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	1,142,648,967
	Cash			1,044,740
	Deposits with brokers for futures			2,782,508
	Deposits with brokers for OTC derivatives			880,000
	Forward foreign currency exchange contracts			158,762
	Cash denominated in foreign currency⁽²⁾			27,274
	Variation margin receivable			44,264
	Non-interested Trustees' deferred compensation			28,527
	Receivables:
		Interest		8,378,686
		Fund shares sold		6,897,866
		Foreign tax reclaims		880
	Other assets			144,355
Total Assets				1,163,036,829
Liabilities:
	Due to custodian			827,904
	Foreign cash due to custodian			199,035
	Forward foreign currency exchange contracts			11,507,193
	Outstanding swap contracts, at value⁽³⁾			584,934
	Variation margin payable			139,242
	Payables:			—
		Investments purchased		14,105,395
		Fund shares repurchased		4,857,672
		Advisory fees		487,899
		Dividends		171,654
		Transfer agent fees and expenses		100,694
		Professional fees		49,948
		12b-1 Distribution and shareholder servicing fees		40,776
		Non-interested Trustees' deferred compensation fees		28,527
		Custodian fees		8,968
		Non-interested Trustees' fees and expenses		5,676
		Affiliated fund administration fees payable		2,248
		Accrued expenses and other payables		114,188
Total Liabilities				33,231,953
Net Assets			$	1,129,804,876


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities

June 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,100,810,835
	Total distributable earnings (loss)		28,994,041
Total Net Assets		$	1,129,804,876
Net Assets - Class A Shares		$	51,462,934
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,309,129
Net Asset Value Per Share⁽⁴⁾		$	9.69
Maximum Offering Price Per Share⁽⁵⁾		$	10.17
Net Assets - Class C Shares		$	37,165,473
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,858,708
Net Asset Value Per Share⁽⁴⁾		$	9.63
Net Assets - Class D Shares		$	16,056,489
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,656,974
Net Asset Value Per Share		$	9.69
Net Assets - Class I Shares		$	948,618,643
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		98,171,050
Net Asset Value Per Share		$	9.66
Net Assets - Class N Shares		$	5,789,146
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		598,795
Net Asset Value Per Share		$	9.67
Net Assets - Class S Shares		$	158,052
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,316
Net Asset Value Per Share		$	9.69
Net Assets - Class T Shares		$	70,554,139
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,286,809
Net Asset Value Per Share		$	9.68

(1) Includes cost of $1,116,734,090.

(2) Includes cost of $27,274.

(3) Net premiums received $120,712.

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

(5) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

20	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Statement of Operations

For the year ended June 30, 2019



Investment Income:
	Interest		$	25,781,030
	Dividends			88,979
	Other income			45,983
	Foreign tax withheld			(2,414)
Total Investment Income				25,913,578
Expenses:
	Advisory fees			4,789,927
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		108,457
		Class C Shares		360,325
		Class S Shares		257
	Transfer agent administrative fees and expenses:
		Class D Shares		12,308
		Class S Shares		352
		Class T Shares		114,546
	Transfer agent networking and omnibus fees:
		Class A Shares		33,326
		Class C Shares		27,044
		Class I Shares		611,441
	Other transfer agent fees and expenses:
		Class A Shares		4,064
		Class C Shares		3,329
		Class D Shares		3,117
		Class I Shares		35,207
		Class N Shares		177
		Class S Shares		12
		Class T Shares		983
	Registration fees			274,617
	Shareholder reports expense			135,460
	Professional fees			82,005
	Custodian fees			46,164
	Non-interested Trustees’ fees and expenses			24,818
	Affiliated fund administration fees			20,597
	Other expenses			315,574
Total Expenses				7,004,107
Less: Excess Expense Reimbursement and Waivers				(14,113)
Net Expenses				6,989,994
Net Investment Income/(Loss)				18,923,584


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Developed World Bond Fund

Statement of Operations

For the year ended June 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(8,808,342)
	Purchased options contracts		(94,578)
	Forward foreign currency exchange contracts		28,188,236
	Futures contracts		6,827,664
	Swap contracts		(836,087)
Total Net Realized Gain/(Loss) on Investments			25,276,893
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		46,699,769
	Forward foreign currency exchange contracts		(11,613,180)
	Futures contracts		239,775
	Swap contracts		(460,811)
Total Change in Unrealized Net Appreciation/Depreciation			34,865,553
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	79,066,030


See Notes to Financial Statements.

22	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Statements of Changes in Net Assets



			Year ended June 30, 2019		Year ended June 30, 2018

Operations:
	Net investment income/(loss)		$	18,923,584	$	14,475,524
	Net realized gain/(loss) on investments			25,276,893		11,142,743
	Change in unrealized net appreciation/depreciation			34,865,553		(21,576,157)
Net Increase/(Decrease) in Net Assets Resulting from Operations				79,066,030		4,042,110
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(1,973,457)		N/A
		Class C Shares		(1,372,098)		N/A
		Class D Shares		(432,828)		N/A
		Class I Shares		(33,555,493)		N/A
		Class N Shares		(249,474)		N/A
		Class S Shares		(6,438)		N/A
		Class T Shares		(2,015,076)		N/A
	Total Dividends and Distributions to Shareholders			(39,604,864)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class A Shares		N/A		(943,142)
		Class C Shares		N/A		(570,307)
		Class D Shares		N/A		(150,050)
		Class I Shares		N/A		(12,205,743)
		Class N Shares		N/A		(50,725)
		Class S Shares		N/A		(1,447)
		Class T Shares		N/A		(451,902)
	Total Dividends from Net Investment Income			N/A		(14,373,316)
Net Decrease from Dividends and Distributions to Shareholders				(39,604,864)		(14,373,316)
Capital Share Transactions:
		Class A Shares		9,037,750		(1,921,923)
		Class C Shares		(4,156,963)		667,575
		Class D Shares		6,636,916		8,563,832
		Class I Shares		256,127,011		333,926,182
		Class N Shares		1,398,559		2,854,921
		Class S Shares		31,444		71,641
		Class T Shares		38,211,023		30,508,683
Net Increase/(Decrease) from Capital Share Transactions				307,285,740		374,670,911
Net Increase/(Decrease) in Net Assets				346,746,906		364,339,705
Net Assets:
	Beginning of period			783,057,970		418,718,265
	End of period⁽²⁾		$	1,129,804,876	$	783,057,970

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $12,937,639 as of June 30, 2018. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Developed World Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.35	$9.46	$9.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.18	0.21	0.26
		Net realized and unrealized gain/(loss)	0.58	(0.12)	0.11
	Total from Investment Operations		0.76	0.09	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.42)	(0.20)	(0.12)
		Return of capital	—	—	(0.13)
	Total Dividends and Distributions		(0.42)	(0.20)	(0.25)
	Net Asset Value, End of Period		$9.69	$9.35	$9.46
	Total Return*		8.48%	0.99%	3.99%
	Net Assets, End of Period (in thousands)		$51,463	$40,600	$43,047
	Average Net Assets for the Period (in thousands)		$43,495	$43,700	$60,131
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.99%	0.98%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	0.98%	1.01%
		Ratio of Net Investment Income/(Loss)	1.98%	2.23%	2.99%
	Portfolio Turnover Rate		42%	125%	112%


Class C Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.30	$9.41	$9.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.14	0.19
		Net realized and unrealized gain/(loss)	0.57	(0.12)	0.11
	Total from Investment Operations		0.69	0.02	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.13)	(0.08)
		Return of capital	—	—	(0.10)
	Total Dividends and Distributions		(0.36)	(0.13)	(0.18)
	Net Asset Value, End of Period		$9.63	$9.30	$9.41
	Total Return*		7.67%	0.25%	3.31%
	Net Assets, End of Period (in thousands)		$37,165	$40,085	$39,923
	Average Net Assets for the Period (in thousands)		$36,574	$39,996	$46,079
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.72%	1.72%	1.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.72%	1.72%	1.77%
		Ratio of Net Investment Income/(Loss)	1.27%	1.48%	2.22%
	Portfolio Turnover Rate		42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

24	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014
	Net Asset Value, Beginning of Period		$9.09	$9.13	$8.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.32	0.46
		Net realized and unrealized gain/(loss)	0.24	0.01	0.20
	Total from Investment Operations		0.49	0.33	0.66
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.37)	(0.46)
	Total Dividends and Distributions		(0.24)	(0.37)	(0.46)
	Net Asset Value, End of Period		$9.34	$9.09	$9.13
	Total Return*		5.46%	3.71%	7.56%
	Net Assets, End of Period (in thousands)		$66,863	$28,200	$11,522
	Average Net Assets for the Period (in thousands)		$47,477	$20,111	$12,645
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽²⁾	1.15%	1.36%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽²⁾	1.09%	1.10%
		Ratio of Net Investment Income/(Loss)	2.72%⁽³⁾	3.52%	5.02%
	Portfolio Turnover Rate		110%	54%	84%


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014
	Net Asset Value, Beginning of Period		$9.04	$9.09	$8.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.26	0.39
		Net realized and unrealized gain/(loss)	0.24	—⁽⁴⁾	0.20
	Total from Investment Operations		0.42	0.26	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.31)	(0.39)
	Total Dividends and Distributions		(0.17)	(0.31)	(0.39)
	Net Asset Value, End of Period		$9.29	$9.04	$9.09
	Total Return*		4.70%	2.84%	6.78%
	Net Assets, End of Period (in thousands)		$50,531	$30,034	$17,744
	Average Net Assets for the Period (in thousands)		$40,443	$25,216	$17,512
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%⁽²⁾	1.92%	2.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.80%⁽²⁾	1.85%	1.85%
		Ratio of Net Investment Income/(Loss)	1.98%⁽³⁾	2.84%	4.27%
	Portfolio Turnover Rate		110%	54%	84%

* 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 Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(3) 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.

(4) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Developed World Bond Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.20	0.22	0.02
		Net realized and unrealized gain/(loss)	0.59	(0.11)	(0.03)
	Total from Investment Operations		0.79	0.11	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.44)	(0.22)	(0.01)
		Return of capital	—	—	(0.02)
	Total Dividends and Distributions		(0.44)	(0.22)	(0.03)
	Net Asset Value, End of Period		$9.69	$9.34	$9.45
	Total Return*		8.78%	1.17%	(0.09)%
	Net Assets, End of Period (in thousands)		$16,056	$8,848	$450
	Average Net Assets for the Period (in thousands)		$10,281	$6,302	$270
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.79%	0.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.79%	0.89%
		Ratio of Net Investment Income/(Loss)	2.13%	2.39%	3.54%
	Portfolio Turnover Rate		42%	125%	112%


Class I Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$9.32	$9.43	$9.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.23	0.27
		Net realized and unrealized gain/(loss)	0.58	(0.11)	0.12
	Total from Investment Operations		0.79	0.12	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.45)	(0.23)	(0.12)
		Return of capital	—	—	(0.15)
	Total Dividends and Distributions		(0.45)	(0.23)	(0.27)
	Net Asset Value, End of Period		$9.66	$9.32	$9.43
	Total Return*		8.77%	1.25%	4.26%
	Net Assets, End of Period (in thousands)		$948,619	$659,214	$333,853
	Average Net Assets for the Period (in thousands)		$732,591	$496,179	$326,067
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.72%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.72%	0.76%
		Ratio of Net Investment Income/(Loss)	2.23%	2.47%	3.21%
	Portfolio Turnover Rate		42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) 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.

26	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014
	Net Asset Value, Beginning of Period		$9.06	$9.11	$8.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.34	0.48
		Net realized and unrealized gain/(loss)	0.23	0.01	0.21
	Total from Investment Operations		0.50	0.35	0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.40)	(0.49)
	Total Dividends and Distributions		(0.25)	(0.40)	(0.49)
	Net Asset Value, End of Period		$9.31	$9.06	$9.11
	Total Return*		5.70%	3.86%	7.88%
	Net Assets, End of Period (in thousands)		$323,462	$106,544	$18,271
	Average Net Assets for the Period (in thousands)		$227,875	$65,902	$7,395
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%⁽²⁾	0.92%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%⁽²⁾	0.84%	0.85%
		Ratio of Net Investment Income/(Loss)	2.96%⁽³⁾	3.73%	5.29%
	Portfolio Turnover Rate		110%	54%	84%

* 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.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Developed World Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.32	$9.44	$9.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.23	0.28
		Net realized and unrealized gain/(loss)	0.59	(0.12)	0.11
	Total from Investment Operations		0.80	0.11	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.45)	(0.23)	(0.12)
		Return of capital	—	—	(0.15)
	Total Dividends and Distributions		(0.45)	(0.23)	(0.27)
	Net Asset Value, End of Period		$9.67	$9.32	$9.44
	Total Return*		8.94%	1.19%	4.31%
	Net Assets, End of Period (in thousands)		$5,789	$4,168	$1,340
	Average Net Assets for the Period (in thousands)		$5,062	$2,007	$1,434
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.71%	0.67%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.67%	0.70%
		Ratio of Net Investment Income/(Loss)	2.31%	2.51%	3.25%
	Portfolio Turnover Rate		42%	125%	112%


Class S Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.18	0.20	—⁽⁴⁾
		Net realized and unrealized gain/(loss)	0.59	(0.12)	(0.01)
	Total from Investment Operations		0.77	0.08	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.42)	(0.19)	(0.01)
		Return of capital	—	—	(0.02)
	Total Dividends and Distributions		(0.42)	(0.19)	(0.03)
	Net Asset Value, End of Period		$9.69	$9.34	$9.45
	Total Return*		8.51%	0.85%	(0.11)%
	Net Assets, End of Period (in thousands)		$158	$121	$50
	Average Net Assets for the Period (in thousands)		$141	$70	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.21%	2.19%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.06%	1.05%	1.22%
		Ratio of Net Investment Income/(Loss)	1.91%	2.12%	(0.55)%
	Portfolio Turnover Rate		42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

28	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$8.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17
		Net realized and unrealized gain/(loss)	0.32
	Total from Investment Operations		0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)
	Total Dividends and Distributions		(0.16)
	Net Asset Value, End of Period		$9.32
	Total Return*		5.57%
	Net Assets, End of Period (in thousands)		$1,528
	Average Net Assets for the Period (in thousands)		$1,413
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.73%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%⁽³⁾
		Ratio of Net Investment Income/(Loss)	2.77%⁽⁴⁾
	Portfolio Turnover Rate		110%

* 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 and Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(4) 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	29

Janus Henderson Developed World Bond Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.21	—⁽³⁾
		Net realized and unrealized gain/(loss)	0.58	(0.10)	(0.01)
	Total from Investment Operations		0.77	0.11	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.43)	(0.22)	(0.01)
		Return of capital	—	—	(0.02)
	Total Dividends and Distributions		(0.43)	(0.22)	(0.03)
	Net Asset Value, End of Period		$9.68	$9.34	$9.45
	Total Return*		8.59%	1.11%	(0.10)%
	Net Assets, End of Period (in thousands)		$70,554	$30,023	$55
	Average Net Assets for the Period (in thousands)		$45,901	$19,756	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.89%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.88%	0.95%
		Ratio of Net Investment Income/(Loss)	2.05%	2.31%	(0.01)%
	Portfolio Turnover Rate		42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

30	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Developed World Bond Fund (formerly Janus Henderson Strategic Income 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 47 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through current income and 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 Strategic Income 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 highlights.

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.

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


Janus Investment Fund	31

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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.

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


32	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	33

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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

Dividends and Distributions

Dividends are declared 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.

Federal Income Taxes

2. Derivative Instruments


34	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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.

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.


Janus Investment Fund	35

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

with extended settlement dates. 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

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

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

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


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Options Contracts

There were no purchased options held at June 30, 2019.

Swaps


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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 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.


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

During the year, the Fund sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices where gaining this exposure via the cash bond market was less attractive.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	39

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

Counterparties


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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 June 30, 2019.

· 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-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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.

Offsetting 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		$	25,194	$	(25,194)	$	—	$	—
JPMorgan Chase & Co.			133,568		(133,568)		—		—

Total		$	158,762	$	(158,762)	$	—	$	—
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.		$	49,398	$	—	$	—	$	49,398
BNP Paribas			11,393,405		(25,194)		—		11,368,211
Citibank, National Association			502,058		—		—		502,058
JPMorgan Chase & Co.			147,266		(133,568)		—		13,698

Total		$	12,092,127	$	(158,762)	$	—	$	11,933,365
(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.


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

Real Estate Investing

Sovereign Debt

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	0.55
Next $500 Million	0.50
Above $1.5 Billion	0.45

The Fund’s actual investment advisory fee rate for the reporting period was 0.55% of average annual net assets before any applicable waivers.


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

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 total annual fund 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 0.64% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2019. 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 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.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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.


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

of the Class C Shares redeemed. During the year ended June 30, 2019, redeeming shareholders of Class C Shares paid CDSCs of $6,932.

