nvcsr

Janus Global Real Estate Fund (unaudited)

FUND SNAPSHOT
We believe a flexible approach to global real estate investing that concentrates on businesses with prime assets in strategic locations, outsized growth potential and/or unrecognized embedded value will lead to substantial wealth creation over time. We use intensive fundamental research in an effort to uncover investments that have developed a targeted and/or vertically integrated real estate platform, practice disciplined capital allocation and show a clear ability to create value.

(PATRICK BROPHY PHOTO)
Patrick Brophy
portfolio manager

PERFORMANCE

On a relative basis, Janus Global Real Estate Fund outperformed during the 12-month period ending September 30, 2014. The Fund’s Class I Shares finished the period up 12.28%, beating its benchmark, the FTSE EPRA/NAREIT Global Index, which gained 6.01%.

INVESTMENT ENVIRONMENT

Having devoted a big chunk of our last two annual letters to a discussion of our deep concerns surrounding debt – more specifically, sovereign debt in the developed world – and the potential unintended consequences of unprecedented easy-money policies, we will spare you this year. We don’t, however, want to give you the impression that we have lost our resolve on the issue, even though it’s admittedly getting much harder (and lonelier!) to wave the caution flag as markets dance away to the free-money orchestra, which seems to get a fresh dose of musicians every time the music slows even slightly. Maybe we’ve simply become too curmudgeonly, or it will actually “be different this time.” But having spent our career in a capital-intensive sector that relies heavily on debt, we’ve seen how quickly leverage can move from helpful to intoxicating to massively destructive. As we said last year, at some point economies and markets need to be left to stand on their own two feet; and as far as we’re concerned, the sooner the better.

Putting the debt debate aside, let’s move on to what we care about most: real estate. We’ve discussed at length in past letters what we view as the multiple wealth creation/preservation attributes of the sector, so we thought we’d spend some time here highlighting how the real estate investment world is evolving. And on that front, we believe there is a dominant trend: like just about every other sector/industry we know of, real estate is becoming more efficient. Information is increasingly ubiquitous and much more widely disseminated; capital is more available and moves more freely; transparency is up, both as it relates to granular market trends – leasing, occupancy, cap rates, new supply, etc. – and best practices at the property management level; and in a sector that at the end of the day is still very much a “local” business, outsiders can now more easily crash the party, as the playing field is indeed rapidly becoming increasingly global. Yes, even in a stodgy, old industry like real estate, technology is having a massive impact.

Now, more efficient real estate markets are undoubtedly a societal plus – better allocation of capital, less volatility and a more capable “landlord to the global economy” – but from an investment standpoint, this clear progress is not necessarily a good thing. We’ve long described real estate markets as “blissfully inefficient,” and that inefficiency is a big part of what drew us to the industry (maybe we were just young and confused, but we at least understood that inefficiency breeds investment opportunity). The end result: our job is getting more difficult. Yet, the upside is that, even with all the recent progress, there remain significant inefficiencies, and it’s likely that to some degree many are structural. Each market has its own quirks, which can range from zoning/policy/building restrictions and basic supply/demand trends to ownership concentrations, demographics and environmental issues. Likewise, every sub-sector is unique; operating an office portfolio is very different from owning and managing apartments, just as there are vastly different requirements for property sectors as diverse as data centers, billboards, malls, cell towers and senior housing. Put simply, we still think that there are substantial opportunities to uncover an investment edge, which is what we set out to do every day.

PERFORMANCE DISCUSSION

Our relative outperformance during the year was driven by stock selection, which was particularly strong in the U.S. and Japan. Among geographies with a relatively large weighting in the index, stock selection was weakest in Hong Kong and Australia.

Our geographic allocation also contributed to relative performance, though to a lesser degree. Underweights to

Janus Alternative Fund | 1

Janus Global Real Estate Fund (unaudited)

Japan and China, and an overweight to the U.S. were the largest contributors to relative results. Notable detractors were overweights to Brazil and the UK.

In terms of returns by sub-industry, the top contributors to the Fund’s performance were mortgage REITs and real estate services companies. Subtracting the most from relative performance were casino/gaming companies and diversified real estate companies. Our underweights to retail and residential REITs also hurt.

We’ve long emphasized that we have a somewhat atypical investment approach that hinges on our ability to capitalize on our research and the firm’s wide-ranging knowledge of multiple sectors to generate real estate ideas/opportunities that might be a bit off the beaten path, often not in the index. While usually a relatively small percentage of overall holdings (10-15%), these positions are often meaningful contributors to overall returns. We refer to these investments as special situations, and this year six of the Fund’s top ten contributors fit that billing. The six range from diversified real estate investors and hybrid REITs to homebuilders, hotel owners and the largest owner/operator of golf courses in the U.S. We believe all six are very much in the real estate business, and their positioning in the portfolio is predicated on the attractiveness of their valuation and risk/reward profile relative to opportunities in the index.

Top contributor NorthStar Realty was one of those special situations. NorthStar is a U.S.-based hybrid REIT involved in multiple businesses, ranging from real estate lending and debt structuring to private REIT management and the ownership of health care facilities, hotels and manufactured housing communities. We believe the company has proved an opportunistic and astute allocator of capital, and think that its recently completed spin-off of its asset management group will provide greater visibility into its potential for solid cash flow growth and further dividend increases.

Even though it’s now included in most of the major indexes, Chatham Lodging was another special situation when we first invested. The REIT was launched in 2010 to assemble a portfolio of upscale extended-stay and branded select-service hotels. We’ve been pleased with the company’s execution to date, and its focus on select service, a sector many of the larger hotel REITs shy away from, provides an attractive growth opportunity, in our opinion. The stock was buoyed earlier in the year by news of share purchases by activist investors, one of whom floated an offer to buy the company, and more recently by a large, strategic joint-venture that greatly expanded and, in our view, enhanced its portfolio.

While generally pleased with our performance during the period, we certainly had some hiccups and several holdings that put up disappointing results. Our biggest detractor was Mitsubishi Estate, one of the leading real estate companies in Japan, with a dominant leasing portfolio position in Marunouchi, the premier business location in Tokyo. In hindsight, we think a large part of its weak return was a too-much-too-fast reaction to an exceptional 2013, and we still like its long-term prospects. Supply growth of Class A space in central Tokyo is limited, and vacancy rates have remained in a fairly tight range over the last several years. In addition, as a result of the deregulation of plot ratio allowances, Mitsubishi Estate is able to redevelop a number of its Marunouchi buildings and increase rentable square footage. These redevelopments are typically high-return projects for the company.

Hang Lung has been volatile over the last two years, and finished the 12-month period down a very disappointing 14%. We continue to believe that the company’s prospects remain closely tied to growth in domestic consumption in China, which we should point out is one of the top priorities of the most recent five-year plan produced by the central government. And, while we haven’t wavered from our core thesis that a first-mover advantage in premium shopping mall development in second-tier cities in China should lead to significant value creation over the next decade, we acknowledge that initial yields on recent openings have been below pro forma, and the ramp in competitive supply has been more rapid and robust than we anticipated. The stock is currently under review.

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

OUTLOOK

Despite a weak calendar third quarter – the final quarter of our fiscal year – that closed out with a dismal September, we actually remain fairly constructive on the real estate space as we charge into year-end 2014. This is in light of our considerable concerns about the strength and sustainability of the global recovery, more worries about geopolitical tensions, and increasing skepticism about the ability of policy makers, particularly in the U.S., to make difficult decisions. While certainly over-used, we think the “addict” analogy is appropriate; easy money is addictive, and weaning a still fragile global economy off of it will take courage and resolve, both of which seem in short supply in today’s public sector. Yes, there will be short-term pain, but we believe the alternative would prove

2 | SEPTEMBER 30, 2014

(unaudited)

far worse. We simply don’t see the current policies of most of the world’s central banks as sustainable. This is precisely why we like being defensively positioned in an alternative asset class like real estate. We believe the sector has multiple attributes that could prove fortuitous in the coming months, and, if we had to identify a couple right now that we’d expect to garner increasing attention from investors, they would be the potential inflation hedge, scarcity value and yield generation associated with many of these hard assets.

Circling back to our opening discussion about the growing difficulty of sustaining an investment edge in increasingly efficient real estate markets, we will wrap up with a few high-level thoughts on three of the factors that we think are likely to boost potential returns in the coming year. First, there’s development. Delivering new, state-of-the-art product in heated acquisition markets – in many cases over-heated, at least in our view – where deals are being done at prices in excess of replacement cost is a solid means of enhancing net asset value. Secondly, there are the opportunistic and nimble management teams. These are the managers who typically have strong balance sheets and vertically-integrated platforms, giving them multiple levers with which to grow their businesses, take advantage of market dislocations and accretively recycle capital. And finally, there’s M&A (mergers and acquisitions). We’ve seen an uptick in the last year, and we believe it’s still early days – it’s a yield-starved world, and the wall of capital seeking good bricks and mortar (cash-flowing commercial real estate) seems to get bigger by the day. We hope our focus on discounted valuation will lead us to some attractive take-out candidates.

Thank you for your continued investment in Janus Global Real Estate Fund.

Janus Alternative Fund | 3

Janus Global Real Estate Fund (unaudited)

Janus Global Real Estate Fund At A Glance

5 Top Performers – Holdings


	Contribution

NorthStar Realty Finance Corp.		1.07%
Chatham Lodging Trust		1.02%
Kennedy-Wilson Holdings, Inc.		0.92%
Brookfield Asset Management, Inc. – Class A (U.S. Shares)		0.73%
Digital Realty Trust, Inc.		0.66%

5 Bottom Performers – Holdings


	Contribution

Mitsubishi Estate Co., Ltd.		–0.47%
Hang Lung Properties, Ltd.		–0.40%
Iida Group Holdings Co., Ltd.		–0.30%
Wharf Holdings, Ltd.		–0.22%
PDG Realty SA Empreendimentos e Participacoes		–0.21%

4 Top Performers – Sectors*


			Fund Weighting		FTSE EPRA/NAREIT Global
	Fund Contribution		(Average % of Equity)		Index Weighting

Financials		6.40%		81.18%		99.20%
Consumer Discretionary		1.04%		8.00%		0.65%
Utilities		0.26%		2.11%		0.00%
Energy		0.12%		0.10%		0.00%

4 Bottom Performers – Sectors*


			Fund Weighting		FTSE EPRA/NAREIT Global
	Fund Contribution		(Average % of Equity)		Index Weighting

Other**		–0.34%		6.84%		0.08%
Health Care		–0.06%		1.06%		0.05%
Materials		0.03%		0.21%		0.00%
Industrials		0.04%		0.50%		0.02%


		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.

4 | SEPTEMBER 30, 2014

Janus Global Real Estate Fund (unaudited)

Performance


				Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014				per the January 28, 2014 prospectuses
	One	Five	Since	Total Annual Fund	Net Annual Fund
	Year	Year	Inception*	Operating Expenses	Operating Expenses

Janus Global Real Estate Fund – Class A Shares

NAV	11.84%	11.35%	4.46%	1.26%	1.26%

MOP	5.39%	10.03%	3.56%

Janus Global Real Estate Fund – Class C Shares

NAV	11.14%	10.51%	3.80%	2.00%	2.00%

CDSC	10.14%	10.51%	3.80%

Janus Global Real Estate Fund – Class D Shares⁽¹⁾	12.15%	11.22%	3.27%	1.05%	1.03%

Janus Global Real Estate Fund – Class I Shares	12.28%	11.68%	4.75%	0.96%	0.96%

Janus Global Real Estate Fund – Class S Shares	11.75%	11.19%	4.34%	1.40%	1.40%

Janus Global Real Estate Fund – Class T Shares	12.02%	11.54%	3.80%	1.13%	1.13%

FTSE EPRA/NAREIT Global Index	6.01%	10.29%	1.52%

FTSE EPRA/NAREIT Developed Index	6.71%	11.26%	2.05%

Morningstar Quartile – Class I Shares	1st	1st	1st

Morningstar Ranking – based on total return for Global Real Estate Funds	1/221	13/174	6/151

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 877.33JANUS(52687) (or 800.525.3713 if you hold shares directly with Janus Capital) or visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold shares directly with Janus Capital).

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, Janus Capital has contractually agreed to through February 1, 2015.

See important disclosures on the next page.

6 | SEPTEMBER 30, 2014

(unaudited)

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

A Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details.

Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility and differing financial and information reporting standards, all of which are magnified in emerging markets.

Investments in REITs may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic region. REITs may be subject to risks including, but not limited to: legal, political, liquidity, interest rate risks, a decline in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

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.

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.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009, after the reorganization of each class of the predecessor fund into corresponding shares of the Fund. Performance shown for each class for periods prior to July 6, 2009, reflects the historical performance of each corresponding class of the predecessor fund prior to the reorganization, calculated using the fees and expenses of the corresponding class of the predecessor fund respectively, net of any applicable fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class D Shares, without the effect of any fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares, without the effect of any 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.

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.

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

See “Useful Information About Your Fund Report.”


*		The predecessor Fund’s inception date – November 28, 2007

(1) Closed to new investors.

Janus Alternative Fund | 7

Janus Global Real Estate 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; distribution and shareholder servicing (12b-1) fees; administrative services fees 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.


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,037.50	$	6.69	$	1,000.00	$	1,018.50	$	6.63		1.31%


Class C Shares	$	1,000.00	$	1,033.70	$	10.60	$	1,000.00	$	1,014.64	$	10.51		2.08%


Class D Shares	$	1,000.00	$	1,038.40	$	5.88	$	1,000.00	$	1,019.30	$	5.82		1.15%


Class I Shares	$	1,000.00	$	1,039.10	$	5.16	$	1,000.00	$	1,020.01	$	5.11		1.01%


Class S Shares	$	1,000.00	$	1,036.10	$	7.45	$	1,000.00	$	1,017.75	$	7.39		1.46%


Class T Shares	$	1,000.00	$	1,037.30	$	6.13	$	1,000.00	$	1,019.05	$	6.07		1.20%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.

8 | SEPTEMBER 30, 2014

Janus Global Real Estate Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 94.4%
Capital Markets – 1.1%
	94,679	NorthStar Asset Management Group, Inc., New York	$	1,743,987
	50,998	Tricon Capital Group, Inc.^#		351,129

				2,095,116
Construction & Engineering – 0.1%
	48,959	UGL, Ltd.		260,332
Electric Utilities – 1.5%
	77,397	Brookfield Infrastructure Partners LP		2,941,086
Health Care Providers & Services – 0.9%
	84,104	Capital Senior Living Corp.*		1,785,528
Hotels, Restaurants & Leisure – 4.4%
	98,641	ClubCorp Holdings, Inc.		1,956,051
	119,288	Crown Resorts, Ltd.		1,434,843
	29,300	Las Vegas Sands Corp.		1,822,753
	13,011	Vail Resorts, Inc.		1,128,835
	32,622	Whitbread PLC		2,195,645

				8,538,127
Household Durables – 3.8%
	60,300	First Juken Co., Ltd.		767,733
	67,300	Iida Group Holdings Co., Ltd.		824,169
	133,318	LGI Homes, Inc.		2,447,718
	222,056	New Home Co., Inc.*		2,997,756
	435,800	PDG Realty SA Empreendimentos e Participacoes		195,865

				7,233,241
Independent Power and Renewable Electricity Producers – 1.0%
	54,354	Abengoa Yield PLC*		1,933,915
Industrial Conglomerates – 1.0%
	3,828,000	Shun Tak Holdings, Ltd.		1,878,852
Media – 1.4%
	54,100	Fuji Media Holdings, Inc.		805,235
	40,139	Lamar Advertising Co. – Class A		1,976,846

				2,782,081
Metals & Mining – 0.2%
	195,279	Copper Mountain Mining Corp.*		422,018
Oil, Gas & Consumable Fuels – 0.7%
	55,677	Hoegh LNG Partners LP*		1,275,560
Real Estate Investment Trusts (REITs) – 49.0%
	56,636	Acadia Realty Trust		1,562,021
	2,521,261	AIMS AMP Capital Industrial REIT		2,831,443
	35,864	Alexandria Real Estate Equities, Inc.		2,644,970
	79,395	American Assets Trust, Inc.		2,617,653
	41,695	American Tower Corp.		3,903,903
	1,873,800	Ascott Residence Trust		1,814,666
	688,815	Astro Japan Property Group		2,683,298
	12,510	AvalonBay Communities, Inc.		1,763,535
	20,819	Boston Properties, Inc.		2,410,007
	583,904	Charter Hall Group		2,091,656
	285,834	Chatham Lodging Trust		6,597,049
	78,490	Colony Financial, Inc.		1,756,606
	785,158	Concentradora Fibra Danhos SA de CV		2,116,486
	775,066	Concentradora Fibra Hotelera Mexicana SA de CV		1,358,033
	1,267,243	Cromwell Property Group		1,054,153
	44,407	Digital Realty Trust, Inc.^#		2,770,109
	69,073	DuPont Fabros Technology, Inc.		1,867,734
	96,327	Education Realty Trust, Inc.		990,241
	46,401	Equity Commonwealth*		1,192,970
	29,944	Equity Lifestyle Properties, Inc.		1,268,428
	153,018	Great Portland Estates PLC		1,584,254
	1,225	Hulic REIT, Inc.		1,971,146
	36,465	Kite Realty Group Trust		883,912
	99,588	Land Securities Group PLC		1,671,123
	233,773	Lexington Realty Trust^#		2,288,638
	24,814	Macerich Co.		1,583,878
	57,770	Mack-Cali Realty Corp.		1,103,985
	31,000	Morguard Real Estate Investment Trust		513,252
	1,516	Mori Hills REIT Investment Corp.		2,107,462
	1,879,416	National Storage REIT		2,201,347
	834	Nippon Prologis REIT, Inc.		1,936,952
	172,885	NorthStar Realty Finance Corp.		3,054,878
	74,974	Pebblebrook Hotel Trust		2,799,529
	49,808	Post Properties, Inc.		2,557,143
	296,100	Prologis Property Mexico SA de CV		622,663
	33,394	Prologis, Inc.		1,258,954
	240,137	Pure Industrial Real Estate Trust^#		949,997
	92,525	Ramco-Gershenson Properties Trust		1,503,531
	274,550	Scentre Group*		786,082
	30,498	Simon Property Group, Inc.		5,014,481
	67,929	STAG Industrial, Inc.		1,406,810
	102,263	Starwood Property Trust, Inc.		2,245,695
	73,604	Terreno Realty Corp.		1,385,963
	7,131	Unibail-Rodamco SE		1,831,048
	53,307	Ventas, Inc.		3,302,369
	11,091	Vornado Realty Trust		1,108,656
	12,650	Washington Prime Group, Inc.		221,122
	220,292	Westfield Corp.		1,432,540

				94,622,371
Real Estate Management & Development – 29.3%
	723,921	Atrium European Real Estate, Ltd.		3,761,692
	44,041	Brookfield Asset Management, Inc. – Class A (U.S. Shares)		1,980,083
	4,926	Brookfield Property Partners LP^#		103,791
	1,844,500	CapitaLand, Ltd.		4,622,518
	43,393	CBRE Group, Inc. – Class A*		1,290,508
	1,308,268	Colony American Homes Holdings III LP – Private Placement*^,§		1,452,178
	826,906	Corp. Inmobiliaria Vesta SAB de CV		1,770,288
	273,488	Countrywide PLC		1,992,241
	58,420,000	CSI Properties, Ltd.		2,444,766
	130,500	Cyrela Commercial Properties SA Empreendimentos e Participacoes		817,391
	117,131	First Capital Realty, Inc.		1,831,545
	7,506	GAGFAH SA*		139,386
	860,630	Global Logistic Properties, Ltd.		1,826,710
	1,514,000	Hang Lung Properties, Ltd.		4,301,605
	62,041	Hispania Activos Inmobiliarios SAU*		821,838
	134,000	Hysan Development Co., Ltd.		619,931
	124,300	Iguatemi Empresa de Shopping Centers SA		1,260,013
	263,153	Kennedy Wilson Europe Real Estate PLC		4,655,315
	255,690	Kennedy-Wilson Holdings, Inc.^†		6,126,332
	532,368	Kingdom Construction Corp.		474,825
	40,759	LEG Immobilien AG		2,823,159
	80,800	LPS Brasil Consultoria de Imoveis SA		360,175
	124,000	Mitsubishi Estate Co., Ltd.		2,793,894

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

Janus Alternative Fund | 9

Janus Global Real Estate Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Real Estate Management & Development – (continued)
	59,000	Mitsui Fudosan Co., Ltd.	$	1,809,514
	112,584	Phoenix Mills, Ltd.		617,874
	327,371	Songbird Estates PLC*		1,374,092
	71,385	St Joe Co.*^,#		1,422,703
	429,080	Wharf Holdings, Ltd.		3,052,109

				56,546,476


Total Common Stock (cost $164,383,687)				182,314,703


Warrant – 0%
Real Estate Management & Development – 0%
	6,750	Sun Hung Kai Properties, Ltd. expires 4/22/16* (cost $0)		11,284


Money Market – 6.5%
	12,511,341	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $12,511,341)		12,511,341


Investment Purchased with Cash Collateral From Securities Lending – 3.0%
	5,845,918	Janus Cash Collateral Fund LLC, 0.0650%°°^,£ (cost $5,845,918)		5,845,918


Total Investments (total cost $182,740,946) – 103.9%				200,683,246


Liabilities, net of Cash, Receivables and Other Assets – (3.9)%				(7,619,233)


Net Assets – 100%			$	193,064,013

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


			% of Investment
Country	Value		Securities


United States^††	$	115,169,625		57	.4%
Japan		13,016,105		6	.5
Hong Kong		12,308,547		6	.1
Australia		11,944,251		6	.0
Singapore		11,095,337		5	.5
United Kingdom		8,817,355		4	.4
Canada		6,151,815		3	.1
Mexico		5,867,470		2	.9
Austria		3,761,692		1	.9
Germany		2,962,545		1	.5
Spain		2,755,753		1	.4
Brazil		2,633,444		1	.3
France		1,831,048		0	.9
Bermuda		1,275,560		0	.6
India		617,874		0	.3
Taiwan		474,825		0	.2


Total	$	200,683,246		100	.0%


††		Includes Cash Equivalents of 9.1%.

Schedule of OTC Written Option – Put


Counterparty/Reference Asset	Value


Goldman Sachs International: St Joe Co. expires December 2014 1,490 contracts exercise price $18.00 (premiums received $63,995)	$	(86,708)

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

10 | SEPTEMBER 30, 2014

Notes to Schedule of Investments and Other Information


FTSE EPRA/NAREIT Developed Index		A global market capitalization weighted index composed of listed real estate securities from developed market countries in North America, Europe, and Asia.

FTSE EPRA/NAREIT Global Index		A global market capitalization weighted index composed of listed real estate securities in the North American, European, Asian, and South American real estate markets including both developed and emerging markets.

LP		Limited Partnership

LLC		Limited Liability Company

OTC		Over-the-Counter

PLC		Public Limited Company

U.S. Shares		Securities of foreign companies trading on an American stock exchange.


*		Non-income producing security.

†		A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2014, is noted below.


Fund	Aggregate Value


Janus Global Real Estate Fund	$	2,995,000


^°°		Rate shown is the 7-day yield as of September 30, 2014.

#		Loaned security; a portion of the security is on loan at September 30, 2014.


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2014)

Acquisition

Value as a

Date

Cost

Value

% of Net Assets

Janus Global Real Estate Fund

Colony American Homes Holdings III LP – Private Placement

1/30/13

1,310,000

1,452,178

0.8

The Fund has registration rights for certain restricted securities held as of September 30, 2014. The issuer incurs all registration costs.

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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended September 30, 2014. Unless otherwise indicated, all information in the table is for the year ended September 30, 2014.


	Share				Share
	Balance				Balance		Realized		Dividend		Value
	at 9/30/13	Purchases		Sales	at 9/30/14		Gain/(Loss)		Income		at 9/30/14

Janus Global Real Estate Fund
Janus Cash Collateral Fund LLC	–		41,314,541	(35,468,623)		5,845,918	$	–	$	16,126⁽¹⁾	$	5,845,918
Janus Cash Liquidity Fund LLC	9,412,029		79,924,114	(76,824,802)		12,511,341		–		6,922		12,511,341


Total							$	–	$	23,048	$	18,357,259


(1)		Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.

Janus Alternative Fund | 11

Notes to Schedule of Investments and Other Information (continued)

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 September 30, 2014. See Notes to Consolidated Financial Statements for more information.

Valuation Inputs Summary (as of September 30, 2014)


			*Level 2 – Other Significant*		*Level 3 – Significant*
	*Level 1 – Quoted Prices*		*Observable Inputs*		*Unobservable Inputs*

Janus Global Real Estate Fund
Assets
Investments in Securities:
Common Stock
Construction & Engineering	$	–	$	260,332	$	–
Hotels, Restaurants & Leisure		4,907,639		3,630,488		–
Household Durables		5,641,339		1,591,902		–
Industrial Conglomerates		–		1,878,852		–
Media		1,976,846		805,235		–
Real Estate Investment Trusts (REITs)		68,625,201		25,997,170		–
Real Estate Management & Development		16,962,829		38,131,469		1,452,178
All Other		10,453,223

Warrant		11,284		–		–

Money Market		–		12,511,341		–

Investment Purchased with Cash Collateral From Securities Lending		–		5,845,918		–



Total Assets	$	108,578,361	$	90,652,707	$	1,452,178



Liabilities
Other Financial Instruments^(a):
Options Written, at Value	$	–	$	86,708	$	–


(a)		Other financial instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options are reported at their market value at measurement date.