As of June 30, 2019, 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		-*		-*
Class I Shares		-*		-*
Class N Shares		-*		-*
Class S Shares		35		-*
Class T Shares		-*		-*

*	Less than 0.50%

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 9,512,771	$ 3,873,056	$ -	$ -	$ -	$ (68,966)	$ 15,677,180

During the year ended June 30, 2019, capital loss carryovers of $2,433,109 were utilized by the Fund. There are no unused capital loss carryovers.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2019 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)
$ 1,126,971,787	$25,313,345	$ (9,636,165)	$ 15,677,180


46	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Information on the tax components of derivatives as of June 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (11,034,869)	$ -	$ -	$ -

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

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, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 39,604,864	$ -	$ -	$ -


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 14,373,316	$ -	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 137,514	$ 7,080,343	$ (7,217,857)

Capital has been adjusted by $473,676, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


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Janus Henderson Developed World Bond Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended June 30, 2019		Year ended June 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	2,714,859	$ 25,387,242	1,855,188	$ 17,574,218
Reinvested dividends and distributions	191,151	1,761,837	89,597	847,501
Shares repurchased	(1,939,609)	(18,111,329)	(2,151,299)	(20,343,642)
Net Increase/(Decrease)	966,401	$ 9,037,750	(206,514)	$ (1,921,923)
Class C Shares:
Shares sold	1,394,794	$ 12,946,996	1,331,849	$ 12,553,458
Reinvested dividends and distributions	138,504	1,265,431	55,300	520,174
Shares repurchased	(1,986,228)	(18,369,390)	(1,317,733)	(12,406,057)
Net Increase/(Decrease)	(452,930)	$ (4,156,963)	69,416	$ 667,575
Class D Shares:
Shares sold	1,093,219	$ 10,214,052	1,539,450	$ 14,618,056
Reinvested dividends and distributions	46,230	427,186	15,097	142,264
Shares repurchased	(429,537)	(4,004,322)	(655,111)	(6,196,488)
Net Increase/(Decrease)	709,912	$ 6,636,916	899,436	$ 8,563,832
Class I Shares:
Shares sold	53,728,431	$500,759,655	49,667,777	$468,693,888
Reinvested dividends and distributions	3,206,723	29,510,107	1,106,406	10,415,684
Shares repurchased	(29,498,177)	(274,142,751)	(15,431,436)	(145,183,390)
Net Increase/(Decrease)	27,436,977	$256,127,011	35,342,747	$333,926,182
Class N Shares:
Shares sold	411,227	$ 3,834,769	317,565	$ 2,973,060
Reinvested dividends and distributions	26,313	241,984	5,387	50,725
Shares repurchased	(285,813)	(2,678,194)	(17,899)	(168,864)
Net Increase/(Decrease)	151,727	$ 1,398,559	305,053	$ 2,854,921
Class S Shares:
Shares sold	2,902	$ 26,903	7,480	$ 70,219
Reinvested dividends and distributions	699	6,438	154	1,447
Shares repurchased	(202)	(1,897)	(3)	(25)
Net Increase/(Decrease)	3,399	$ 31,444	7,631	$ 71,641
Class T Shares:
Shares sold	6,290,721	$ 58,863,242	3,727,477	$ 35,397,938
Reinvested dividends and distributions	217,967	2,010,991	47,912	451,625
Shares repurchased	(2,435,553)	(22,663,210)	(567,531)	(5,340,880)
Net Increase/(Decrease)	4,073,135	$ 38,211,023	3,207,858	$ 30,508,683

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
$639,052,811	$ 284,953,986	$ 53,213,219	$ 53,862,324

8. Recent Accounting Pronouncements


48	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

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. Management is currently evaluating the impacts of ASU 2017-08 on the Fund’s financial statements.

9. Subsequent Event


Janus Investment Fund	49

Janus Henderson Developed World Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Developed World Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Developed World Bond Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2019, the related statement of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2019 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2016, and the financial highlights for each of the periods ended on or prior to July 31, 2016 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 23, 2016 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Denver, Colorado
August 16, 2019

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


50	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period

Nature, Extent and Quality of Services


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


52	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

months ended May 31, 2018. 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.

Fixed-Income Funds

Global and International Equity Funds


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


54	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance.

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


56	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Alternative Fund


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds

Global and International Equity Funds


58	JUNE 30, 2019

Janus Henderson Developed World 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 Real Estate 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

Multi-Asset Funds


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

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

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

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

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

· 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.

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.


60	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

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.

Economies of Scale


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


62	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Select Value Fund


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Janus Henderson Developed World Bond Fund

Additional Information (unaudited)


64	JUNE 30, 2019

Janus Henderson Developed World 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.


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Janus Henderson Developed World 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


66	JUNE 30, 2019

Janus Henderson Developed World 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	67

Janus Henderson Developed World Bond Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2019:



Capital Gain Distributions	$473,676


68	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)

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


Janus Investment Fund	69

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


70	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Principal Curam Holdings (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	58	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	71

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	58	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016); Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


72	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	58	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	58	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


Janus Investment Fund	73

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017); Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer for Driehaus Mutual Funds (1996-2002).


74	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	75

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jenna Barnard 151 Detroit Street Denver, CO 80206 DOB: 1980	Executive Vice President and Co-Portfolio Manager Janus Henderson Developed World Bond Fund	2/08-Present	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
John Pattullo 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Developed World Bond Fund	08/12-Present	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).


76	JUNE 30, 2019

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	77

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93077 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Diversified Alternatives Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	11
Consolidated Statement of Assets and Liabilities	13
Consolidated Statement of Operations	15
Consolidated Statements of Changes in Net Assets	16
Consolidated Financial Highlights	17
Notes to Consolidated Financial Statements	21
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	53
Designation Requirements	56
Trustees and Officers	57

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 OVERVIEW

For the 12 months ended June 30, 2019, the Janus Henderson Diversified Alternatives Fund’s Class I Shares returned -2.81%, compared with a return of 7.87% for its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, and 6.45% for its secondary benchmark, London Interbank Offered Rate (LIBOR) + 3% Index.

MARKET ENVIRONMENT

PERFORMANCE DISCUSSION

The Fund underperformed its primary and secondary benchmarks during the 12-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.

The Fund’s equity emerging risk premium strategy contributed to underperformance. The strategy is based on the tendency of purportedly riskier emerging market (EM) stocks to outperform their developed market peers. While the continuation of accommodative monetary policy, on the surface, should boost the prospects of emerging economies – and their financial markets as investors reach for yield – the broad consensus is that the U.S. is still the most attractive destination for equities investors on a risk-adjusted basis. Furthermore, it is widely viewed that increasing tariffs carry greater risk for the Chinese economy than they do for America’s.

The commodity momentum strategy also generated negative returns. The strategy was weighed down by underlying market fundamentals in both energy and agricultural. The strategy seeks to capture the persistence in price movements of commodities usually associated with perceptions of future global economic activity. Taking signals from a late-winter rally, the Fund was positioned for higher crude oil prices going into the period. As concerns about the strength of the global economy intensified, crude prices declined roughly 20%, resulting in negative returns. The duration of that trend caused the strategy to switch to a bearish view on crude. A late-period rally resulted in these bearish positions compounding earlier losses. Similarly, moderate downward price pressure on both wheat and corn futures caused the strategy to maintain short positions on those commodities for much of the period.

Positive contributors were largely the beneficiaries of the Fed doubling down on its more accommodative stance. The credit risk premium strategy contributed most to performance, owing to its duration component, which more than compensated for a mid-period widening of credit spreads – although they later narrowed as investors re-entered riskier asset classes. The rates momentum strategy also generated positive returns, led by long positions in 10-year U.S. Treasuries and German Bunds.

DERIVATIVES

The Fund makes extensive use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. Swaps are used to take exposures in equity, fixed income and commodity indices. Futures are


Janus Investment Fund	1

Janus Henderson Diversified Alternatives Fund (unaudited)

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 detracted from 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

Our concern that we are nearing a tipping point intensified over the period. We believe that the diverging views reflected in equity and bond markets are coming close to being irreconcilable. The return of very low yields implies that bonds see a pronounced economic slowdown. Record high equity benchmarks seem to contradict that. Soon, we may find out which view is right.

If increasingly accommodative policy portends another leg of economic growth, we’d expect long-dormant inflation to emerge and bonds to sell off. If, however, we are nearing the end of an extended economic cycle, we would expect investors to cull their exposure to riskier assets.

We doubt there is a muddling, middle ground between these two potential outcomes, and consequently, we expect volatility to increase in one or more asset classes as the market seeks a resolution to this conundrum. With the U.S. Treasuries yield curve being inverted between 3-month and 10-year maturities since late May, the chatter of an impending slowdown – if not recession – is growing louder. At the least, we would not be surprised if corporate earnings estimates are downgraded and equities market volatility increases. Yet with bond market-based 5-year inflation expectations at a paltry 1.5%, it would not take a large uptick in consumer prices to trigger a bond sell-off.

Thank you for investing in Janus Henderson Diversified Alternatives Fund.


2	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund (unaudited)

Fund At A Glance

June 30, 2019


Asset Allocation
Commodity	36.7%
Equity	24.3%
Fixed Income	19.8%
Currency	18.4%
Cash & Cash Equivalents	0.8%
	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 June 30, 2019				per the October 29, 2018 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-3.02%	1.26%	0.72%	1.56%	1.39%
Class A Shares at MOP	-8.57%	0.07%	-0.20%
Class C Shares at NAV	-3.16%	0.62%	0.15%	2.32%	2.13%
Class C Shares at CDSC	-4.13%	0.62%	0.15%
Class D Shares⁽¹⁾	-2.86%	1.39%	0.83%	1.63%	1.24%
Class I Shares	-2.81%	1.48%	0.93%	1.33%	1.18%
Class N Shares	-2.77%	1.54%	0.98%	1.24%	1.09%
Class S Shares	-2.91%	1.21%	0.65%	1.80%	1.59%
Class T Shares	-2.86%	1.38%	0.82%	1.50%	1.34%
Bloomberg Barclays U.S. Aggregate Bond Index	7.87%	2.95%	2.53%
London Interbank Offered Rate (LIBOR) + 3% Index	6.45%	4.36%	4.24%**
Morningstar Quartile - Class I Shares	4th	2nd	4th
Morningstar Ranking - based on total returns for Multialternative Funds	302/345	94/217	142/165

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, 2019.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


4	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund (unaudited)

Performance

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 (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Net Annualized Expense Ratio (1/1/19 - 6/30/19)
Class A Shares		$1,000.00	$1,012.50	$6.95	$1,000.00	$1,017.82	$6.97	1.39%
Class C Shares		$1,000.00	$1,014.90	$8.00	$1,000.00	$1,016.79	$8.00	1.60%
Class D Shares		$1,000.00	$1,013.50	$6.49	$1,000.00	$1,018.35	$6.51	1.30%
Class I Shares		$1,000.00	$1,013.50	$6.14	$1,000.00	$1,018.70	$6.16	1.23%
Class N Shares		$1,000.00	$1,013.40	$5.69	$1,000.00	$1,019.14	$5.71	1.14%
Class S Shares		$1,000.00	$1,014.70	$6.04	$1,000.00	$1,018.74	$6.05	1.21%
Class T Shares		$1,000.00	$1,014.60	$6.09	$1,000.00	$1,018.74	$6.11	1.22%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Investment Companies– 2.4%
Money Markets – 2.4%
	Janus Henderson Cash Liquidity LLC, 2.5007%^(d),ºº,£(cost $2,119,458)	2,119,458	$2,119,458
U.S. Government Agency Notes– 90.4%
United States Treasury Bill:
	0%, 7/11/19^†,◊	$13,000,000	12,992,988
	0%, 8/8/19^◊	11,500,000	11,475,237
	0%, 9/12/19^◊	16,400,000	16,342,225
	0%, 10/10/19^†,◊	17,800,000	17,695,815
	0%, 11/7/19^◊	11,700,000	11,613,949
	0%, 12/5/19^◊	11,000,000	10,902,976
Total U.S. Government Agency Notes (cost $80,946,510)			81,023,190
Total Investments (total cost $83,065,968) – 92.8%			83,142,648
Cash, Receivables and Other Assets, net of Liabilities – 7.2%			6,460,842
Net Assets – 100%			$89,603,490

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/19
Investment Companies - 2.4%
Money Markets - 2.4%
	Janus Henderson Cash Liquidity LLC, 2.5007%^(d),ºº	$	128,961	$	420	$	-	$	2,119,458


		Share Balance at 6/30/18		Purchases		Sales		Share Balance at 6/30/19
Investment Companies - 2.4%
Money Markets - 2.4%
	Janus Henderson Cash Liquidity LLC, 2.5007%^(d),ºº		6,988,466		106,139,351		(111,008,359)		2,119,458


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)
HSBC Securities (USA), Inc.:
Canadian Dollar	7/5/19	2,829,000	$	(2,119,089)	$	41,567
Euro	7/5/19	(4,169,000)		4,681,370		(59,302)
Japanese Yen	7/5/19	(431,100,000)		3,984,042		(16,104)
New Zealand Dollar	7/5/19	4,968,000		(3,243,861)		92,911


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

June 30, 2019


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Norwegian Krone	7/5/19	36,610,000	$	(4,195,906)		98,075
Swedish Krona	7/5/19	(44,620,000)		4,690,253		(118,205)
Swiss Franc	7/5/19	(3,361,000)		3,380,237		(65,231)
Total					$	(26,289)

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	197	9/19/19	$	25,209,844	$	393,011	$	5,384
Brent Crude^(d)	16	7/31/19		1,035,840		83,360		(14,880)
Copper^(d)	15	12/27/19		1,020,188		33,891		(563)
Corn^(d)	45	3/13/20		988,875		(50,203)		(37,950)
Euro-Bond	197	9/6/19		38,685,151		358,471		24,498
Gold 100 Oz^(d)	2	10/29/19		283,920		8,020		157
S&P 500 E Mini	68	9/20/19		10,010,450		104,261		45,237
Silver^(d)	13	12/27/19		1,004,055		4,785		3,055
WTI Crude^(d)	17	10/22/19		989,740		107,950		(17,463)
Total - Futures Purchased						1,043,546		7,475
Futures Sold:
Coffee 'C'^(d)	42	12/18/19		(1,780,538)		(103,226)		(48,656)
Cotton #2^(d)	51	3/9/20		(1,700,595)		(5,499)		5,371
Live Cattle^(d)	38	12/31/19		(1,675,800)		17,609		11,015
Soybean^(d)	37	1/14/20		(1,728,825)		(23,483)		(20,946)
Sugar #11^(d)	116	2/28/20		(1,760,416)		(2,049)		12,141
US Dollar Index	339	9/16/19		(32,430,774)		41,089		16,540
Wheat^(d)	37	12/13/19		(996,225)		(91,938)		33,763
Total - Futures Sold						(167,497)		9,228
Total					$	876,049	$	16,703


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

8	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2019

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)

BNP Paribas:


Minus 5 basis points	A long/short basket of equity indices⁽¹⁾	Monthly	8/2/19	15,700,000	USD	$	(19)
Plus 20 basis points	A long/short basket of equity indices⁽²⁾	Monthly	8/2/19	17,100,000	USD		(12)
							(31)

Goldman Sachs International:


MSCI Daily Total Return Gross World USD	ICE LIBOR USD 1 Month Plus 11 basis points	Monthly	7/1/20	(17,204,262)	USD	(40)
ICE LIBOR USD 1 Month Plus 68 basis points	MSCI Daily Total Return Net Emerging Markets	Monthly	7/1/20	17,200,107	USD	516
						476

JPMorgan Chase & Co:


11.75 basis points^(d)	A long/short basket of commodity indices⁽³⁾	Monthly	7/31/19	102,000,000	USD		-
							-
Total						$	445

(1) Long Index – Russell 2000 Total Return Index, Short Index – Russell 1000 total Return index

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

(3) Long Index – Bloomberg Commodity Index 2-4-6 Forward Blend, Short Index – Bloomberg Commodity 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 June 30, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2019

	Commodity Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$232,553	$ -	$ -	$232,553
Outstanding swap contracts, at value	-	-	516	-	516
Variation margin receivable	65,502	16,540	45,237	29,882	157,161

Total Asset Derivatives	$ 65,502	$249,093	$ 45,753	$ 29,882	$390,230

Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$258,842	$ -	$ -	$258,842
Outstanding swap contracts, at value	-	-	71	-	71
Variation margin payable	140,458	-	-	-	140,458

Total Liability Derivatives	$ 140,458	$258,842	$ 71	$ -	$399,371


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

June 30, 2019

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Consolidated Statement of Operations for the year ended June 30, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Consolidated Statement of Operations for the year ended June 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$(1,652,959)	$ -	$(170,102)	$ (711,217)	$ 1,532,922	$(1,001,356)
Forward foreign currency exchange contracts	-	-	(99,880)	-	-	(99,880)
Swap contracts	(885,918)	2,003,288	-	(4,978,754)	-	(3,861,384)

Total	$(2,538,877)	$2,003,288	$(269,982)	$(5,689,971)	$ 1,532,922	$(4,962,620)


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	$ 15,182	$ -	$(215,839)	$ 116,866	$ 643,486	$ 559,695
Forward foreign currency exchange contracts	-	-	(8,167)	-	-	(8,167)
Swap contracts	(6,400)	3,649	-	220	-	(2,531)

Total	$ 8,782	$ 3,649	$(224,006)	$ 117,086	$ 643,486	$ 548,997

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


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2019

	Market Value^(a)
Forward foreign currency exchange contracts, purchased	$ 9,865,446
Forward foreign currency exchange contracts, sold	15,693,440
Futures contracts, purchased	79,080,833
Futures contracts, sold	22,369,001
Total return swaps, long	168,993
Total return swaps, short	(123,119)

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


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

10	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Schedule of Investments and Other Information


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.


ICE	Intercontinental Exchange
LLC	Limited Liability Company


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

†

All or a portion of this security has been segregated at the Fund’s custodian or counterparty to cover forward foreign currency exchange contracts, exchange-traded derivatives, centrally cleared derivatives, short sales, and/or securities with extended settlement dates. Assets segregated at the Fund’s custodian or counterparty are evaluated daily to ensure their cover and/or market value equals or exceeds the current market value of the Fund’s corresponding obligation value.


ºº	Rate shown is the 7-day yield as of June 30, 2019.


◊	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.


Janus Investment Fund	11

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2019. See Notes to Consolidated Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Investment Companies		$	-	$	2,119,458	$	-
U.S. Government Agency Notes			-		81,023,190		-
Total Investments in Securities		$	-	$	83,142,648	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		232,553		-
Outstanding Swap Contracts, at Value			-		516		-
Variation Margin Receivable			157,161		-		-
Total Assets		$	157,161	$	83,375,717	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	258,842	$	-
Outstanding Swap Contracts, at Value			-		71		-
Variation Margin Payable			140,458		-		-
Total Liabilities		$	140,458	$	258,913	$	-

(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.


12	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities

June 30, 2019

See footnotes at the end of the Consolidated Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	81,023,190
	Affiliated investments, at value⁽²⁾			2,119,458
	Cash			179,064
	Deposits with brokers for futures			1,790,000
	Deposits with brokers for OTC derivatives			3,520,000
	Forward foreign currency exchange contracts			232,553
	Outstanding swap contracts, at value			516
	Variation margin receivable			157,161
	Non-interested Trustees' deferred compensation			2,270
	Receivables:
		Investments sold		1,287,001
		Fund shares sold		26,100
		Dividends and interest on swap contracts		12,474
		Dividends from affiliates		9,821
	Other assets			1,090
Total Assets				90,360,698
Liabilities:
	Foreign cash due to custodian			18,300
	Forward foreign currency exchange contracts			258,842
	Outstanding swap contracts, at value			71
	Variation margin payable			140,458
	Payables:			—
		Dividends and interest on swap contracts		85,224
		Fund shares repurchased		84,054
		Professional fees		53,738
		Non-affiliated fund administration fees payable		48,539
		Registration fees		16,586
		Advisory fees		16,123
		Transfer agent fees and expenses		4,348
		12b-1 Distribution and shareholder servicing fees		2,681
		Non-interested Trustees' deferred compensation fees		2,270
		Custodian fees		1,229
		Non-interested Trustees' fees and expenses		694
		Affiliated fund administration fees payable		191
		Accrued expenses and other payables		23,860
Total Liabilities				757,208
Net Assets			$	89,603,490


See Notes to Consolidated Financial Statements.

Janus Investment Fund	13

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities

June 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	92,825,440
	Total distributable earnings (loss)		(3,221,950)
Total Net Assets		$	89,603,490
Net Assets - Class A Shares		$	2,722,064
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		280,771
Net Asset Value Per Share⁽³⁾		$	9.69
Maximum Offering Price Per Share⁽⁴⁾		$	10.28
Net Assets - Class C Shares		$	592,424
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		62,190
Net Asset Value Per Share⁽³⁾		$	9.53
Net Assets - Class D Shares		$	3,719,666
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		381,841
Net Asset Value Per Share		$	9.74
Net Assets - Class I Shares		$	15,070,583
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,544,350
Net Asset Value Per Share		$	9.76
Net Assets - Class N Shares		$	64,410,400
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,574,287
Net Asset Value Per Share		$	9.80
Net Assets - Class S Shares		$	1,428,858
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		148,038
Net Asset Value Per Share		$	9.65
Net Assets - Class T Shares		$	1,659,495
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		171,159
Net Asset Value Per Share		$	9.70

(1) Includes cost of $80,946,510.

(2) Includes cost of $2,119,458.

(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.

14	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Operations

For the year ended June 30, 2019



Investment Income:
	Interest		$	2,094,638
	Dividends from affiliates			128,961
	Other income			53,019
Total Investment Income				2,276,618
Expenses:
	Advisory fees			1,120,769
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		7,106
		Class C Shares		9,135
		Class S Shares		572
	Transfer agent administrative fees and expenses:
		Class D Shares		5,103
		Class S Shares		3,580
		Class T Shares		13,696
	Transfer agent networking and omnibus fees:
		Class A Shares		2,527
		Class C Shares		617
		Class I Shares		18,340
	Other transfer agent fees and expenses:
		Class A Shares		445
		Class C Shares		234
		Class D Shares		1,912
		Class I Shares		1,233
		Class N Shares		3,369
		Class S Shares		55
		Class T Shares		276
	Registration fees			124,439
	Non-affiliated fund administration fees			122,956
	Shareholder reports expense			92,642
	Professional fees			72,199
	Custodian fees			11,720
	Non-interested Trustees’ fees and expenses			2,883
	Affiliated fund administration fees			2,420
	Other expenses			33,509
Total Expenses				1,651,737
Less: Excess Expense Reimbursement and Waivers				(436,154)
Net Expenses				1,215,583
Net Investment Income/(Loss)				1,061,035
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			11,898
	Investments in affiliates			420
	Forward foreign currency exchange contracts			(99,880)
	Futures contracts			(1,001,356)
	Swap contracts			(3,861,384)
Total Net Realized Gain/(Loss) on Investments				(4,950,302)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			64,350
	Forward foreign currency exchange contracts			(8,167)
	Futures contracts			559,695
	Swap contracts			(2,531)
Total Change in Unrealized Net Appreciation/Depreciation				613,347
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(3,275,920)


See Notes to Consolidated Financial Statements.

Janus Investment Fund	15

Janus Henderson Diversified Alternatives Fund

Consolidated Statements of Changes in Net Assets



			Year ended June 30, 2019		Year ended June 30, 2018

Operations:
	Net investment income/(loss)		$	1,061,035	$	67,164
	Net realized gain/(loss) on investments			(4,950,302)		880,912
	Change in unrealized net appreciation/depreciation			613,347		322,258
Net Increase/(Decrease) in Net Assets Resulting from Operations				(3,275,920)		1,270,334
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(20,991)		N/A
		Class C Shares		(3,697)		N/A
		Class D Shares		(26,367)		N/A
		Class I Shares		(109,709)		N/A
		Class N Shares		(473,861)		N/A
		Class S Shares		(8,529)		N/A
		Class T Shares		(35,660)		N/A
	Total Dividends and Distributions to Shareholders			(678,814)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class A Shares		N/A		(39,665)
		Class C Shares		N/A		(3,459)
		Class D Shares		N/A		(62,629)
		Class I Shares		N/A		(208,324)
		Class N Shares		N/A		(1,223,347)
		Class S Shares		N/A		(13,853)
		Class T Shares		N/A		(77,225)
	Total Dividends from Net Investment Income			N/A		(1,628,502)
	Distributions from Net Realized Gain from Investment Transactions⁽¹⁾
		Class A Shares		N/A		(43,076)
		Class C Shares		N/A		(28,894)
		Class D Shares		N/A		(62,973)
		Class I Shares		N/A		(172,208)
		Class N Shares		N/A		(1,013,987)
		Class S Shares		N/A		(19,521)
		Class T Shares		N/A		(70,833)
	Total Distributions from Net Realized Gain from Investment Transactions			N/A		(1,411,492)
Net Decrease from Dividends and Distributions to Shareholders				(678,814)		(3,039,994)
Capital Share Transactions:
		Class A Shares		(1,079,657)		1,696,051
		Class C Shares		(1,517,872)		137,371
		Class D Shares		(1,277,966)		361,550
		Class I Shares		(3,886,718)		13,307,958
		Class N Shares		(8,683,930)		26,406,111
		Class S Shares		7,540		34,374
		Class T Shares		(4,446,920)		2,750,667
Net Increase/(Decrease) from Capital Share Transactions				(20,885,523)		44,694,082
Net Increase/(Decrease) in Net Assets				(24,840,257)		42,924,422
Net Assets:
	Beginning of period			114,443,747		71,519,325
	End of period⁽²⁾		$	89,603,490	$	114,443,747

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $676,199 as of June 30, 2018. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Consolidated Financial Statements.

16	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class A Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.05	$10.16	$9.92	$9.98	$9.84
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	(0.02)	(0.11)	(0.14)	(0.15)
		Net realized and unrealized gain/(loss)	(0.39)	0.18	0.63	0.18	0.37
	Total from Investment Operations		(0.31)	0.16	0.52	0.04	0.22
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.13)	(0.28)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.05)	(0.27)	(0.28)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.69	$10.05	$10.16	$9.92	$9.98
	Total Return*		(3.03)%	1.46%	5.29%	0.42%	2.22%
	Net Assets, End of Period (in thousands)		$2,722	$3,941	$2,297	$2,882	$2,740
	Average Net Assets for the Period (in thousands)		$3,786	$3,110	$2,737	$2,730	$2,048
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.84%	1.68%	1.83%	1.89%	1.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.44%	1.54%	1.53%	1.52%
		Ratio of Net Investment Income/(Loss)	0.81%	(0.23)%	(1.13)%	(1.42)%	(1.51)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%


Class C Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$9.86	$9.94	$9.72	$9.84	$9.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	(0.14)	(0.18)	(0.21)	(0.23)
		Net realized and unrealized gain/(loss)	(0.36)	0.22	0.61	0.19	0.36
	Total from Investment Operations		(0.31)	0.08	0.43	(0.02)	0.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.02)	(0.21)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.02)	(0.16)	(0.21)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.53	$9.86	$9.94	$9.72	$9.84
	Total Return*		(3.17)%	0.71%	4.48%	(0.19)%	1.31%
	Net Assets, End of Period (in thousands)		$592	$2,188	$2,071	$1,749	$1,709
	Average Net Assets for the Period (in thousands)		$2,055	$2,162	$1,885	$1,685	$1,752
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.44%	2.56%	2.63%	2.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.60%	2.18%	2.29%	2.27%	2.26%
		Ratio of Net Investment Income/(Loss)	0.57%	(1.42)%	(1.85)%	(2.15)%	(2.26)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.


See Notes to Consolidated Financial Statements.

Janus Investment Fund	17

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class D Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.10	$10.20	$9.96	$10.00	$9.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	(0.06)	(0.10)	(0.13)	(0.14)
		Net realized and unrealized gain/(loss)	(0.39)	0.24	0.63	0.19	0.37
	Total from Investment Operations		(0.30)	0.18	0.53	0.06	0.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.14)	(0.29)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.06)	(0.28)	(0.29)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.74	$10.10	$10.20	$9.96	$10.00
	Total Return*		(2.96)%	1.66%	5.38%	0.62%	2.32%
	Net Assets, End of Period (in thousands)		$3,720	$5,169	$4,857	$4,758	$3,060
	Average Net Assets for the Period (in thousands)		$4,266	$5,034	$4,638	$3,829	$3,281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.19%	1.75%	1.87%	2.05%	1.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.30%	1.41%	1.42%	1.43%
		Ratio of Net Investment Income/(Loss)	0.96%	(0.60)%	(0.97)%	(1.30)%	(1.42)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%


Class I Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.11	$10.24	$10.00	$10.02	$9.87
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	0.02	(0.08)	(0.11)	(0.13)
		Net realized and unrealized gain/(loss)	(0.38)	0.15	0.63	0.19	0.36
	Total from Investment Operations		(0.29)	0.17	0.55	0.08	0.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.16)	(0.31)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.06)	(0.30)	(0.31)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.76	$10.11	$10.24	$10.00	$10.02
	Total Return*		(2.82)%	1.64%	5.51%	0.82%	2.32%
	Net Assets, End of Period (in thousands)		$15,071	$19,707	$6,713	$2,383	$2,265
	Average Net Assets for the Period (in thousands)		$17,278	$12,386	$4,396	$2,318	$2,586
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.62%	1.45%	1.55%	1.63%	1.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.22%	1.31%	1.27%	1.26%
		Ratio of Net Investment Income/(Loss)	0.92%	0.24%	(0.81)%	(1.16)%	(1.26)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.


See Notes to Consolidated Financial Statements.

18	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class N Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.15	$10.26	$10.01	$10.04	$9.87
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.02	(0.08)	(0.11)	(0.13)
		Net realized and unrealized gain/(loss)	(0.39)	0.17	0.63	0.18	0.38
	Total from Investment Operations		(0.28)	0.19	0.55	0.07	0.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.16)	(0.30)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.07)	(0.30)	(0.30)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.80	$10.15	$10.26	$10.01	$10.04
	Total Return*		(2.77)%	1.83%	5.58%	0.72%	2.52%
	Net Assets, End of Period (in thousands)		$64,410	$75,615	$50,421	$47,367	$52,478
	Average Net Assets for the Period (in thousands)		$69,348	$68,132	$47,482	$48,364	$54,416
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.50%	1.36%	1.53%	1.62%	1.60%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.14%	1.26%	1.25%	1.25%
		Ratio of Net Investment Income/(Loss)	1.08%	0.17%	(0.83)%	(1.14)%	(1.24)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%


Class S Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.00	$10.10	$9.89	$9.92	$9.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	(0.08)	(0.12)	(0.12)	(0.18)
		Net realized and unrealized gain/(loss)	(0.38)	0.22	0.63	0.19	0.36
	Total from Investment Operations		(0.29)	0.14	0.51	0.07	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.10)	(0.30)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.06)	(0.24)	(0.30)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.65	$10.00	$10.10	$9.89	$9.92
	Total Return*		(2.91)%	1.29%	5.17%	0.72%	1.82%
	Net Assets, End of Period (in thousands)		$1,429	$1,473	$1,453	$1,381	$1,371
	Average Net Assets for the Period (in thousands)		$1,436	$1,480	$1,425	$1,340	$1,578
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%	1.92%	2.04%	2.12%	2.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.53%	1.64%	1.33%	1.75%
		Ratio of Net Investment Income/(Loss)	0.90%	(0.79)%	(1.21)%	(1.22)%	(1.74)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.


See Notes to Consolidated Financial Statements.

Janus Investment Fund	19

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class T Shares
For a share outstanding during the year ended June 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.05	$10.17	$9.95	$9.98	$9.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	—⁽²⁾	(0.10)	(0.10)	(0.15)
		Net realized and unrealized gain/(loss)	(0.39)	0.17	0.63	0.17	0.36
	Total from Investment Operations		(0.29)	0.17	0.53	0.07	0.21
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.15)	(0.31)	—	—
		Distributions (from capital gains)	—	(0.14)	—	(0.10)	(0.08)
	Total Dividends and Distributions		(0.06)	(0.29)	(0.31)	(0.10)	(0.08)
	Net Asset Value, End of Period		$9.70	$10.05	$10.17	$9.95	$9.98
	Total Return*		(2.86)%	1.59%	5.39%	0.72%	2.12%
	Net Assets, End of Period (in thousands)		$1,659	$6,350	$3,708	$1,579	$2,517
	Average Net Assets for the Period (in thousands)		$5,496	$5,110	$2,556	$1,689	$2,162
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.77%	1.62%	1.77%	1.87%	1.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.29%	1.33%	1.45%	1.18%	1.51%
		Ratio of Net Investment Income/(Loss)	0.99%	(0.03)%	(0.97)%	(1.08)%	(1.50)%
	Portfolio Turnover Rate		0%	0%	16%	0%	0%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) Less than $0.005 on a per share basis.


See Notes to Consolidated Financial Statements.

20	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 47 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.

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


Janus Investment Fund	21

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 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 June 30, 2019, the Fund owns 735,660 shares of the Subsidiary, with a market value of $6,531,152. This represents 7% 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 June 30, 2019, Subsidiary information included in the Consolidated Financial Statements is as follows:


Net assets	$ 6,531,152
Market value of investments	1,332,040
Net income/(loss)	112,689
Net realized gain/(loss)	(2,538,769)
Net change in unrealized appreciation/depreciation	8,782

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.


22	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

Investment Valuation

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.


Janus Investment Fund	23

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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.

Investment Transactions and Investment Income

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.


24	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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.

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.


Janus Investment Fund	25

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

· 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.

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. Additionally, the Fund may deposit cash and/or treasuries 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. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital Management LLC's (“Janus Capital”) ability to establish and maintain appropriate systems and trading.

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


26	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 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 year, 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.

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 year, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the year, the Fund purchased commodity futures to increase exposure to commodity risk.

During the year, the Fund sold commodity futures to decrease exposure to commodity risk.