12 | SEPTEMBER 30, 2014

Statement of Assets and Liabilities

Janus Global

As of September 30, 2014 Real Estate Fund

Assets:

Investments at cost
$ 182,740,946

Unaffiliated investments at value⁽¹⁾
$ 182,325,987

Affiliated investments at value
18,357,259

Cash
25,141

Cash denominated in foreign currency⁽²⁾
148,526

Non-interested Trustees’ deferred compensation
4,000

Receivables:

Investments sold
12,227

Fund shares sold
631,605

Dividends
416,820

Dividends from affiliates
1,046

Foreign dividend tax reclaim
6,187

Other assets
3,481

Total Assets
201,932,279

Liabilities:

Collateral for securities loaned (Note 3)
5,845,918

Options written, at value⁽³⁾
86,708

Payables:

Investments purchased
1,823,683

Fund shares repurchased
745,843

Dividends
113,093

Advisory fees
138,731

Fund administration fees
1,618

Internal servicing cost
538

Administrative services fees
12,114

Distribution fees and shareholder servicing fees
11,007

Administrative, networking and omnibus fees
10,228

Non-interested Trustees’ fees and expenses
996

Non-interested Trustees’ deferred compensation fees
4,000

Accrued expenses and other payables
73,789

Total Liabilities
8,868,266

Net Assets
$ 193,064,013

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Alternative Fund | 13

Statement of Assets and Liabilities (continued)

Janus Global

As of September 30, 2014 Real Estate Fund

Net Assets Consist of:

Capital (par value and paid-in surplus)*
$ 173,156,000

Undistributed net investment income/(loss)*
(833,001)

Undistributed net realized gain/(loss) from investment and foreign currency transactions*
2,824,844

Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation
17,916,170

Total Net Assets
$ 193,064,013

Net Assets - Class A Shares
$ 20,441,027

Shares Outstanding, $0.01 Par Value (unlimited shares authorized)
1,864,957

Net Asset Value Per Share⁽⁴⁾
$ 10.96

Maximum Offering Price Per Share⁽⁵⁾
$ 11.63

Net Assets - Class C Shares
$ 7,517,733

Shares Outstanding, $0.01 Par Value (unlimited shares authorized)
691,222

Net Asset Value Per Share⁽⁴⁾
$ 10.88

Net Assets - Class D Shares
$ 44,442,583

Shares Outstanding, $0.01 Par Value (unlimited shares authorized)
4,025,502

Net Asset Value Per Share
$ 11.04

Net Assets - Class I Shares
$ 82,914,828

Shares Outstanding, $0.01 Par Value (unlimited shares authorized)
7,517,855

Net Asset Value Per Share
$ 11.03

Net Assets - Class S Shares
$ 2,112,065

Shares Outstanding, $0.01 Par Value (unlimited shares authorized)
192,562

Net Asset Value Per Share
$ 10.97

Net Assets - Class T Shares
$ 35,635,777

Shares Outstanding, $0.01 Par Value (unlimited shares authorized)
3,230,059

Net Asset Value Per Share
$ 11.03


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Unaffiliated investments at value includes $5,670,889 of securities loaned. See Note 3 in Notes to Financial Statements.
(2)		Includes cost of $148,526.
(3)		Premiums received $63,995.
(4)		Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(5)		Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

14 | SEPTEMBER 30, 2014

Statement of Operations


	Janus Global
For the year ended September 30, 2014	Real Estate Fund


Investment Income:
Affiliated securities lending income, net	$	16,126
Dividends		4,408,031
Dividends from affiliates		6,922
Other income		26
Foreign tax withheld		(118,474)
Total Investment Income		4,312,631
Expenses:
Advisory fees		1,085,553
Internal servicing expense - Class A Shares		1,660
Internal servicing expense - Class C Shares		1,201
Internal servicing expense - Class I Shares		2,554
Shareholder reports expense		54,977
Transfer agent fees and expenses		19,435
Registration fees		115,898
Custodian fees		20,060
Professional fees		64,721
Non-interested Trustees’ fees and expenses		3,778
Fund administration fees		13,485
Administrative services fees - Class D Shares		45,122
Administrative services fees - Class S Shares		4,252
Administrative services fees - Class T Shares		54,518
Distribution fees and shareholder servicing fees - Class A Shares		40,009
Distribution fees and shareholder servicing fees - Class C Shares		69,361
Distribution fees and shareholder servicing fees - Class S Shares		4,252
Administrative, networking and omnibus fees - Class A Shares		20,410
Administrative, networking and omnibus fees - Class C Shares		8,918
Administrative, networking and omnibus fees - Class I Shares		43,090
Other expenses		22,966
Total Expenses		1,696,220
Less: Expense and Fee Offset		(65)
Less: Excess Expense Reimbursement		(12,564)
Net Expenses		1,683,591
Net Investment Income/(Loss)		2,629,040
Net Realized Gain/(Loss) on Investments:
Investments and foreign currency transactions		4,005,880
Written options contracts		120,586
Total Net Realized Gain/(Loss) on Investments		4,126,466
Change in Unrealized Net Appreciation/Depreciation:
Investments, foreign currency translations and non-interested Trustees’ deferred compensation		6,547,283
Written options contracts		(45,819)
Total Change in Unrealized Net Appreciation/Depreciation		6,501,464
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	13,256,970

See Notes to Financial Statements.

Janus Alternative Fund | 15

Statements of Changes in Net Assets


	Janus Global
	Real Estate Fund
For each year ended September 30	2014		2013⁽¹⁾


Operations:
Net investment income/(loss)	$	2,629,040	$	2,184,651
Net realized gain/(loss) on investments		4,126,466		5,242,192
Change in unrealized net appreciation/depreciation		6,501,464		2,129,758
Net Increase/(Decrease) in Net Assets Resulting from Operations		13,256,970		9,556,601
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		(287,497)		(336,679)
Class C Shares		(90,730)		(106,120)
Class D Shares		(750,608)		(1,399,324)
Class I Shares		(1,299,730)		(1,489,229)
Class S Shares		(28,227)		(29,569)
Class T Shares		(444,152)		(607,784)
Net Realized Gain from Investment Transactions*
Class A Shares		(597,253)		–
Class C Shares		(275,716)		–
Class D Shares		(1,472,610)		–
Class I Shares		(2,296,498)		–
Class S Shares		(58,445)		–
Class T Shares		(804,528)		–
Net Decrease from Dividends and Distributions to Shareholders		(8,405,994)		(3,968,705)
Capital Share Transactions:
Shares Sold
Class A Shares		12,288,800		8,987,007
Class C Shares		2,345,894		3,022,497
Class D Shares		18,267,670		30,232,220
Class I Shares		42,944,312		25,019,041
Class S Shares		1,103,827		895,454
Class T Shares		23,117,138		23,755,584
Reinvested Dividends and Distributions
Class A Shares		860,978		322,791
Class C Shares		259,922		74,845
Class D Shares		2,195,064		1,383,563
Class I Shares		2,571,362		1,305,340
Class S Shares		86,672		29,569
Class T Shares		1,241,751		604,785
Shares Repurchased
Class A Shares		(6,523,885)		(6,749,282)
Class C Shares		(1,577,348)		(947,613)
Class D Shares		(15,804,153)		(26,803,651)
Class I Shares		(10,616,455)		(16,554,590)
Class S Shares		(471,886)		(301,815)
Class T Shares		(8,654,500)		(14,887,365)
Net Increase/(Decrease) from Capital Share Transactions		63,635,163		29,388,380
Net Increase/(Decrease) in Net Assets		68,486,139		34,976,276
Net Assets:
Beginning of period		124,577,874		89,601,598
End of period	$	193,064,013	$	124,577,874

Undistributed Net Investment Income/(Loss)*	$	(833,001)	$	(554,997)


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Amounts reflect current year presentation. Prior year amounts were disclosed in thousands.

See Notes to Financial Statements.

16 | SEPTEMBER 30, 2014

Financial Highlights

Class A Shares


	Janus Global Real Estate Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$10.46		$9.91		$7.60		$9.09		$7.49
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.18⁽¹⁾		0.25		0.15		0.21		0.16
Net gain/(loss) on investments (both realized and unrealized)		0.99		0.64		2.31		(1.50)		1.58
Total from Investment Operations		1.17		0.89		2.46		(1.29)		1.74
Less Distributions:
Dividends (from net investment income)*		(0.20)		(0.34)		(0.15)		(0.20)		(0.14)
Distributions (from capital gains)*		(0.47)		–		–		–		–
Total Distributions		(0.67)		(0.34)		(0.15)		(0.20)		(0.14)
Net Asset Value, End of Period		$10.96		$10.46		$9.91		$7.60		$9.09
Total Return		11.84%		9.04%		32.82%		(14.60)%		23.57%
Net Assets, End of Period (in thousands)		$20,441		$13,178		$10,195		$6,625		$6,197
Average Net Assets for the Period (in thousands)		$16,004		$11,812		$7,615		$8,323		$3,136
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.32%		1.26%		1.54%		1.48%		2.04%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.32%		1.26%		1.52%		1.47%		1.57%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.65%		1.61%		1.62%		2.28%		1.82%
Portfolio Turnover Rate		24%		32%		29%		68%		14%

Class C Shares


	Janus Global Real Estate Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$10.40		$9.85		$7.56		$9.06		$7.52
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.09⁽¹⁾		0.18		0.08		0.17		0.10
Net gain/(loss) on investments (both realized and unrealized)		1.01		0.61		2.30		(1.52)		1.58
Total from Investment Operations		1.10		0.79		2.38		(1.35)		1.68
Less Distributions:
Dividends (from net investment income)*		(0.15)		(0.24)		(0.09)		(0.15)		(0.14)
Distributions (from capital gains)*		(0.47)		–		–		–		–
Total Distributions		(0.62)		(0.24)		(0.09)		(0.15)		(0.14)
Net Asset Value, End of Period		$10.88		$10.40		$9.85		$7.56		$9.06
Total Return		11.14%		8.11%		31.81%		(15.18)%		22.72%
Net Assets, End of Period (in thousands)		$7,518		$6,162		$3,825		$3,531		$1,252
Average Net Assets for the Period (in thousands)		$6,936		$5,387		$3,482		$3,237		$844
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		2.08%		2.00%		2.37%		2.18%		2.78%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		2.08%		2.00%		2.28%		2.18%		2.32%
Ratio of Net Investment Income/(Loss) to Average Net Assets		0.85%		0.90%		0.89%		1.36%		1.04%
Portfolio Turnover Rate		24%		32%		29%		68%		14%


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Per share amounts are calculated based on average shares outstanding during the year.

See Notes to Financial Statements.

Janus Alternative Fund | 17

Financial Highlights (continued)

Class D Shares


	Janus Global Real Estate Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$10.52		$9.99		$7.66		$9.15		$7.64
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.20⁽²⁾		0.25		0.16		0.22		0.05
Net gain/(loss) on investments (both realized and unrealized)		1.01		0.65		2.34		(1.51)		1.45
Total from Investment Operations		1.21		0.90		2.50		(1.29)		1.50
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.37)		(0.17)		(0.21)		–
Distributions (from capital gains)*		(0.47)		–		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		0.01		0.01
Total Distributions and Other		(0.69)		(0.37)		(0.17)		(0.20)		0.01
Net Asset Value, End of Period		$11.04		$10.52		$9.99		$7.66		$9.15
Total Return**		12.15%		9.11%		33.21%		(14.41)%		19.76%
Net Assets, End of Period (in thousands)		$44,443		$38,341		$31,503		$15,105		$11,388
Average Net Assets for the Period (in thousands)		$37,602		$44,646		$19,495		$17,244		$4,756
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.15%		1.05%		1.34%		1.34%		1.83%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.12%		1.05%		1.34%		1.34%		1.43%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.79%		1.79%		1.87%		2.34%		2.21%
Portfolio Turnover Rate		24%		32%		29%		68%		14%

Class I Shares


	Janus Global Real Estate Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$10.51		$9.98		$7.66		$9.14		$7.51
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.21⁽²⁾		0.23		0.19		0.24		0.16
Net gain/(loss) on investments (both realized and unrealized)		1.01		0.68		2.31		(1.51)		1.61
Total from Investment Operations		1.22		0.91		2.50		(1.27)		1.77
Less Distributions and Other:
Dividends (from net investment income)*		(0.23)		(0.38)		(0.18)		(0.21)		(0.14)
Distributions (from capital gains)*		(0.47)		–		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–⁽³⁾		–⁽³⁾
Total Distributions and Other		(0.70)		(0.38)		(0.18)		(0.21)		(0.14)
Net Asset Value, End of Period		$11.03		$10.51		$9.98		$7.66		$9.14
Total Return		12.28%		9.27%		33.26%		(14.29)%		23.97%
Net Assets, End of Period (in thousands)		$82,915		$45,983		$34,134		$24,921		$23,199
Average Net Assets for the Period (in thousands)		$61,878		$39,107		$30,270		$31,267		$17,714
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.01%		0.96%		1.17%		1.20%		1.74%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.01%		0.96%		1.17%		1.20%		1.32%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.95%		1.96%		2.05%		2.47%		2.02%
Portfolio Turnover Rate		24%		32%		29%		68%		14%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from February 16, 2010 (inception date) through September 30, 2010.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

18 | SEPTEMBER 30, 2014

Class S Shares


	Janus Global Real Estate Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$10.47		$9.93		$7.62		$9.08		$7.50
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.16⁽¹⁾		0.23		0.14		0.21		0.12
Net gain/(loss) on investments (both realized and unrealized)		1.01		0.64		2.32		(1.52)		1.60
Total from Investment Operations		1.17		0.87		2.46		(1.31)		1.72
Less Distributions and Other:
Dividends (from net investment income)*		(0.20)		(0.33)		(0.15)		(0.15)		(0.14)
Distributions (from capital gains)*		(0.47)		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–		–
Total Distributions and Other		(0.67)		(0.33)		(0.15)		(0.15)		(0.14)
Net Asset Value, End of Period		$10.97		$10.47		$9.93		$7.62		$9.08
Total Return		11.75%		8.89%		32.69%		(14.67)%		23.32%
Net Assets, End of Period (in thousands)		$2,112		$1,317		$654		$346		$543
Average Net Assets for the Period (in thousands)		$1,701		$1,061		$589		$539		$477
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.45%		1.40%		1.57%		1.62%		2.19%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.45%		1.38%		1.54%		1.62%		1.82%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.49%		1.58%		1.53%		2.22%		1.49%
Portfolio Turnover Rate		24%		32%		29%		68%		14%

Class T Shares


	Janus Global Real Estate Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$10.52		$9.99		$7.64		$9.12		$7.50
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.20⁽¹⁾		0.25		0.12		0.27		0.15
Net gain/(loss) on investments (both realized and unrealized)		1.00		0.65		2.37		(1.56)		1.61
Total from Investment Operations		1.20		0.90		2.49		(1.29)		1.76
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.37)		(0.14)		(0.21)		(0.14)
Distributions (from capital gains)*		(0.47)		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		0.02		–⁽²⁾
Total Distributions and Other		(0.69)		(0.37)		(0.14)		(0.19)		(0.14)
Net Asset Value, End of Period		$11.03		$10.52		$9.99		$7.64		$9.12
Total Return		12.02%		9.15%		33.08%		(14.33)%		23.86%
Net Assets, End of Period (in thousands)		$35,636		$19,597		$9,291		$3,180		$2,801
Average Net Assets for the Period (in thousands)		$21,807		$20,814		$5,114		$6,456		$528
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.18%		1.13%		1.31%		1.34%		2.22%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.18%		1.13%		1.30%		1.34%		1.58%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.82%		1.76%		1.81%		2.14%		2.39%
Portfolio Turnover Rate		24%		32%		29%		68%		14%


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Alternative Fund | 19

Notes to Financial Statements

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout this report. In addition, the Notes to Financial Statements explain the methods used in preparing and presenting this report.


1.	Organization and Significant Accounting Policies

Janus Global Real Estate Fund (the “Fund”) is a series fund. The Fund is part 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. The financial statements include information for the year ended September 30, 2014. The Trust offers forty-six funds which include multiple series of shares, with differing investment objectives and policies. The Fund invests primarily in equity securities. 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 A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class D Shares are generally no longer being made available to new investors who do not already have a direct account with the Janus funds. Class D Shares are available only to investors who hold accounts directly with the Janus 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 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, and bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

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 Management LLC (“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 professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Certain short-term securities maturing within 60 days or less are valued on an amortized cost basis. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service 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. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith

20 | SEPTEMBER 30, 2014

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. 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.

Investment Transactions and Investment Income

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

Expenses

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

Estimates

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

Indemnifications

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

Foreign Currency Translations

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

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

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

Dividend Distributions

The Fund generally declares and distributes dividends of net investment income quarterly, and realized capital gains (if any) annually.

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.

Janus Alternative Fund | 21

Notes to Financial Statements (continued)

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.

Valuation Inputs Summary

In accordance with Financial Accounting Standards Board (“FASB”) standard guidance, the Fund utilizes the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Fund’s investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Debt securities may be valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. 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. 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. These are generally categorized as Level 2 in the hierarchy.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the security and would be based on the best information available under the circumstances.

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 valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2014 to 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.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2014.

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


	Transfers Out
	of Level 1
Fund	to Level 2


Janus Global Real Estate Fund	$	36,999,242

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

22 | SEPTEMBER 30, 2014


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, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2014 is discussed in further detail below. A summary of derivative activity is reflected in the tables at the end of this section.

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 (to earn income and seek to enhance returns) purposes. 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 in which it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks, including, but not limited to, counterparty risk, credit risk, currency risk, equity risk, index risk, interest rate risk, leverage risk, and liquidity risk, as described below.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC, such as options and structured notes, are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs.

OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk. In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

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

	•	Currency Risk – Currency risk is 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 – Equity risk relates 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 – Interest rate risk is the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s net asset value (“NAV”) to likewise decrease, and vice versa.

	•	Leverage Risk – Leverage risk is 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

Janus Alternative Fund | 23

Notes to Financial Statements (continued)

sales, that involve leverage can result in losses that greatly exceed the amount originally invested.


	•	Liquidity Risk – Liquidity risk is 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.

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. The Fund is subject to interest rate risk, liquidity risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts. The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund may utilize American-style and European-style options. An American-style option is an option contract that can be exercised at any time between the time of purchase and the option’s expiration date. A European-style option is an option contract that can only be exercised on the option’s expiration date. The Fund may also purchase or write put and call options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings.

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. In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. 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.

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.

The Fund may also purchase and write exchange-listed and OTC put and call options on domestic securities indices, and on foreign securities indices listed on domestic and foreign securities exchanges. Options on securities indices are similar to options on securities except that (1) the expiration cycles of securities index options are monthly, while those of securities options are currently quarterly, and (2) the delivery requirements are different. Instead of giving the right to take or make delivery of securities at a specified price, an option on a securities index gives the holder the right to receive a cash “exercise settlement amount” equal to (a) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of exercise, multiplied by (b) a fixed “index multiplier.” Receipt of this cash amount will depend upon the closing level of the securities index upon which the option is based being greater than, in the case of a call, or less than, in the case of a put, the exercise price of the index and the exercise price of the option times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount.

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.

Holdings of the Fund designated to cover outstanding written options are noted on the Schedule of Investments. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value”. Realized gains and losses are reported as “Net realized gain/(loss) from written options contracts” on the Statement of Operations.

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. 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. There is no limit to the loss the Fund may recognize due to written call options.

During the year, the Fund wrote put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.

The following table provides average ending monthly market value amounts on written put options during the year ended September 30, 2014.


Fund	Written Put Options


Janus Global Real Estate Fund	$	26,768

24 | SEPTEMBER 30, 2014

Written option activity for the year ended September 30, 2014 is indicated in the table below:


	Number of		Premiums
Put Options	Contracts		Received


Janus Global Real Estate Fund
Options outstanding at September 30, 2013		132	$	26,053
Options written		3,335		251,393
Options closed		–		–
Options expired		(1,309)		(120,586)
Options exercised		(668)		(92,865)


Options outstanding at September 30, 2014		1,490	$	63,995

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 September 30, 2014.

Fair Value of Derivative Instruments as of September 30, 2014


Derivatives not accounted	Liability Derivatives
for as hedging instruments	Statement of Assets and Liabilities Location		Fair Value

Janus Global Real Estate Fund
Equity Contracts		Options written, at value	$	86,708

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2014.

The effect of Derivative Instruments on the Statement of Operations for the year ended September 30, 2014


Amount of Net Realized Gain/(Loss) on Derivatives Recognized in Income
Derivatives not accounted for as
hedging instruments	Written options contracts

Janus Global Real Estate Fund
Equity Contracts	$	120,586


Change in Unrealized Net Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not accounted for as
hedging instruments	Written options contracts

Janus Global Real Estate Fund
Equity Contracts	$	(45,819	)

Please see the Fund’s Statement of Operations for the Fund’s “Net Realized and Unrealized Gain/(Loss) on Investments.”


3.	Other Investments and Strategies

Additional Investment Risk

The financial crisis that began in 2008 caused 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 into place to respond to the crisis, or investor perception that such efforts were not sufficient each could 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”) in July 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 expands 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

Janus Alternative Fund | 25

Notes to Financial Statements (continued)

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 severe economic and financial difficulties. As a result, financial markets in the EU have been subject to increased 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.

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

Counterparties

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

The Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Investing in emerging markets may involve certain risks and considerations not typically associated with investing in the United States and imposes risks greater than, or in addition to, the risks associated with investing in securities of more developed foreign countries. Emerging markets securities are exposed to a number of additional risks, which may result from 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.

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

26 | SEPTEMBER 30, 2014

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 may enter 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. Note that for financial reporting purposes, the Fund does not offset certain derivative financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities.

The following table presents gross amounts of recognized assets and 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 either the “Fair Value of Derivative Instruments as of September 30, 2014” table located in Note 2 of these Notes to Financial Statements and/or the Schedule of Investments.

Offsetting of Financial Assets and Derivative Assets


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


Deutsche Bank AG	$	5,670,889	$	–	$	(5,670,889)	$	–

Offsetting of Financial Liabilities and Derivative Liabilities


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


Goldman Sachs International	$	86,708	$	–	$	–	$	86,708


(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. 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. 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. Upon receipt of cash collateral, Janus Capital currently intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. 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 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 contacts 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, 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

Janus Alternative Fund | 27

Notes to Financial Statements (continued)

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.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to qualified parties. 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. The Fund may lend portfolio securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

Upon receipt of cash collateral, Janus Capital may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. Janus Capital currently intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. An investment in Janus Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments. 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.


4.	Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s “base” fee rate prior to any performance adjustment (expressed as an annual rate).


Fund	Base Fee (%)


Janus Global Real Estate Fund		0.75

For the Fund, the investment advisory fee rate is determined by calculating a base fee and applying a performance adjustment. The base fee rate is the same as the contractual investment advisory fee rate shown in the table above. The performance adjustment either increases or decreases the base fee depending on how well the

28 | SEPTEMBER 30, 2014

Fund has performed relative to its benchmark index, as shown below:


Fund	Benchmark Index


Janus Global Real Estate Fund		FTSE EPRA/NAREIT Global Index

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/- Performance Adjustment

The investment advisory fee rate paid to Janus Capital by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable performance measurement period.

The Fund’s prospectuses and statement of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. The performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses for the year ended September 30, 2014 is:


	Performance Adjusted
	Investment Advisory
Fund	Fee Rate (%)


Janus Global Real Estate Fund		0.74

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.

Certain, but not all, intermediaries charge administrative fees 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.

Class D Shares pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class S Shares and Class T Shares of the Fund 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.

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.

Janus Services is compensated for its services related to Class D Shares, and receives reimbursement for its out-of-pocket costs on all other share classes. Included in out-of-pocket expenses are the expenses Janus Services incurs for serving as transfer agent and providing servicing to shareholders.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund may pay the Trust’s distributor, Janus Distributors LLC, a wholly-owned subsidiary of Janus Capital, a fee 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 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

Janus Alternative Fund | 29

Notes to Financial Statements (continued)

customers who are investors in the Fund. Payments under the Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Fund. If any of the Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statements of Operations.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund, or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding any performance adjustments to management fees, the distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate shown below. Janus Capital has agreed to continue the waiver until at least February 1, 2015. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


Fund	Expense Limit (%)


Janus Global Real Estate Fund		0	.97

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 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 shown as of September 30, 2014 on the Statement of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a 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 September 30, 2014 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 $283,000 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 30, 2014.

Certain officers of the Fund may also be officers and/or directors of Janus Capital. The Fund indirectly pays for the salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. Some expenses related to compensation payable to the Fund’s Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $522,703 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2014. The Fund’s portion is reported as part of “Other expenses” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended September 30, 2014, Janus Distributors retained the following upfront sales charges:


	Upfront
Fund (Class A Shares)	Sales Charge


Janus Global Real Estate Fund	$	6,562

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, as discussed in the Prospectus. 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 Distributors during the year ended September 30, 2014.

Class C Shares include a 1.00% CDSC paid by redeeming shareholders to Janus Distributors. The CDSC applies to shares redeemed within 12 months of purchase. The redemption price may differ from the NAV per share. During the year ended September 30, 2014,

30 | SEPTEMBER 30, 2014

redeeming shareholders of Class C Shares paid the following CDSCs:


Fund (Class C Shares)	CDSC


Janus Global Real Estate Fund	$	931

The Fund’s expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statement of Operations. The Fund could have employed the assets used by the custodian and/or transfer agent to produce income if it had not entered into an expense offset arrangement.

Pursuant to the provisions of the 1940 Act and rules promulgated thereunder, the Fund may participate in an affiliated or nonaffiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or nonaffiliated money market funds or cash management pooled investment vehicles. The Fund is eligible to participate in the cash sweep program (the “Investing Fund”). Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered 2a-7 product. There are no restrictions on the Fund’s ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated cash management pooled investment vehicles and the Investing Fund.

During the year ended September 30, 2014, any recorded distributions from affiliated investments as affiliated dividend income, and affiliated purchases and sales can be found in the Notes to Schedule of Investments and Other Information.

As of September 30, 2014, shares of the Fund were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


	% of Class			% of Fund
Fund	Owned			Owned


Janus Global Real Estate Fund - Class A Shares		–	%		–	%
Janus Global Real Estate Fund - Class C Shares		–			–
Janus Global Real Estate Fund - Class D Shares		–			–
Janus Global Real Estate Fund - Class I Shares		32			14
Janus Global Real Estate Fund - Class R Shares		–			–
Janus Global Real Estate Fund - Class S Shares		–			–
Janus Global Real Estate Fund - Class T Shares		–			–


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.

Undistributed

Loss Deferrals

Other Book

Ordinary

Long-Term

Accumulated

Late-Year

Post-October

to Tax

Net Tax

Fund

Income

Gains

Capital Losses

Ordinary Loss

Capital Loss

Differences

Appreciation

Janus Global Real Estate Fund

3,553,486

2,064,136

–

(28,670)

14,319,061

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2014 are noted below.