During the year, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the year, the Fund purchased futures on currency indices to increase exposure to currency risk.


Janus Investment Fund	27

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

During the year, the Fund sold futures on currency indices to decrease exposure to currency risk.

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 year is included in the Consolidated Statement of Operations (if applicable).

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


28	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

During the year, 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 year, 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 year, 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.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	29

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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

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.

The following table 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 (not accounted for as hedging instruments) as of June 30, 2019” table located in the Fund’s Consolidated Schedule of Investments.


30	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements


Offsetting of Financial Assets and Derivative Assets

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

Goldman Sachs International		$	516	$	(40)	$	—	$	476
HSBC Securities (USA), Inc.			232,553		(232,553)		—		—

Total		$	233,069	$	(232,593)	$	—	$	476
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		$	31	$	—	$	—	$	31
Goldman Sachs International			40		(40)		—		—
HSBC Securities (USA), Inc.			258,842		(232,553)		—		26,289

Total		$	258,913	$	(232,593)	$	—	$	26,320
(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 generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Consolidated Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

Sovereign Debt


Janus Investment Fund	31

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 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

The Fund’s actual investment advisory fee rate for the reporting period was 1.00% of average annual net assets before applicable waivers (excluding the fees paid to Janus Capital by the Subsidiary).

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 total annual fund 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, 2019. 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.


32	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 Consolidated Statement of Operations.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent 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 serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of 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 any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Consolidated Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $487,002 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2019. The Fund's portion is reported as part of “Other expenses” on the Consolidated Statement of Operations.


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Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

currency translations and non-interested Trustees’ deferred compensation” on the Consolidated Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2019 are included in “Non-interested Trustees’ fees and expenses” on the Consolidated Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $481,875 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2019.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. 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 Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates as an “institutional” money market fund and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The units of the Sweep Vehicle are not charged any management fee, sales charge or service fee.

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 year ended June 30, 2019.

As of June 30, 2019, 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	-		-
Class I Shares	-		-
Class N Shares	98		70
Class S Shares	100		2
Class T Shares	-		-


34	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 28,588	$ -	$ -	$ -	$ (22,788)	$ (3,227,750)

During the year ended June 30, 2019, capital loss carryovers of $332,257 were utilized by the Fund. There are no unused capital loss carryovers.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 86,370,398	$ 76,680	$ (3,304,430)	$ (3,227,750)

Information on the tax components of derivatives as of June 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 850,237	$ -	$ -	$ -

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

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, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 672,490	$ 6,324	$ -	$ (1,058,948)


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Notes to Consolidated Financial Statements


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,926,822	$ 113,172	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (1,052,622)	$ (1,061,166)	$ 2,113,788

6. Capital Share Transactions



	Year ended June 30, 2019		Year ended June 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	49,447	$ 479,509	178,367	$ 1,824,059
Reinvested dividends and distributions	2,200	20,991	8,168	82,741
Shares repurchased	(162,924)	(1,580,157)	(20,563)	(210,749)
Net Increase/(Decrease)	(111,277)	$ (1,079,657)	165,972	$ 1,696,051
Class C Shares:
Shares sold	1,529	$ 15,000	18,346	$ 184,332
Reinvested dividends and distributions	395	3,697	3,245	32,353
Shares repurchased	(161,709)	(1,536,569)	(7,945)	(79,314)
Net Increase/(Decrease)	(159,785)	$ (1,517,872)	13,646	$ 137,371
Class D Shares:
Shares sold	50,753	$ 499,176	200,339	$ 2,054,582
Reinvested dividends and distributions	2,712	25,985	12,180	123,867
Shares repurchased	(183,564)	(1,803,127)	(176,901)	(1,816,899)
Net Increase/(Decrease)	(130,099)	$ (1,277,966)	35,618	$ 361,550
Class I Shares:
Shares sold	1,010,005	$10,022,581	1,581,941	$16,285,667
Reinvested dividends and distributions	11,428	109,709	37,380	380,532
Shares repurchased	(1,425,720)	(14,019,008)	(326,472)	(3,358,241)
Net Increase/(Decrease)	(404,287)	$ (3,886,718)	1,292,849	$13,307,958
Class N Shares:
Shares sold	150,122	$ 1,484,236	2,978,018	$30,971,228
Reinvested dividends and distributions	49,207	473,861	219,132	2,237,334
Shares repurchased	(1,077,625)	(10,642,027)	(659,996)	(6,802,451)
Net Increase/(Decrease)	(878,296)	$ (8,683,930)	2,537,154	$26,406,111
Class S Shares:
Shares sold	-	$ -	98	$ 1,000
Reinvested dividends and distributions	899	8,529	3,311	33,374
Shares repurchased	(98)	(989)	-	-
Net Increase/(Decrease)	801	$ 7,540	3,409	$ 34,374
Class T Shares:
Shares sold	52,789	$ 518,140	435,554	$ 4,472,608
Reinvested dividends and distributions	3,742	35,660	14,630	148,058
Shares repurchased	(517,308)	(5,000,720)	(182,986)	(1,869,999)
Net Increase/(Decrease)	(460,777)	$ (4,446,920)	267,198	$ 2,750,667


36	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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
$ 500,007	$ -	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to June 30, 2019 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.


Janus Investment Fund	37

Janus Henderson Diversified Alternatives Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Diversified Alternatives Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Diversified Alternatives Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2019, the related statement of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes, and the financial highlightsfor each of the five years in the period ended June 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2019 and the financial highlights for each of the five years in the period ended June 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian, transfer agent, and brokers. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 16, 2019

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


38	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


Janus Investment Fund	39

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


40	JUNE 30, 2019

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 the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


42	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance.

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


44	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Alternative Fund


Janus Investment Fund	45

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds

Global and International Equity Funds


46	JUNE 30, 2019

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 Real Estate 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

Multi-Asset Funds


Janus Investment Fund	47

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

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

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

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

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

· 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.

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.


48	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

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.

Economies of Scale


Janus Investment Fund	49

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


50	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Select Value Fund


Janus Investment Fund	51

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)


52	JUNE 30, 2019

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	JUNE 30, 2019

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

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2019:



Capital Gain Distributions	$6,324


56	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)

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


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


58	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Principal Curam Holdings (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	58	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	58	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016); Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


60	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	58	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	58	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017); Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer for Driehaus Mutual Funds (1996-2002).


62	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


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Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Ashwin Alankar 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Diversified Alternatives Fund	7/16-Present	Head of Global Asset Allocation of Janus Capital and Portfolio Manager for other Janus Henderson accounts. Formerly, Co-Chief Investment Officer of AllianceBernstein’s Tail Risk Parity (2010-2014).
John S. Fujiwara 151 Detroit Street Denver, CO 80206 DOB: 1960	Executive Vice President and Co-Portfolio Manager Janus Henderson Diversified Alternatives Fund	12/12-Present	Formerly, Senior Principal at Absolute Plus Management, LLC (2006-2012).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).


64	JUNE 30, 2019

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	65

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93018 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Dividend & Income Builder Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	40
Additional Information	41
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

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’s Class I Shares returned 3.41% over the one-year period ended June 30, 2019. The Fund’s primary benchmark, the MSCI World Index^SM returned 6.33% and the secondary benchmark, 75% MSCI World Index/25% BBgBarc Global Agg Credit (USD hedged) Index, returned 7.35%.

INVESTMENT ENVIRONMENT

Throughout the period, there was evidence of an economic slowdown, specifically around trade war impacted areas causing considerable volatility over the period. Global equity markets sold off strongly during the fourth quarter of 2018 and rebounded sharply in the first half of 2019 on news of a more dovish Federal Reserve (Fed). While economic data pertaining to employment remained stable, this slowdown has been led by declines in manufacturing. Uncertain trade conditions continued to be a massive headwind with the sudden collapse in trade negotiations in May taking markets by surprise.

The decline in U.S. Treasury yields that began in late 2018 continued through the period with Treasury yields falling from 2.82% at the beginning of the period to close at the end of June at 2.00% (having hit a high of 3.26% in September). We were not surprised, although the market was taken aback by central banks across major developed world economies falling like dominoes into a more dovish stance. This included the Fed, which implied rate cuts would be delivered due to global headwinds and trade uncertainties.

PERFORMANCE DISCUSSION

Over the reporting period, the Fund underperformed its primary benchmark, the MSCI World Index, and secondary benchmark 75% MSCI World Index/25% BBgBarc Global Agg Credit (USD hedged) Index. The Fund was successful in meeting its annual dividend growth goal, and both the equity and fixed income allocation were positive for performance.

By region, the Fund’s allocation to the U.S., Asia Pacific (ex Japan) and Europe (ex UK) were positive for performance; this offset disappointing performance from the Fund’s UK allocation where uncertainty over Brexit continued to worry investors. There is considerable value available in the UK for the patient investor, but we concede it has further uncertainty ahead.

By sector, the Fund made gains in the health care, communication services (telecoms), consumer staples, technology, utilities and materials sectors, which offset disappointing performance from the Fund’s performance


Janus Investment Fund	1

Janus Henderson Dividend & Income Builder Fund (unaudited)

in the consumer discretionary, energy, financials, industrials and real estate sectors over the period.

The U.S. dollar was strong during the quarter, which acted as a headwind to U.S.-based international investors. The Fund’s euro and sterling currency hedges reduced the currency impact, but it was still a negative influence on relative returns over the period.

The Fund maintained its lower cyclical weighting and defensive allocation. While global markets have had this bounce, we see no evidence things have actually improved and continued indications of a global slowdown do not encourage us to take additional risk at this time. We are also keeping the beta (a measure of volatility relative to an index) of the portfolio down, which seems prudent at this time. We expect further action from central banks, which may mitigate some of the recent economic downturn. Against this backdrop, we feel it is sensible to continue with the majority of the fixed income portfolio allocated to higher-quality credit and government bonds, with the balance allocated to high-yield credit. We remain focused on lending to large-cap, non-cyclical businesses that provide a reliable, consistent income stream over time.

DERIVATIVES USAGE

The Fund utilizes currency forwards to hedge the Fund’s foreign currency back to the U.S. dollar in order to manage the risk of overweight currency allocations. In aggregate, these positions contributed to performance during the period.

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

OUTLOOK

Our view hasn’t changed materially; global economic fundamentals remain in reasonably good shape, interest rates are likely to remain low (and possibly lower in the U.S.) and riskier asset valuations continue to be relatively inexpensive. Income from dividends continues to be attractive, particularly relative to corporate bond yields. European companies have declared and confirmed their dividends for 2019 and the market is generating a lot of income (this suggests that European companies feel strong and comfortable enough to part with a year’s worth of cash for shareholders). Meanwhile, we continue to wait for three major areas of potential risk to resolve in order to gain some clarity going forward: monetary policy, trade and politics. A lot is riding on how these play out in the second half of 2019.

In the fixed income allocation, we continue to favor higher-quality credit and, specifically, quality growth bonds in large-cap, non-cyclical businesses. We believe Treasury bond yields will continue to fall, albeit not in a straight line. The key debate is which, if any, countries can engineer a soft landing. In our view, the U.S. is best placed in this regard as hard landings appear more likely elsewhere, including in Europe. We continue to upgrade the average credit quality of the portfolio with a preference for investment-grade credit and treasuries over high-yield credit, an approach we feel is prudent as we find ourselves in the late stage of this economic cycle.


2	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

June 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	1.52%	Occidental Petroleum Corp	-0.75%
	Nestle SA (REG)	0.98%	Imperial Brands PLC	-0.53%
	Novartis AG	0.67%	BNP Paribas SA	-0.47%
	Pfizer Inc	0.58%	Hammerson PLC	-0.43%
	Cisco Systems Inc	0.50%	Swedbank AB	-0.34%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	0.65%	12.45%	12.82%
	Information Technology	0.63%	11.57%	16.35%
	Communication Services	0.16%	6.21%	6.89%
	Consumer Staples	0.14%	11.54%	8.43%
	Utilities	0.01%	3.00%	3.22%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index
		Contribution	(Average % of Equity)	Weighting
	Financials	-1.45%	14.36%	16.28%
	Industrials	-1.25%	8.56%	11.14%
	Real Estate	-0.91%	3.92%	3.13%
	Consumer Discretionary	-0.87%	5.11%	10.95%
	Other**	-0.56%	4.08%	0.00%

	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

June 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.7%
Pfizer Inc
Pharmaceuticals	2.7%
Sanofi
Pharmaceuticals	1.9%
GlaxoSmithKline PLC
Pharmaceuticals	1.9%
Cisco Systems Inc
Communications Equipment	1.8%
	12.0%


Asset Allocation - (% of Net Assets)
Common Stocks	73.9%
Corporate Bonds	17.6%
Investment Companies	3.7%
United States Treasury Notes/Bonds	2.7%
Preferred Stocks	1.9%
Other		0.2%
		100.0%

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

As of June 30, 2019

As of June 30, 2018


4	JUNE 30, 2019

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 June 30, 2019				per the October 29, 2018 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	3.14%	3.56%	7.27%	1.14%	1.14%
Class A Shares at MOP	-2.76%	2.51%	6.48%
Class C Shares at NAV	2.41%	2.78%	6.47%	1.91%	1.90%
Class C Shares at CDSC	1.42%	2.78%	6.47%
Class D Shares⁽¹⁾	3.34%	3.71%	7.42%	1.02%	0.98%
Class I Shares	3.41%	3.82%	7.52%	0.91%	0.90%
Class N Shares	3.48%	3.78%	7.46%	0.99%	0.85%
Class S Shares	3.28%	3.44%	7.11%	2.79%	1.34%
Class T Shares	3.29%	3.62%	7.32%	1.13%	1.09%
MSCI World Index	6.33%	6.60%	10.57%
75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index	7.35%	6.11%	9.04%
Morningstar Quartile - Class I Shares	3rd	2nd	1st
Morningstar Ranking - based on total returns for World Allocation Funds	284/474	118/381	31/364

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, 2019.


Janus Investment Fund	5

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

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. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

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.

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 Predecessor Fund’s inception date – August 1, 2012

(1) Closed to certain new investors.


6	JUNE 30, 2019

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 (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Net Annualized Expense Ratio (1/1/19 - 6/30/19)
Class A Shares		$1,000.00	$1,109.10	$6.12	$1,000.00	$1,018.99	$5.86	1.17%
Class C Shares		$1,000.00	$1,105.30	$9.95	$1,000.00	$1,015.26	$9.53	1.91%
Class D Shares		$1,000.00	$1,109.50	$5.34	$1,000.00	$1,019.74	$5.11	1.02%
Class I Shares		$1,000.00	$1,110.50	$4.87	$1,000.00	$1,020.18	$4.66	0.93%
Class N Shares		$1,000.00	$1,110.90	$4.45	$1,000.00	$1,020.58	$4.26	0.85%
Class S Shares		$1,000.00	$1,111.10	$4.89	$1,000.00	$1,020.12	$4.67	0.93%
Class T Shares		$1,000.00	$1,109.50	$5.75	$1,000.00	$1,019.34	$5.51	1.10%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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 Dividend & Income Builder Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Corporate Bonds– 17.6%
Banking – 1.5%
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^‡,µ	$910,000	$956,501
	HBOS Capital Funding LP, 6.8500%^µ	100,000	101,733
	Lloyds Banking Group PLC,
	ICE LIBOR USD 3 Month + 1.2700%, 6.6570% (144A)^‡,µ	412,000	434,660
	Royal Bank of Scotland Group PLC, 6.1000%^µ	1,000,000	1,085,223
			2,578,117
Capital Goods – 0.8%
	Berry Global Inc, 5.1250%, 7/15/23	433,000	442,656
	Crown Americas LLC / Crown Americas Capital Corp IV, 4.5000%, 1/15/23	1,000,000	1,041,250
			1,483,906
Communications – 4.0%
	AT&T Inc, 2.4500%, 6/30/20	1,000,000	999,518
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.8750%, 5/1/27 (144A)	500,000	527,500
	Comcast Corp, 3.9500%, 10/15/25	283,000	305,144
	Comcast Corp, 4.1500%, 10/15/28	201,000	221,544
	Crown Castle International Corp, 3.8000%, 2/15/28	1,000,000	1,038,064
	Deutsche Telekom International Finance BV, 1.9500%, 9/19/21	1,000,000	989,242
	Sirius XM Radio Inc, 6.0000%, 7/15/24 (144A)	1,000,000	1,027,750
	T-Mobile USA Inc, 4.5000%, 2/1/26	91,000	93,161
	T-Mobile USA Inc, 4.7500%, 2/1/28	57,000	58,727
	Verizon Communications Inc, 4.0160%, 12/3/29 (144A)	977,000	1,058,209
	Virgin Media Secured Finance PLC, 5.2500%, 1/15/26	600,000	614,826
			6,933,685
Consumer Cyclical – 1.2%
	Amazon.com Inc, 3.1500%, 8/22/27	1,000,000	1,050,694
	Service Corp International/US, 8.0000%, 11/15/21	200,000	218,500
	Service Corp International/US, 5.1250%, 6/1/29	800,000	842,000
			2,111,194
Consumer Non-Cyclical – 5.1%
	Anheuser-Busch InBev Worldwide Inc, 4.7500%, 1/23/29	1,000,000	1,132,764
	Aramark Services Inc, 5.1250%, 1/15/24	715,000	734,663
	Aramark Services Inc, 4.7500%, 6/1/26	291,000	296,093
	Constellation Brands Inc, 4.7500%, 11/15/24	381,000	419,115
	Elanco Animal Health Inc, 4.9000%, 8/28/28 (144A)	1,000,000	1,116,289
	HCA Inc, 5.2500%, 6/15/26	1,000,000	1,106,814
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	1,000,000	1,032,500
	Johnson & Johnson, 2.9000%, 1/15/28	1,000,000	1,031,078
	Sysco Corp, 3.5500%, 3/15/25	732,000	766,745
	Tesco PLC, 6.1500%, 11/15/37 (144A)	1,024,000	1,185,276
			8,821,337
Insurance – 0.5%
	Prudential PLC, 5.2500%^µ	900,000	913,500
Real Estate Investment Trusts (REITs) – 0.7%
	CyrusOne LP / CyrusOne Finance Corp, 5.3750%, 3/15/27	670,000	705,175
	Digital Realty Trust LP, 4.7500%, 10/1/25	450,000	492,928
			1,198,103
Technology – 3.8%
	Adobe Inc, 3.2500%, 2/1/25	1,000,000	1,042,311
	Alphabet Inc, 1.9980%, 8/15/26	1,000,000	974,949
	Apple Inc, 3.3500%, 2/9/27	500,000	525,129
	Dell International LLC / EMC Corp, 5.4500%, 6/15/23 (144A)	1,105,000	1,190,973
	Equinix Inc, 5.3750%, 4/1/23	600,000	611,250
	Equinix Inc, 5.7500%, 1/1/25	400,000	416,400
	Microsoft Corp, 3.3000%, 2/6/27	1,000,000	1,059,634
	salesforce.com Inc, 3.7000%, 4/11/28	500,000	538,813
	VMware Inc, 3.9000%, 8/21/27	353,000	357,514
			6,716,973
Total Corporate Bonds (cost $29,660,476)			30,756,815


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

8	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– 2.7%
	2.7500%, 11/30/20	$2,000,000	$2,024,688
	2.8750%, 11/15/21	500,000	513,008
	2.8750%, 10/31/23	1,000,000	1,046,484
	2.8750%, 11/30/25	1,000,000	1,061,445
Total United States Treasury Notes/Bonds (cost $4,494,810)			4,645,625
Common Stocks– 73.9%
Aerospace & Defense – 1.0%
	BAE Systems PLC	273,827	1,722,392
Auto Components – 1.0%
	Cie Generale des Etablissements Michelin SCA	13,150	1,667,556
Banks – 4.8%
	BAWAG Group AG*	29,107	1,219,658
	BNP Paribas SA	34,912	1,657,572
	ING Groep NV	95,505	1,106,983
	JPMorgan Chase & Co	12,999	1,453,288
	Nordea Bank Abp	201,328	1,462,350
	Swedbank AB	96,348	1,447,504
			8,347,355
Beverages – 3.2%
	Carlsberg A/S	8,648	1,146,794
	Coca-Cola Co	33,148	1,687,896
	Diageo PLC	65,155	2,799,483
			5,634,173
Capital Markets – 0.2%
	St James's Place PLC	26,244	365,875
Chemicals – 3.8%
	BASF SE	41,872	3,042,605
	Corteva Inc*	10,988	324,915
	Dow Inc	10,988	541,818
	DuPont de Nemours Inc	10,988	824,869
	Nutrien Ltd	36,429	1,947,494
			6,681,701
Commercial Services & Supplies – 0.7%
	Prosegur Cash SA	608,377	1,203,392
Communications Equipment – 1.8%
	Cisco Systems Inc	56,319	3,082,339
Containers & Packaging – 0.9%
	Amcor PLC	139,710	1,587,636
Diversified Telecommunication Services – 3.4%
	Orange SA	115,422	1,819,255
	TELUS Corp	49,800	1,841,162
	Verizon Communications Inc	38,521	2,200,705
			5,861,122
Electric Utilities – 1.9%
	Enel SpA	300,291	2,096,022
	Red Electrica Corp SA	30,919	643,750
	SSE PLC	46,306	659,675
			3,399,447
Electrical Equipment – 1.5%
	ABB Ltd	132,416	2,658,362
Equity Real Estate Investment Trusts (REITs) – 2.8%
	Crown Castle International Corp	10,992	1,432,807
	CyrusOne Inc	36,375	2,099,565
	Eurocommercial Properties NV	23,171	619,010
	Hammerson PLC	208,802	734,634
			4,886,016
Food Products – 1.7%
	Nestle SA (REG)	28,258	2,926,577


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

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies – 1.5%
	Medtronic PLC	26,683	$2,598,657
Hotels, Restaurants & Leisure – 2.0%
	Carnival Corp	48,194	2,243,431
	Las Vegas Sands Corp	22,036	1,302,107
			3,545,538
Industrial Conglomerates – 1.2%
	Siemens AG	16,983	2,019,441
Information Technology Services – 0.6%
	Sabre Corp	48,985	1,087,467
Insurance – 3.4%
	AXA SA	70,717	1,857,039
	Manulife Financial Corp	92,620	1,683,486
	NN Group NV	25,171	1,012,952
	Prudential PLC	59,433	1,294,925
			5,848,402
Leisure Products – 0.4%
	Hasbro Inc	6,475	684,278
Metals & Mining – 2.6%
	BHP Group PLC	96,540	2,469,916
	Rio Tinto PLC	34,094	2,112,721
			4,582,637
Multi-Utilities – 1.8%
	National Grid PLC	125,767	1,334,655
	Veolia Environnement SA	70,971	1,728,166
			3,062,821
Oil, Gas & Consumable Fuels – 7.6%
	BP PLC	372,745	2,596,375
	Chevron Corp	21,863	2,720,632
	Eni SpA	80,264	1,332,715
	Occidental Petroleum Corp	35,269	1,773,325
	Royal Dutch Shell PLC	85,537	2,791,723
	TOTAL SA	36,580	2,049,064
			13,263,834
Paper & Forest Products – 0.6%
	UPM-Kymmene OYJ	41,152	1,093,289
Personal Products – 1.4%
	Unilever NV	38,853	2,365,649
Pharmaceuticals – 10.2%
	GlaxoSmithKline PLC	167,267	3,348,356
	Johnson & Johnson	8,601	1,197,947
	Novartis AG	30,325	2,772,074
	Pfizer Inc	108,461	4,698,531
	Roche Holding AG	8,774	2,469,542
	Sanofi	39,105	3,374,554
			17,861,004
Professional Services – 1.3%
	RELX PLC	92,322	2,233,377
Real Estate Management & Development – 0.2%
	Nexity SA	8,329	359,800
Semiconductor & Semiconductor Equipment – 3.2%
	Lam Research Corp	5,128	963,244
	Maxim Integrated Products Inc	23,608	1,412,231
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	62,081	2,431,713
	Tokyo Electron Ltd	5,000	701,299
			5,508,487
Software – 3.7%
	Microsoft Corp	48,121	6,446,037
Tobacco – 1.7%
	British American Tobacco PLC	41,675	1,454,622


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

10	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Tobacco – (continued)
	Imperial Brands PLC	66,809	$1,566,587
			3,021,209
Wireless Telecommunication Services – 1.8%
	Tele2 AB	157,770	2,303,150
	Vodafone Group PLC	489,453	803,668
			3,106,818
Total Common Stocks (cost $118,225,897)			128,712,688
Preferred Stocks– 1.9%
Household Products – 0.8%
	Henkel AG & Co KGaA	13,620	1,331,870
Technology Hardware, Storage & Peripherals – 1.1%
	Samsung Electronics Co Ltd	59,165	1,960,379
Total Preferred Stocks (cost $3,221,138)			3,292,249
Investment Companies– 3.7%
Money Markets – 3.7%
	Fidelity Investments Money Market Treasury Portfolio, 2.2500%^ºº(cost $6,444,625)	6,444,625	6,444,625
Total Investments (total cost $162,046,946) – 99.8%			173,852,002
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			308,738
Net Assets – 100%			$174,160,740


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

		% of
		Investment
Country	Value	Securities
United States	$75,209,429	43.3	%
United Kingdom	32,934,962	18.9
France	14,513,006	8.3
Switzerland	10,826,555	6.2
Germany	7,383,158	4.2
Netherlands	7,337,971	4.2
Canada	5,472,142	3.1
Sweden	3,750,654	2.2
Italy	3,428,737	2.0
Finland	2,555,639	1.5
Taiwan	2,431,713	1.4
South Korea	1,960,379	1.1
Spain	1,847,142	1.1
Austria	1,219,658	0.7
Denmark	1,146,794	0.7
Belgium	1,132,764	0.7
Japan	701,299	0.4



Total	$173,852,002	100.0	%


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

June 30, 2019


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	7/24/19	(5,277,849)	$	6,651,496	$	(58,238)
Euro	7/24/19	(7,099,267)		7,986,458		(100,788)
Total					$	(159,026)

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 June 30, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2019

					Currency Contracts

Liability Derivatives:
Forward foreign currency exchange contracts					$159,026

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 957,778



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(117,118)

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 Year Ended June 30, 2019

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 16,111,384

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


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

12	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information


MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.
75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index	75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index is an internally-calculated, hypothetical combination of total returns from the MSCI World Index^SM (75%) and the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) (25%).
S&P 500 Index^{^®}	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ADR	American Depositary Receipt
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2019. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of June 30, 2019.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated represents the next call date.


Janus Investment Fund	13

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Corporate Bonds		$	-	$	30,756,815	$	-
United States Treasury Notes/Bonds			-		4,645,625		-
Common Stocks			128,712,688		-		-
Preferred Stocks			-		3,292,249		-
Investment Companies			6,444,625		-		-
Total Assets		$	135,157,313	$	38,694,689	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	159,026	$	-

(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.


14	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities

June 30, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	173,852,002
	Cash denominated in foreign currency⁽²⁾			26,534
	Closed foreign currency contracts			416
	Non-interested Trustees' deferred compensation			4,416
	Receivables:
		Fund shares sold		728,545
		Foreign tax reclaims		386,456
		Interest		353,612
		Dividends		327,622
	Other assets			15,041
Total Assets				175,694,644
Liabilities:
	Forward foreign currency exchange contracts			159,026
	Payables:			—
		Fund shares repurchased		1,177,091
		Professional fees		47,019
		Dividends		34,409
		12b-1 Distribution and shareholder servicing fees		31,578
		Advisory fees		26,276
		Transfer agent fees and expenses		18,982
		Non-interested Trustees' deferred compensation fees		4,416
		Custodian fees		3,020
		Non-interested Trustees' fees and expenses		1,122
		Affiliated fund administration fees payable		357
		Accrued expenses and other payables		30,608
Total Liabilities				1,533,904
Net Assets			$	174,160,740


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities

June 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	163,563,249
	Total distributable earnings (loss)		10,597,491
Total Net Assets		$	174,160,740
Net Assets - Class A Shares		$	32,261,713
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,464,056
Net Asset Value Per Share⁽³⁾		$	13.09
Maximum Offering Price Per Share⁽⁴⁾		$	13.89
Net Assets - Class C Shares		$	30,356,282
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,355,151
Net Asset Value Per Share⁽³⁾		$	12.89
Net Assets - Class D Shares		$	6,888,841
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		526,109
Net Asset Value Per Share		$	13.09
Net Assets - Class I Shares		$	88,457,989
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,747,821
Net Asset Value Per Share		$	13.11
Net Assets - Class N Shares		$	590,045
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		45,112
Net Asset Value Per Share		$	13.08
Net Assets - Class S Shares		$	53,276
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,078
Net Asset Value Per Share		$	13.06
Net Assets - Class T Shares		$	15,552,594
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,188,996
Net Asset Value Per Share		$	13.08

(1) Includes cost of $162,046,946.

(2) Includes cost of $26,534.

(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.

16	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Statement of Operations

For the year ended June 30, 2019



Investment Income:
	Dividends		$	6,612,161
	Interest			1,397,960
	Other income			150,166
	Foreign tax withheld			(444,853)
Total Investment Income				7,715,434
Expenses:
	Advisory fees			1,335,228
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		76,487
		Class C Shares		298,001
		Class S Shares		22
	Transfer agent administrative fees and expenses:
		Class D Shares		8,808
		Class S Shares		128
		Class T Shares		29,544
	Transfer agent networking and omnibus fees:
		Class A Shares		19,502
		Class C Shares		18,871
		Class I Shares		67,229
	Other transfer agent fees and expenses:
		Class A Shares		3,122
		Class C Shares		3,324
		Class D Shares		3,581
		Class I Shares		5,176
		Class N Shares		33
		Class T Shares		363
	Registration fees			203,857
	Professional fees			68,981
	Shareholder reports expense			54,655
	Custodian fees			16,736
	Non-interested Trustees’ fees and expenses			4,811
	Affiliated fund administration fees			4,178
	Other expenses			93,499
Total Expenses				2,316,136
Less: Excess Expense Reimbursement and Waivers				(279,153)
Net Expenses				2,036,983
Net Investment Income/(Loss)				5,678,451
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(3,171,328)
	Forward foreign currency exchange contracts			957,778
Total Net Realized Gain/(Loss) on Investments				(2,213,550)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			2,295,394
	Forward foreign currency exchange contracts			(117,118)
Total Change in Unrealized Net Appreciation/Depreciation				2,178,276
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	5,643,177


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Dividend & Income Builder Fund

Statements of Changes in Net Assets



			Year ended June 30, 2019		Year ended June 30, 2018

Operations:
	Net investment income/(loss)		$	5,678,451	$	4,379,075
	Net realized gain/(loss) on investments			(2,213,550)		1,853,498
	Change in unrealized net appreciation/depreciation			2,178,276		(870,507)
Net Increase/(Decrease) in Net Assets Resulting from Operations				5,643,177		5,362,066
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(1,122,766)		N/A
		Class C Shares		(981,085)		N/A
		Class D Shares		(282,822)		N/A
		Class I Shares		(3,864,882)		N/A
		Class N Shares		(28,404)		N/A
		Class S Shares		(2,044)		N/A
		Class T Shares		(462,490)		N/A
	Total Dividends and Distributions to Shareholders			(6,744,493)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class A Shares		N/A		(748,523)
		Class C Shares		N/A		(676,819)
		Class D Shares		N/A		(143,927)
		Class I Shares		N/A		(2,652,024)
		Class N Shares		N/A		(18,014)
		Class S Shares		N/A		(1,333)
		Class T Shares		N/A		(133,759)
	Total Dividends from Net Investment Income			N/A		(4,374,399)
Net Decrease from Dividends and Distributions to Shareholders				(6,744,493)		(4,374,399)
Capital Share Transactions:
		Class A Shares		2,727,605		3,156,214
		Class C Shares		1,102,874		(1,992,556)
		Class D Shares		(1,093,143)		7,890,598
		Class I Shares		(10,997,621)		21,418,407
		Class N Shares		(248,434)		830,295
		Class S Shares		2,044		1,333
		Class T Shares		5,711,527		10,009,996
Net Increase/(Decrease) from Capital Share Transactions				(2,795,148)		41,314,287
Net Increase/(Decrease) in Net Assets				(3,896,464)		42,301,954
Net Assets:
	Beginning of period			178,057,204		135,755,250
	End of period⁽²⁾		$	174,160,740	$	178,057,204

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $808,414 as of June 30, 2018. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

18	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.18	$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.36	0.38
		Net realized and unrealized gain/(loss)	(0.03)	0.24	0.75
	Total from Investment Operations		0.39	0.60	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(0.36)	(0.35)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.48)	(0.36)	(0.35)
	Net Asset Value, End of Period		$13.09	$13.18	$12.94
	Total Return*		3.14%	4.63%	9.44%
	Net Assets, End of Period (in thousands)		$32,262	$29,294	$25,824
	Average Net Assets for the Period (in thousands)		$30,675	$27,827	$29,932
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.14%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.14%	1.23%
		Ratio of Net Investment Income/(Loss)	3.23%	2.71%	3.36%
	Portfolio Turnover Rate		44%	36%	55%


Class C Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.01	$12.81	$12.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.31	0.25	0.30
		Net realized and unrealized gain/(loss)	(0.01)	0.24	0.73
	Total from Investment Operations		0.30	0.49	1.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.29)	(0.27)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.42)	(0.29)	(0.27)
	Net Asset Value, End of Period		$12.89	$13.01	$12.81
	Total Return*		2.41%	3.85%	8.62%
	Net Assets, End of Period (in thousands)		$30,356	$29,203	$30,671
	Average Net Assets for the Period (in thousands)		$30,095	$31,115	$32,821
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.06%	1.91%	2.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.91%	1.91%	2.01%
		Ratio of Net Investment Income/(Loss)	2.48%	1.85%	2.68%
	Portfolio Turnover Rate		44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

Janus Investment Fund	19

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
	Net Asset Value, Beginning of Period		$12.50	$12.57	$11.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.35	0.40
		Net realized and unrealized gain/(loss)	(0.40)	0.11	1.10
	Total from Investment Operations		—	0.46	1.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.33)	(0.31)
		Distributions (from capital gains)	—	(0.20)	(0.02)
	Total Dividends and Distributions		(0.34)	(0.53)	(0.33)
	Net Asset Value, End of Period		$12.16	$12.50	$12.57
	Total Return*		0.19%	3.81%	13.26%
	Net Assets, End of Period (in thousands)		$40,869	$15,959	$14,308
	Average Net Assets for the Period (in thousands)		$30,357	$15,010	$12,099
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%⁽²⁾	1.46%	1.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%⁽³⁾	1.30%	1.30%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁴⁾	2.84%	3.20%
	Portfolio Turnover Rate		39%	26%	78%


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014
	Net Asset Value, Beginning of Period		$12.40	$12.49	$11.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.30	0.26	0.30
		Net realized and unrealized gain/(loss)	(0.39)	0.10	1.10
	Total from Investment Operations		(0.09)	0.36	1.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.25)	(0.24)
		Distributions (from capital gains)	—	(0.20)	(0.02)
	Total Dividends and Distributions		(0.26)	(0.45)	(0.26)
	Net Asset Value, End of Period		$12.05	$12.40	$12.49
	Total Return*		(0.58)%	3.00%	12.45%
	Net Assets, End of Period (in thousands)		$33,327	$13,846	$4,525
	Average Net Assets for the Period (in thousands)		$24,477	$10,077	$2,561
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%⁽²⁾	2.23%	2.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.03%⁽³⁾	2.05%	2.05%
		Ratio of Net Investment Income/(Loss)	2.55%⁽⁴⁾	2.15%	2.38%
	Portfolio Turnover Rate		39%	26%	78%

* 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 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.