Unrealized appreciation and unrealized depreciation in the table below exclude appreciation/depreciation on foreign currency translations. 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		Unrealized		Unrealized
Fund	Cost		Appreciation		(Depreciation)


Janus Global Real Estate Fund	$	186,364,185	$	20,000,808	$	(5,681,747)

Janus Alternative Fund | 31

Notes to Financial Statements (continued)

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

For the year ended September 30, 2014

Distributions

From Ordinary

From Long-Term

Tax Return of

Net Investment

Fund

Income

Capital Gains

Capital

Loss

Janus Global Real Estate Fund

3,245,371

5,160,623

–

For the year ended September 30, 2013

Distributions

From Ordinary

From Long-Term

Tax Return of

Net Investment

Fund

Income

Capital Gains

Capital

Loss

Janus Global Real Estate Fund

3,968,705

–

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 Undistributed Net

Fund

to Capital

Investment Income/Loss

Realized Gain/Loss

Janus Global Real Estate Fund

–

(6,100)

6,100


6.	Capital Share Transactions


	Janus Global Real
	Estate Fund
For each year ended September 30	2014		2013⁽¹⁾

Transactions in Fund Shares – Class A Shares:
Shares sold		1,123,422		851,045
Reinvested dividends and distributions		85,733		31,614
Shares repurchased		(604,440)		(650,673)
Net Increase/(Decrease) in Fund Shares		604,715		231,986
Shares Outstanding, Beginning of Period		1,260,242		1,028,256
Shares Outstanding, End of Period		1,864,957		1,260,242
Transactions in Fund Shares – Class C Shares:
Shares sold		218,558		288,355
Reinvested dividends and distributions		26,182		7,367
Shares repurchased		(145,791)		(91,833)
Net Increase/(Decrease) in Fund Shares		98,949		203,889
Shares Outstanding, Beginning of Period		592,273		388,384
Shares Outstanding, End of Period		691,222		592,273
Transactions in Fund Shares – Class D Shares:
Shares sold		1,633,610		2,891,707
Reinvested dividends and distributions		216,581		134,969
Shares repurchased		(1,467,524)		(2,538,601)
Net Increase/(Decrease) in Fund Shares		382,667		488,075
Shares Outstanding, Beginning of Period		3,642,835		3,154,760
Shares Outstanding, End of Period		4,025,502		3,642,835

32 | SEPTEMBER 30, 2014

Janus Global Real

Estate Fund

For each year ended September 30 2014 2013⁽¹⁾

Transactions in Fund Shares – Class I Shares:

Shares sold
3,880,982 2,383,035

Reinvested dividends and distributions
253,453 127,436

Shares repurchased
(990,780) (1,556,755)

Net Increase/(Decrease) in Fund Shares
3,143,655 953,716

Shares Outstanding, Beginning of Period
4,374,200 3,420,484

Shares Outstanding, End of Period
7,517,855 4,374,200

Transactions in Fund Shares – Class S Shares:

Shares sold
102,299 85,757

Reinvested dividends and distributions
8,609 2,891

Shares repurchased
(44,102) (28,717)

Net Increase/(Decrease) in Fund Shares
66,806 59,931

Shares Outstanding, Beginning of Period
125,756 65,825

Shares Outstanding, End of Period
192,562 125,756

Transactions in Fund Shares – Class T Shares:

Shares sold
2,044,929 2,281,090

Reinvested dividends and distributions
122,329 58,968

Shares repurchased
(799,937) (1,407,192)

Net Increase/(Decrease) in Fund Shares
1,367,321 932,866

Shares Outstanding, Beginning of Period
1,862,738 929,872

Shares Outstanding, End of Period
3,230,059 1,862,738


(1)		Amounts reflect current year presentation. Prior year amounts were disclosed in thousands.


7.	Purchases and Sales of Investment Securities

For the year ended September 30, 2014, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:

Purchases of Long-

Proceeds from Sales

Purchases of

Proceeds from Sales

Term U.S. Government

of Long-Term U.S.

Fund

Securities

of Securities

Obligations

Government Obligations

Janus Global Real Estate Fund

88,033,914

32,425,901

–


8.	New Accounting Pronouncements

In June 2013, FASB issued Accounting Standards Update No. 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”). This update sets forth a new approach for determining whether a public or private company is an investment company and sets certain measurement and disclosure requirements for an investment company. FASB has determined that a fund registered under the 1940 Act automatically meets ASU 2013-08’s criteria for an investment company. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Management does not expect this guidance to have an impact on the Fund’s financial statements.


9.	Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to September 30, 2014 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.

Janus Alternative Fund | 33

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
of Janus Investment Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Global Real Estate Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2014, 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 then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 14, 2014

34 | SEPTEMBER 30, 2014

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 1-800-525-0020 (toll free); (ii) on the Fund’s website at janus.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 janus.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Holdings

The Fund files its complete portfolio holdings (schedule of investments) with the SEC for the first and third quarters of each fiscal year on Form N-Q within 60 days of the end of such fiscal quarter. The Fund’s Form N-Q: (i) is available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) is available without charge, upon request, by calling Janus at 1-800-525-0020 (toll free).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Investment Fund and Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund and each Portfolio of Janus Aspen Series (each, a “Fund” and collectively, the “Funds”), and as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the 16 Funds that utilize subadvisers.

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

At a meeting held on December 17, 2013, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from either January 1 or February 1, 2014 through January 1 or February 1, 2015, respectively, 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, reflect actual annual advisory fees and any administration fees, net of any waivers.

Nature, Extent and Quality of Services

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

Janus Alternative Fund | 35

Additional Information (unaudited) (continued)

including monitoring compliance with various policies and procedures of the Funds and with applicable securities laws and regulations.

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

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They noted that they considered Fund performance data throughout the year, including periodic meetings with each Fund’s portfolio manager(s), and also reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by independent data providers, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Funds’ performance has improved modestly: for the 36 months ended September 30, 2013, approximately 51% of the Funds were in the top two Lipper quartiles of performance, and for the 12 months ended September 30, 2013, approximately 52% of the Funds were in the top two Lipper quartiles of performance.

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

Fixed-Income Funds and Money Market Funds


•	For Janus Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Global Bond Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

•	For Janus High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Real Return Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013. 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 Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2013 and the first Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance and that the performance trend was improving.

•	For Janus Money Market Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance.

Asset Allocation Funds


•	For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013.

•	For Janus Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013. 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.

36 | SEPTEMBER 30, 2014

•

For Janus Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013. 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.

Alternative Funds


•	For Janus Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

•	For Janus Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

Value Funds


•	For Perkins Global Value Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

•	For Perkins Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013. 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 and Perkins had taken or was taking to improve performance.

•	For Perkins Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013. 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 and Perkins had taken or was taking to improve performance.

•	For Perkins Select Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

•	For Perkins Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013. 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 and Perkins had taken or was taking to improve performance.

•	For Perkins Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 12 months ended May 31, 2013.

Mathematical Funds


•	For INTECH Global Dividend Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 12 months ended May 31, 2013.

•	For INTECH International Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the first Lipper quartile for the 12 months ended May 31, 2013.

•	For INTECH U.S. Core Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

•	For INTECH U.S. Growth Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

•	For INTECH U.S. Value Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013.

Growth and Core Funds


•	For Janus Balanced Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013.

Janus Alternative Fund | 37

Additional Information (unaudited) (continued)


•	For Janus Contrarian Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the first Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Forty Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Growth and Income Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2013 and in the second Lipper quartile for the 12 months ended May 31, 2013. 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 Research Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013.

•	For Janus Triton Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Twenty Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Venture Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

Global and International Funds


•	For Janus Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

•	For Janus Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

•	For Janus Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013.

•	For Janus Global Research Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Global Select Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013. 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.

38 | SEPTEMBER 30, 2014


•	For Janus Global Technology Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013.

•	For Janus International Equity Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the first Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013. 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.

Preservation Series


•	For Janus Preservation Series – Global, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

•	For Janus Preservation Series – Growth, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

Janus Aspen Series


•	For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013.

•	For Janus Aspen Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Aspen Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Aspen Forty Portfolio, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Aspen Global Research Portfolio, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2013 and the first Lipper quartile for the 12 months ended May 31, 2013. 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 that the performance trend was improving.

•	For Janus Aspen Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2013 and the first Lipper quartile for the 12 months ended May 31, 2013.

•	For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that this was a new Fund and did not yet have extensive performance to evaluate.

•	For Janus Aspen Janus Portfolio, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the second Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Aspen Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the 12 months ended May 31, 2013. 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.

Janus Alternative Fund | 39

Additional Information (unaudited) (continued)


•	For Janus Aspen Perkins Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2013 and the third Lipper quartile for the 12 months ended May 31, 2013. 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, the steps Janus Capital and Perkins had taken or was taking to improve performance, and that the performance trend was improving.

•	For Janus Aspen Preservation Series – Growth, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2013. The Trustees noted the reasons for the Fund’s underperformance, and its limited performance history.

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

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by independent data providers. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration) fees for many of the Funds, after applicable contractual expense limitations, was below the mean management fee rate of the respective peer group of funds selected by independent data providers. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Fund.

In this regard, the independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 17% below the mean total expenses of their respective Lipper Expense Group peers and 29% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Funds, on average, were 14% below the mean management fees for their Expense Groups and 16% below the mean for their Expense Universes; and (4) Janus fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered how the total expenses for each share class of each Fund compared to the mean total expenses for its Lipper Expense Group peers and to mean total expenses for its Lipper Expense Universe.

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

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

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

40 | SEPTEMBER 30, 2014

charged to the Funds and those charged to Janus Capital’s institutional and subadvised accounts is reasonable relative to the average spreads seen in the industry.

The Trustees considered the fees for each Fund for its fiscal year ended in 2012, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers:

Fixed-Income Funds and Money Market Funds


•	For Janus Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Real Return Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Government Money Market Fund, the Trustees noted that the Fund’s total expenses exceeded the peer group mean for both share classes. The Trustees considered that management fees for this Fund are higher than the peer group mean due to the Fund’s management fee including other costs, such as custody and transfer agent services, while many funds in the peer group pay these expenses separately from their management fee. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee.

•	For Janus Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee.

Asset Allocation Funds


•	For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For Janus Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Alternative Funds


•	For Janus Diversified Alternatives Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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.

Value Funds


•	For Perkins Global Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For Perkins Large Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed

Janus Alternative Fund | 41

Additional Information (unaudited) (continued)

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 Perkins Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Perkins Select Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Perkins Small Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Perkins Value Plus Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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.

Mathematical Funds


•	For INTECH Global Dividend Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 INTECH International Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For INTECH U.S. Core Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For INTECH U.S. Growth Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 INTECH U.S. Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds


•	For Janus Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Contrarian Fund, the Trustees noted that the Fund’s total expenses were below or the same as the peer group mean for all share classes.

•	For Janus Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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.

42 | SEPTEMBER 30, 2014


•	For Janus Research Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable.

•	For Janus Triton Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Twenty Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For Janus Venture Fund, the Trustees noted that the Fund’s total expenses were below or the same as the peer group mean for all share classes.

Global and International Funds


•	For Janus Asia Equity Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For Janus Emerging Markets Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

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

•	For Janus Global Research Fund (formerly named Janus Worldwide Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For Janus Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Global Technology Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable.

•	For Janus International Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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 Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Preservation Series


•	For Janus Preservation Series – Global, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

•	For Janus Preservation Series – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean 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.

Janus Aspen Series


•	For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Enterprise Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Flexible Bond Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Forty Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Global Allocation Portfolio-Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for both 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 Aspen Global Research Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

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

•	For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for its sole share class.

Janus Alternative Fund | 43

Additional Information (unaudited) (continued)


•	For Janus Aspen Janus Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Overseas Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Perkins Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

•	For Janus Aspen Preservation Series – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for both 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.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses of Janus Capital and its affiliates among the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

In this regard, the independent fee consultant found that, while assessing the reasonableness of expenses in light of Janus Capital’s profits is dependent on comparisons with other publicly-traded mutual fund advisers, and that these comparisons are limited in accuracy by differences in complex size, business mix, institutional account orientation, and other factors, after accepting these limitations, the level of profit earned by Janus Capital from managing the Funds is reasonable.

The Trustees concluded that the management fees and other compensation payable by each Fund to Janus Capital and its affiliates, as well as the fees paid by Janus Capital to the subadvisers of subadvised Funds, were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees Janus Capital and the subadvisers charge to other clients, and, as applicable, the impact of fund performance on management fees payable by the Funds. The Trustees also concluded that the overall expense ratio of each Fund was reasonable, taking into account the size of the Fund, the quality of services provided by Janus Capital and any subadviser, the investment performance of the 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 Funds increase. They noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, the base management fee rate paid by most of the Funds, before any adjustment for performance and after any contractual expense limitations, was below the mean management fee rate of the Fund’s peer group identified by independent data providers; and, for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

In this regard, the independent fee consultant concluded that, based on analysis it completed, and given the limitations in these analytical approaches and their

44 | SEPTEMBER 30, 2014

conflicting results, it could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Fund investors are well-served by the fee levels and performance fee structures in place on the Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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

Janus Alternative Fund | 45

Useful Information About Your Fund Report (unaudited)


1.	Management Commentary

The Management Commentary in this report includes valuable insight from the Fund’s manager 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. The Fund’s manager may allocate a company 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 September 30, 2014. As the investing environment changes, so could opinions. These views are unique and aren’t necessarily shared by fellow employees or by Janus in general.


2.	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 do not include brokerage commissions that would be incurred if you purchased the individual securities in the index. They also do not include taxes payable on dividends and interest or operating expenses incurred if you maintained the Fund invested in the index.

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.


3.	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’s 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 and swaps follow the Fund’s Schedule of Investments (if applicable).


4.	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.

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

46 | SEPTEMBER 30, 2014

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.


5.	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.


6.	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.


7.	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. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

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

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. Don’t 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 doesn’t 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

Janus Alternative Fund | 47

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. Pursuant to the Fund’s Governance Procedures and Guidelines, Trustees are required to retire no later than the end of the calendar year in which the Trustee turns 72. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Trust’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. Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

TRUSTEES


					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years


Independent Trustees

William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Chief Executive Officer, Imprint Capital (impact investment firm) (since 2013), and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).

50 | SEPTEMBER 30, 2014

TRUSTEES (continued)


					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years



Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital Group (private equity real estate investment management firm) (since 2012). Formerly, 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).

William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and 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 of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	58	Managing Trustee of National Retirement Partners Liquidating Trust (since 2013). Formerly, 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 Alternative Fund | 51

Trustees and Officers (unaudited) (continued)

TRUSTEES (continued)


					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years



James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	58	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).

William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	58	None

52 | SEPTEMBER 30, 2014

TRUSTEES (continued)


					Other Directorships
			Principal Occupations	Number of Portfolios/Funds	Held by Trustee
	Positions Held	Length of	During the Past Five	in Fund Complex	During the Past Five
Name, Address, and Age	with the Trust	Time Served	Years	Overseen by Trustee	Years



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, The Field Museum of Natural History (Chicago, IL), InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014).


Trustee Consultant

Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	None

Janus Alternative Fund | 53

Trustees and Officers (unaudited) (continued)

OFFICERS


	Positions Held	Term of Office* and	Principal Occupations
Name, Address, and Age	with the Trust	Length of Time Served	During the Past Five Years



Patrick Brophy 151 Detroit Street Denver, CO 80206 DOB: 1965	Executive Vice President and Portfolio Manager Janus Global Real Estate Fund	11/07-Present	Portfolio Manager for other Janus accounts.

Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Vice President and Assistant General Counsel of Janus Capital and Vice President and Assistant Secretary of Janus Distributors LLC.

Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since August 2013); Executive Vice President and Director of Janus International Holding LLC (since August 2011); Executive Vice President of Janus Distributors LLC and Janus Services LLC (since July 2011); Executive Vice President and Working Director of INTECH Investment Management LLC (since July 2011); Executive Vice President and Director of Perkins Investment Management LLC (since July 2011); and Executive Vice President and Director of Janus Management Holdings Corporation (since May 2011). Formerly, Executive Vice President of Janus Capital Group Inc. and Janus Capital Management LLC (May 2011-July 2013); Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (July 2011-July 2013); and Co-Chief Executive Officer of Allianz Global Investors Management Partners and Chief Executive Officer of Oppenheimer Capital (2003-2009).

David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.

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.

* 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.

54 | SEPTEMBER 30, 2014

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC


Investment products offered are:	NOT FDIC-INSURED	MAY LOSE VALUE	NO BANK GUARANTEE


C-1114-74725	125-02-01400 11-14

Janus Asia Equity Fund (unaudited)

FUND SNAPSHOT
We seek to generate strong risk-adjusted returns by investing in stocks with high or expanding profitability at attractive valuations. We believe Asian economies and related equity markets are poised for secular growth. Given the world nature of these markets, equity prices may not at all times fully reflect business fundamentals. As such, fundamental research is the foundation of our Asia investment strategy.

(HIROSHI YOH PHOTO)
Hiroshi Yoh
portfolio manager

PERFORMANCE

Janus Asia Equity Fund’s Class I Shares returned 9.43% for the one-year period ended September 30, 2014. The Fund’s benchmark, the MSCI All Country Asia ex-Japan Index, returned 8.24%.

INVESTMENT ENVIRONMENT

Asian stocks lagged U.S. markets during the period, but performed relatively well compared to the rest of the world. Fourth quarter 2013 and early 2014 saw continued declines prompted by persistent concerns about the region’s slowing economic growth, particularly in China, mounting geopolitical risks in countries such as Russia and Thailand, and potential negative prospects around anticipated Federal Reserve tapering of its stimulative bond-buying program. The latter significantly weakened currencies of countries with account and fiscal deficits, as well as sparked large foreign investor outflows from the region. A positive market rebound began in February and continued through September, leading to strong gains driven by optimism for pro-business election wins in India and Indonesia, stronger emerging market investment inflows and stabilizing signs from China in areas such as manufacturing that indicated that although the world’s second-largest economy has slowed it may be doing so at a controllable pace. The final weeks of the period saw another reversal as a stronger U.S. dollar and likelihood of rising U.S. interest rates brought back unpleasant memories of the 1997 Asian financial crisis for many investors. Asian market fundamentals, however, appear much stronger today, with continued solid prospects for growth.

PERFORMANCE DISCUSSION

Fund outperformance was led by our holdings in China and India, and within consumer discretionary, financials and health care sectors.

The top individual contributor was PC Jeweller, a consumer discretionary stock in India. This operator of a jewelry store chain rallied significantly on higher jewelry and gold sales. Consumer spending generally has improved in India following the May elections that propelled Prime Minister Narendra Modi into power. We believe investors also appreciated the company’s discounted valuation as one of the cheapest stocks in India.

In China, consumer discretionary stock SAIC Motor was another top individual contributor, benefiting from higher auto sales. While GDP growth is slowing in China, auto sales are growing at double-digit levels. With the economy nearly at full employment, wage growth for blue collar workers is quite strong, which has led to higher car sales. Industry-wide car sales have grown at a double-digit pace for the past three years in China. Despite its gains, SAIC remains one of the cheapest auto stocks in the world, with approximately 30% of its market capitalization represented in cash on its balance sheet.

Strides Arcolab in India was also additive to returns, benefiting from the largely positive investment environment following India’s general election. The pharmaceutical company, which is focused on the development and manufacture of niche generic drugs, also received a lift from regulatory re-inspections of its manufacturing plants that prevented import alerts being imposed on its products to the U.S. This also eased investor concerns over withholding cash payments from Mylan, which bought a unit of the company in 2013. Additionally, Strides Arcolab received several product approvals during the period. We sold our position on the stock’s gains.

Our information technology, materials and energy holdings weighed the most on relative returns. From a country perspective, our holdings in South Korea weighed the most on performance.

The consumer discretionary sector contained our largest individual detractor, Louis XIII Holdings. The company, which is building an ultra-upscale resort and casino in Macau, China, was among other Macau-related gambling

Janus Global & International Funds | 1

Janus Asia Equity Fund (unaudited)

companies that traded lower in the period. Ongoing slowdown in VIP business due to the Chinese government’s two-year anti-corruption drive has weighed on the gaming industry. Longer term, growth trends in Macau should remain strong, in our view. The company’s resort and casino is not due to open until 2016; therefore, we believe these short-term concerns should not affect it.

Information technology firm NCSoft was another main individual detractor. One of the largest online gaming developers in South Korea, the company received a much poorer reception to two of its games – Blade and Soul, and Guild Wars 2 – in China than investors expected. Both games had been well received outside of China and were operated by leading companies Tencent and KongZhong, but gamers’ interests faded after initial euphoria. We added to our position on the stock’s weakness based on its strong market position and healthy financial condition. We also anticipate launches of new games, including mobile games, to spur future growth.

Youku Tudou also weighed on returns. An Internet television company in China, Youku’s platform enables consumers to search, view and share video content across multiple devices. Based on its large customer base, Youku has one of the most effective advertising platforms in the Chinese market, in our view. With its acquisition of Tudou, the company is gaining significant pricing power, which should give it a long-term advantage on content acquisition. However, increasing competition in the online video space has led to increased content costs for the company. Increased regulation and a lag in the company’s ability to monetize mobile video viewing have also been headwinds.

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

OUTLOOK

We think comparisons to today and the late 1990s, when the Asian financial crisis occurred, are misplaced since emerging market fundamentals, especially country balance sheets, are much stronger now. This is particularly true in Asia. In the mid- to late-90s, a lack of domestic savings required the use of foreign capital to support emerging markets. That is no longer the case. China has the biggest U.S. dollar reserves in the world and is an exporter of capital. A U.S. interest rate increase is likely sometime next year and may cause a short-term impact to emerging markets, but it is unlikely to create another crisis.

Additionally, in key countries like China, India and Indonesia that are undergoing economic reforms, even 1% lower GDP growth can lead to growing corporate earnings. Stronger earnings growth will result for those companies that are improving their efficiencies and making smart asset allocation decisions. The result would be growth in profitability and a re-rating of a company’s valuation. The main risk we see is a potential hard landing in the key countries in Asia. If a hard landing can be avoided, we expect considerable upside for emerging market and Asian equities.

While we pay attention to the macroeconomic environment, our focus remains on stock picking, and identifying companies that can grow their sales while staying focused on operating efficiencies and capital allocation, which should eventually lead to better shareholder returns.

Thank you for your investment in Janus Asia Equity Fund.

2 | SEPTEMBER 30, 2014

(unaudited)

Janus Asia Equity Fund At A Glance

5 Top Performers – Holdings


	Contribution

PC Jeweller, Ltd.		2.09%
SAIC Motor Corp., Ltd. – Class A		1.11%
Strides Arcolab, Ltd.		0.93%
Taiwan Semiconductor Manufacturing Co., Ltd.		0.79%
Sitoy Group Holdings, Ltd.		0.76%

5 Bottom Performers – Holdings


	Contribution

Louis XIII Holdings, Ltd.		–0.80%
NCSoft Corp.		–0.45%
Youku Tudou, Inc. (ADR)		–0.43%
Hyundai Motor Co.		–0.40%
CST Mining Group, Ltd.		–0.39%

5 Top Performers – Sectors*


			Fund Weighting		MSCI All Country
	Fund Contribution		(Average % of Equity)		Asia ex-Japan Index Weighting

Consumer Discretionary		2.38%		19.36%		10.15%
Financials		1.08%		27.85%		31.57%
Health Care		0.75%		1.56%		1.43%
Other**		0.24%		3.07%		0.00%
Utilities		0.09%		1.87%		3.95%

5 Bottom Performers – Sectors*


			Fund Weighting		MSCI All Country
	Fund Contribution		(Average % of Equity)		Asia ex-Japan Index Weighting

Information Technology		–0.27%		20.17%		20.86%
Materials		–0.18%		5.90%		5.70%
Energy		–0.12%		5.31%		6.00%
Consumer Staples		–0.11%		4.10%		5.41%
Industrials		–0.07%		9.47%		8.82%


		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 Global & International Funds | 3

(unaudited)

Performance


			Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014			per the January 28, 2014 prospectuses
	One	Since	Total Annual Fund	Net Annual Fund
	Year	Inception*	Operating Expenses	Operating Expenses

Janus Asia Equity Fund – Class A Shares
NAV	9.06%	1.18%	2.03%	1.37%
MOP	2.75%	–0.69%

Janus Asia Equity Fund – Class C Shares
NAV	8.22%	0.49%	2.77%	2.07%
CDSC	7.22%	0.49%

Janus Asia Equity Fund – Class D Shares⁽¹⁾	9.26%	1.31%	1.91%	1.19%

Janus Asia Equity Fund – Class I Shares	9.43%	1.46%	1.70%	1.10%

Janus Asia Equity Fund – Class S Shares	9.02%	1.09%	2.21%	1.57%

Janus Asia Equity Fund – Class T Shares	9.26%	1.27%	2.05%	1.32%

MSCI All Country Asia ex-Japan Index	8.24%	2.06%

Morningstar Quartile – Class I Shares	2nd	3rd

Morningstar Ranking – based on total return for Pacific/Asia ex-Japan Stock Funds	29/91	53/83

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, Janus Capital has contractually agreed to through February 1, 2015.

See important disclosures on the next page.

Janus Global & International Funds | 5

Janus Asia Equity Fund (unaudited)

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

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

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

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

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

See “Useful Information About Your Fund Report.”


*		The Fund’s inception date – July 29, 2011
(1)		Closed to new investors.