(3) 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.


See Notes to Financial Statements.

20	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.17	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.46	0.04
		Net realized and unrealized gain/(loss)	—⁽³⁾	0.16	(0.17)
	Total from Investment Operations		0.42	0.62	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.39)	(0.38)	(0.12)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.50)	(0.38)	(0.12)
	Net Asset Value, End of Period		$13.09	$13.17	$12.93
	Total Return*		3.34%	4.77%	(0.96)%
	Net Assets, End of Period (in thousands)		$6,889	$8,072	$472
	Average Net Assets for the Period (in thousands)		$7,362	$4,665	$343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.02%	1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	0.99%	1.05%
		Ratio of Net Investment Income/(Loss)	3.26%	3.47%	4.27%
	Portfolio Turnover Rate		44%	36%	55%


Class I Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$13.19	$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.43	0.40	0.45
		Net realized and unrealized gain/(loss)	—⁽³⁾	0.23	0.71
	Total from Investment Operations		0.43	0.63	1.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(0.38)	(0.38)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.51)	(0.38)	(0.38)
	Net Asset Value, End of Period		$13.11	$13.19	$12.94
	Total Return*		3.41%	4.86%	9.70%
	Net Assets, End of Period (in thousands)		$88,458	$100,825	$78,630
	Average Net Assets for the Period (in thousands)		$97,766	$92,797	$66,190
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.06%	0.91%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.91%	1.00%
		Ratio of Net Investment Income/(Loss)	3.35%	2.94%	3.97%
	Portfolio Turnover Rate		44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) Less than $0.005 on a per share basis.

(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.

Janus Investment Fund	21

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
	Net Asset Value, Beginning of Period		$12.49	$12.57	$11.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.39	0.44
		Net realized and unrealized gain/(loss)	(0.37)	0.09	1.09
	Total from Investment Operations		0.03	0.48	1.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.36)	(0.33)
		Distributions (from capital gains)	—	(0.20)	(0.02)
	Total Dividends and Distributions		(0.36)	(0.56)	(0.35)
	Net Asset Value, End of Period		$12.16	$12.49	$12.57
	Total Return*		0.48%	3.97%	13.56%
	Net Assets, End of Period (in thousands)		$46,454	$24,356	$8,156
	Average Net Assets for the Period (in thousands)		$36,087	$14,987	$4,251
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽²⁾	1.24%	1.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽³⁾	1.05%	1.05%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁴⁾	3.13%	3.50%
	Portfolio Turnover Rate		39%	26%	78%

* 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.


See Notes to Financial Statements.

22	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.16	$12.91	$12.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.45	0.40
		Net realized and unrealized gain/(loss)	0.01⁽³⁾	0.19	0.73
	Total from Investment Operations		0.43	0.64	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(0.39)	(0.39)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.51)	(0.39)	(0.39)
	Net Asset Value, End of Period		$13.08	$13.16	$12.91
	Total Return*		3.48%	4.94%	9.44%
	Net Assets, End of Period (in thousands)		$590	$857	$50
	Average Net Assets for the Period (in thousands)		$723	$557	$281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.39%	0.99%	1.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.86%	1.06%
		Ratio of Net Investment Income/(Loss)	3.28%	3.40%	3.58%
	Portfolio Turnover Rate		44%	36%	55%


Class S Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$13.17	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.43	0.34	0.03
		Net realized and unrealized gain/(loss)	(0.02)	0.25	(0.16)
	Total from Investment Operations		0.41	0.59	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(0.35)	(0.12)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.52)	(0.35)	(0.12)
	Net Asset Value, End of Period		$13.06	$13.17	$12.93
	Total Return*		3.28%	4.52%	(0.97)%
	Net Assets, End of Period (in thousands)		$53	$52	$49
	Average Net Assets for the Period (in thousands)		$51	$52	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.11%	2.77%	1.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.21%	1.44%
		Ratio of Net Investment Income/(Loss)	3.32%	2.56%	3.22%
	Portfolio Turnover Rate		44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) 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) Period from June 5, 2017 (inception date) through June 30, 2017.


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 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)
	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.

24	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.16	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.43	0.49	0.03
		Net realized and unrealized gain/(loss)	(0.02)	0.11	(0.16)
	Total from Investment Operations		0.41	0.60	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.37)	(0.12)
		Distributions (from capital gains)	(0.11)	—	—
	Total Dividends and Distributions		(0.49)	(0.37)	(0.12)
	Net Asset Value, End of Period		$13.08	$13.16	$12.93
	Total Return*		3.29%	4.66%	(0.96)%
	Net Assets, End of Period (in thousands)		$15,553	$9,755	$59
	Average Net Assets for the Period (in thousands)		$11,844	$3,644	$52
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.28%	1.13%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.11%	1.19%
		Ratio of Net Investment Income/(Loss)	3.36%	3.75%	3.48%
	Portfolio Turnover Rate		44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

Janus Investment Fund	25

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus 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 47 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.

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


26	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

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 Dividend & Income Builder Fund

Notes to Financial Statements

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.

Investment Transactions and Investment Income

Expenses


28	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Estimates

Indemnifications

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


Janus Investment Fund	29

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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 year ended June 30, 2019 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.

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.


30	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Forward Foreign Currency Exchange Contracts

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	31

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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.

Counterparties

Offsetting Assets and Liabilities


32	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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.

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 (not accounted for as hedging instruments) as of June 30, 2019” table located in the Fund’s Schedule of Investments.


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		$	159,026	$	—	$	—	$	159,026

(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

Sovereign Debt


Janus Investment Fund	33

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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

The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.

Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

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 total annual fund 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 November 1, 2019. 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.


34	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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 fees and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	35

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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 year ended June 30, 2019.

As of June 30, 2019, 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		9		-*
Class S Shares		100		-*
Class T Shares		-*		-*

*	Less than 0.50%

5. Federal Income Tax


36	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,387,552	$ -	$ -	$ -	$ (2,569,653)	$ (5,200)	$ 11,784,792

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2019 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash loss sale deferrals, investments in partnerships and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 162,067,210	$21,681,602	$ (9,896,810)	$ 11,784,792

Information on the tax components of derivatives as of June 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (159,026)	$ -	$ -	$ -

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

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


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 6,063,019	$ 681,474	$ -	$ -


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 4,374,399	$ -	$ -	$ -


Janus Investment Fund	37

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (14,037)	$ 28,588	$ (14,551)

6. Capital Share Transactions



	Year ended June 30, 2019		Year ended June 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,022,495	$ 12,663,708	543,059	$ 7,403,270
Reinvested dividends and distributions	86,181	1,092,546	54,015	721,102
Shares repurchased	(867,473)	(11,028,649)	(369,556)	(4,968,158)
Net Increase/(Decrease)	241,203	$ 2,727,605	227,518	$ 3,156,214
Class C Shares:
Shares sold	1,204,757	$ 14,674,503	380,888	$ 5,093,663
Reinvested dividends and distributions	72,247	899,454	45,669	602,726
Shares repurchased	(1,166,761)	(14,471,083)	(575,138)	(7,688,945)
Net Increase/(Decrease)	110,243	$ 1,102,874	(148,581)	$ (1,992,556)
Class D Shares:
Shares sold	139,077	$ 1,786,045	673,703	$ 9,216,467
Reinvested dividends and distributions	21,661	274,254	10,502	139,614
Shares repurchased	(247,325)	(3,153,442)	(107,995)	(1,465,483)
Net Increase/(Decrease)	(86,587)	$ (1,093,143)	576,210	$ 7,890,598
Class I Shares:
Shares sold	3,271,613	$ 41,374,220	2,365,953	$32,242,372
Reinvested dividends and distributions	304,325	3,847,392	195,765	2,614,379
Shares repurchased	(4,474,454)	(56,219,233)	(992,173)	(13,438,344)
Net Increase/(Decrease)	(898,516)	$(10,997,621)	1,569,545	$21,418,407
Class N Shares:
Shares sold	6,842	$ 88,436	61,316	$ 830,926
Reinvested dividends and distributions	2,249	28,404	1,355	18,014
Shares repurchased	(29,135)	(365,274)	(1,371)	(18,645)
Net Increase/(Decrease)	(20,044)	$ (248,434)	61,300	$ 830,295
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	162	2,044	100	1,333
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	162	$ 2,044	100	$ 1,333
Class T Shares:
Shares sold	840,389	$ 10,797,977	787,984	$10,711,487
Reinvested dividends and distributions	36,437	461,288	10,086	133,524
Shares repurchased	(428,900)	(5,547,738)	(61,586)	(835,015)
Net Increase/(Decrease)	447,926	$ 5,711,527	736,484	$10,009,996


38	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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
$66,402,283	$ 70,687,601	$ 8,992,734	$ 4,597,754

8. Recent Accounting Pronouncements

9. Subsequent Event


Janus Investment Fund	39

Janus Henderson Dividend & Income Builder Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Dividend & Income Builder Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Dividend & Income Builder Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2019, the related statement of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2019 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 16, 2019

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


40	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


Janus Investment Fund	41

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


42	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	43

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


44	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	45

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance.

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


46	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Alternative Fund


Janus Investment Fund	47

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds

Global and International Equity Funds


48	JUNE 30, 2019

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 Real Estate 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

Multi-Asset Funds


Janus Investment Fund	49

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

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

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

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

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

· 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.

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.


50	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

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.

Economies of Scale


Janus Investment Fund	51

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


52	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Select Value Fund


Janus Investment Fund	53

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)


54	JUNE 30, 2019

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.


Janus Investment Fund	55

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


56	JUNE 30, 2019

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.


Janus Investment Fund	57

Janus Henderson Dividend & Income Builder Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2019:



Capital Gain Distributions	$681,474
Foreign Taxes Paid	$427,468
Foreign Source Income	$3,525,508
Dividends Received Deduction Percentage	20%
Qualified Dividend Income Percentage	95%


58	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)

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


Janus Investment Fund	59

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


60	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Principal Curam Holdings (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	58	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	61

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	58	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016); Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


62	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	58	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	58	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


Janus Investment Fund	63

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017); Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer for Driehaus Mutual Funds (1996-2002).


64	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	65

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Alex Crooke 151 Detroit Street Denver, CO 80206 DOB: 1969	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present	Co-Head of Equities - EMEA and Asia Pacific of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Head of Global Equity Income and Specialist Equities (2013-2018).
Job Curtis 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present	Director of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Ben Lofthouse 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	11/14-Present	Head of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Jenna Barnard 151 Detroit Street Denver, CO 80206 DOB: 1980	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
John Pattullo 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	12/08-Present	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.


66	JUNE 30, 2019

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).


Janus Investment Fund	67

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


68	JUNE 30, 2019

Janus Henderson Dividend & Income Builder 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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93075 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Emerging Markets Managed Volatility Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	15
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	53
Designation Requirements	56
Trustees and Officers	57

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

This emerging markets equity fund seeks smaller drawdowns and a smoother ride over time by balancing downside mitigation with upside participation for any market environment. The Fund employs a systematic “dynamic beta” investment approach designed to adjust to changing risk environments, seeking up to 45% less volatility versus the MSCI Emerging Markets Index^SM.

sub-advised by

Intech Investment

Management LLC

PERFORMANCE OVERVIEW

For the 12-month period ended June 30, 2019, Janus Henderson Emerging Markets Managed Volatility Fund returned 3.59% for its Class I Shares. This compares to the 1.21% 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 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, lower absolute 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 Fund’s standard deviation depending on the market conditions, a strategy designed to manage the absolute risk of the portfolio.

PERFORMANCE REVIEW

Emerging markets were highly volatile over the past 12 months. After a decline of nearly 8.5% in the second half of 2018, the MSCI Emerging Markets Index rebounded strongly and gained over 10.5% in the first half of 2019, resulting in a one-year return of 1.21%. The Janus Henderson Emerging Markets Managed Volatility Fund posted a return of 3.59% during the period.

The Fund’s defensive positioning acted as a tailwind to relative performance amid the heightened volatility over the past 12 months. On average, the Fund was overweight lower beta stocks, or stocks with lower sensitivity to market movements. During the period, lower beta stocks strongly outperformed higher beta stocks as well as the overall market, on average. Consequently, the Fund’s overweight to lower beta stocks contributed to 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 contributed to relative performance during the period. In particular, an average underweight to information technology and overweight to the defensive utilities sector contributed to the Fund’s relative performance during the period. An overall positive selection effect also contributed during the period, especially within the communication services and materials sectors. Relative detractors during the period included an average underweight and selection effect in consumer discretionary, selection effect in real estate and an average overweight to the health care sector.

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 can achieve its investment objective of producing an


Janus Investment Fund	1

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

excess return over the benchmark with lower absolute risk. Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk 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	JUNE 30, 2019

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Fund At A Glance

June 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Chunghwa Telecom Co Ltd
Diversified Telecommunication Services	4.7%
Taiwan Mobile Co Ltd
Wireless Telecommunication Services	3.2%
Public Bank Bhd
Banks	2.6%
CP ALL PCL
Food & Staples Retailing	2.3%
Far EasTone Telecommunications Co Ltd
Wireless Telecommunication Services	2.2%
	15.0%


Asset Allocation - (% of Net Assets)
Common Stocks	98.6%
Preferred Stocks	1.3%
Investment Companies	0.9%
Rights	0.0%
Other		(0.8)%
		100.0%

Emerging markets comprised 99.9% of total net assets.

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

As of June 30, 2019

As of June 30, 2018


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 June 30, 2019			per the October 29, 2018 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	3.40%	5.09%	4.41%	1.25%
Class A Shares at MOP	-2.58%	3.73%
Class C Shares at NAV	3.74%	4.54%	5.32%	1.99%
Class C Shares at CDSC	2.79%	4.54%
Class D Shares⁽¹⁾	3.84%	5.28%	3.79%	1.10%
Class I Shares	3.59%	5.34%	4.79%	1.08%
Class N Shares	3.98%	0.79%	3.50%	0.96%
Class S Shares	3.80%	5.09%	5.54%	1.47%
Class T Shares	3.82%	5.28%	4.51%	1.21%
MSCI Emerging Markets Index	1.21%	5.60%
Morningstar Quartile - Class I Shares	2nd	2nd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	241/854	280/695

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, 2019.

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


4	JUNE 30, 2019

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

has different risks. Please see the prospectus for more information about risks, holdings and other details.

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.

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 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 to 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.”

Effective August 31, 2018, Adrian Banner, Vassilios Papathanakos and Joseph Runnels are Co-Portfolios Managers of the Fund.