6 | SEPTEMBER 30, 2014

(unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,053.80	$	6.85	$	1,000.00	$	1,018.40	$	6.73		1.33%


Class C Shares	$	1,000.00	$	1,049.70	$	10.64	$	1,000.00	$	1,014.69	$	10.45		2.07%


Class D Shares	$	1,000.00	$	1,054.70	$	6.08	$	1,000.00	$	1,019.15	$	5.97		1.18%


Class I Shares	$	1,000.00	$	1,054.60	$	5.36	$	1,000.00	$	1,019.85	$	5.27		1.04%


Class S Shares	$	1,000.00	$	1,053.80	$	7.93	$	1,000.00	$	1,017.35	$	7.79		1.54%


Class T Shares	$	1,000.00	$	1,053.80	$	6.64	$	1,000.00	$	1,018.60	$	6.53		1.29%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Global & International Funds | 7

Janus Asia Equity Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 101.7%
Airlines – 0.7%
	131,300	AirAsia Bhd	$	101,333
Auto Components – 1.5%
	857	Hyundai Mobis Co., Ltd.		208,866
Automobiles – 7.1%
	154,200	Astra International Tbk PT		89,292
	1,275	Hyundai Motor Co.		229,968
	163,300	SAIC Motor Corp., Ltd. – Class A^ß		480,208
	126,000	Yulon Motor Co., Ltd.		188,169

				987,637
Beverages – 0.6%
	219,900	LT Group, Inc.		76,587
Capital Markets – 1.8%
	77,800	CITIC Securities Co., Ltd. – Class A^ß		168,706
	119,000	Guotai Junan International Holdings, Ltd.		82,110

				250,816
Chemicals – 1.2%
	704	LG Chem, Ltd.		170,254
Commercial Banks – 15.3%
	30,500	Bangkok Bank PCL (NVDR)		191,893
	188,700	Bank Mandiri Persero Tbk PT		155,294
	28,500	BOC Hong Kong Holdings, Ltd.		90,935
	204,900	China Construction Bank Corp. – Class A^ß		135,787
	334,000	China Construction Bank Corp. – Class H		234,301
	202,534	CTBC Financial Holding Co., Ltd.		135,967
	19,000	DBS Group Holdings, Ltd.		273,998
	6,860	Hana Financial Group, Inc.		248,048
	6,856	ICICI Bank, Ltd.		158,709
	418,000	Industrial & Commercial Bank of China, Ltd. – Class H		260,871
	45,957	Metropolitan Bank & Trust Co.		88,786
	3,160	Shinhan Financial Group Co., Ltd.		144,344

				2,118,933
Construction & Engineering – 1.5%
	409,300	Louis XIII Holdings, Ltd.*		206,258
Construction Materials – 0.4%
	73,500	BBMG Corp. – Class H		51,011
Diversified Telecommunication Services – 1.1%
	102,000	China Unicom Hong Kong, Ltd.		153,483
Electric Utilities – 0.5%
	28,583	Power Grid Corp. of India, Ltd.		62,591
Electrical Equipment – 0.5%
	20,252	Finolex Cables, Ltd.		69,719
Electronic Equipment, Instruments & Components – 5.8%
	17,000	Chroma ATE, Inc.		47,276
	32,000	FLEXium Interconnect, Inc.		80,586
	42,312	Hon Hai Precision Industry Co., Ltd.		133,240
	26,600	Japan Display, Inc.*		128,893
	16,800	Merry Electronics Co., Ltd.		78,098
	83,000	WPG Holdings, Ltd.		101,564
	79,600	Zhen Ding Technology Holding, Ltd.		229,873

				799,530
Food Products – 2.9%
	26,480	Biostime International Holdings, Ltd.		82,301
	206,000	Golden Agri-Resources, Ltd.		83,066
	37,080	San Miguel Pure Foods Co., Inc.		194,061
	33,000	Want Want China Holdings, Ltd.		41,163

				400,591
Health Care Providers & Services – 0.5%
	85,182	Religare Health Trust		63,402
Hotels, Restaurants & Leisure – 1.7%
	57,000	Genting Bhd		164,949
	100,000	Nagacrop, Ltd.		71,629

				236,578
Independent Power and Renewable Electricity Producers – 1.3%
	66,000	China Resources Power Holdings Co., Ltd.		178,231
Industrial Conglomerates – 2.3%
	12,000	Hutchison Whampoa, Ltd.		145,039
	12,000	Keppel Corp., Ltd.		98,671
	165,500	Shun Tak Holdings, Ltd.		81,231

				324,941
Information Technology Services – 0.7%
	1,539	Infosys, Ltd.		93,573
Insurance – 5.3%
	61,400	AIA Group, Ltd.		316,894
	82,400	China Pacific Insurance Group Co., Ltd. – Class A^ß		260,055
	591	Samsung Fire & Marine Insurance Co., Ltd.		157,204

				734,153
Internet & Catalog Retail – 0.5%
	763	Alibaba Group Holding, Ltd. (ADR)*		67,793
Internet Software & Services – 2.6%
	14,600	Tencent Holdings, Ltd.		217,344
	7,809	Youku Tudou, Inc. (ADR)*		139,937

				357,281
Machinery – 0.7%
	5,344	Daewoo Shipbuilding & Marine Engineering Co., Ltd.		102,573
Marine – 1.3%
	120,000	China Shipping Development Co., Ltd. – Class H		75,325
	144,411	First Steamship Co., Ltd.		98,489

				173,814
Metals & Mining – 3.2%
	80,000	Baoshan Iron & Steel Co., Ltd. – Class A^ß		56,475
	11,432,000	CST Mining Group, Ltd.*		63,317
	35,134	Hindustan Zinc, Ltd.		91,318
	10,011	Iluka Resources, Ltd.		68,580
	526	POSCO		161,239

				440,929
Multiline Retail – 1.8%
	481	Hyundai Department Store Co., Ltd.		72,700
	94,000	Lifestyle International Holdings, Ltd.^ß		176,594

				249,294
Oil, Gas & Consumable Fuels – 5.7%
	124,400	China Petroleum & Chemical Corp. – Class H		108,856
	40,500	China Shenhua Energy Co., Ltd. – Class H		113,047

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

8 | SEPTEMBER 30, 2014

Schedule of Investments

As of September 30, 2014


Shares			Value

Oil, Gas & Consumable Fuels – (continued)
	545,000	China Suntien Green Energy Corp., Ltd. – Class H	$	135,741
	77,000	CNOOC, Ltd.		132,537
	44,000	PetroChina Co., Ltd. – Class H		56,440
	16,072	Reliance Industries, Ltd.		245,375

				791,996
Pharmaceuticals – 0.6%
	6,061	Torrent Pharmaceuticals, Ltd.		85,502
Real Estate Investment Trusts (REITs) – 0.7%
	81,079	AIMS AMP Capital Industrial REIT		91,054
Real Estate Management & Development – 6.3%
	499,000	Central China Real Estate, Ltd.		117,344
	2,314,000	Century Properties Group, Inc.		65,469
	6,000	Cheung Kong Holdings, Ltd.		98,474
	3,610,000	CSI Properties, Ltd.		151,072
	92,500	IJM Land Bhd		93,237
	314,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		134,311
	447,950	Siam Future Development PCL		98,823
	8,000	Sun Hung Kai Properties, Ltd.		113,195

				871,925
Road & Rail – 2.7%
	294,400	Daqin Railway Co., Ltd. – Class A^ß		373,131
Semiconductor & Semiconductor Equipment – 12.1%
	14,067	Himax Technologies, Inc. (ADR)^#		142,780
	13,000	MediaTek, Inc.		192,619
	337	Samsung Electronics Co., Ltd.		377,322
	7,020	SK Hynix, Inc.*		310,757
	164,000	Taiwan Semiconductor Manufacturing Co., Ltd.		652,866

				1,676,344
Software – 2.6%
	1,278	NCSoft Corp.		162,709
	13,500	Nexon Co., Ltd.		111,473
	4,334	Perfect World Co., Ltd. (ADR)		85,336

				359,518
Specialty Retail – 5.1%
	231,500	Baoxin Auto Group, Ltd.		173,048
	118,200	Chow Tai Fook Jewellery Group, Ltd.^#		153,794
	38,000	L’Occitane International SA		87,132
	75,374	PC Jeweller, Ltd.		285,773

				699,747
Textiles, Apparel & Luxury Goods – 1.5%
	63,300	Samsonite International SA		203,752
Thrifts & Mortgage Finance – 0.9%
	7,292	Housing Development Finance Corp.		124,354
Tobacco – 0.7%
	16,850	ITC, Ltd.		101,039


Total Common Stock (cost $13,692,872)				14,058,533


Preferred Stock – 1.0%
Semiconductor & Semiconductor Equipment – 1.0%
	168	Samsung Electronics Co., Ltd. (cost $157,923)		142,796


Warrant – 0%
Real Estate Management & Development – 0%
	1,000	Sun Hung Kai Properties, Ltd. expires 4/22/16* (cost $0)		1,672


Money Market – 3.5%
	487,094	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $487,094)		487,094


Investment Purchased with Cash Collateral From Securities Lending – 1.7%
	230,825	Janus Cash Collateral Fund LLC, 0.0650%°°^,£ (cost $230,825)		230,825


Total Investments (total cost $14,568,714) – 107.9%				14,920,920


Liabilities, net of Cash, Receivables and Other Assets – (7.9)%				(1,093,175)


Net Assets – 100%			$	13,827,745

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


			% of Investment
Country	Value		Securities


China	$	3,898,471		26	.1%
South Korea		2,488,780		16	.7
Hong Kong		2,090,277		14	.0
Taiwan		2,081,527		14	.0
India		1,317,953		8	.8
United States^††		717,919		4	.8
Singapore		610,191		4	.1
Philippines		424,903		2	.8
Malaysia		359,519		2	.4
Thailand		290,716		2	.0
Indonesia		244,586		1	.6
Japan		240,366		1	.6
France		87,132		0	.6
Australia		68,580		0	.5


Total	$	14,920,920		100	.0%


††		Includes all Cash Equivalents.

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

Janus Global & International Funds | 9

Janus Emerging Markets Fund (unaudited)

FUND SNAPSHOT
We seek to generate strong risk-adjusted returns by investing in stocks with high or expanding profitability at attractive valuations.

(HIROSHI YOH PHOTO)
Hiroshi Yoh
lead co-portfolio manager (WAHID CHAMMAS PHOTO)
Wahid Chammas
co-portfolio manager

PERFORMANCE

Janus Emerging Markets Fund’s Class I Shares returned 7.19% for the one-year period ended September 30, 2014. The Fund’s benchmark, the MSCI Emerging Markets Index, returned 4.30%.

INVESTMENT ENVIRONMENT

Emerging markets delivered positive returns in the past 12 months but continued their persistent underperformance relative to developed markets. Fourth quarter 2013 and early 2014 saw continued declines prompted by persistent concerns about the region’s slowing economic growth, particularly in China, mounting geopolitical risks in countries such as Russia and Thailand, and potential negative prospects around anticipated Federal Reserve tapering of its stimulative bond-buying program. The latter significantly weakened currencies of countries with account and fiscal deficits, as well as sparked large foreign investor outflows from the region. In addition, Brazil continued to suffer from a weak economy and investor disappointment over government policies. A positive market rebound began in February and continued to September, leading to strong gains driven by optimism for pro-business election wins in India and Indonesia, stronger investment inflows, and stabilizing signs from China in areas such as manufacturing that indicated that although the world’s second-largest economy has slowed it may be doing so at a controllable pace. The final weeks of the period saw another reversal as a stronger U.S. dollar and likelihood of rising U.S. interest rates brought back unpleasant memories of the 1997 Asian financial crisis for many investors. Emerging market fundamentals, however, appear much stronger today, with continued solid prospects for growth.

PERFORMANCE DISCUSSION

Fund outperformance was led by holdings in China, India and Taiwan. On a sector basis, consumer discretionary, materials and health care holdings contributed the most to relative outperformance.

The largest individual contributor was PC Jeweller, a consumer discretionary stock in India and one of the Fund’s Top 5 holdings. This operator of a jewelry store chain rallied significantly on higher jewelry and gold sales. Consumer spending generally has improved in India following the May elections that propelled Prime Minister Narendra Modi into power. We believe investors also appreciated the company’s discounted valuation as one of the cheapest stocks in India.

The Fund’s largest holding, Taiwan Semiconductor Manufacturing Co. (TSMC), was another top individual contributor. TSMC is the world’s leading contract manufacturer of semiconductor chips. The stock rose on stronger-than-expected orders during its normally weaker beginning-of-the-year period. As a result, the company raised its first-quarter sales forecast, driven by stronger demand for mobile phones. It also raised its profitability outlook. We continue to appreciate the company’s dominant market position and consider its valuation attractive relative to the strong earnings growth we anticipate.

In China, consumer discretionary stock SAIC Motor was also additive to relative returns, benefiting from higher auto sales. While GDP growth is slowing in China, auto sales are growing at double-digit levels. With the economy nearly at full employment, wage growth for blue collar workers is quite strong, which has led to higher car sales. Industry-wide car sales have grown at a double-digit pace for the past three years in China. Despite its gains, SAIC remains one of the cheapest auto stocks in the world, with approximately 30% of its market capitalization represented in cash on its balance sheet.

On a country basis, our holdings in South Korea and Brazil, and our small out-of-index position in the UK weighed the most on relative returns. Energy, utilities and industrials were the sectors that detracted the most from relative performance.

London Mining, an iron ore company with mines in Sierra Leone, Greenland and Saudi Arabia, was the largest individual detractor. The company suffered from weak iron

10 | SEPTEMBER 30, 2014

(unaudited)

ore prices, which left the firm strapped for cash after a series of recent mishaps, as well as the Ebola outbreak in Africa, where it operates mines. We sold the stock. We had favored the UK-based miner for its high grade ore reserves and its market position as a low-cost producer. The company’s balance sheet had always been stretched, but we miscalculated their ability to maneuver this successfully. While fears over falling iron ore prices and the company’s ability to refinance its debt negatively impacted the stock during the period, we felt it was fully discounted. The company had also guided for over a year that they were in discussions with a strategic investor to monetize their lucrative mine and restructure their balance sheet. However, with the sudden announcement in late September that Glencore refused to make a prepayment under the terms of its off take agreement for the Marampa mine, the company essentially found itself strapped for cash. London Mining was positioned as one of the smallest positions in the Fund, commensurate with our risk management process to reflect its higher risk profile.

Two other of the Fund’s main individual detractors were Russian related. The first was TCS Group Holding, a financial company that specializes in consumer finance in Russia. The company has a cost-effective business model for identifying creditworthy customers, in our view. TCS reported financial results during the period that topped market estimates. However, its fundamentals were overwhelmed by the Ukraine crisis and by concerns over potential loan losses and funding weakness.

The second was Sberbank of Russia, Russia’s largest bank. The stock suffered as a proxy for the broader Russian market, which sold off over the Ukraine crisis. We added to our position. The company’s fundamentals remained strong, as evidenced by higher-than expected growth and profitability in its latest quarter. Also noteworthy was significant deposit growth month over month in March, indicating, perhaps, a flight to quality from smaller banks. Given the environment, Sberbank traded at a significant discount to global peers, which we believe will slowly diminish long term as geopolitical tensions ease.

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

OUTLOOK

Additionally, in key countries like China, India and Indonesia that are undergoing economic reforms, even 1% lower GDP growth can lead to growing corporate earnings. Stronger earnings growth will result for those companies that are improving their efficiencies and making smart asset allocation decisions. The result would be growth in profitability and a re-rating of a company’s valuation. The main risk we see is a potential hard landing in key countries. If a hard landing can be avoided, we expect considerable upside for emerging market equities.

While we pay attention to the macroeconomic environment, our focus remains on stock picking and identifying companies that can grow their sales while staying focused on operating efficiencies and capital allocation, which should eventually lead to better shareholder returns.

Thank you for your investment in Janus Emerging Markets Fund.

Janus Global & International Funds | 11

Janus Emerging Markets Fund (unaudited)

Janus Emerging Markets Fund At A Glance

5 Top Performers – Holdings


	Contribution

PC Jeweller, Ltd.		1.81%
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		0.91%
SAIC Motor Corp., Ltd. – Class A		0.89%
Sitoy Group Holdings, Ltd.		0.86%
Orascom Development Holding AG		0.73%

5 Bottom Performers – Holdings


	Contribution

London Mining PLC		–0.76%
TCS Group Holding PLC (GDR)		–0.76%
Sberbank of Russia (ADR)		–0.75%
Louis XIII Holdings, Ltd.		–0.45%
Globaltrans Investment PLC (GDR)		–0.44%

5 Top Performers – Sectors*


			Fund Weighting		MSCI Emerging Markets
	Fund Contribution		(Average % of Equity)		Index^SM Weighting

Consumer Discretionary		2.57%		21.52%		9.02%
Materials		1.05%		5.15%		9.25%
Health Care		0.79%		1.38%		1.75%
Financials		0.58%		30.66%		26.96%
Information Technology		0.40%		18.03%		16.49%

5 Bottom Performers – Sectors*


			Fund Weighting		MSCI Emerging Markets
	Fund Contribution		(Average % of Equity)		Index^SM Weighting

Energy		–0.39%		6.39%		10.98%
Utilities		–0.29%		0.53%		3.43%
Industrials		–0.26%		7.80%		6.46%
Consumer Staples		0.08%		5.70%		8.43%
Telecommunication Services		0.11%		0.50%		7.23%


		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 codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

12 | SEPTEMBER 30, 2014

Janus Emerging Markets Fund (unaudited)

Performance


			Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014			per the January 28, 2014 prospectuses
	One	Since	Total Annual Fund	Net Annual Fund
	Year	Inception*	Operating Expenses	Operating Expenses

Janus Emerging Markets Fund – Class A Shares
NAV	6.71%	–3.09%	1.81%	1.46%
MOP	0.60%	–4.60%

Janus Emerging Markets Fund – Class C Shares
NAV	5.98%	–3.73%	2.54%	2.17%
CDSC	4.98%	–3.73%

Janus Emerging Markets Fund – Class D Shares⁽¹⁾	6.98%	–2.94%	1.64%	1.26%

Janus Emerging Markets Fund – Class I Shares	7.19%	–2.80%	1.50%	1.14%

Janus Emerging Markets Fund – Class S Shares	6.67%	–3.11%	1.97%	1.64%

Janus Emerging Markets Fund – Class T Shares	6.92%	–2.94%	1.70%	1.39%

MSCI Emerging Markets Index^SM	4.30%	–0.43%

Morningstar Quartile – Class I Shares	1st	4th

Morningstar Ranking – based on total return for Diversified Emerging Markets Funds	129/702	394/464

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, Janus Capital has contractually agreed to through February 1, 2015.

See important disclosures on the next page.

14 | SEPTEMBER 30, 2014

(unaudited)

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

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

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

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

See “Useful Information About Your Fund Report.”

Effective February 12, 2014, Hiroshi Yoh and Wahid Chammas are Co-Portfolio Managers of the Fund.


*		The Fund’s inception date – December 28, 2010
(1)		Closed to new investors.

Janus Global & International Funds | 15

Janus Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,027.40	$	8.49	$	1,000.00	$	1,016.70	$	8.44		1.67%


Class C Shares	$	1,000.00	$	1,022.90	$	11.71	$	1,000.00	$	1,013.49	$	11.66		2.31%


Class D Shares	$	1,000.00	$	1,028.80	$	6.71	$	1,000.00	$	1,018.45	$	6.68		1.32%


Class I Shares	$	1,000.00	$	1,029.90	$	6.00	$	1,000.00	$	1,019.15	$	5.97		1.18%


Class S Shares	$	1,000.00	$	1,026.40	$	8.48	$	1,000.00	$	1,016.70	$	8.44		1.67%


Class T Shares	$	1,000.00	$	1,028.70	$	7.22	$	1,000.00	$	1,017.95	$	7.18		1.42%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

16 | SEPTEMBER 30, 2014

Janus Emerging Markets Fund

Schedule of Investments

As of September 30, 2014


Shares or Principal Amount			Value

Common Stock – 93.2%
Airlines – 0.5%
	220,000	AirAsia Bhd	$	169,790
Auto Components – 1.1%
	1,491	Hyundai Mobis Co., Ltd.		363,383
Automobiles – 5.3%
	164,000	Astra International Tbk PT		94,967
	335,000	Geely Automobile Holdings, Ltd.		140,137
	2,883	Hyundai Motor Co.		519,998
	280,000	SAIC Motor Corp., Ltd. – Class A^ß		823,382
	163,157	Yulon Motor Co., Ltd.		243,660

				1,822,144
Beverages – 2.0%
	20,900	Fomento Economico Mexicano SAB de CV		192,407
	396,721	LT Group, Inc.		138,170
	6,531	SABMiller PLC		363,313

				693,890
Capital Markets – 3.5%
	47,124	Atlas Mara Co-Nvest, Ltd.		461,815
	143,000	CITIC Securities Co., Ltd. – Class A^ß		310,089
	20,800	Grupo BTG Pactual		274,076
	248,000	Guotai Junan International Holdings, Ltd.		171,121

				1,217,101
Commercial Banks – 14.3%
	23,000	Bangkok Bank PCL (NVDR)		144,706
	298,400	Bank Mandiri Persero Tbk PT		245,574
	175,831	BBVA Banco Continental SA		294,270
	373,500	China Construction Bank Corp. – Class A^ß		247,517
	31,079	Grupo Financiero Santander Mexico SAB de CV (ADR)		420,499
	3,124	Hana Financial Group, Inc.		112,959
	8,497	ICICI Bank, Ltd. (ADR)		417,203
	578,000	Industrial & Commercial Bank of China, Ltd. – Class H		360,726
	61,237	Itau Unibanco Holding SA (ADR)		849,970
	78,828	Metropolitan Bank & Trust Co.		152,290
	76,834	National Bank of Greece SA*		224,711
	6,295	OTP Bank PLC		106,928
	70,698	Sberbank of Russia (ADR)		556,429
	8,542	Shinhan Financial Group Co., Ltd.		390,187
	50,519	TCS Group Holding PLC (GDR)		235,164
	28,797	Turkiye Halk Bankasi A/S		173,071

				4,932,204
Construction & Engineering – 1.0%
	714,600	Louis XIII Holdings, Ltd.*		360,107
Construction Materials – 0.4%
	185,000	BBMG Corp. – Class H		128,396
Diversified Consumer Services – 1.6%
	85,972	Kroton Educacional SA		540,245
Diversified Financial Services – 1.2%
	65,400	BM&FBovespa SA		299,010
	10,327,703	Bolsa de Valores de Colombia		121,896

				420,906
Electric Utilities – 0.5%
	76,618	Power Grid Corp. of India, Ltd.		167,777
Electrical Equipment – 0.6%
	61,162	Finolex Cables, Ltd.		210,555
Electronic Equipment, Instruments & Components – 4.3%
	76,000	Chroma ATE, Inc.		211,353
	67,000	FLEXium Interconnect, Inc.		168,728
	88,480	Hon Hai Precision Industry Co., Ltd.		278,622
	55,300	Japan Display, Inc.*		267,962
	33,600	Merry Electronics Co., Ltd.		156,197
	160,000	WPG Holdings, Ltd.		195,786
	77,100	Zhen Ding Technology Holding, Ltd.		222,653

				1,501,301
Food & Staples Retailing – 2.0%
	43,900	Brasil Pharma SA		67,621
	99,150	Robinsons Retail Holdings, Inc.		139,876
	26,093	Shoprite Holdings, Ltd.		323,238
	9,080	X5 Retail Group NV (GDR)		167,293

				698,028
Food Products – 2.2%
	35,357	AVI, Ltd.		219,016
	49,963	Biostime International Holdings, Ltd.^#		155,287
	18,997	Oceana Group, Ltd.		124,701
	50,610	San Miguel Pure Foods Co., Inc.		264,872

				763,876
Health Care Providers & Services – 0.5%
	231,000	Religare Health Trust		171,937
Hotels, Restaurants & Leisure – 2.4%
	86,000	Genting Bhd		248,870
	45,000	Melco International Development, Ltd.		104,171
	196,000	Nagacrop, Ltd.		140,393
	11,183	Orascom Development Holding AG*		216,157
	80,000	Shangri-La Asia, Ltd.		118,422

				828,013
Independent Power and Renewable Electricity Producers – 0.5%
	64,000	China Resources Power Holdings Co., Ltd.		172,830
Industrial Conglomerates – 0.4%
	306,000	Shun Tak Holdings, Ltd.		150,190
Information Technology Services – 1.3%
	3,078	Infosys, Ltd.		187,145
	8,784	QIWI PLC (ADR)		277,487

				464,632
Insurance – 2.6%
	12,400	BB Seguridade Participacoes SA		163,138
	72,400	China Pacific Insurance Group Co., Ltd. – Class A^ß		228,495
	1,907	Samsung Fire & Marine Insurance Co., Ltd.		507,257

				898,890
Internet & Catalog Retail – 0.4%
	1,589	Alibaba Group Holding, Ltd. (ADR)*		141,183
Internet Software & Services – 1.3%
	21,200	Tencent Holdings, Ltd.		315,595
	7,585	Youku Tudou, Inc. (ADR)*		135,923

				451,518
Machinery – 0.6%
	10,416	Daewoo Shipbuilding & Marine Engineering Co., Ltd.		199,926

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

Janus Global & International Funds | 17

Janus Emerging Markets Fund

Schedule of Investments

As of September 30, 2014


Shares or Principal Amount			Value

Marine – 0.4%
	232,000	China Shipping Development Co., Ltd. – Class H	$	145,628
Media – 0.5%
	41,400	Poly Culture Group Corp., Ltd. – Class H*		154,104
Metals & Mining – 2.3%
	43,718	Grupo Mexico SAB de CV – Series B		146,397
	68,594	Hindustan Zinc, Ltd.		178,285
	15,504	Iluka Resources, Ltd.		106,210
	256,951	London Mining PLC*		32,262
	529	POSCO		162,158
	14,167	Vale SA (ADR)^#		155,979

				781,291
Multiline Retail – 0.9%
	131,000	Lifestyle International Holdings, Ltd.^ß		246,104
	10,204	SACI Falabella		77,004

				323,108
Oil, Gas & Consumable Fuels – 5.3%
	20,361	Africa Oil Corp.*		89,601
	176,600	China Petroleum & Chemical Corp. – Class H		154,533
	47,000	China Shenhua Energy Co., Ltd. – Class H		131,190
	810,000	China Suntien Green Energy Corp., Ltd. – Class H		201,744
	48,000	CNOOC, Ltd.		82,620
	11,547	Cobalt International Energy, Inc.*		157,039
	62,020	Ophir Energy PLC*		229,408
	68,000	PetroChina Co., Ltd. – Class H		87,226
	25,380	Petroleo Brasileiro SA (ADR)^†		360,142
	21,221	Reliance Industries, Ltd.		323,986

				1,817,489
Pharmaceuticals – 0.5%
	12,573	Torrent Pharmaceuticals, Ltd.		177,366
Real Estate Investment Trusts (REITs) – 2.7%
	304,200	Concentradora Fibra Hotelera Mexicana SA de CV		533,005
	225,858	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		235,578
	79,800	Prologis Property Mexico SA de CV		167,810

				936,393
Real Estate Management & Development – 4.6%
	873,000	Central China Real Estate, Ltd.		205,293
	6,770,000	CSI Properties, Ltd.		283,311
	26,332	DLF, Ltd.		63,944
	537,000	Emaar Malls Group PJSC*		424,009
	33,551	Etalon Group, Ltd. (GDR)		122,345
	486,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		207,883
	13,900	Multiplan Empreendimentos Imobiliarios SA		284,645

				1,591,430
Road & Rail – 2.9%
	387,600	Daqin Railway Co., Ltd. – Class A^ß		491,255
	31,166	Globaltrans Investment PLC (GDR)		261,733
	17,229	Prime Car Management SA*		264,669

				1,017,657
Semiconductor & Semiconductor Equipment – 10.0%
	26,987	Himax Technologies, Inc. (ADR)^#		273,918
	11,000	MediaTek, Inc.		162,986
	824	Samsung Electronics Co., Ltd.		922,592
	14,326	SK Hynix, Inc.*		634,173
	72,978	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		1,472,696

				3,466,365
Software – 2.8%
	5,209	Globant SA*		73,291
	8,110	Linx SA		169,655
	2,568	NCSoft Corp.		326,945
	28,000	Nexon Co., Ltd.		231,203
	9,106	Perfect World Co., Ltd. (ADR)		179,297

				980,391
Specialty Retail – 5.1%
	448,500	Baoxin Auto Group, Ltd.		335,257
	175,800	Chow Tai Fook Jewellery Group, Ltd.^#		228,739
	71,750	L’Occitane International SA		164,520
	195,359	PC Jeweller, Ltd.		740,685
	30,300	Via Varejo SA		302,195

				1,771,396
Textiles, Apparel & Luxury Goods – 3.5%
	235,000	China Lilang, Ltd.		165,018
	13,613	Cie Financiere Richemont SA		111,339
	225,000	Samsonite International SA		724,237
	267,000	Sitoy Group Holdings, Ltd.		215,737

				1,216,331
Thrifts & Mortgage Finance – 0.7%
	15,046	Housing Development Finance Corp.		256,588
Tobacco – 0.5%
	27,195	ITC, Ltd.		163,072


Total Common Stock (cost $32,959,516)				32,267,431


Corporate Bond – 0.1%
Energy – 0.1%
	$110,000	Niko Resources, Ltd. 7.0000%, 12/31/17 (cost $110,594)		24,656


Preferred Stock – 1.4%
Chemicals – 0.9%
	1,921	LG Chem, Ltd.		298,379
Semiconductor & Semiconductor Equipment – 0.5%
	225	Samsung Electronics Co., Ltd.		191,244


Total Preferred Stock (cost $390,701)				489,623


Warrant – 0.1%
Commercial Banks – 0.1%
	27,518	Atlas Mara Co-Nvest, Ltd. expires 12/17/17 (144A)* (cost $275)		27,518


Money Market – 5.6%
	1,938,259	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $1,938,259)		1,938,259

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

18 | SEPTEMBER 30, 2014

Schedule of Investments

As of September 30, 2014


Shares or Principal Amount			Value

Investment Purchased with Cash Collateral From Securities Lending – 1.8%
	630,400	Janus Cash Collateral Fund LLC, 0.0650%°°^,£ (cost $630,400)	$	630,400


Total Investments (total cost $36,029,745) – 102.2%				35,377,887


Liabilities, net of Cash, Receivables and Other Assets – (2.2)%				(766,443)


Net Assets – 100%			$	34,611,444

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


			% of Investment
Country	Value		Securities


China	$	5,492,725		15	.5%
South Korea		4,629,201		13	.1
Brazil		3,466,676		9	.8
Taiwan		3,386,599		9	.6
Hong Kong		2,950,415		8	.3
India		2,886,606		8	.2
United States^††		2,798,989		7	.9
Russia		1,620,451		4	.6
Mexico		1,460,118		4	.1
Philippines		695,208		2	.0
South Africa		666,955		1	.9
United Kingdom		624,983		1	.8
Japan		499,165		1	.4
Virgin Islands (British)		489,333		1	.4
United Arab Emirates		424,009		1	.2
Malaysia		418,660		1	.2
Turkey		408,649		1	.2
Indonesia		340,541		1	.0
Switzerland		327,496		0	.9
Peru		294,270		0	.8
Poland		264,669		0	.7
Greece		224,711		0	.6
Singapore		171,937		0	.5
France		164,520		0	.5
Thailand		144,706		0	.4
Colombia		121,896		0	.3
Canada		114,257		0	.3
Hungary		106,928		0	.3
Australia		106,210		0	.3
Chile		77,004		0	.2


Total	$	35,377,887		100	.0%


††		Includes Cash Equivalents of 7.3%.

Schedule of Forward Currency Contracts, Open


					Unrealized
	Currency		Currency		Appreciation/
Counterparty/Currency and Settlement Date	Units Sold		Value		(Depreciation)

Credit Suisse International:
Australian Dollar 10/23/14		116,100	$	101,462	$	2,563
Japanese Yen 10/23/14		51,000,000		465,154		4,269


Total			$	566,616	$	6,832

Total Return Swaps outstanding at September 30, 2014

Unrealized

Notional

Return Paid

Return Received

Appreciation/

Counterparty

Amount

by the Fund

Termination Date

(Depreciation)

Credit Suisse International

286,720

1 month USD LIBOR
plus 100 basis points

Samba Financial Group

1/27/16

(3,717)

Credit Suisse International

181,162

1 month USD LIBOR
plus 100 basis points

Saudi International
Petrochemical Co.

2/10/16

14,737

Credit Suisse International

157,261

1 month USD LIBOR
plus 75 basis points

Moscow Exchange

12/15/15

(11,125)

Total

(105)

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

Janus Global & International Funds | 19

Janus Global Life Sciences Fund (unaudited)

FUND SNAPSHOT
We take a global approach to identify high-quality or improving businesses in the life sciences sector trading at a discount to our estimate of intrinsic value. We believe the rapidly growing global health care sector offers fertile opportunities for differentiated research. We believe what sets us apart is the quality of our team, the depth of our research and our commitment to delivering superior long-term results for our clients.

(ANDY ACKER PHOTO)
Andy Acker
portfolio manager

PERFORMANCE OVERVIEW

Janus Global Life Sciences Fund’s Class T Shares returned 34.31% over the one-year period ended September 30, 2014, significantly ahead of its primary benchmark, the S&P 500 Index, which returned 19.73%. The Fund also outperformed the MSCI World Health Care Index, the Fund’s secondary benchmark, which returned 24.85% during the period.

INVESTMENT ENVIRONMENT

Global health care stocks delivered strong returns in the past 12 months. Biotechnology momentum provided much of the lift, as did pharmaceuticals thanks to an active merger and acquisition (M&A) environment, particularly for specialty pharmaceutical stocks in tax-advantaged transactions. There were also a number of major drug launches in the period which demonstrated strong prescription trends. Additionally, public health exchanges created through the Affordable Care Act became operational, overcoming early website issues. The initial public offering (IPO) market also accelerated. While this rush of equity offerings created sometimes frothy market conditions, it should provide research and development funding for many developmental-stage companies to last for the next few years. Following a significant correction in biotechnology stocks (small caps in particular) in late March and early April, the health care sector rebounded, led once again by biotechnology as well as a reacceleration in M&A activity, spreading from specialty pharmaceuticals to large pharmaceutical companies, medical device makers and biotechnology firms. Investors also took advantage of technical weakness to add to sector positions where fundamentals appeared to remain strong. The period wound down with strong quarterly financial results for leading biotechnology companies and a number of buyouts at significant premiums to spur investor interest in companies addressing high, unmet medical needs. Hospitals and health insurance companies also performed well on stronger earnings, reflecting increased demand as more previously uninsured Americans entered the health care system through the Affordable Care Act.

PERFORMANCE DISCUSSION

The Fund seeks to uncover opportunities that span the life sciences spectrum, including stocks in the biotechnology, pharmaceutical, health care service and medical technology arenas. Our bottom-up, fundamental approach utilizes extensive proprietary research in an effort to discover the most compelling investment ideas across the globe. Our primary focus remains on companies that are addressing high, unmet medical needs and those that we believe can make the health care system more efficient.

Our significant overweight and holdings in biotechnology helped drive the Fund’s outperformance. Puma Biotechnology led the way after its breast cancer drug, neratinib, showed an impressive benefit in adjuvant breast cancer (treatments given after surgery to increase the chance of long-term disease-free survival) in a late-stage clinical trial. This came after earlier disappointing data from a competitive drug had raised questions about the potential for neratinib. While we continue to see significant prospects for Puma in adjuvant breast cancer, we took some profits after the stock’s strong gains.

Also in biotechnology, the Fund’s largest holding, Gilead Sciences, recorded robust gains. An arbitration panel rejected Roche Holding’s patent infringement claims related to Gilead’s key hepatitis C drug, Sovaldi. Since its launch earlier in 2014, the drug has become the largest-selling product in the history of the pharmaceutical industry. We think the launch of a Sovaldi combination pill in the fourth quarter 2014 could be another bellwether for the industry. This combination would provide the first true one-pill, once-a-day treatment for the majority of hepatitis C patients.

Our pharmaceutical holdings were the most additive to relative returns, led by Ireland-based Shire, which appreciated significantly during the period after the company agreed to a merger with U.S.-based

20 | SEPTEMBER 30, 2014

(unaudited)

pharmaceutical company AbbVie. Although this deal was later called off due to concerns about its tax treatment, we continue to favor Shire for its dominant position in the attention deficit and hyperactivity (ADHD) market, its strong portfolio of drugs for rare diseases, and its underappreciated pipeline. The company’s fundamentals remain solid, as reflected in better-than-expected quarterly earnings and raised guidance for the year.

Our largest individual detractor, Aegerion Pharmaceuticals, declined after reporting worse-than-expected earnings and revenue and lowered sales forecasts for the year. Concerns about future competition from another class of cholesterol-lowering drugs as well as the tolerability of its drug, Juxtapid, weighed on the stock. Due to the drug’s increasingly uncertain outlook, we liquidated our position.

Stemline Therapeutics, another individual detractor, traded lower due to manufacturing delays for its lead product. The clinical-stage company, which focuses on developing novel oncology therapeutics that target cancer stem cells and tumor bulk, also suffered from profit taking after a strong run earlier in 2014. The company also filed to issue more stock, then pulled the filing after the stock price declined. Although we continue to see significant sales potential for the company’s pipeline products, we decided to sell our small position in favor of other ideas.

Repros Therapeutics also weighed on performance, as the stock suffered when an FDA advisory panel suggested that doctors were prescribing testosterone drugs too broadly and advised the agency to limit the use of such drugs to a specific patient population. This could effectively extend the regulatory timelines for FDA approval of new drugs in this category and limit the size of the market. We sold our position in Repros, which is seeking marketing approval of its testosterone replacement drug, Androxal, due to heightened regulatory risks.

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

OUTLOOK

We believe stock gains have been driven by fundamental improvements, such as profit growth, innovative drugs advancing, and more insured patients gaining access to health care. However, we do see some areas getting more fully valued, such as some small cap biotechnology companies that have been pulled up by the market. We believe caution is warranted for some of these stocks as product development setbacks could lead to significant share price corrections.

Among our major investment themes, we continue to see an acceleration of innovation. Thirty new drugs were approved in the first nine months of 2014, more than all of 2013, and more approvals are expected. Particularly noteworthy during the period were advances in immuno-oncology, an innovative approach to cancer research that seeks to harness the body’s immune system to fight tumor cells. Approval of Merck’s Keytruda in September was a watershed event for this new class of treatments, which could lead to cures for patients with cancers previously considered incurable.

Roche Holding’s acquisition of U.S. biotechnology company Intermune in August for over $8 billion showed that M&A activity continues to be a driving force in the sector. Mitigating this somewhat, the U.S. Treasury took steps during the quarter to discourage tax inversions (re-incorporating a company overseas in order to reduce the tax burden on income earned abroad), which could reduce some of the benefits on those types of mergers. However, we believe low interest rates, high cash balances, excess industry capacity and the need for more innovative products should remain drivers of M&A activity.

The Affordable Care Act was another major driver for the health industry, as over 10 million previously uninsured Americans obtained health coverage through insurance exchanges or Medicaid expansion over the past year. This should continue to be a significant tailwind for hospital companies, which had been providing essentially free care to the uninsured until the advent of health care reform. In states that embraced an expansion of Medicaid eligibility, we have seen a 50% reduction in utilization by uninsured patients, resulting in improved volumes and profitability for hospitals. Health insurance companies and other health care providers also benefited from increased enrollments. We anticipate another uptick in demand as the second year of enrollment opens on November 15 and continues through February 15.

During the period, we realized profits and sold two positions in companies that had been acquired at significant premiums. Our new purchases included a pharmaceutical company with promising prospects for its immuno-oncology therapies, and a biotech company with a potentially viable new drug for hepatitis C, one of the biggest and most attractive markets in the pharmaceutical universe. Both companies fit our theme of investing in companies addressing high, unmet medical needs.

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

Janus Global & International Funds | 21

Janus Global Life Sciences Fund (unaudited)

Janus Global Life Sciences Fund At A Glance

5 Top Performers – Holdings


	Contribution

Puma Biotechnology, Inc.		3.33%
Gilead Sciences, Inc.		2.71%
Shire PLC (ADR)		1.63%
Forest Laboratories, Inc.		1.31%
Medivation, Inc.		1.24%

5 Bottom Performers – Holdings


	Contribution

Aegerion Pharmaceuticals, Inc.		–0.94%
Stemline Therapeutics, Inc.		–0.78%
Repros Therapeutics, Inc.		–0.61%
Biostime International Holdings, Ltd.		–0.36%
Endologix, Inc.		–0.31%

5 Top Performers – Sectors*


			Fund Weighting		S&P 500^®
	Fund Contribution		(Average % of Equity)		Index Weighting

Health Care		13.41%		95.34%		13.33%
Consumer Discretionary		1.06%		0.00%		12.16%
Energy		0.92%		0.00%		10.37%
Industrials		0.36%		0.00%		10.66%
Financials		0.20%		0.99%		16.18%

5 Bottom Performers – Sectors*


			Fund Weighting		S&P 500^®
	Fund Contribution		(Average % of Equity)		Index Weighting

Information Technology		–1.78%		0.00%		18.66%
Other**		–0.41%		2.30%		0.00%
Materials		–0.03%		0.00%		3.50%
Consumer Staples		0.04%		1.37%		9.71%
Utilities		0.05%		0.00%		3.04%


		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.

22 | SEPTEMBER 30, 2014

Janus Global Life Sciences Fund (unaudited)

Performance


					Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014					per the January 28, 2014 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses

Janus Global Life Sciences Fund – Class A Shares
NAV	34.20%	23.67%	13.49%	11.86%	1.04%
MOP	26.47%	22.22%	12.82%	11.44%

Janus Global Life Sciences Fund – Class C Shares
NAV	33.16%	22.73%	12.63%	11.03%	1.83%
CDSC	32.16%	22.73%	12.63%	11.03%

Janus Global Life Sciences Fund – Class D Shares⁽¹⁾	34.41%	23.87%	13.66%	12.02%	0.87%

Janus Global Life Sciences Fund – Class I Shares	34.51%	23.96%	13.61%	11.99%	0.77%

Janus Global Life Sciences Fund – Class S Shares	33.97%	23.45%	13.30%	11.69%	1.20%

Janus Global Life Sciences Fund – Class T Shares	34.31%	23.78%	13.61%	11.99%	0.95%

S&P 500^® Index	19.73%	15.70%	8.11%	4.98%

MSCI World Health Care Index	24.85%	17.19%	9.83%	5.88%

Morningstar Quartile – Class T Shares	1st	2nd	2nd	1st

Morningstar Ranking – based on total return for Health Funds	10/127	34/121	39/116	17/69

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.

See important disclosures on the next page.

24 | SEPTEMBER 30, 2014

(unaudited)

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

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

Class A Shares, Class C Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class, calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Ranking is for the share class shown only; other classes may have different performance characteristics.

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

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

See “Useful Information About Your Fund Report.”


*		The Fund’s inception date – December 31, 1998
(1)		Closed to new investors.

Janus Global & International Funds | 25

Janus Global Life Sciences Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,137.80	$	5.41	$	1,000.00	$	1,020.01	$	5.11		1.01%


Class C Shares	$	1,000.00	$	1,133.40	$	9.57	$	1,000.00	$	1,016.09	$	9.05		1.79%


Class D Shares	$	1,000.00	$	1,138.80	$	4.40	$	1,000.00	$	1,020.96	$	4.15		0.82%


Class I Shares	$	1,000.00	$	1,139.10	$	4.08	$	1,000.00	$	1,021.26	$	3.85		0.76%


Class S Shares	$	1,000.00	$	1,136.60	$	6.27	$	1,000.00	$	1,019.20	$	5.92		1.17%


Class T Shares	$	1,000.00	$	1,138.20	$	4.93	$	1,000.00	$	1,020.46	$	4.66		0.92%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

26 | SEPTEMBER 30, 2014

Janus Global Life Sciences Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 95.5%
Biotechnology – 30.7%
	742,705	ACADIA Pharmaceuticals, Inc.*^,#	$	18,389,376
	2,592,332	Achillion Pharmaceuticals, Inc.*^,#		25,871,473
	179,307	Actelion, Ltd.		21,026,767
	226,113	Alexion Pharmaceuticals, Inc.*		37,494,058
	515,684	Alkermes PLC*		22,107,373
	671,767	Arrowhead Research Corp.*^,#		9,921,999
	191,815	Biogen Idec, Inc.*		63,454,320
	710,400	Celgene Corp.*		67,331,712
	773,375	Chimerix, Inc.*		21,360,617
	2,615,375	Dyax Corp.*		26,467,595
	827,108	Gilead Sciences, Inc.*^,†		88,045,647
	373,205	Incyte Corp.*		18,305,705
	856,486	Insmed, Inc.*		11,177,142
	677,020	Insys Therapeutics, Inc.*^,#		26,254,836
	2,967,131	Ironwood Pharmaceuticals, Inc.*		38,439,182
	1,831,501	Juno Therapeutics, Inc. – Private Placement*^,§		4,999,998
	416,632	Medivation, Inc.*		41,192,406
	711,656	Neurocrine Biosciences, Inc.*		11,151,650
	1,215,775	NPS Pharmaceuticals, Inc.*		31,610,150
	1,239,297	OvaScience, Inc.*^,#,£		20,572,330
	511,493	Pharmacyclics, Inc.*^,#		60,064,623
	5,714,285	Pronai Therapeutics, Inc. – Private Placement*^,§		3,999,999
	405,305	PTC Therapeutics, Inc.*^,#		17,837,473
	88,785	Puma Biotechnology, Inc.*		21,181,437
	80,126	Regeneron Pharmaceuticals, Inc.*		28,887,026
	934,410	Sangamo BioSciences, Inc.*^,#		10,077,612
	1,207,387	Swedish Orphan Biovitrum AB*		12,872,111
	152,445	Synageva BioPharma Corp.*^,#		10,485,167
	320,701	Vertex Pharmaceuticals, Inc.*		36,017,929

				806,597,713
Food & Staples Retailing – 0.4%
	71	Diplomat Pharmacy, Inc. – Private Placement*^,§		9,987,448
Food Products – 1.0%
	4,068,906	Biostime International Holdings, Ltd.^#		12,646,296
	134,694	Mead Johnson Nutrition Co.		12,960,256

				25,606,552
Health Care Equipment & Supplies – 8.3%
	779,798	Abbott Laboratories		32,431,799
	1,236,130	Endologix, Inc.*		13,102,978
	525,483	GenMark Diagnostics, Inc.*^,#		4,713,583
	303,887	HeartWare International, Inc.*^,#		23,590,748
	438,130	Medtronic, Inc.		27,142,153
	769,228	Novadaq Technologies, Inc.*		9,761,503
	433,197	Quidel Corp.*		11,640,003
	538,134	St Jude Medical, Inc.		32,357,997
	218,665	Varian Medical Systems, Inc.*		17,519,440
	446,305	Zimmer Holdings, Inc.		44,875,968

				217,136,172
Health Care Providers & Services – 14.7%
	766,730	Aetna, Inc.		62,105,130
	376,027	AmerisourceBergen Corp.		29,066,887
	869,069	Catamaran Corp. (U.S. Shares)*		36,631,258
	320,872	DaVita HealthCare Partners, Inc.*		23,468,578
	561,811	Express Scripts Holding Co.*		39,680,711
	707,294	HCA Holdings, Inc.^#		49,878,373
	158,656	Henry Schein, Inc.*		18,478,664
	333,081	MEDNAX, Inc.*		18,259,501
	445,569	NMC Health PLC		3,445,516
	524,825	Omnicare, Inc.		32,675,605
	3,510,400	Sinopharm Group Co., Ltd. – Class H		12,820,803
	632,031	Tenet Healthcare Corp.*		37,536,321
	197,990	Universal Health Services, Inc. – Class B		20,689,955

				384,737,302
Health Care Technology – 1.7%
	184,370	athenahealth, Inc.*^,#		24,279,685
	1,040,770	HMS Holdings Corp.*		19,618,515

				43,898,200
Household Products – 0.6%
	196,474	Reckitt Benckiser Group PLC		17,003,189
Insurance – 1.0%
	301,592	Aon PLC		26,440,571
Life Sciences Tools & Services – 2.0%
	315,585	Genfit*		16,791,335
	67,992	Mettler-Toledo International, Inc.*		17,414,791
	148,118	Thermo Fisher Scientific, Inc.		18,025,960

				52,232,086
Pharmaceuticals – 34.6%
	805,474	AbbVie, Inc.		46,524,178
	209,724	Actavis PLC*		50,602,207
	510,932	AstraZeneca PLC (ADR)		36,500,982
	203,462	Bayer AG		28,492,087
	877,390	Bristol-Myers Squibb Co.		44,904,820
	467,911	Concordia Healthcare Corp.		15,427,107
	482,323	Eli Lilly & Co.		31,278,647
	573,824	Endo International PLC*		39,215,132
	1,271,821	Fibrogen, Inc. – Private Placement*^,§		5,990,277
	216,254	GW Pharmaceuticals PLC (ADR)^#		17,484,136
	225,656	Jazz Pharmaceuticals PLC*		36,231,327
	618,737	Johnson & Johnson		65,951,177
	286,651	Lipocine, Inc.*^,£		1,751,438
	743,705	Mallinckrodt PLC*		67,045,006
	1,514,049	Meda AB – Class A		21,284,249
	842,787	Nektar Therapeutics*		10,172,439
	475,486	Novartis AG		44,789,747
	575,785	Novo Nordisk A/S – Class B		27,439,183
	219,694	Pacira Pharmaceuticals, Inc.*		21,292,742
	197,367	Perrigo Co. PLC		29,642,550
	502,481	ProQR Therapeutics NV*		8,637,648
	1,037,269	Relypsa, Inc.*^,#		21,876,003
	199,044	Roche Holding AG		58,949,692
	179,002	Shire PLC (ADR)		46,370,468
	804,270	Teva Pharmaceutical Industries, Ltd. (ADR)		43,229,512
	534,560	Valeant Pharmaceuticals International, Inc. (U.S. Shares)^#		70,134,272
	441,872	ZS Pharma, Inc.*^,#		17,334,639

				908,551,665
Real Estate Investment Trusts (REITs) – 0.5%
	202,510	Ventas, Inc.		12,545,495


Total Common Stock (cost $1,824,562,248)				2,504,736,393


Money Market – 3.0%
	78,179,785	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $78,179,785)		78,179,785

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

Janus Global & International Funds | 27

Janus Global Life Sciences Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Investment Purchased with Cash Collateral From Securities Lending – 5.9%
	154,989,666	Janus Cash Collateral Fund LLC, 0.0650%°°^,£ (cost $154,989,666)	$	154,989,666


Total Investments (total cost $2,057,731,699) – 104.4%				2,737,905,844


Liabilities, net of Cash, Receivables and Other Assets – (4.4)%				(115,082,041)


Net Assets – 100%			$	2,622,823,803

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


			% of Investment
Country	Value		Securities


United States^††	$	2,176,167,983		79	.5%
Canada		131,954,140		4	.8
Switzerland		124,766,206		4	.6
United Kingdom		120,804,291		4	.4
Israel		43,229,512		1	.6
Sweden		34,156,360		1	.3
Germany		28,492,087		1	.0
Denmark		27,439,183		1	.0
China		25,467,099		0	.9
France		16,791,335		0	.6
Netherlands		8,637,648		0	.3


Total	$	2,737,905,844		100	.0%


††		Includes Cash Equivalents of 8.5%.

Schedule of Forward Currency Contracts, Open


					Unrealized
	Currency		Currency		Appreciation/
Counterparty/Currency and Settlement Date	Units Sold		Value		(Depreciation)

Bank of America:
Swedish Krona 11/6/14		38,500,000	$	5,336,525	$	(30,572)
Swiss Franc 11/6/14		9,500,000		9,956,620		42,040


				15,293,145		11,468


Credit Suisse International:
Swedish Krona 10/23/14		37,000,000		5,128,824		67,864
Swiss Franc 10/23/14		12,970,000		13,591,256		240,459


				18,720,080		308,323


HSBC Securities (USA), Inc.: Swiss Franc 10/9/14		14,175,000		14,851,797		674,193


JPMorgan Chase & Co.:
Swedish Krona 10/16/14		20,000,000		2,772,418		34,738
Swiss Franc 10/16/14		7,900,000		8,277,799		180,336


				11,050,217		215,074


RBC Capital Markets Corp.:
Swedish Krona 10/16/14		30,000,000		4,158,627		79,335
Swiss Franc 10/16/14		14,170,000		14,847,647		380,725


				19,006,274		460,060


Total			$	78,921,513	$	1,669,118

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

28 | SEPTEMBER 30, 2014

Janus Global Research Fund (unaudited)

FUND SNAPSHOT
We seek to create a diversified, high-conviction portfolio reflecting the best ideas of the Janus research team.

Team-Based Approach
Led by Jim Goff,
Director of Research

PERFORMANCE

Janus Global Research Fund’s Class T Shares returned 12.82% over the one-year period ended September 30, 2014. The Fund’s primary benchmark, the MSCI World Index, returned 12.20%, and its secondary benchmark, the MSCI All Country World Index, returned 11.32% during the period.

INVESTMENT ENVIRONMENT

Global stocks delivered strong returns during the past 12 months. The period began with moderate gains supported by solid U.S. market performance, even as the Federal Reserve (Fed) announced a gradual reduction in its bond-buying program that would begin in January. Europe benefitted from improving trade, manufacturing and other economic data, while returns from Japan slowed and emerging markets continued to underperform. First quarter 2014 saw additional positive euro-zone growth balanced by continued signs of slowdown in China, weaker Japanese stocks due to lack of economic reform progress and the potential for higher U.S. interest rates earlier than expected – all of which helped to keep global stock gains modest. Investors also doubted emerging markets’ ability to prop up their economies, although decisive central bank actions helped stabilize the region until Russian troops entered Crimea, causing new uncertainty.

After recovering from volatility in April due to momentum stock selling pressure and mounting geopolitical tensions, global markets rebounded. Catalysts included the European Central Bank’s interest rate cut and other measures designed to boost inflation and economic growth, as well as stronger credit market confidence in European peripheral countries. Emerging markets also showed notable improvement, led by pro-business election wins in India. As the period drew to a close, geopolitical turmoil in Ukraine and the Middle East more than offset generally positive U.S. economic news, pushing global markets lower. A brief Portugal banking scare and worries over Scotland’s independence vote, which was ultimately defeated, also weighed on investor sentiment, as did renewed concerns about China’s economic prospects. Corporate quarterly earnings, meanwhile, were largely in line with market expectations, and Japan’s economic growth did not fall as much as feared from a consumption tax increase earlier in the year. The Fed also helped markets by pledging to keep interest rates near zero for a “considerable time.”

PERFORMANCE DISCUSSION

Our Fund, which represents the best ideas of our seven global sector teams, employs a bottom-up, fundamental approach to identify what we consider the best global opportunities. Outperformance for the period was led by our industrials, health care and energy holdings.