*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 (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Beginning Account Value (1/1/19)	Ending Account Value (6/30/19)	Expenses Paid During Period (1/1/19 - 6/30/19)†	Net Annualized Expense Ratio (1/1/19 - 6/30/19)
Class A Shares		$1,000.00	$1,063.00	$6.67	$1,000.00	$1,018.27	$6.52	1.30%
Class C Shares		$1,000.00	$1,069.60	$6.58	$1,000.00	$1,018.38	$6.41	1.28%
Class D Shares		$1,000.00	$1,066.90	$5.79	$1,000.00	$1,019.19	$5.66	1.13%
Class I Shares		$1,000.00	$1,064.60	$5.99	$1,000.00	$1,018.99	$5.86	1.17%
Class N Shares		$1,000.00	$1,066.90	$5.02	$1,000.00	$1,019.93	$4.91	0.98%
Class S Shares		$1,000.00	$1,067.80	$5.44	$1,000.00	$1,019.49	$5.30	1.06%
Class T Shares		$1,000.00	$1,066.90	$6.05	$1,000.00	$1,018.94	$5.91	1.18%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2019

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2019


Shares			Value
Common Stocks– 98.6%
Air Freight & Logistics – 0%
	ZTO Express Cayman Inc	109	$2,084
Airlines – 1.5%
	InterGlobe Aviation Ltd (144A)	4,645	104,849
Auto Components – 0%
	Hanon Systems	178	1,796
Automobiles – 1.3%
	Bajaj Auto Ltd	271	11,100
	Brilliance China Automotive Holdings Ltd	2,000	2,212
	Kia Motors Corp	1,915	72,990
	Tata Motors Ltd*	1,021	2,405
			88,707
Banks – 19.4%
	Abu Dhabi Commercial Bank PJSC	19,932	45,043
	Axis Bank Ltd*	1,174	13,753
	Banco de Chile	769,414	113,468
	Banco do Brasil SA	500	7,025
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand,	1,000	1,530
	Bancolombia SA	351	4,224
	Bank Central Asia Tbk PT	55,800	118,415
	Bank of Communications Co Ltd	12,000	9,110
	Bank Rakyat Indonesia Persero Tbk PT	16,000	4,939
	Chang Hwa Commercial Bank Ltd	6,140	4,142
	Commercial Bank PQSC	56,010	70,628
	Credicorp Ltd	34	7,783
	Dubai Islamic Bank PJSC	66,299	92,603
	E.Sun Financial Holding Co Ltd	66,334	55,535
	First Abu Dhabi Bank PJSC	23,884	96,634
	First Financial Holding Co Ltd	140,043	102,814
	Grupo Financiero Banorte SAB de CV	5,400	31,337
	Hong Leong Bank Bhd	1,100	5,061
	Hua Nan Financial Holdings Co Ltd	65,260	43,813
	ICICI Bank Ltd	912	5,776
	Komercni banka as	1,192	47,529
	Krung Thai Bank PCL	200	127
	Malayan Banking Bhd	36,200	77,834
	Masraf Al Rayan QSC	13,370	13,994
	Mega Financial Holding Co Ltd	19,000	18,905
	Metropolitan Bank & Trust Co	1,200	1,669
	Moneta Money Bank AS (144A)	749	2,568
	Public Bank Bhd	32,700	182,107
	Qatar Islamic Bank SAQ	11,430	52,157
	Qatar National Bank QPSC	130	680
	Sberbank of Russia PJSC (ADR)	1,352	20,794
	Shanghai Commercial & Savings Bank Ltd	4,000	7,239
	SinoPac Financial Holdings Co Ltd	29,500	12,396
	Taiwan Cooperative Financial Holding Co Ltd	152,015	101,813
			1,373,445
Beverages – 1.9%
	Arca Continental SAB de CV	2,100	11,365
	China Resources Beer Holdings Co Ltd	12,000	56,994
	Cia Cervecerias Unidas SA	1,884	26,560
	Fomento Economico Mexicano SAB de CV	2,800	27,134
	Tsingtao Brewery Co Ltd	2,000	12,738
			134,791
Biotechnology – 0.2%
	3SBio Inc*	4,500	7,731
	Helixmith Co Ltd*	37	5,404
			13,135


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

June 30, 2019


Shares			Value
Common Stocks– (continued)
Capital Markets – 0.5%
	B3 SA - Brasil Bolsa Balcao	1,100	$10,733
	Banco BTG Pactual SA	600	7,951
	Samsung Securities Co Ltd	38	1,287
	Yuanta Financial Holding Co Ltd	22,000	13,212
			33,183
Chemicals – 1.5%
	Asian Paints Ltd	647	12,731
	Mesaieed Petrochemical Holding Co	8,430	6,045
	Petronas Chemicals Group Bhd	33,900	68,949
	UPL Ltd	1,493	20,278
			108,003
Construction Materials – 0.2%
	Asia Cement Corp	1,000	1,531
	Shree Cement Ltd	35	11,065
	UltraTech Cement Ltd	31	2,046
			14,642
Consumer Finance – 0.2%
	Bajaj Finance Ltd	276	14,720
Diversified Consumer Services – 1.1%
	New Oriental Education & Technology Group Inc (ADR)*	682	65,868
	TAL Education Group (ADR)*	328	12,497
			78,365
Diversified Financial Services – 0.1%
	Chailease Holding Co Ltd	1,000	4,138
	Far East Horizon Ltd	3,000	3,069
			7,207
Diversified Telecommunication Services – 6.8%
	China Telecom Corp Ltd	112,000	56,348
	Chunghwa Telecom Co Ltd	92,000	334,750
	Emirates Telecommunications Group Co PJSC	19,294	87,624
			478,722
Electric Utilities – 2.4%
	Centrais Eletricas Brasileiras SA	1,600	14,690
	CEZ AS*	848	20,493
	Equatorial Energia SA	3,200	76,514
	Power Grid Corp of India Ltd	20,496	61,440
			173,137
Entertainment – 0%
	Alibaba Pictures Group Ltd*	10,000	2,151
Equity Real Estate Investment Trusts (REITs) – 1.0%
	Fibra Uno Administracion SA de CV	52,300	69,280
Food & Staples Retailing – 2.7%
	Atacadao SA	400	2,292
	CP ALL PCL	58,700	164,624
	Wal-Mart de Mexico SAB de CV	6,400	17,476
	X5 Retail Group NV (GDR) (REG)	133	4,561
			188,953
Food Products – 8.5%
	BRF SA*	900	6,920
	Britannia Industries Ltd	434	17,252
	Charoen Pokphand Foods PCL	8,300	7,646
	China Mengniu Dairy Co Ltd*	2,000	7,745
	Grupo Bimbo SAB de CV	8,000	16,688
	IOI Corp Bhd	39,600	40,751
	JBS SA	22,400	123,806
	Kuala Lumpur Kepong Bhd	14,200	84,444
	Nestle India Ltd	201	34,692
	Nestle Malaysia Bhd	700	25,271


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

8	JUNE 30, 2019

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2019


Shares			Value
Common Stocks– (continued)
Food Products – (continued)
	PPB Group Bhd	22,020	$99,703
	Tingyi Cayman Islands Holding Corp	4,000	6,677
	Uni-President Enterprises Corp	1,000	2,663
	Universal Robina Corp	570	1,847
	Yihai International Holding Ltd*	24,000	124,587
			600,692
Gas Utilities – 1.9%
	China Resources Gas Group Ltd	16,000	79,371
	ENN Energy Holdings Ltd	5,000	48,647
	GAIL India Ltd	43	194
	Infraestructura Energetica Nova SAB de CV	1,500	5,893
	Perusahaan Gas Negara Tbk PT	12,600	1,882
			135,987
Health Care Providers & Services – 1.4%
	Bangkok Dusit Medical Services PCL	70,600	59,860
	IHH Healthcare Bhd	28,800	40,446
			100,306
Hotels, Restaurants & Leisure – 2.1%
	Huazhu Group Ltd	99	3,589
	Jollibee Foods Corp	14,400	79,210
	Kangwon Land Inc	2,115	55,422
	Yum China Holdings Inc	192	8,870
			147,091
Household Durables – 0.1%
	Woongjin Coway Co Ltd	70	4,693
Household Products – 1.0%
	Hindustan Unilever Ltd	825	21,367
	Kimberly-Clark de Mexico SAB de CV*	12,100	22,504
	Unilever Indonesia Tbk PT	8,700	27,717
			71,588
Independent Power and Renewable Electricity Producers – 1.6%
	CGN Power Co Ltd (144A)	121,000	33,304
	Electricity Generating PCL	200	2,120
	Engie Brasil Energia SA	4,500	50,951
	NTPC Ltd	13,120	26,869
			113,244
Industrial Conglomerates – 0.1%
	Grupo Carso SAB de CV	900	3,356
	Industries Qatar QSC	470	1,485
			4,841
Information Technology Services – 3.2%
	GDS Holdings Ltd*	37	1,390
	HCL Technologies Ltd	291	4,489
	Infosys Ltd	8,204	87,009
	Tata Consultancy Services Ltd	1,888	60,924
	Tech Mahindra Ltd	3,711	37,992
	Wipro Ltd	9,137	37,133
			228,937
Insurance – 3.3%
	Bajaj Finserv Ltd	263	32,483
	BB Seguridade Participacoes SA	6,600	55,663
	DB Insurance Co Ltd	14	719
	ICICI Lombard General Insurance Co Ltd	392	6,319
	IRB Brasil Resseguros S/A	3,400	87,229
	Ping An Insurance Group Co of China Ltd	500	6,004
	Samsung Fire & Marine Insurance Co Ltd	146	33,895
	Sul America SA	800	7,818
			230,130


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

Janus Investment Fund	9


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
OJSC	Open Joint Stock Company
PCL	Public Company Limited
PJSC	Private Joint Stock Company
PLC	Public Limited Company
REG	Registered



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	7,080,850
	Affiliated investments, at value⁽²⁾			62,000
	Cash denominated in foreign currency⁽³⁾			14,736
	Non-interested Trustees' deferred compensation			179
	Receivables:
		Due from adviser		43,113
		Dividends		15,990
		Investments sold		7,869
		Fund shares sold		1,620
		Foreign tax reclaims		323
		Dividends from affiliates		61
	Other assets			2,369
Total Assets				7,229,110
Liabilities:
	Due to custodian			64
	Foreign cash due to custodian			16,470
	Payables:			—
		Professional fees		56,470
		Non-affiliated fund administration fees payable		24,858
		Registration fees		16,478
		Custodian fees		8,378
		Foreign tax liability		6,841
		Fund shares repurchased		5,890
		Advisory fees		5,439
		Transfer agent fees and expenses		1,160
		Non-interested Trustees' deferred compensation fees		179
		12b-1 Distribution and shareholder servicing fees		73
		Non-interested Trustees' fees and expenses		51
		Affiliated fund administration fees payable		14
		Accrued expenses and other payables		1,939
Total Liabilities				144,304
Net Assets			$	7,084,806




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	6,764,836
	Total distributable earnings (loss)⁽⁴⁾		319,970
Total Net Assets		$	7,084,806
Net Assets - Class A Shares		$	28,502
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,639
Net Asset Value Per Share⁽⁵⁾		$	10.80
Maximum Offering Price Per Share⁽⁶⁾		$	11.46
Net Assets - Class C Shares		$	61,135
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,605
Net Asset Value Per Share⁽⁵⁾		$	10.91
Net Assets - Class D Shares		$	4,521,941
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		417,091
Net Asset Value Per Share		$	10.84
Net Assets - Class I Shares		$	40,821
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,757
Net Asset Value Per Share		$	10.87
Net Assets - Class N Shares		$	1,915,472
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		176,575
Net Asset Value Per Share		$	10.85
Net Assets - Class S Shares		$	62,603
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,766
Net Asset Value Per Share		$	10.86
Net Assets - Class T Shares		$	454,332
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,914
Net Asset Value Per Share		$	10.84



Investment Income:
	Dividends		$	246,130
	Dividends from affiliates			1,031
	Other income			181
	Foreign tax withheld			(23,634)
Total Investment Income				223,708
Expenses:
	Advisory fees			70,794
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		578
		Class C Shares		182
		Class S Shares		25
	Transfer agent administrative fees and expenses:
		Class D Shares		5,933
		Class S Shares		150
		Class T Shares		775
	Transfer agent networking and omnibus fees:
		Class A Shares		437
		Class I Shares		213
	Other transfer agent fees and expenses:
		Class A Shares		119
		Class C Shares		14
		Class D Shares		2,788
		Class N Shares		230
		Class S Shares		14
		Class T Shares		49
	Registration fees			131,664
	Professional fees			87,299
	Non-affiliated fund administration fees			66,627
	Custodian fees			53,130
	Shareholder reports expense			4,512
	Non-interested Trustees’ fees and expenses			216
	Affiliated fund administration fees			176
	Other expenses			9,956
Total Expenses				435,881
Less: Excess Expense Reimbursement and Waivers				(351,638)
Net Expenses				84,243
Net Investment Income/(Loss)				139,465



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(352,445)
Total Net Realized Gain/(Loss) on Investments			(352,445)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽¹⁾		500,549
Total Change in Unrealized Net Appreciation/Depreciation			500,549
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	287,569



			Year ended June 30, 2019		Year ended June 30, 2018⁽¹⁾

Operations:
	Net investment income/(loss)		$	139,465	$	119,683
	Net realized gain/(loss) on investments			(352,445)		857,517
	Change in unrealized net appreciation/depreciation			500,549		(283,465)
Net Increase/(Decrease) in Net Assets Resulting from Operations				287,569		693,735
Dividends and Distributions to Shareholders⁽²⁾
		Class A Shares		(37,735)		N/A
		Class C Shares		(4,903)		N/A
		Class D Shares		(486,261)		N/A
		Class I Shares		(8,747)		N/A
		Class N Shares		(154,249)		N/A
		Class S Shares		(5,575)		N/A
		Class T Shares		(23,736)		N/A
	Total Dividends and Distributions to Shareholders			(721,206)		N/A
	Dividends from Net Investment Income⁽²⁾
		Class A Shares		N/A		(2,398)
		Class C Shares		N/A		(701)
		Class D Shares		N/A		(100,880)
		Class I Shares		N/A		(2,120)
		Class N Shares		N/A		(19,377)
		Class S Shares		N/A		(694)
		Class T Shares		N/A		(3,217)
	Total Dividends from Net Investment Income			N/A		(129,387)
	Distributions from Net Realized Gain from Investment Transactions⁽²⁾
		Class A Shares		N/A		(998)
		Class C Shares		N/A		(497)
		Class D Shares		N/A		(37,425)
		Class I Shares		N/A		(1,070)
		Class N Shares		N/A		(6,727)
		Class S Shares		N/A		(316)
		Class T Shares		N/A		(1,212)
	Total Distributions from Net Realized Gain from Investment Transactions			N/A		(48,245)
Net Decrease from Dividends and Distributions to Shareholders				(721,206)		(177,632)
Capital Share Transactions:
		Class A Shares		(342,162)		233,739
		Class C Shares		(29,828)		2,371
		Class D Shares		(2,227,777)		2,431,763
		Class I Shares		(55,934)		(822,406)
		Class N Shares		385,281		1,639,044
		Class S Shares		5,575		1,010
		Class T Shares		262,070		2,517
Net Increase/(Decrease) from Capital Share Transactions				(2,002,775)		3,488,038
Net Increase/(Decrease) in Net Assets				(2,436,412)		4,004,141
Net Assets:
	Beginning of period			9,521,218		5,517,077
	End of period⁽³⁾		$	7,084,806	$	9,521,218



		Year ended June 30, 2019		Year ended June 30, 2018⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		5,418	$ 58,831	21,727	$ 263,183
Reinvested dividends and distributions		3,740	37,735	292	3,396
Shares repurchased		(41,932)	(438,728)	(2,778)	(32,840)
Net Increase/(Decrease)		(32,774)	$ (342,162)	19,241	$ 233,739
Class C Shares:
Shares sold		-	$ -	2,895	$ 34,999
Reinvested dividends and distributions		484	4,903	103	1,198
Shares repurchased		(2,997)	(34,731)	(2,926)	(33,826)
Net Increase/(Decrease)		(2,513)	$ (29,828)	72	$ 2,371
Class D Shares:
Shares sold		124,139	$ 1,362,557	642,361	$7,658,499
Reinvested dividends and distributions		47,395	478,685	11,810	137,001
Shares repurchased		(363,712)	(4,069,019)	(446,401)	(5,363,737)
Net Increase/(Decrease)		(192,178)	$(2,227,777)	207,770	$2,431,763
Class I Shares:
Shares sold		17,603	$ 187,089	17,626	$ 202,640
Reinvested dividends and distributions		862	8,747	274	3,190
Shares repurchased		(23,484)	(251,770)	(88,386)	(1,028,236)
Net Increase/(Decrease)		(5,019)	$ (55,934)	(70,486)	$ (822,406)
Class N Shares:
Shares sold		54,903	$ 594,690	148,338	$1,749,677
Reinvested dividends and distributions		15,272	154,249	2,248	26,104
Shares repurchased		(32,928)	(363,658)	(11,258)	(136,737)
Net Increase/(Decrease)		37,247	$ 385,281	139,328	$1,639,044
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		552	5,575	87	1,010
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		552	$ 5,575	87	$ 1,010
Class T Shares:
Shares sold		48,366	$ 507,187	9,122	$ 110,365
Reinvested dividends and distributions		2,350	23,736	382	4,429
Shares repurchased		(25,630)	(268,853)	(9,260)	(112,277)
Net Increase/(Decrease)		25,086	$ 262,070	244	$ 2,517
(1)	Period from August 4, 2017 (inception date) through June 30, 2018 for Class N Shares.