Within industrials, the Fund’s largest holding, Canadian Pacific Railway, was our top individual contributor. The railroad company reported better-than-expected earnings on strong sales growth led by higher grain shipments. Management also increased its share repurchases during the period. We believe a new management team is improving the railroad company’s culture, operational performance and capital allocation decisions.

Apple, a top 5 holding, also aided performance on investor anticipation and subsequent announcements of new versions of its popular iPhone, along with an Apple Watch and a mobile payments system. We felt the product announcements demonstrate the company’s continued strength in combining hardware, software and services, which serve as an important differentiator from competitors. In addition, the cross-device integration between all of Apple’s products will continue to strengthen and expand its ecosystem, in our view. Even with recent gains, we still view the stock’s risk/reward profile as attractive.

Shire led the strong relative performance of our health care holdings. The Ireland-based specialty pharmaceutical firm rebuffed buyout attempts from U.S.-based AbbVie, citing undervaluation, during the period. We favor Shire for its dominant position in the attention deficit and hyperactivity (ADHD) market as well as its portfolio of drugs for rare diseases.

Despite Apple’s strong performance, our technology holdings detracted from relative performance, as did positions in the financials and consumer sectors. The largest individual detractor was consumer stock Whole Foods Market, which declined on disappointing long-term guidance due to increased competitive pressures. We believe the natural and organic foods grocery operator will

Janus Global & International Funds | 29

Janus Global Research Fund (unaudited)

continue to gain market share and will be aggressive in acquiring store sites and consumers from competitors to grow long term, but we recognize that effort will also lead to slower earnings growth over the short-to-intermediate term. We are continuing to analyze the competitive environment to assess whether that will restrict the long-term growth we anticipate for Whole Foods.

Within financials, Sberbank was another top individual detractor. Russia’s largest bank suffered as a proxy for the broader Russian market, which sold off over the Ukraine crisis. The company’s fundamentals remain strong, as evidenced by higher-than-expected growth and profitability in its latest quarter. Also noteworthy was significant deposit growth month over month in March, indicating, perhaps, a flight to quality from smaller banks. Given the environment, Sberbank traded at a significant discount to global peers, which we believe will slowly diminish long term as geopolitical tensions ease.

Volkswagen also weighed on performance. The automaker encountered production issues related to implementing its new shared manufacturing strategy and suffered from a more cautious outlook from management for a European recovery, given rising geopolitical risks. Volkswagen also announced a restructuring program in its European operations, which raised doubts the company would be able to reach operating profit targets for its namesake brand. While the European recovery has not been as smooth as we expected, it is still recovering, in our view. Volkswagen also remains one of the largest and cheapest auto manufacturers in the world and continues to generate strong free cash flow. We also believe the company’s shared production platform will ultimately be successful in reducing costs and improving efficiencies.

OUTLOOK

Around the world, inflation and interest rates remain low, a mix of conditions that support higher multiples. At the same time, we see subdued economic growth and worry that a sharp change in risk tolerance could mean a contraction in market multiples.

In the U.S., it seems that the slow-but-steady recovery is continuing. Recent earnings were generally in line or ahead of expectations, and stocks responded modestly. The years in which companies meeting market expectations meant beating expectations are well behind us as markets have moderated their risk assessments. Most measures of risk suggest that investors have become complacent, but we are watchful. The shift this spring from momentum-based stocks and their subsequent underperformance reminded us how quickly markets penalize those chasing rather than anticipating a trend.

The rest of the world is not wholly different, but there are distinctions. In Europe, economic growth will not do as much for earnings as company restructuring. In the third quarter, economic data suggested slower growth, hurting equity prices. We think the Ukrainian situation weighed on sentiment. A new round of stimulus could boost optimism, and a weaker euro could help propel equities. With interest rates low in Europe and price-to-earnings multiples low, Europe holds promise for stock selection.

Emerging markets carry more macroeconomic risks, but those could be easing. We are past elections in India and Indonesia (with pro-market outcomes), nearing the presidential selection in Brazil and seeing China settle in at a slower but sustainable growth rate. Correlations between these markets have fallen in the last two years versus the two years before that when macro forces were stronger.

With equity markets remaining fairly priced (not expensive but not cheap either) in our view, the key is to find companies that can create value beyond expectations through superior growth or improved operations. Companies that are creating value can help equity portfolios. And, with interest rates low and bond spreads tight to Treasurys, the relative attractiveness of equities remains interesting.

Thank you for your investment in Janus Global Research Fund.

30 | SEPTEMBER 30, 2014

(unaudited)

Janus Global Research Fund At A Glance

5 Top Performers – Holdings


	Contribution

Canadian Pacific Railway, Ltd.		1.36%
Apple, Inc.		0.74%
Shire PLC		0.63%
Maruti Suzuki India, Ltd.		0.57%
Gilead Sciences, Inc.		0.57%

5 Bottom Performers – Holdings


	Contribution

Whole Foods Market, Inc.		–0.34%
Sberbank of Russia (ADR)		–0.27%
Volkswagen AG		–0.24%
Brenntag AG		–0.20%
Petrofac, Ltd.		–0.20%

3 Top Performers – Sectors*


			Fund Weighting		MSCI World
	Fund Contribution		(Average % of Equity)		Index^SM Weighting

Industrials		2.41%		20.12%		20.20%
Health Care		0.87%		12.24%		12.18%
Energy		0.14%		12.90%		12.85%

4 Bottom Performers – Sectors*

Fund Weighting

MSCI World

Fund Contribution

(Average % of Equity)

Index^SM Weighting

Technology

–0.98%

9.49%

9.62%

Financials

–0.60%

21.22%

21.51%

Consumer

–0.58%

14.31%

14.36%

Communications

–0.29%

9.25%

9.28%


		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.
*		The sectors listed above reflect those covered by the seven analyst teams who comprise the Janus Research Team.

Janus Global & International Funds | 31

(unaudited)

Performance


				Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014				per the January 28, 2014 prospectuses
	One	Five	Since	Total Annual Fund	Net Annual Fund
	Year	Year	Inception*	Operating Expenses	Operating Expenses

Janus Global Research Fund – Class A Shares
NAV	12.67%	11.91%	9.37%	1.19%	1.09%
MOP	6.19%	10.59%	8.69%

Janus Global Research Fund – Class C Shares
NAV	11.84%	11.03%	8.51%	1.96%	1.86%
CDSC	10.84%	11.03%	8.51%

Janus Global Research Fund – Class D Shares⁽¹⁾	12.92%	12.07%	9.46%	0.95%	0.85%

Janus Global Research Fund – Class I Shares	12.98%	12.15%	9.42%	0.90%	0.80%

Janus Global Research Fund – Class R Shares	12.25%	11.48%	8.97%	1.51%	1.41%

Janus Global Research Fund – Class S Shares	12.54%	11.69%	9.13%	1.27%	1.17%

Janus Global Research Fund – Class T Shares	12.82%	11.98%	9.42%	1.03%	0.93%

MSCI World Index^SM	12.20%	10.86%	6.08%

MSCI All Country World Index^SM	11.32%	10.07%	6.18%

Morningstar Quartile – Class T Shares	1st	1st	1st

Morningstar Ranking – based on total return for World Stock Funds	172/1,150	179/780	11/505

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, Janus Capital has contractually agreed to through February 1, 2015.

See important disclosures on the next page.

Janus Global & International Funds | 33

Janus Global Research Fund (unaudited)

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

Class R Shares commenced operations on March 15, 2013, as there were no corresponding Class R Shares prior to the merger. See Note 8 in Notes to Financial Statements. Performance shown for periods prior to March 15, 2013 reflects the historical performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class R Shares, without the effect of any fee and expense limitations or waivers.

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

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

See “Useful Information About Your Fund Report.”


*		The Fund’s inception date – February 25, 2005
(1)		Closed to new investors.

34 | SEPTEMBER 30, 2014

(unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,035.50	$	4.54	$	1,000.00	$	1,020.61	$	4.51		0.89%


Class C Shares	$	1,000.00	$	1,031.70	$	8.40	$	1,000.00	$	1,016.80	$	8.34		1.65%


Class D Shares	$	1,000.00	$	1,036.60	$	3.52	$	1,000.00	$	1,021.61	$	3.50		0.69%


Class I Shares	$	1,000.00	$	1,036.80	$	3.11	$	1,000.00	$	1,022.01	$	3.09		0.61%


Class R Shares	$	1,000.00	$	1,033.40	$	6.58	$	1,000.00	$	1,018.60	$	6.53		1.29%


Class S Shares	$	1,000.00	$	1,034.80	$	5.31	$	1,000.00	$	1,019.85	$	5.27		1.04%


Class T Shares	$	1,000.00	$	1,036.20	$	4.03	$	1,000.00	$	1,021.11	$	4.00		0.79%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Global & International Funds | 35

Janus Global Research Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 98.2%
Aerospace & Defense – 0.8%
	88,134	Precision Castparts Corp.	$	20,877,182
Air Freight & Logistics – 0.6%
	133,882	Panalpina Welttransport Holding AG		16,837,133
Airlines – 1.0%
	533,200	United Continental Holdings, Inc.*		24,948,428
Auto Components – 1.4%
	1,279,300	NGK Spark Plug Co., Ltd.		37,723,004
Automobiles – 0.5%
	4,919	Hyundai Motor Co.		887,226
	251,515	Maruti Suzuki India, Ltd.		12,469,834

				13,357,060
Beverages – 2.7%
	349,863	PepsiCo, Inc.		32,568,747
	88,607	Pernod Ricard SA		10,013,692
	490,557	SABMiller PLC		27,255,267

				69,837,706
Biotechnology – 5.2%
	134,591	Actelion, Ltd.		15,783,062
	61,981	Biogen Idec, Inc.*		20,503,934
	209,979	Celgene Corp.*		19,901,810
	200,931	Gilead Sciences, Inc.*		21,389,105
	1,341,741	Ironwood Pharmaceuticals, Inc.*		17,382,255
	134,971	Medivation, Inc.*		13,344,583
	429,058	NPS Pharmaceuticals, Inc.*		11,155,508
	148,181	Pharmacyclics, Inc.*		17,400,895

				136,861,152
Capital Markets – 3.6%
	980,453	Blackstone Group LP		30,864,660
	472,938	Deutsche Bank AG		16,586,629
	775,410	ETRADE Financial Corp.		17,516,512
	1,680,160	UBS AG		29,157,078

				94,124,879
Chemicals – 2.6%
	160,700	Air Products & Chemicals, Inc.		20,919,926
	3,103,194	Alent PLC		16,492,550
	167,115	LyondellBasell Industries NV – Class A		18,158,716
	110,785	Monsanto Co.		12,464,420

				68,035,612
Commercial Banks – 6.8%
	13,633,000	China Construction Bank Corp. – Class H		9,563,556
	448,657	Citigroup, Inc.		23,249,406
	2,737,774	HSBC Holdings PLC		27,859,053
	1,723,369	ING Groep NV*		24,509,865
	385,859	JPMorgan Chase & Co.		23,244,146
	11,987,492	Lloyds Banking Group PLC*		14,851,675
	717,093	Sberbank of Russia (ADR)		5,643,881
	6,426,400	Seven Bank, Ltd.		26,212,810
	1,045,239	Turkiye Halk Bankasi A/S		6,281,912
	400,900	U.S. Bancorp		16,769,647

				178,185,951
Communications Equipment – 1.6%
	493,360	CommScope Holding Co., Inc.*		11,796,238
	165,844	Motorola Solutions, Inc.		10,494,608
	1,663,655	Telefonaktiebolaget LM Ericsson – Class B		21,006,375

				43,297,221
Consumer Finance – 0.7%
	214,345	American Express Co.		18,763,761
Containers & Packaging – 0.8%
	472,439	Crown Holdings, Inc.*		21,032,984
Diversified Financial Services – 0.6%
	85,048	Intercontinental Exchange, Inc.		16,588,612
Electric Utilities – 0.6%
	426,206	Brookfield Infrastructure Partners LP		16,195,828
Electrical Equipment – 0.8%
	474,457	Sensata Technologies Holding NV*		21,127,570
Electronic Equipment, Instruments & Components – 1.9%
	85,000	Keyence Corp.		36,982,450
	250,298	TE Connectivity, Ltd. (U.S. Shares)		13,838,977

				50,821,427
Energy Equipment & Services – 1.4%
	147,363	Core Laboratories NV		21,566,575
	80,255	National Oilwell Varco, Inc.		6,107,406
	555,070	Petrofac, Ltd.		9,276,916

				36,950,897
Food & Staples Retailing – 1.5%
	466,042	Kroger Co.		24,234,184
	408,103	Whole Foods Market, Inc.		15,552,805

				39,786,989
Food Products – 1.5%
	135,995	Hershey Co.		12,978,003
	359,369	Nestle SA		26,365,131

				39,343,134
Health Care Equipment & Supplies – 0.7%
	179,697	Zimmer Holdings, Inc.		18,068,533
Health Care Providers & Services – 2.6%
	231,316	Aetna, Inc.		18,736,596
	357,659	Catamaran Corp. (U.S. Shares)*		15,075,327
	243,199	Express Scripts Holding Co.*		17,177,145
	296,492	Omnicare, Inc.		18,459,592

				69,448,660
Hotels, Restaurants & Leisure – 0.7%
	3,952,337	Bwin.Party Digital Entertainment PLC		5,815,703
	177,219	Starbucks Corp.		13,372,946

				19,188,649
Household Durables – 0.3%
	374,800	Sony Corp.		6,754,618
Household Products – 1.1%
	443,802	Colgate-Palmolive Co.		28,944,766
Information Technology Services – 2.3%
	284,851	Amdocs, Ltd. (U.S. Shares)		13,068,964
	417,009	MasterCard, Inc. – Class A		30,825,305
	84,059	Visa, Inc. – Class A		17,935,669

				61,829,938

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

36 | SEPTEMBER 30, 2014

Schedule of Investments

As of September 30, 2014


Shares			Value

Insurance – 4.2%
	10,750,700	AIA Group, Ltd.	$	55,485,825
	311,635	Aon PLC		27,321,040
	1,305,333	Prudential PLC		28,988,065

				111,794,930
Internet & Catalog Retail – 1.5%
	146,921	Alibaba Group Holding, Ltd. (ADR)*		13,053,931
	39,477	Amazon.com, Inc.*		12,728,964
	11,137	Priceline Group, Inc.*		12,903,105

				38,686,000
Internet Software & Services – 2.1%
	113,664	Facebook, Inc. – Class A*		8,984,003
	31,478	Google, Inc. – Class A*		18,521,970
	35,747	Google, Inc. – Class C*		20,638,888
	356,400	Youku Tudou, Inc. (ADR)*		6,386,688

				54,531,549
Leisure Products – 0.3%
	281,693	Mattel, Inc.		8,633,891
Machinery – 1.3%
	268,457	Colfax Corp.*		15,293,996
	149,243	Dover Corp.		11,988,690
	281,998	Rexnord Corp.		8,022,843

				35,305,529
Media – 3.6%
	139,135	CBS Corp. – Class B		7,443,722
	191,117	CBS Outdoor Americas, Inc.		5,722,043
	372,811	Comcast Corp. – Class A		20,049,776
	134,255	Liberty Global PLC – Class A*		5,711,208
	264,944	Liberty Global PLC – Class C*		10,866,678
	58,124	Time Warner Cable, Inc.		8,340,213
	589,794	Twenty-First Century Fox, Inc. – Class A		20,224,036
	194,958	Walt Disney Co.		17,357,111

				95,714,787
Metals & Mining – 0.6%
	589,138	ThyssenKrupp AG		15,467,744
Oil, Gas & Consumable Fuels – 11.2%
	278,887	Anadarko Petroleum Corp.		28,290,297
	698,745	Encana Corp. (U.S. Shares)		14,820,382
	920,036	Enterprise Products Partners LP		37,077,451
	1,330,500	Inpex Corp.		18,838,613
	295,548	Keyera Corp.		23,814,338
	476,458	Koninklijke Vopak NV		25,650,692
	504,462	MarkWest Energy Partners LP		38,752,771
	504,127	MEG Energy Corp.*		15,477,662
	355,297	Noble Energy, Inc.		24,288,103
	308,262	Phillips 66		25,064,783
	403,526	Royal Dutch Shell PLC (ADR)		30,720,434
	267,432	Valero Energy Corp.		12,374,079

				295,169,605
Pharmaceuticals – 4.3%
	259,263	Endo International PLC*		17,718,033
	116,723	Jazz Pharmaceuticals PLC*		18,741,045
	1,043,917	Meda AB – Class A		14,675,212
	81,903	Roche Holding AG		24,256,730
	337,453	Teva Pharmaceutical Industries, Ltd. (ADR)		18,138,099
	160,979	Valeant Pharmaceuticals International, Inc. (U.S. Shares)		21,120,445

				114,649,564
Professional Services – 0.8%
	57,717	IHS, Inc. – Class A*		7,225,591
	244,618	Verisk Analytics, Inc. – Class A*		14,894,790

				22,120,381
Real Estate Investment Trusts (REITs) – 1.7%
	204,045	American Tower Corp.		19,104,733
	820,491	Lexington Realty Trust		8,032,607
	94,211	Simon Property Group, Inc.		15,490,173
	54,938	Ventas, Inc.		3,403,409

				46,030,922
Real Estate Management & Development – 2.0%
	468,874	Brookfield Asset Management, Inc. – Class A (U.S. Shares)		21,080,575
	150,525	Jones Lang LaSalle, Inc.		19,017,328
	588,000	Mitsubishi Estate Co., Ltd.		13,248,463

				53,346,366
Road & Rail – 3.5%
	184,704	Canadian National Railway Co.		13,114,677
	317,306	Canadian Pacific Railway, Ltd.		65,861,255
	109,727	Kansas City Southern		13,298,912

				92,274,844
Semiconductor & Semiconductor Equipment – 2.6%
	1,800,369	ARM Holdings PLC		26,228,785
	1,398,502	Atmel Corp.*		11,299,896
	320,606	Freescale Semiconductor, Ltd.*		6,261,435
	5,912	Samsung Electronics Co., Ltd.		6,619,373
	4,624,000	Taiwan Semiconductor Manufacturing Co., Ltd.		18,407,649

				68,817,138
Software – 2.2%
	530,278	Microsoft Corp.		24,583,688
	420,000	Nexon Co., Ltd.		3,468,040
	97,800	Nintendo Co., Ltd.		10,645,965
	230,132	Oracle Corp.		8,809,453
	174,304	Solera Holdings, Inc.		9,823,774

				57,330,920
Specialty Retail – 2.7%
	6,304,400	Chow Tai Fook Jewellery Group, Ltd.		8,202,855
	300,030	Lowe’s Cos., Inc.		15,877,588
	151,669	PetSmart, Inc.		10,630,480
	142,062	Tiffany & Co.		13,681,991
	116,093	Ulta Salon Cosmetics & Fragrance, Inc.		13,718,710
	134,120	Williams-Sonoma, Inc.		8,928,368

				71,039,992
Technology Hardware, Storage & Peripherals – 2.2%
	565,022	Apple, Inc.		56,925,967
Textiles, Apparel & Luxury Goods – 1.8%
	108,909	Cie Financiere Richemont SA		8,926,710
	194,845	NIKE, Inc. – Class B		17,380,174

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

Janus Global & International Funds | 37

Janus Global Research Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Textiles, Apparel & Luxury Goods – (continued)
	1,176,484	Prada SpA	$	7,132,138
	4,177,500	Samsonite International SA		13,446,674

				46,885,696
Tobacco – 1.8%
	581,288	Imperial Tobacco Group PLC		25,000,867
	713,500	Japan Tobacco, Inc.		23,227,765

				48,228,632
Trading Companies & Distributors – 2.2%
	732,565	Brenntag AG		35,963,344
	180,837	MSC Industrial Direct Co., Inc. – Class A		15,454,330
	191,401	NOW, Inc.		5,820,504

				57,238,178
Wireless Telecommunication Services – 1.3%
	513,294	T-Mobile U.S., Inc.		14,818,798
	12,787,800	Tower Bersama Infrastructure Tbk PT		8,401,370
	3,574,189	Vodafone Group PLC		11,779,901

				35,000,069


Total Common Stock (cost $2,172,136,246)				2,594,124,398


Preferred Stock – 0.9%
Automobiles – 0.9%
	108,080	Volkswagen AG (cost $28,571,885)		22,435,296


Money Market – 0.4%
	10,289,000	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $10,289,000)		10,289,000


Total Investments (total cost $2,210,997,131) – 99.5%				2,626,848,694


Cash, Receivables and Other Assets, net of Liabilities – 0.5%				13,974,995


Net Assets – 100%			$	2,640,823,689

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


			% of Investment
Country	Value		Securities


United States^††	$	1,537,357,385		58	.5%
United Kingdom		224,269,216		8	.5
Canada		190,364,661		7	.3
Japan		177,101,728		6	.7
Switzerland		121,325,844		4	.6
Germany		90,453,013		3	.5
Hong Kong		77,135,354		2	.9
Netherlands		50,160,557		1	.9
Sweden		35,681,587		1	.4
China		29,004,175		1	.1
Taiwan		18,407,649		0	.7
Israel		18,138,099		0	.7
India		12,469,834		0	.5
France		10,013,692		0	.4
Indonesia		8,401,370		0	.3
South Korea		7,506,599		0	.3
Italy		7,132,138		0	.3
Turkey		6,281,912		0	.2
Russia		5,643,881		0	.2


Total	$	2,626,848,694		100	.0%


††		Includes Cash Equivalents of 0.4%.

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

38 | SEPTEMBER 30, 2014

Janus Global Select Fund (unaudited)

FUND SNAPSHOT
We believe investing in companies where the market underestimates free-cash-flow growth and using risk efficiently drives excess returns.

(GEORGE MARIS PHOTO)
George Maris
portfolio manager

PERFORMANCE OVERVIEW

For the one-year period ended September 30, 2014, Janus Global Select Fund’s Class T Shares returned 13.46% versus a return of 11.32% for the Fund’s benchmark, the MSCI All Country World Index.

INVESTMENT ENVIRONMENT

PERFORMANCE DISCUSSION

We employ a high-conviction investment approach, which seeks strong risk-adjusted performance over the long term, although we are pleased when the Fund outperforms over shorter periods as it did in this period.

Our holdings within the U.S., Canada and the UK drove relative outperformance. On a sector basis, health care, industrials and telecommunication services were the top contributors.

Jazz Pharmaceuticals was the largest individual contributor. The specialty pharmaceutical company benefited from strong growth in Erwinaze, one of its key drug franchises, and due to ongoing market enthusiasm for tax-advantaged merger and acquisition (M&A) transactions. Based in Ireland, where taxes are substantially lower than in the U.S., Jazz has benefited from speculation it could be a buyout target from an acquirer seeking a low corporate tax rate. We reduced our position based on the company’s increased valuation and our skepticism over the value the market is ascribing to tax arbitrage strategies.

Within industrials, Canadian Pacific Railway was another top individual contributor. The railroad company’s management team continued to drive significant improvement in its operations. Canadian Pacific reported better-than-expected quarterly earnings in April despite difficult winter weather conditions and began a stock repurchase program.

Ireland-based Shire was also an additive to relative returns. The specialty pharmaceutical firm rebuffed buyout attempts from U.S.-based AbbVie and Allergan, citing undervaluation, during the period. We favor Shire for its

Janus Global & International Funds | 39

Janus Global Select Fund (unaudited)

dominant position in the attention deficit and hyperactivity (ADHD) market as well as its portfolio of drugs for rare diseases.

Holdings in Sweden, Cyprus and Greece weighed the most on performance, as did holdings within information technology, consumer discretionary and financials.

Online gaming company Bwin.Party Digital Entertainment was the largest individual detractor. The prospect of increased competition in the U.S., where only three states have approved online gaming, weighed on the consumer discretionary stock. The acquisition of PokerStars by a small Canadian company, Amaya, also rattled investors in Bwin.Party. We think those concerns are overdone and remain optimistic that Bwin.Party will maintain a significant market position based on its key partnerships with casinos, its differentiated technology and the company’s critical mass of customers. Additionally, we think a new board chairman and an activist investor on the board could lead to shareholder value creation over the medium term. Finally, we consider the stock meaningfully undervalued.

Youku Tudou was another top individual detractor. An Internet television company in China, Youku’s platform enables consumers to search, view and share video content across multiple devices. Based on its large customer base, Youku has one of the most effective advertising platforms in the Chinese market, in our view. With its acquisition of Tudou, the company is gaining significant pricing power, which should give it a long-term advantage on content acquisition. However, increasing competition in the online video space has led to increased content costs for the company. Increased regulation and a lag in the company’s ability to monetize mobile video viewing have also been headwinds.

Within information technology, Teradata also weighed on performance. The U.S.-based data warehousing provider suffered from pressures from a lower-cost competitor and a significant slowing in its core market. Based on the competitive threat, we sold our position.

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

OUTLOOK

A period of synchronized global growth has given way to one of diverging economic paths. The U.S., UK and Ireland are showing growth, while other developed countries such as France are stagnating. We are waiting to see where Japan’s economy settles following its consumption tax increase but find few signs of sustainable growth so far. China, meanwhile, is growing but more slowly than earlier this year.

Economic growth matters, but for investment returns, business fundamentals and equity valuations are most important. Valuations in the U.S. equity markets are fair and interesting relative to other asset classes, in our view. Underlying fundamentals are also attractive. While some market observers see the economy in a late-stage recovery, we see it as being early, with employment just starting to improve and without significant inflationary pressures. We are anticipating approximately 3% growth in U.S. gross domestic product by the end of the year. We think the U.S. is still a good place to invest.

The UK macroeconomic backdrop is also favorable, but we are having some difficulty finding attractively valued companies that meet our investment criteria. The European peripheral countries also had solid growth, but as in the UK, attractive businesses at the right valuations are more difficult to identify. We think Ireland, Spain and Greece are among countries that should perform well going forward. A weaker euro also increases the relative attractiveness of exporters.

Similarly, a weaker yen favors Japanese exporters, but our holdings in Japan are based on attractive company fundamentals rather than a positive macroeconomic backdrop. We believe the market is running out of patience for Prime Minister Shinzo Abe’s reform efforts because he has yet to address some of the key structural issues in Japan’s economy, such as labor, corporate tax and health care.

Economic uncertainty can pressure business models but a robust economic picture is not critical to our success. Our investment approach seeks out companies where the market is not properly valuing future cash flows and constructs a portfolio reflecting our stock-picking judgment. Our recent performance is pleasing, but more importantly we remain confident in our long-term approach.

Thank you for your investment in Janus Global Select Fund.