Capital Gain Distributions	$504,872
Foreign Taxes Paid	$22,964
Foreign Source Income	$219,880
Qualified Dividend Income Percentage	28%




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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93012 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Flexible Bond Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).


Ratings^† Summary - (% of Total Investments)
AAA	0.6%
AA	45.1%
A	7.2%
BBB	30.1%
BB	9.2%
B	1.4%
Not Rated	5.9%
Other	0.5%
† 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)
Corporate Bonds	45.4%
Mortgage-Backed Securities	25.5%
United States Treasury Notes/Bonds	18.8%
Asset-Backed/Commercial Mortgage-Backed Securities	8.3%
Investment Companies	3.7%
Bank Loans and Mezzanine Loans	0.4%
Other		(2.1)%
		100.0%


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.5000%, 5/1/47	$1,431,757	$1,518,734
	4.5000%, 5/1/47	1,153,323	1,232,457
	4.5000%, 5/1/47	704,664	753,014
	4.5000%, 5/1/47	476,225	511,661
	4.5000%, 5/1/47	461,172	495,488
	4.0000%, 6/1/47	2,416,397	2,515,800
	4.0000%, 6/1/47	1,167,334	1,217,619
	4.0000%, 6/1/47	1,159,885	1,207,600
	4.0000%, 6/1/47	587,512	611,680
	4.5000%, 6/1/47	8,448,775	8,900,955
	4.5000%, 6/1/47	850,356	913,632
	4.0000%, 7/1/47	2,132,545	2,220,272
	4.0000%, 7/1/47	1,919,883	1,998,862
	4.0000%, 7/1/47	897,430	934,347
	4.0000%, 7/1/47	628,120	653,959
	4.5000%, 7/1/47	6,113,109	6,440,284
	4.5000%, 7/1/47	5,199,176	5,477,437
	4.5000%, 7/1/47	5,172,670	5,449,511
	3.5000%, 8/1/47	6,322,946	6,505,523
	3.5000%, 8/1/47	22,181	22,898
	4.0000%, 8/1/47	10,851,782	11,298,193
	4.0000%, 8/1/47	3,772,282	3,927,463
	4.0000%, 8/1/47	2,340,400	2,436,677
	4.0000%, 8/1/47	997,595	1,038,633
	4.0000%, 8/1/47	210,309	220,663
	4.5000%, 8/1/47	7,420,651	7,817,805
	4.5000%, 8/1/47	1,767,190	1,861,770
	4.0000%, 9/1/47	955,365	994,666
	4.5000%, 9/1/47	6,593,598	6,946,488
	4.5000%, 9/1/47	4,602,630	4,848,963
	4.5000%, 9/1/47	4,119,836	4,340,330
	4.0000%, 10/1/47	5,002,703	5,208,500
	4.0000%, 10/1/47	4,266,769	4,442,291
	4.0000%, 10/1/47	4,050,759	4,217,396
	4.0000%, 10/1/47	2,616,051	2,723,667
	4.0000%, 10/1/47	2,238,921	2,331,023
	4.5000%, 10/1/47	1,163,632	1,225,910
	4.5000%, 10/1/47	463,409	488,211
	4.0000%, 11/1/47	9,460,807	9,926,594
	4.0000%, 11/1/47	6,091,563	6,342,152
	4.0000%, 11/1/47	6,050,579	6,299,483
	4.0000%, 11/1/47	1,813,851	1,888,467
	4.5000%, 11/1/47	5,208,774	5,487,549
	3.5000%, 12/1/47	31,970,398	33,004,564
	4.0000%, 12/1/47	12,061,084	12,557,242
	3.5000%, 1/1/48	15,608,999	16,113,913
	4.0000%, 1/1/48	22,966,128	23,910,887
	4.0000%, 1/1/48	2,317,233	2,449,646
	4.0000%, 3/1/48	2,035,330	2,151,244
	4.5000%, 3/1/48	7,037,299	7,406,648
	3.5000%, 4/1/48	11,009,200	11,365,321
	4.0000%, 4/1/48	4,367,417	4,616,145
	4.0000%, 4/1/48	53,089	55,703
	4.5000%, 4/1/48	5,483,619	5,771,424
	4.0000%, 5/1/48	21,621,529	22,403,828
	4.0000%, 5/1/48	18,326,369	18,989,444
	4.5000%, 5/1/48	4,311,511	4,537,799
	4.5000%, 5/1/48	3,824,627	4,025,361
	4.0000%, 6/1/48	8,908,019	9,230,324



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	4,116,571,661
	Affiliated investments, at value⁽³⁾			153,139,850
	Cash			83,226
	Non-interested Trustees' deferred compensation			105,615
	Receivables:
		Interest		30,402,594
		Investments sold		23,794,633
		Fund shares sold		3,829,665
		Dividends from affiliates		243,674
	Other assets			30,491
Total Assets				4,328,201,409
Liabilities:
	Due to custodian			323,065
	Collateral for securities loaned (Note 2)			16,551,888
	Payables:			—
		Investments purchased		118,107,383
		Fund shares repurchased		5,803,621
		Dividends		1,398,533
		Advisory fees		1,394,966
		Transfer agent fees and expenses		485,946
		12b-1 Distribution and shareholder servicing fees		152,220
		Professional fees		114,518
		Non-interested Trustees' deferred compensation fees		105,615
		Non-interested Trustees' fees and expenses		39,466
		Affiliated fund administration fees payable		8,564
		Custodian fees		7,306
		Accrued expenses and other payables		375,906
Total Liabilities				144,868,997
Net Assets			$	4,183,332,412




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	4,430,574,614
	Total distributable earnings (loss)		(247,242,202)
Total Net Assets		$	4,183,332,412
Net Assets - Class A Shares		$	115,348,851
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,105,005
Net Asset Value Per Share⁽⁴⁾		$	10.39
Maximum Offering Price Per Share⁽⁵⁾		$	10.91
Net Assets - Class C Shares		$	135,638,789
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,054,826
Net Asset Value Per Share⁽⁴⁾		$	10.39
Net Assets - Class D Shares		$	547,758,876
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,727,670
Net Asset Value Per Share		$	10.39
Net Assets - Class I Shares		$	2,007,131,666
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		193,127,394
Net Asset Value Per Share		$	10.39
Net Assets - Class N Shares		$	680,663,944
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		65,543,719
Net Asset Value Per Share		$	10.38
Net Assets - Class R Shares		$	27,579,617
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,654,249
Net Asset Value Per Share		$	10.39
Net Assets - Class S Shares		$	28,020,497
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,696,873
Net Asset Value Per Share		$	10.39
Net Assets - Class T Shares		$	641,190,172
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,727,577
Net Asset Value Per Share		$	10.39



Investment Income:
	Interest		$	219,074,856
	Dividends from affiliates			3,043,748
	Affiliated securities lending income, net			151,796
	Other income			1,817,296
Total Investment Income				224,087,696
Expenses:
	Advisory fees			24,489,030
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		342,059
		Class C Shares		1,527,806
		Class R Shares		156,270
		Class S Shares		76,122
	Transfer agent administrative fees and expenses:
		Class D Shares		644,791
		Class R Shares		78,723
		Class S Shares		76,178
		Class T Shares		1,832,985
	Transfer agent networking and omnibus fees:
		Class A Shares		416,777
		Class C Shares		119,883
		Class I Shares		2,210,553
	Other transfer agent fees and expenses:
		Class A Shares		12,133
		Class C Shares		13,883
		Class D Shares		105,962
		Class I Shares		131,361
		Class N Shares		42,218
		Class R Shares		1,119
		Class S Shares		671
		Class T Shares		10,419
	Shareholder reports expense			516,685
	Professional fees			170,586
	Registration fees			167,376
	Affiliated fund administration fees			140,871
	Non-interested Trustees’ fees and expenses			133,786
	Custodian fees			64,937
	Other expenses			1,659,764
Total Expenses				35,142,948
Less: Excess Expense Reimbursement and Waivers				(180,767)
Net Expenses				34,962,181
Net Investment Income/(Loss)				189,125,515
Net Realized Gain/(Loss) on Investments:
	Investments			(18,883,310)
	Investments in affiliates			10,946
Total Net Realized Gain/(Loss) on Investments				(18,872,364)
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			178,842,917
	Investments in affiliates			(4,133)
Total Change in Unrealized Net Appreciation/Depreciation				178,838,784
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	349,091,935


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $300 Million	0.50
Over $300 Million	0.40




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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93019 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Global Allocation Fund – Conservative

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	36.5	%
Janus Henderson Diversified Alternatives Fund - Class N Shares	9.2
Janus Henderson Flexible Bond Fund - Class N Shares	8.3
Janus Henderson Short-Term Bond Fund - Class N Shares	5.7
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.3
Janus Henderson Overseas Fund - Class N Shares	4.9
Janus Henderson Large Cap Value Fund - Class N Shares	3.2
Janus Henderson International Managed Volatility Fund - Class N Shares	2.7
Janus Henderson International Value Fund - Class N Shares	2.7
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	2.5
Janus Henderson Global Research Fund - Class N Shares	2.4
Janus Henderson Enterprise Fund - Class N Shares	2.3
Janus Henderson Global Select Fund - Class N Shares	2.3
Janus Henderson Global Real Estate Fund - Class N Shares	2.0
Janus Henderson Triton Fund - Class N Shares	1.9
Janus Henderson Emerging Markets Fund - Class N Shares	1.8
Janus Henderson Small Cap Value Fund - Class N Shares	1.8
Janus Henderson Contrarian Fund - Class N Shares	1.6
Janus Henderson Mid Cap Value Fund - Class N Shares	1.1
Janus Henderson Forty Fund - Class N Shares	1.1
Janus Henderson Asia Equity Fund - Class N Shares	0.7


Asset Allocation - (% of Net Assets)
Fixed Income Funds	50.5%
Equity Funds	40.4%
Alternative Funds	9.2%
Other		(0.1)%
		100.0%


Shares			Value
Investment Companies^£– 100.1%
Alternative Funds – 9.2%
	Janus Henderson Diversified Alternatives Fund - Class N Shares	1,871,054	$18,336,330
Equity Funds – 40.4%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	1,040,479	10,779,358
	Janus Henderson Asia Equity Fund - Class N Shares	121,967	1,306,269
	Janus Henderson Contrarian Fund - Class N Shares	146,456	3,101,930
	Janus Henderson Emerging Markets Fund - Class N Shares	381,527	3,620,694
	Janus Henderson Enterprise Fund - Class N Shares	33,293	4,649,100
	Janus Henderson Forty Fund - Class N Shares	57,565	2,177,675
	Janus Henderson Global Real Estate Fund - Class N Shares	326,133	4,092,967
	Janus Henderson Global Research Fund - Class N Shares	58,544	4,740,307
	Janus Henderson Global Select Fund - Class N Shares	309,072	4,598,995
	Janus Henderson International Managed Volatility Fund - Class N Shares	612,538	5,402,588
	Janus Henderson International Value Fund - Class N Shares	537,045	5,375,819
	Janus Henderson Large Cap Value Fund - Class N Shares	456,982	6,320,061
	Janus Henderson Mid Cap Value Fund - Class N Shares	148,305	2,224,577
	Janus Henderson Overseas Fund - Class N Shares	311,550	9,707,909
	Janus Henderson Small Cap Value Fund - Class N Shares	167,097	3,585,905
	Janus Henderson Triton Fund - Class N Shares	117,054	3,765,642
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares	442,135	5,009,386
			80,459,182
Fixed Income Funds – 50.5%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,596,900	16,575,826
	Janus Henderson Global Bond Fund - Class N Shares	7,573,391	72,780,288
	Janus Henderson Short-Term Bond Fund - Class N Shares	3,787,160	11,399,350
			100,755,464
Total Investments (total cost $183,538,476) – 100.1%			199,550,976
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(102,561)
Net Assets – 100%			$199,448,415


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 6/30/19
Investment Companies - 100.0%
Alternative Funds - 9.2%
	Janus Henderson Diversified Alternatives Fund - Class N Shares	$	137,586	$	(174,967)	$	(561,611)	$	18,336,330
Equity Funds - 40.3%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		240,883		15,193		(106,128)		10,779,358
	Janus Henderson Asia Equity Fund - Class N Shares		28,279		12,919		(132,608)		1,306,269
	Janus Henderson Contrarian Fund - Class N Shares		110,114		2,401		173,891		3,101,930
	Janus Henderson Emerging Markets Fund - Class N Shares		55,235		(17,086)		(119,565)		3,620,694
	Janus Henderson Enterprise Fund - Class N Shares		14,349		144,106		312,212		4,649,100
	Janus Henderson Forty Fund - Class N Shares		-		3,855		108,038		2,177,675
	Janus Henderson Global Real Estate Fund - Class N Shares		143,158		53,353		204,573		4,092,967
	Janus Henderson Global Research Fund - Class N Shares		44,431		199,075		(156,958)		4,740,307
	Janus Henderson Global Select Fund - Class N Shares		89,240		57,630		(556,294)		4,598,995
	Janus Henderson International Managed Volatility Fund - Class N Shares		102,432		111,150		(356,228)		5,402,588
	Janus Henderson International Value Fund - Class N Shares		248,664		(4,640)		(560,617)		5,375,819
	Janus Henderson Large Cap Value Fund - Class N Shares		203,622		(100,162)		(418,472)		6,320,061
	Janus Henderson Mid Cap Value Fund - Class N Shares		35,206		(46,667)		(141,896)		2,224,577
	Janus Henderson Overseas Fund - Class N Shares		123,236		103,888		(508,295)		9,707,909
	Janus Henderson Small Cap Value Fund - Class N Shares		14,227		(37,143)		(209,448)		3,585,905
	Janus Henderson Triton Fund - Class N Shares		53,836		230,680		(167,875)		3,765,642
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares		92,933		357,058		(439,150)		5,009,386
Total Equity Funds		$	1,599,845	$	1,085,610	$	(3,074,820)	$	80,459,182
Fixed Income Funds - 50.5%
	Janus Henderson Flexible Bond Fund - Class N Shares		559,964		(95,956)		682,869		16,575,826
	Janus Henderson Global Bond Fund - Class N Shares		(438,952)⁽²⁾		(463,379)		3,747,232		72,780,288
	Janus Henderson Short-Term Bond Fund - Class N Shares		306,897		(52,327)		210,085		11,399,350
Total Fixed Income Funds		$	427,909	$	(611,662)	$	4,640,186	$	100,755,464
Total Affiliated Investments - 100.0%		$	2,165,340	$	298,981	$	1,003,755	$	199,550,976


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.



Assets:
	Affiliated investments, at value⁽¹⁾		$	199,550,976
	Non-interested Trustees' deferred compensation			5,045
	Receivables:
		Dividends from affiliates		190,447
		Investments sold		70,710
		Fund shares sold		53,942
		Due from adviser		9,936
	Other assets			262
Total Assets				199,881,318
Liabilities:
	Payables:			—
		Investments purchased		190,447
		Fund shares repurchased		95,070
		Registration fees		43,895
		Professional fees		35,020
		Transfer agent fees and expenses		26,186
		12b-1 Distribution and shareholder servicing fees		12,112
		Advisory fees		8,144
		Non-interested Trustees' deferred compensation fees		5,045
		Non-interested Trustees' fees and expenses		1,385
		Accrued expenses and other payables		15,599
Total Liabilities				432,903
Net Assets			$	199,448,415
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	180,747,578
	Total distributable earnings (loss)			18,700,837
Total Net Assets			$	199,448,415
Net Assets - Class A Shares			$	4,505,113
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			359,537
Net Asset Value Per Share⁽²⁾			$	12.53
Maximum Offering Price Per Share⁽³⁾			$	13.29
Net Assets - Class C Shares			$	13,391,799
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,092,410
Net Asset Value Per Share⁽²⁾			$	12.26
Net Assets - Class D Shares			$	159,467,551
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			12,667,111
Net Asset Value Per Share			$	12.59
Net Assets - Class I Shares			$	3,786,155
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			300,857
Net Asset Value Per Share			$	12.58
Net Assets - Class S Shares			$	765,452
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			61,465
Net Asset Value Per Share			$	12.45
Net Assets - Class T Shares			$	17,532,345
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,395,378
Net Asset Value Per Share			$	12.56


	For the year ended, June 30, 2018
	As Reported	Adjustments	As Revised
Net investment income/(loss)	$ 5,207,600	$ (1,932,853)	$ 3,274,747
Net realized gain/(loss) on investments	$ 5,996,909	$ 100,212	$ 6,097,121
Change in unrealized net appreciation/depreciation	$ (403,613)	$ 1,832,641	$ 1,429,028



Capital Gain Distributions	$5,265,900
Foreign Taxes Paid	$65,350
Foreign Source Income	$295,486
Dividends Received Deduction Percentage	22%
Qualified Dividend Income Percentage	45%




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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-02-93020 08-19



		ANNUAL REPORT June 30, 2019

	Janus Henderson Global Allocation Fund - Growth

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).