40 | SEPTEMBER 30, 2014

(unaudited)

Janus Global Select Fund At A Glance

5 Top Performers – Holdings


	Contribution

Jazz Pharmaceuticals PLC		1.22%
Canadian Pacific Railway, Ltd.		1.08%
Shire PLC		1.03%
Sumco Corp.		0.96%
Valero Energy Corp.		0.94%

5 Bottom Performers – Holdings


	Contribution

Bwin.Party Digital Entertainment PLC		–0.57%
Youku Tudou, Inc. (ADR)		–0.55%
Teradata Corp.		–0.39%
Prada SpA		–0.34%
Countrywide PLC		–0.33%

5 Top Performers – Sectors*


			Fund Weighting		MSCI All Country
	Fund Contribution		(Average % of Equity)		World Index^SM Weighting

Health Care		3.01%		12.84%		10.55%
Industrials		2.48%		11.55%		10.74%
Telecommunication Services		0.34%		2.90%		4.00%
Energy		0.33%		7.81%		9.79%
Consumer Staples		0.05%		6.93%		9.70%

5 Bottom Performers – Sectors*


			Fund Weighting		MSCI All Country
	Fund Contribution		(Average % of Equity)		World Index^SM Weighting

Information Technology		–1.68%		13.64%		12.67%
Consumer Discretionary		–1.44%		14.85%		11.69%
Financials		–0.33%		21.43%		21.52%
Utilities		–0.06%		3.34%		3.25%
Other**		–0.05%		0.59%		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 Global & International Funds | 41

(unaudited)

Performance


					Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014					per the January 28, 2014 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses

Janus Global Select Fund – Class A Shares
NAV	13.52%	7.63%	8.28%	2.32%	1.18%
MOP	7.02%	6.36%	7.64%	1.89%

Janus Global Select Fund – Class C Shares
NAV	12.37%	6.77%	7.42%	1.53%	1.94%
CDSC	11.37%	6.77%	7.42%	1.53%

Janus Global Select Fund – Class D Shares⁽¹⁾	13.55%	7.87%	8.41%	2.41%	0.91%

Janus Global Select Fund – Class I Shares	13.63%	7.95%	8.37%	2.38%	0.76%

Janus Global Select Fund – Class R Shares	12.94%	7.24%	7.82%	1.89%	1.46%

Janus Global Select Fund – Class S Shares	13.17%	7.59%	8.14%	2.17%	1.21%

Janus Global Select Fund – Class T Shares	13.46%	7.79%	8.37%	2.38%	0.96%

MSCI All Country World Index^SM	11.32%	10.07%	7.28%	3.61%

Morningstar Quartile – Class T Shares	1st	4th	2nd	4th

Morningstar Ranking – based on total return for World Stock Funds	134/1,150	678/780	150/480	298/364

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.

See important disclosures on the next page.

Janus Global & International Funds | 43

Janus Global Select Fund (unaudited)

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class, calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.

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

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

See “Useful Information About Your Fund Report.”


*		The Fund’s inception date – June 30, 2000
(1)		Closed to new investors.

44 | SEPTEMBER 30, 2014

(unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,028.70	$	5.24	$	1,000.00	$	1,019.90	$	5.22		1.03%


Class C Shares	$	1,000.00	$	1,023.80	$	9.34	$	1,000.00	$	1,015.84	$	9.30		1.84%


Class D Shares	$	1,000.00	$	1,028.80	$	4.12	$	1,000.00	$	1,021.01	$	4.10		0.81%


Class I Shares	$	1,000.00	$	1,029.50	$	3.56	$	1,000.00	$	1,021.56	$	3.55		0.70%


Class R Shares	$	1,000.00	$	1,025.90	$	7.21	$	1,000.00	$	1,017.95	$	7.18		1.42%


Class S Shares	$	1,000.00	$	1,027.00	$	5.89	$	1,000.00	$	1,019.25	$	5.87		1.16%


Class T Shares	$	1,000.00	$	1,028.00	$	4.63	$	1,000.00	$	1,020.51	$	4.61		0.91%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Global & International Funds | 45

Janus Global Select Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 99.0%
Air Freight & Logistics – 1.1%
	150,281	FedEx Corp.	$	24,262,867
Airlines – 2.0%
	945,136	United Continental Holdings, Inc.*		44,222,913
Auto Components – 1.0%
	775,600	NGK Spark Plug Co., Ltd.		22,870,290
Automobiles – 1.9%
	140,702	Hyundai Motor Co.		25,378,009
	5,737,640	SAIC Motor Corp., Ltd. – Class A^ß		16,872,398

				42,250,407
Beverages – 2.0%
	797,905	SABMiller PLC		44,331,472
Biotechnology – 3.2%
	404,860	Medivation, Inc.*		40,028,508
	258,281	Pharmacyclics, Inc.*		30,329,938

				70,358,446
Capital Markets – 2.1%
	1,380,029	Morgan Stanley		47,707,603
Chemicals – 3.7%
	297,812	Air Products & Chemicals, Inc.		38,769,166
	218,004	PPG Industries, Inc.		42,890,107

				81,659,273
Commercial Banks – 10.7%
	379,973	BNP Paribas SA		25,123,977
	1,313,988	Citigroup, Inc.		68,090,858
	945,284	JPMorgan Chase & Co.		56,943,908
	9,813,687	National Bank of Greece SA*		28,701,379
	4,511,200	Seven Bank, Ltd.		18,400,851
	396,689	State Bank of India		15,658,794
	3,294,890	UniCredit SpA		25,799,198

				238,718,965
Commercial Services & Supplies – 3.1%
	1,573,634	Tyco International, Ltd. (U.S. Shares)		70,136,867
Communications Equipment – 3.0%
	5,309,340	Telefonaktiebolaget LM Ericsson – Class B		67,039,132
Diversified Consumer Services – 1.6%
	5,729,292	Kroton Educacional SA		36,002,660
Electric Utilities – 1.2%
	712,997	Brookfield Infrastructure Partners LP		27,093,886
Electrical Equipment – 0.8%
	402,039	Sensata Technologies Holding NV*		17,902,797
Electronic Equipment, Instruments & Components – 0.9%
	616,393	National Instruments Corp.		19,065,035
Food & Staples Retailing – 1.3%
	577,030	Kroger Co.		30,005,560
Food Products – 2.3%
	523,422	Mead Johnson Nutrition Co.		50,363,665
Health Care Providers & Services – 1.7%
	545,240	Express Scripts Holding Co.*		38,510,301
Hotels, Restaurants & Leisure – 1.7%
	25,477,238	Bwin.Party Digital Entertainment PLC		37,488,717
Independent Power and Renewable Electricity Producers – 2.1%
	1,530,058	NRG Energy, Inc.		46,636,168
Insurance – 5.5%
	12,578,600	AIA Group, Ltd.		64,919,865
	1,533,407	CNO Financial Group, Inc.		26,006,583
	982,100	Tokio Marine Holdings, Inc.		30,502,219

				121,428,667
Internet & Catalog Retail – 1.3%
	321,654	Alibaba Group Holding, Ltd. (ADR)*		28,578,958
Internet Software & Services – 0.9%
	1,065,130	Youku Tudou, Inc. (ADR)*		19,087,130
Leisure Products – 0.4%
	598,700	Sega Sammy Holdings, Inc.		9,642,327
Machinery – 0.6%
	242,705	Colfax Corp.*		13,826,904
Media – 1.5%
	230,752	Time Warner Cable, Inc.		33,110,604
Metals & Mining – 1.2%
	892,147	ArcelorMittal		12,243,686
	4,880,351	Fortescue Metals Group, Ltd.		14,768,345

				27,012,031
Oil, Gas & Consumable Fuels – 7.2%
	264,005	Chevron Corp.		31,501,077
	2,559,200	Inpex Corp.		36,235,834
	1,068,414	MEG Energy Corp.*		32,802,351
	2,002,895	Petroleo Brasileiro SA (ADR)		28,421,080
	676,745	Valero Energy Corp.		31,312,991

				160,273,333
Pharmaceuticals – 8.4%
	462,505	AstraZeneca PLC		33,130,733
	829,579	Bristol-Myers Squibb Co.		42,457,853
	169,344	Endo International PLC*		11,572,969
	285,391	Jazz Pharmaceuticals PLC*		45,822,379
	511,013	Johnson & Johnson		54,468,876

				187,452,810
Real Estate Management & Development – 0.9%
	2,756,510	Countrywide PLC		20,079,971
Road & Rail – 3.9%
	169,314	Canadian Pacific Railway, Ltd.		35,143,466
	423,025	Kansas City Southern		51,270,630

				86,414,096
Semiconductor & Semiconductor Equipment – 5.7%
	4,682,485	Atmel Corp.*		37,834,479
	4,862,737	ON Semiconductor Corp.*		43,472,869
	3,794,663	Sumco Corp.		45,860,592

				127,167,940
Software – 0.9%
	192,800	Nintendo Co., Ltd.		20,987,138
Specialty Retail – 2.2%
	504,390	Gap, Inc.		21,028,019
	11,744,500	L’Occitane International SA		26,929,667

				47,957,686
Technology Hardware, Storage & Peripherals – 2.0%
	451,416	Apple, Inc.		45,480,162

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

46 | SEPTEMBER 30, 2014

Schedule of Investments

As of September 30, 2014


Shares			Value

Textiles, Apparel & Luxury Goods – 2.6%
	3,425,800	Prada SpA	$	20,768,049
	11,270,700	Samsonite International SA		36,278,500

				57,046,549
Thrifts & Mortgage Finance – 1.9%
	5,473,874	MGIC Investment Corp.*		42,750,956
Tobacco – 1.5%
	1,057,600	Japan Tobacco, Inc.		34,429,831
Wireless Telecommunication Services – 3.0%
	1,231,858	T-Mobile U.S., Inc.		35,563,740
	48,740,700	Tower Bersama Infrastructure Tbk PT		32,021,824

				67,585,564


Total Common Stock (cost $1,830,344,411)				2,206,939,681


Preferred Stock – 0.7%
Automobiles – 0.7%
	82,559	Volkswagen AG (cost $15,038,392)		17,137,635


Money Market – 0.3%
	6,260,000	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $6,260,000)		6,260,000


Total Investments (total cost $1,851,642,803) – 100.0%				2,230,337,316


Liabilities, net of Cash, Receivables and Other Assets – (0)%				(898,235)


Net Assets – 100%			$	2,229,439,081

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


			% of Investment
Country	Value		Securities


United States^††	$	1,266,701,238		56	.8%
Japan		218,929,082		9	.8
United Kingdom		135,030,893		6	.1
Hong Kong		101,198,365		4	.5
Canada		67,945,817		3	.0
Sweden		67,039,132		3	.0
China		64,538,486		2	.9
Brazil		64,423,740		2	.9
France		64,297,330		2	.9
Italy		46,567,247		2	.1
Indonesia		32,021,824		1	.4
Greece		28,701,379		1	.3
South Korea		25,378,009		1	.1
Germany		17,137,635		0	.8
India		15,658,794		0	.7
Australia		14,768,345		0	.7


Total	$	2,230,337,316		100	.0%


††		Includes Cash Equivalents of 0.3%.

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

Janus Global & International Funds | 47

Janus Global Technology Fund (unaudited)

FUND SNAPSHOT
Our mission is to find companies that benefit from the high pace of change in technology. We believe technology markets are complex, adaptive systems that demonstrate emergent properties and inherently unpredictable changes. We construct a portfolio with special attention to downside risk that seeks to balance resilience and optionality. Combined with deep fundamental industry analysis and thoughtful valuation and scenario analysis, we seek to invest in stocks that have the potential to outperform without relying on difficult predictions about the future.

(BRINTON JOHNS PHOTO)
Brinton Johns
co-portfolio manager (BRAD SLINGERLEND PHOTO)
Brad Slingerlend
co-portfolio manager

PERFORMANCE

Janus Global Technology Fund’s Class T Shares returned 14.62% over the one-year period ended September 30, 2014. The Fund’s primary benchmark, the S&P 500 Index, returned 19.73%, and its secondary benchmark, the MSCI World Information Technology Index, returned 24.43% during the period.

MARKET ENVIRONMENT

Global technology stocks performed well in the past 12 months. The sector led broader indices higher early in the period, driven by strong performance in computer hardware and Internet software, though first quarter gains slowed given a quick early year pullback and subsequent rebound. After a sell-off in some highly valued subsectors in late March and early April, technology stocks rebounded to outperform broader global indices, a trend that continued through period end despite growing volatility. Sector heavyweight Apple’s well-received earnings report and heavily anticipated iPhone 6 launch powered strong hardware subsector returns. Internet software and systems software were other strong performing subgroups as the period wound down, while application software and communications equipment were among areas that lagged. Microsoft, an approximate 8.5% index weighting, led systems software on a strong earnings report. Momentum-driven cloud software companies also performed well. Qualcomm, one of the world’s biggest mobile chipmakers, weighed on the communications equipment subsector due to regulatory issues in China.

PERFORMANCE DISCUSSION

Our attention to downside risks led us to avoid some companies, particularly in cloud computing and software as a service, whose stock prices appeared to have been driven by momentum rather than fundamental factors. We believe our focus on less-volatile stocks than the secondary benchmark’s holdings, and in companies that can benefit from the high pace of change in technology, can provide potentially higher returns longer term.

Relative performance in the period suffered as some of the higher-growth companies we owned did not participate in the somewhat narrow and shallow technology rally. The largest index gains tended to be centered on what we consider lower-quality large enterprise IT companies and very high-growth companies – both of which carry higher risk. Meanwhile, our holdings that we consider resilient also lagged. The results did not affect our portfolio construction. Instead, we took advantage of declines in certain companies to add to our positions.

Among subsectors, our holdings in Internet software, led lower by ChannelAdvisor and Care.com, weighed significantly on relative performance. Both were among companies that had initial public offerings (IPOs) earlier in the year that declined off their highs as investors weeded out smaller positions in their portfolios.

ChannelAdvisor, a software-as-a-service provider for managing retail sales and inventory in various online channels, also suffered from disappointing third quarter guidance and weak customer additions. We added to our position. With retail shifting from store sales to online marketplaces, ChannelAdvisor should benefit from increased demand for its services, in our view. We also added to our position in Care.com, a leading online marketplace for matching families to caregivers. We believe the company is well positioned in a growing market.

Other relative detractors included our semiconductor holdings, led lower by ARM Holdings. The UK semiconductor intellectual property licensing firm suffered from concerns over the slowing of the high-end smartphone market, its key market segment. ARM has two other markets it is pursuing, embedded systems and networking, but those are small compared to mobile, so it

48 | SEPTEMBER 30, 2014

(unaudited)

is unclear if those areas will be sufficient to pick up the slack. The company also reported results that were in line with market expectations, although its income from royalties was somewhat soft. More importantly, the company’s licensing revenue growth, a leading indicator of future royalties, remained strong. Additionally, we think its royalty income will improve later this year based on production forecasts by semiconductor manufacturers. We believe the company will continue to benefit from growth in smartphones and revenue licensing from semiconductor manufacturers.

Among individual contributors, our three largest positions were also the most additive to performance, with our largest holding, Apple, heading the list. Investor anticipation and subsequent announcements of new versions of its popular iPhone, along with an Apple Watch and a mobile payments system, drove the stock higher. We felt the product announcements demonstrate the company’s continued strength in combining hardware, software and services, which serve as an important differentiator from competitors. In addition, the cross-device integration between all of Apple’s products will continue to strengthen and expand its ecosystem, in our view. Despite recent gains, we still view the stock’s risk/reward profile as attractive.

Internet search engine leader Google, our second-largest holding, was also a top contributor. The company benefited from better-than-expected quarterly results, with strong year-over-year revenue growth. The company’s transition from desktop to mobile search has continued to exceed market expectations, and there is greater investor appreciation for its powerful platform. We feel the company remains attractively valued relative to the multiyear growth outlook we see for its resilient core search business combined with potential growth drivers around its Android software for mobile devices, YouTube, mobile and enterprise businesses.

Microsoft, our third-largest position, also aided performance after the software giant reported adjusted earnings that beat market forecasts, driven by strong subscriptions to Office applications (Office 365) and its Azure cloud-hosting platform. As the company’s cloud-based sales grow to a higher percentage of its total revenue, investors should value the stock higher, in our view. Earlier, the company announced a restructuring plan that would eliminate up to 18,000 jobs over the next year. We believe new CEO Satya Nadella is moving the company in the right direction by de-emphasizing hardware to increase focus on productivity tools and its public and private cloud offerings, which should lead to durable recurring revenues. We also appreciate Nadella’s efforts of combining various development teams to improve efficiencies.

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

OUTLOOK

Promising areas in technology include a potential rebound in enterprise spending, supply chain companies ramping up production for Apple’s iPhone 6 smartphones, and semiconductor companies and electronic component providers that serve the auto and industrial markets.

A slowdown in enterprise IT spending that has been evident since the summer of 2012 has begun to reverse in part due to maturation in cloud computing software products or tools that are enabling hybrid clouds, a combination of public clouds (using off-premises servers) and private clouds (on-premises servers). Greater flexibility through hybrid clouds means pent-up decisions by companies’ IT departments are finally being made as evidenced by stabilizing fundamentals in data center-related companies. We now believe the transition to the cloud for many companies could be more rapid than the market currently anticipates.

Rather than cutting operating and capital expenditures as they have for several years, IT departments can redeploy resources more efficiently into areas, such as applications that should add value to their respective businesses rather than just to reduce costs. We believe this could be the beginning stages of an enterprise IT spending expansion, not from a total amount perspective but from reallocating from hardware to software now that the architecture on how to use the software is available.

Among cloud companies, we are focusing on those that offer platforms that other companies can build onto rather than those that offer single products that could become part of another company’s platform. We added several cloud software companies after recent declines made their valuations more attractive. We also believe Enterprise IT leader Oracle, a Top 5 holding, should have success transitioning its customers to the hybrid cloud. Additionally, we own a company that provides legal, finance and accounting cloud services, a dominant provider in sales and marketing cloud services and a platform provider for smaller companies. All are related to the theme.

Besides the cloud, we are also seeing increased consolidation in the IT supply chain, particularly among semiconductor companies. We believe the trend is likely to continue and possibly accelerate due to slowing growth

Janus Global & International Funds | 49

Janus Global Technology Fund (unaudited)

rates, low interest rates and management teams realizing they need to consolidate. We are invested in supply chain companies we favor for their own dynamics (products, end markets, etc.), but recognize potential buyers could appreciate the same factors and bid the stocks higher than our valuations. We added more supply chain companies to offer more diversification in this area. We like these companies for their own prospects but also believe they could be merger and acquisition targets.

In consumer IT, the Internet of Things (IoT) or increasing connectivity of electronic devices continues to be an area gaining considerable attention from companies and investors. We view this as a longer-term investment theme, but Apple’s Watch could significantly accelerate the wearables category or the personal side of IoT.

There are also an increasing number of commercial applications, such as gas stations using sensors to monitor fuel levels so refueling trucks can be sent automatically when levels are low. Google, meanwhile, has logged an impressive number of miles with its self-driving cars, with only one accident (a rear-end collision). We think autonomous cars could be a significant IoT application in five to 15 years.

With the pace of disruption accelerating, it’s more important than ever to be vigilant and thoughtful about every potential technology investment. In our effort to always become better investors, we like to take a cross-disciplinary approach to thinking.

Here is a question you might not have thought about before: what does investing have to do with standup comedy and magic?

There are a couple characteristics that all three disciplines have in common. To begin with, all of these fields require a passion for perfection. It requires an enormous amount of dedication and focus to constantly learn and hone the art of investing, delivering a knee-slapping, hilarious standup show, or a mesmerizingly, mind-boggling magic performance. All of these skills require a near obsession in order to transform a passion into an art form. The second thing all three art forms require is presence – the ability to step outside one’s self-centered world and really focus on what matters – a sort of vigilance that is hard to develop, and even harder to perfect. In standup comedy, the comedian must be ever focused on the vibe of the audience, empathically sensing their emotions and reactions in order to work the crowd and involve the audience in the narrative. Magicians must also focus deeply on their subjects and surroundings in order to create a convincing alternative reality. Similarly, investors must be vigilantly focused on every piece of available information in order to construct the proper circumstances for winning long term investments and portfolio construction. All three require an intense observational skill in order to achieve successful performances over and over again.

Standup comedy specifically shares an attribute with investing that we call nonlinear thinking. Comedians, at their core, observe human behavior. In fact, many comics consider themselves “observational” performers. They are constantly on the hunt for patterns and correlations that are not obvious to folks as they go through their everyday life. Then, in pointing out a non-obvious connection between two things that initially seem unrelated or glossed over by conventional wisdom, they create a spark – a spark that turns into a big laugh as the audience says to themselves, “That’s so funny because it’s so true!”

Investors likewise are always trying to connect nonobvious dots – we use the acronym ABCD for “always be connecting dots.” We see the world as a giant puzzle ready to be solved if only we can discern which pieces fit together. Then, when we connect a few seemingly disparate pieces of information, we find insight which informs our investing. The things a standup comedian points out, and the ideas we connect for investment themes are worlds apart, but when we draw those connections they start to become obvious.

Magicians also share a specific attribute with investing – leveraging cognitive bias. Cognitive bias is a term for the way our brains try to trick us. Over time we’ve been wired for simpler worlds – wake up, hunt and gather, secure shelter, and enjoy ourselves. But, the world has become increasingly complex, and our brains have developed impulsive shortcuts that make us believe one thing is true, when in fact something completely different explains the situation. Magicians are the kings at exploiting this misfiring of the brain – they take advantage of vulnerabilities in our ability to accurately perceive the world around us.

Likewise, as investors we fall victim to many biases of impulsive or emotional thinking. For example, we anchor on a prior cost basis, or we over-emphasize recent information above more relevant data points. All of these shortcuts work against superior long-term performance. So while magicians exploit bias, investors must remain vigilant to never be fooled by impulsive thinking.

This comparison of the three seemingly unrelated fields largely comes back to the idea of presence – the hardest thing we do every day is to simply be in the moment, 100% focused with vigilance and attention. This is an obsession that all great investors, standups and magicians

50 | SEPTEMBER 30, 2014

Janus Global Technology Fund (unaudited)

Janus Global Technology Fund At A Glance

5 Top Performers – Holdings


	Contribution

Apple, Inc.		4.60%
Google, Inc. – Class A		2.26%
Microsoft Corp.		1.17%
Amphenol Corp. – Class A		0.97%
Cadence Design Systems, Inc.		0.57%

5 Bottom Performers – Holdings


	Contribution

ChannelAdvisor Corp.		–0.53%
Care.com, Inc.		–0.38%
ARM Holdings PLC		–0.28%
SFX Entertainment, Inc.		–0.25%
Belden, Inc.		–0.25%

5 Top Performers – Sectors*


			Fund Weighting		S&P 500^®
	Fund Contribution		(Average % of Equity)		Index Weighting

Energy		0.81%		0.00%		10.37%
Financials		0.42%		3.96%		16.18%
Consumer Discretionary		0.19%		8.10%		12.16%
Consumer Staples		0.18%		0.19%		9.71%
Utilities		0.07%		0.00%		3.04%

5 Bottom Performers – Sectors*


			Fund Weighting		S&P 500^®
	Fund Contribution		(Average % of Equity)		Index Weighting

Information Technology		–4.05%		79.45%		18.66%
Health Care		–0.92%		0.90%		13.33%
Other**		–0.63%		2.84%		0.00%
Industrials		–0.38%		3.95%		10.66%
Materials		–0.03%		0.00%		3.50%


		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.

52 | SEPTEMBER 30, 2014

Janus Global Technology Fund (unaudited)

Performance


					Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014					per the January 28, 2014 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses

Janus Global Technology Fund – Class A Shares
NAV	14.49%	14.91%	10.97%	6.41%	1.09%
MOP	7.92%	13.55%	10.32%	6.01%

Janus Global Technology Fund – Class C Shares
NAV	13.67%	14.09%	10.15%	5.64%	1.82%
CDSC	12.67%	14.09%	10.15%	5.64%

Janus Global Technology Fund – Class D Shares⁽¹⁾	14.73%	15.14%	11.13%	6.57%	0.92%

Janus Global Technology Fund – Class I Shares	14.84%	15.23%	11.09%	6.55%	0.81%

Janus Global Technology Fund – Class S Shares	14.39%	14.76%	10.82%	6.26%	1.22%

Janus Global Technology Fund – Class T Shares	14.62%	15.07%	11.09%	6.55%	0.97%

S&P 500^® Index	19.73%	15.70%	8.11%	4.98%

MSCI World Information Technology Index	24.43%	13.57%	8.37%	2.65%

Morningstar Quartile – Class T Shares	4th	2nd	2nd	2nd

Morningstar Ranking – based on total return for Technology Funds	168/204	88/203	67/195	49/129

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.

See important disclosures on the next page.

54 | SEPTEMBER 30, 2014

(unaudited)

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.

Ranking is for the share class shown only; other classes may have different performance characteristics.

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

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

See “Useful Information About Your Fund Report.”

Effective January 17, 2014, Brinton Johns and Brad Slingerlend are Co-Portfolio Managers of the Fund.


*		The Fund’s inception date – December 31, 1998
(1)		Closed to new investors.

Janus Global & International Funds | 55

Janus Global Technology Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	1,039.10	$	5.52	$	1,000.00	$	1,019.65	$	5.47		1.08%


Class C Shares	$	1,000.00	$	1,035.20	$	9.08	$	1,000.00	$	1,016.14	$	9.00		1.78%


Class D Shares	$	1,000.00	$	1,039.90	$	4.30	$	1,000.00	$	1,020.86	$	4.26		0.84%


Class I Shares	$	1,000.00	$	1,040.60	$	3.94	$	1,000.00	$	1,021.21	$	3.90		0.77%


Class S Shares	$	1,000.00	$	1,038.40	$	6.08	$	1,000.00	$	1,019.10	$	6.02		1.19%


Class T Shares	$	1,000.00	$	1,039.20	$	4.75	$	1,000.00	$	1,020.41	$	4.71		0.93%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

56 | SEPTEMBER 30, 2014

Janus Global Technology Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 98.0%
Communications Equipment – 4.4%
	318,849	CommScope Holding Co., Inc.*	$	7,623,680
	518,525	QUALCOMM, Inc.		38,770,114

				46,393,794
Consumer Finance – 1.9%
	178,639	American Express Co.		15,638,058
	66,529	Discover Financial Services		4,283,802

				19,921,860
Electrical Equipment – 1.6%
	374,878	Sensata Technologies Holding NV*		16,693,317
Electronic Equipment, Instruments & Components – 10.5%
	321,831	Amphenol Corp. – Class A		32,138,043
	285,287	Belden, Inc.		18,264,074
	1,004,390	National Instruments Corp.		31,065,783
	536,253	TE Connectivity, Ltd. (U.S. Shares)		29,649,428

				111,117,328
Food & Staples Retailing – 0.2%
	54,218	Whole Foods Market, Inc.		2,066,248
Health Care Technology – 0.6%
	52,754	athenahealth, Inc.*^,#		6,947,174
Household Durables – 0.6%
	360,400	Sony Corp.		6,495,102
Information Technology Services – 1.7%
	193,113	Amdocs, Ltd. (U.S. Shares)		8,860,025
	117,637	Gartner, Inc.*		8,642,790

				17,502,815
Internet & Catalog Retail – 4.7%
	85,396	Alibaba Group Holding, Ltd. (ADR)*		7,587,435
	24,500	Amazon.com, Inc.*		7,899,780
	154,678	Coupons.com, Inc.*^,#		1,849,949
	146,730	Ctrip.com International, Ltd. (ADR)*		8,328,395
	98,823	HomeAway, Inc.*		3,508,217
	130,217	MakeMyTrip, Ltd.*		3,623,939
	17,171	Netflix, Inc.*		7,747,212
	6,749	Priceline Group, Inc.*		7,819,256
	52,213	Qunar Cayman Islands, Ltd. (ADR)^#		1,443,689

				49,807,872
Internet Software & Services – 17.8%
	612,829	Care.com, Inc.*^,#		4,994,556
	360,599	ChannelAdvisor Corp.*^,#		5,913,824
	37,282	Demandware, Inc.*^,#		1,898,399
	64,014	eBay, Inc.*		3,625,113
	286,735	Endurance International Group Holdings, Inc.*^,#		4,665,178
	113,398	Facebook, Inc. – Class A*		8,962,978
	176,150	Google, Inc. – Class C*		101,701,964
	19,705	LinkedIn Corp. – Class A*		4,094,502
	93,627	MercadoLibre, Inc.^#		10,172,574
	369,848	Okta, Inc. – Private Placement*^,§		4,387,063
	78,276	Shutterstock, Inc.^#		5,587,341
	604,300	Tencent Holdings, Ltd.		8,995,953
	89,177	Twitter, Inc.*		4,599,750
	159,478	Yandex NV – Class A*		4,432,691
	305,208	Youku Tudou, Inc. (ADR)*		5,469,327
	65,502	Zillow, Inc. – Class A*^,#		7,597,577

				187,098,790
Media – 3.7%
	240,648	Comcast Corp. – Class A		12,942,049
	345,906	SFX Entertainment, Inc.^#		1,736,448
	95,779	Time Warner Cable, Inc.		13,743,329
	116,119	Walt Disney Co.		10,338,075

				38,759,901
Professional Services – 0.9%
	68,309	Corporate Executive Board Co.		4,103,322
	44,566	IHS, Inc. – Class A*		5,579,217

				9,682,539
Real Estate Investment Trusts (REITs) – 2.5%
	281,274	American Tower Corp.		26,335,685
Semiconductor & Semiconductor Equipment – 11.9%
	2,470,214	ARM Holdings PLC		35,987,462
	1,572,864	Atmel Corp.*		12,708,741
	71,914	Avago Technologies, Ltd.		6,256,518
	366,372	Freescale Semiconductor, Ltd.*^,#		7,155,245
	228,883	Intersil Corp. – Class A		3,252,428
	192,000	MediaTek, Inc.		2,844,839
	87,858	Microchip Technology, Inc.^#		4,149,533
	964,914	ON Semiconductor Corp.*		8,626,331
	6,949	Samsung Electronics Co., Ltd.		7,780,451
	74,235	Silicon Laboratories, Inc.*		3,016,910
	205,110	SK Hynix, Inc.*		9,079,666
	5,223,999	Taiwan Semiconductor Manufacturing Co., Ltd.		20,796,185
	78,692	Xilinx, Inc.		3,332,606

				124,986,915
Software – 20.7%
	117,512	Advent Software, Inc.		3,708,679
	128,823	ANSYS, Inc.*		9,748,037
	188,929	Apptio, Inc. – Private Placement*^,§		4,287,668
	58,203	Aveva Group PLC		1,451,759
	233,890	Blackbaud, Inc.		9,189,538
	1,224,142	Cadence Design Systems, Inc.*		21,067,484
	85,056	Guidewire Software, Inc.		3,771,383
	159,352	Informatica Corp.*		5,456,213
	1,077,912	Microsoft Corp.		49,972,000
	67,282	NetSuite, Inc.*^,#		6,024,430
	186,384	NICE Systems, Ltd. (ADR)		7,602,603
	71,960	Nintendo Co., Ltd.		7,833,166
	1,029,828	Oracle Corp.^†		39,421,816
	233,889	PROS Holdings, Inc.*		5,894,003
	264,359	RealPage, Inc.*		4,097,565
	112,378	Salesforce.com, Inc.*		6,465,106
	54,917	ServiceNow, Inc.		3,228,021
	102,939	Solera Holdings, Inc.		5,801,642
	208,907	SS&C Technologies Holdings, Inc.*		9,168,928
	37,968	Tyler Technologies, Inc.*		3,356,371
	15,901	Ultimate Software Group, Inc.*		2,250,151
	31,551	Workday, Inc. – Class A		2,602,958
	245,209	Zendesk, Inc.*^,#		5,294,062

				217,693,583

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

Janus Global & International Funds | 57

Janus Global Technology Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Technology Hardware, Storage & Peripherals – 14.0%
	1,219,949	Apple, Inc.^†	$	122,909,862
	635,546	EMC Corp.		18,596,076
	54,001	Seagate Technology PLC		3,092,637
	26,102	Stratasys, Ltd.*^,#		3,152,599

				147,751,174
Wireless Telecommunication Services – 0.3%
	271,587	RingCentral, Inc. – Class A		3,451,871


Total Common Stock (cost $813,439,162)				1,032,705,968


Money Market – 3.0%
	31,761,750	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $31,761,750)		31,761,750


Investment Purchased with Cash Collateral From Securities Lending – 5.5%
	57,871,589	Janus Cash Collateral Fund LLC, 0.0650%°°^,£ (cost $57,871,589)		57,871,589


Total Investments (total cost $903,072,501) – 106.5%				1,122,339,307


Securities Sold Short – (0.5)%
Common Stock Sold Short – (0.5)%
Commercial Services & Supplies – (0.1)%
	34,230	ADT Corp.		(1,213,796)
Household Durables – (0.2)%
	113,200	Nikon Corp.		(1,739,178)
Semiconductor & Semiconductor Equipment – (0.2)%
	16,080	Cree, Inc.*		(658,476)
	20,723	Synaptics, Inc.*		(1,516,923)

				(2,175,399)


Total Securities Sold Short (proceeds $5,025,344)				(5,128,373)


Liabilities, net of Cash, Receivables and Other Assets – (6.0)%				(63,734,304)


Net Assets – 100%			$	1,053,476,630

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


			% of Investment
Country	Value		Securities


United States^††	$	982,586,645		87	.6%
United Kingdom		37,439,221		3	.3
China		31,824,799		2	.8
Taiwan		23,641,024		2	.1
South Korea		16,860,117		1	.5
Japan		14,328,268		1	.3
Israel		7,602,603		0	.7
Russia		4,432,691		0	.4
India		3,623,939		0	.3


Total	$	1,122,339,307		100	.0%


††		Includes Cash Equivalents of 8.0%.

Summary of Investments by Country – (Short Positions) (unaudited)


			% of Securities
Country	Value		Sold Short


United States	$	(3,389,195)		66	.1%
Japan		(1,739,178)		33	.9


Total	$	(5,128,373)		100	.0%

Schedule of Forward Currency Contracts, Open


					Unrealized
	Currency		Currency		Appreciation/
Counterparty/Currency and Settlement Date	Units Sold		Value		(Depreciation)

Bank of America:
British Pound 11/6/14		1,200,000	$	1,944,438	$	4,998
Japanese Yen 11/6/14		95,000,000		866,551		3,077


				2,810,989		8,075


Credit Suisse International:
British Pound 10/23/14		1,245,000		2,017,608		19,213
Japanese Yen 10/23/14		293,000,000		2,672,357		24,524


				4,689,965		43,737


HSBC Securities (USA), Inc.:
British Pound 10/9/14		780,000		1,264,217		27,771
Japanese Yen 10/9/14		224,000,000		2,042,795		115,596


				3,307,012		143,367


JPMorgan Chase & Co.:
British Pound 10/16/14		880,000		1,426,198		2,329
Japanese Yen 10/16/14		198,000,000		1,805,789		41,615


				3,231,987		43,944


RBC Capital Markets Corp.:
British Pound 10/16/14		1,565,000		2,536,364		16,151
Japanese Yen 10/16/14		229,000,000		2,088,514		94,518


				4,624,878		110,669


Total			$	18,664,831	$	349,792

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

58 | SEPTEMBER 30, 2014

Janus International Equity Fund (unaudited)

FUND SNAPSHOT
We invest in international companies that we believe have a sustainable competitive advantage, high or improving returns on capital and long-term growth. We invest where we believe we have differentiated research, in an effort to deliver superior risk-adjusted results over the long term.

(JULIAN MCMANUS PHOTO)
Julian McManus
co-portfolio manager (GUY SCOTT PHOTO)
Guy Scott
co-portfolio manager (CARMEL WELLSO PHOTO)
Carmel Wellso
co-portfolio manager

PERFORMANCE

Janus International Equity Fund’s Class I Shares returned 3.54% over the one-year period ended September 30, 2014. The Fund’s primary benchmark, the MSCI EAFE Index, returned 4.25%, and its secondary benchmark, the MSCI All Country World ex-U.S. Index, returned 4.77% during the period.

INVESTMENT ENVIRONMENT

The past 12 months marked a volatile period for international markets. The period began with improving European trade and manufacturing helping to lift indices higher, even as gains in Japan slowed when optimism for Prime Minister Shinzo Abe’s stimulative policies began to wane. Emerging markets also continued to lag due to struggles with inflation, rising rates, political turmoil and ongoing worries over slowing economic growth. Japan increasingly weighed on developed market returns at the start of 2014, largely over disappointment in difficulty pushing forward structural reform, as well as a stronger yen that pressured stocks. Europe performed relatively better than Asia, reflecting a number of positive recovery signs and notable credit market improvement.

Second quarter 2014 was the period’s strongest. Japan rebounded on positive economic signals, and European markets responded favorably to the European Central Bank’s move to negative real interest rates in an effort to combat deflation, weak sentiment and soft manufacturing data. Emerging markets also began to outperform, driven by strengthening currencies and by pro-business election wins in India. However, summer stock declines, most notably in Europe, weighed heavily on indices. European companies grew more cautious in response to China and Brazil economic weakness, as well as escalating geopolitical risk in Ukraine that contributed to a fairly sharp deceleration in the region’s growth. Additionally, there were overhangs such as the Scottish independence vote and the French government’s slim survival from a no-confidence vote. Japan’s market returns were also lower for U.S. investors due to a strengthening dollar relative to the yen. Emerging markets pulled back as well. India’s economy has yet to accelerate under Prime Minister Narendra Modi’s reforms, and it will likely take another quarter or two before there is any tangible impact. China’s economy also continued to slow as expected, but we believe that is already discounted in the market.

PERFORMANCE DISCUSSION

Most of the Fund’s relative underperformance came from our holdings in Japan and within the consumer discretionary, energy and consumer staples sectors. Holdings in materials, health care and financials, as well as our out-of-index exposure to the United States, provided the strongest positive contributions to returns.

Netherlands-based parcel delivery firm TNT Express was our most significant individual detractor. A slower-than-expected recovery in freight volumes forced the company to implement additional cost cuts following previous restructuring moves, which disappointed investors. We believe the market is underestimating the company’s value in a more normal macroeconomic environment. Its strong balance sheet also provides it with staying power until its profit margins recover, in our view.

Sega Sammy was also a large individual detractor. A Japanese maker of pachislot and pachinko machines, the company has been weak since lowering guidance substantially in February based on the expectation it would delay the timing of some key new title launches into next year. Since the pachinko/pachislot business is hit-driven, the delay negatively impacted its earnings outlook for this year. We continue to find the long-term, cash-flow generation of the pachinko/pachislot business attractive, and believe that the market does not accurately value the potential for Sega Sammy’s casino business.

Gaming firm Melco International Development also weighed on performance. The company, along with other casino operators in Macau, China, suffered due to a decline in VIP traffic. There was increased scrutiny on junket operators, which provide the casinos with VIP gamblers, after one operator defaulted on its obligations

Janus Global & International Funds | 59

Janus International Equity Fund (unaudited)

and absconded with a large sum of money. This led to lowered expectations for the casinos. Melco is less reliant on the VIP business for its earnings, with most of its profits coming from the premium mass market. We took advantage of the stock’s decline to add to our position. We consider Macau an undersupplied market that is benefiting from a rising middle class in China.

Shire was the Fund’s largest individual contributor. The specialty pharmaceutical firm in Ireland rebuffed a buyout attempt from U.S.-based AbbVie, citing undervaluation, during the period. We favor Shire for its dominant position in the attention deficit and hyperactivity (ADHD) market as well as its portfolio of drugs for rare diseases.

LyondellBasell Industries, one of our materials holdings, was another top individual contributor. The company reported record quarterly earnings in July, with both sales and profits higher than market estimates. The chemicals provider also continued its stock buyback program. Lyondell has been benefiting from low natural gas prices, as a result of high production from North American shale development fields. The company’s expansion efforts also began adding to profitability during its most recent quarter. We feel the market is underestimating earnings and free-cash-flow growth from its expansion efforts.

Denmark-based transportation and energy conglomerate AP Moeller-Maersk also aided performance, benefiting after the U.S. Federal Maritime Commission approved an alliance between the world’s top three container shipping firms, including Maersk’s shipping division. The alliance will pool the companies’ ultra-large vessels in an effort to reduce costs in an environment of industry overcapacity. Rather than running only partly full ships, the firms would be able to run larger ships, which are more efficient, fully loaded. Provided Chinese and European regulators approve the arrangement, the alliance will control a high percentage of the world’s ultra-large vessels. We believe the cost savings to Maersk could be more significant than the market believes. Maersk also announced it would sell its noncore grocery business, which is consistent with the firm’s restructuring efforts.

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

OUTLOOK

Asian markets, particularly China, have been inexpensive for a while, but the discount recently widened, especially relative to the U.S. We believe as the Chinese economy transitions from an export-led economy to a consumer-led economy, it will be structurally better balanced. While we expect China will continue to slow, the government has demonstrated through liquidity injections it wants to manage its slower growth rate through short-term, more targeted measures as opposed to broader actions, such as a large interest rate cut. We believe the market has discounted its slower growth rate.

In Japan, we remain somewhat skeptical of Abe’s reforms, since he has been reluctant to tackle difficult decisions on health care reform to rein in rising expenditures, labor reforms to encourage more employment and deregulation to improve competition. He has agreed to proceed with reforming corporate taxes, but we view that as tinkering around the edges of economic reform, rather than taking the necessary steps for lasting growth. The Fund’s neutral position in Japan reflects the fact we are still identifying great companies in which to invest, while not being optimistic about Abenomics.

The European recovery remains fragile, as demonstrated by the third quarter setback, but we think it remains on a path to improvement. As the region’s growth improves, its companies have one of the best outlooks for earnings growth, since their operating margins are widening off a low base. Many companies were quick to adjust to the third quarter dip by cutting costs. In relation to our European Union (EU) banks, we conducted internal stress tests ahead of the asset quality review (AQR) and stress tests due in the fourth quarter. As a result, we are confident our EU bank holdings won’t have to raise additional capital.

Thank you for your investment in Janus International Equity Fund.

60 | SEPTEMBER 30, 2014

(unaudited)

Janus International Equity Fund At A Glance

5 Top Performers – Holdings


	Contribution

Shire PLC		1.79%
LyondellBasell Industries NV – Class A		0.94%
AP Moeller – Maersk A/S – Class B		0.78%
NGK Spark Plug Co., Ltd.		0.71%
Canadian Pacific Railway, Ltd.		0.55%

5 Bottom Performers – Holdings


	Contribution

TNT Express NV		–0.63%
Sega Sammy Holdings, Inc.		–0.62%
Melco International Development, Ltd.		–0.61%
Fuji Media Holdings, Inc.		–0.58%
Mitsubishi Estate Co., Ltd.		–0.48%

5 Top Performers – Sectors*


			Fund Weighting		MSCI EAFE^®
	Fund Contribution		(Average % of Equity)		Index Weighting

Materials		1.36%		9.47%		8.08%
Health Care		1.11%		8.60%		10.36%
Financials		0.53%		23.35%		25.65%
Information Technology		0.27%		10.73%		4.45%
Industrials		0.17%		9.64%		12.77%

5 Bottom Performers – Sectors*


			Fund Weighting		MSCI EAFE^®
	Fund Contribution		(Average % of Equity)		Index Weighting

Consumer Discretionary		–2.50%		19.50%		11.75%
Energy		–0.74%		4.44%		6.98%
Consumer Staples		–0.28%		10.78%		11.02%
Other**		–0.26%		2.06%		0.00%
Telecommunication Services		–0.25%		1.08%		5.22%


		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 Global & International Funds | 61

(unaudited)

Performance


				Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014				per the January 28, 2014 prospectuses
	One	Five	Since	Total Annual Fund
	Year	Year	Inception*	Operating Expenses

Janus International Equity Fund – Class A Shares
NAV	3.22%	7.60%	4.89%	1.16%
MOP	–2.69%	6.33%	4.10%

Janus International Equity Fund – Class C Shares
NAV	2.41%	6.75%	4.01%	1.99%
CDSC	1.41%	6.75%	4.01%

Janus International Equity Fund – Class D Shares⁽¹⁾	3.39%	7.83%	5.09%	0.96%

Janus International Equity Fund – Class I Shares	3.54%	7.97%	5.18%	0.86%

Janus International Equity Fund – Class N Shares	3.52%	7.97%	5.18%	0.80%

Janus International Equity Fund – Class R Shares	2.74%	7.17%	4.37%	1.56%

Janus International Equity Fund – Class S Shares	3.05%	7.75%	5.06%	1.30%

Janus International Equity Fund – Class T Shares	3.31%	7.75%	4.99%	1.07%

MSCI EAFE^® Index	4.25%	6.56%	2.07%

MSCI All Country World ex-U.S. Index^SM	4.77%	6.03%	2.59%

Morningstar Quartile – Class I Shares	3rd	1st	1st

Morningstar Ranking – based on total return for Foreign Large Blend Funds	452/805	76/699	24/575

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.

See important disclosures on the next page.

Janus Global & International Funds | 63

Janus International Equity Fund (unaudited)

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

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

Class A Shares, Class C Shares, Class I Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009, after the reorganization of each class of the predecessor fund into corresponding shares of the Fund. Performance shown for each class for periods prior to July 6, 2009, reflects the historical performance of each corresponding class of the predecessor fund prior to the reorganization, calculated using the fees and expenses of the corresponding class of the predecessor fund respectively, net of any applicable fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the historical performance of the Fund’s Class I Shares calculated using the fees and expenses of Class D Shares, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012 reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class I 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 Schedules of Investments and Other Information for index definitions.

See “Useful Information About Your Fund Report.”


*		The predecessor Fund’s inception date — November 28, 2006
(1)		Closed to new investors.

64 | SEPTEMBER 30, 2014

(unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	986.80	$	5.33	$	1,000.00	$	1,019.70	$	5.42		1.07%


Class C Shares	$	1,000.00	$	983.60	$	9.20	$	1,000.00	$	1,015.79	$	9.35		1.85%


Class D Shares	$	1,000.00	$	987.50	$	4.48	$	1,000.00	$	1,020.56	$	4.56		0.90%


Class I Shares	$	1,000.00	$	988.30	$	3.94	$	1,000.00	$	1,021.11	$	4.00		0.79%


Class N Shares	$	1,000.00	$	988.20	$	3.64	$	1,000.00	$	1,021.41	$	3.70		0.73%


Class R Shares	$	1,000.00	$	984.40	$	7.41	$	1,000.00	$	1,017.60	$	7.54		1.49%


Class S Shares	$	1,000.00	$	985.70	$	6.17	$	1,000.00	$	1,018.85	$	6.28		1.24%


Class T Shares	$	1,000.00	$	987.40	$	4.88	$	1,000.00	$	1,020.16	$	4.96		0.98%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Global & International Funds | 65

Janus International Equity Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 96.2%
Air Freight & Logistics – 3.1%
	44,156	Panalpina Welttransport Holding AG	$	5,553,102
	664,296	TNT Express NV		4,179,071

				9,732,173
Auto Components – 2.8%
	297,000	NGK Spark Plug Co., Ltd.		8,757,705
Beverages – 3.9%
	472,600	AMBEV SA		3,097,244
	8,938,400	LT Group, Inc.		3,113,066
	104,804	SABMiller PLC		5,822,893

				12,033,203
Biotechnology – 0.8%
	229,760	Swedish Orphan Biovitrum AB*		2,449,501
Capital Markets – 1.4%
	121,016	Deutsche Bank AG		4,244,209
Chemicals – 5.4%
	781,014	Alent PLC		4,150,856
	185,000	Kansai Paint Co., Ltd.		2,765,385
	63,083	LyondellBasell Industries NV – Class A		6,854,599
	44,900	Shin-Etsu Chemical Co., Ltd.		2,937,628

				16,708,468
Commercial Banks – 14.0%
	481,828	Banco Bilbao Vizcaya Argentaria SA		5,770,531
	588,300	Bangkok Bank PCL (NVDR)		3,701,328
	38,965	BNP Paribas SA		2,576,382
	639,178	HSBC Holdings PLC		6,504,150
	160,687	ICICI Bank, Ltd.		3,719,728
	873,619	National Bank of Greece SA*		2,555,010
	1,556,400	Seven Bank, Ltd.		6,348,440
	112,714	Societe Generale SA		5,728,410
	247,637	Turkiye Halk Bankasi A/S		1,488,304
	681,698	UniCredit SpA		5,337,739

				43,730,022
Commercial Services & Supplies – 1.3%
	162,688	Edenred		4,008,301
Communications Equipment – 2.3%
	557,634	Telefonaktiebolaget LM Ericsson – Class B		7,041,045
Electronic Equipment, Instruments & Components – 2.9%
	102,755	Hexagon AB – Class B		3,249,025
	13,700	Keyence Corp.		5,960,701

				9,209,726
Food Products – 1.0%
	82,490	Unilever NV		3,278,576
Health Care Equipment & Supplies – 1.8%
	52,108	Essilor International SA		5,695,874
Health Care Providers & Services – 1.7%
	123,723	Catamaran Corp.*		5,211,657
Hotels, Restaurants & Leisure – 1.9%
	2,581,000	Melco International Development, Ltd.		5,974,783
Household Durables – 0.2%
	58,987	Iida Group Holdings Co., Ltd.		722,366
Household Products – 1.9%
	68,639	Reckitt Benckiser Group PLC		5,940,134
Independent Power and Renewable Electricity Producers – 1.2%
	101,916	Abengoa Yield PLC*		3,626,171
Industrial Conglomerates – 0.8%
	116,096	Smiths Group PLC		2,377,649
Information Technology Services – 0.8%
	2,236,000	TravelSky Technology, Ltd. – Class H		2,406,959
Insurance – 5.8%
	1,782,200	AIA Group, Ltd.		9,198,176
	176,800	BB Seguridade Participacoes SA		2,326,031
	291,289	Prudential PLC		6,468,774

				17,992,981
Internet & Catalog Retail – 1.6%
	38,025	Alibaba Group Holding, Ltd. (ADR)*		3,378,521
	26,031	Ctrip.com International, Ltd. (ADR)*		1,477,520

				4,856,041
Internet Software & Services – 1.0%
	206,900	Tencent Holdings, Ltd.		3,080,031
Leisure Products – 1.4%
	267,900	Sega Sammy Holdings, Inc.		4,314,647
Marine – 1.0%
	1,349	AP Moeller – Maersk A/S – Class B		3,196,832
Media – 1.6%
	114,112	Liberty Global PLC – Class A*		4,854,325
Metals & Mining – 4.6%
	51,761	APERAM*		1,609,091
	1,225,786	Glencore PLC		6,781,306
	212,476	Outokumpu Oyj*		1,474,501
	176,055	ThyssenKrupp AG		4,622,302

				14,487,200
Oil, Gas & Consumable Fuels – 4.5%
	248,083	Athabasca Oil Corp.*		1,269,437
	493,600	Inpex Corp.		6,988,906
	72,960	Koninklijke Vopak NV		3,927,890
	61,424	MEG Energy Corp.*		1,885,834

				14,072,067
Pharmaceuticals – 3.5%
	100,175	Novo Nordisk A/S – Class B		4,773,865
	20,941	Roche Holding AG		6,201,973

				10,975,838
Real Estate Investment Trusts (REITs) – 0.5%
	1,035	Mori Hills REIT Investment Corp.		1,438,801
Real Estate Management & Development – 4.5%
	413,324	Countrywide PLC		3,010,885
	368,194	Kennedy Wilson Europe Real Estate PLC		6,513,546
	202,000	Mitsubishi Estate Co., Ltd.		4,551,343

				14,075,774
Semiconductor & Semiconductor Equipment – 4.8%
	288,173	ARM Holdings PLC		4,198,266
	329,700	Sumco Corp.		3,984,606
	1,733,000	Taiwan Semiconductor Manufacturing Co., Ltd.		6,898,887

				15,081,759
Software – 0.9%
	40,632	SAP SE		2,929,639

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

66 | SEPTEMBER 30, 2014

Schedule of Investments

As of September 30, 2014


Shares			Value

Specialty Retail – 1.0%
	1,436,250	L’Occitane International SA	$	3,293,264
Textiles, Apparel & Luxury Goods – 3.0%
	55,364	Cie Financiere Richemont SA		4,537,902
	1,536,700	Samsonite International SA		4,946,381

				9,484,283
Thrifts & Mortgage Finance – 0.5%
	86,393	Housing Development Finance Corp.		1,473,307
Tobacco – 4.1%
	788,222	ITC, Ltd.		4,726,504
	244,800	Japan Tobacco, Inc.		7,969,386

				12,695,890
Trading Companies & Distributors – 1.5%
	98,512	Brenntag AG		4,836,186
Wireless Telecommunication Services – 1.2%
	1,122,790	Vodafone Group PLC		3,700,519


Total Common Stock (cost $272,677,109)				299,987,906


Preferred Stock – 2.0%
Automobiles – 2.0%
	30,739	Volkswagen AG (cost $7,949,505)		6,380,816


Right – 0%
Commercial Banks – 0%
	481,828	Banco Bilbao Vizcaya Argentaria SA* (cost $48,885)		48,072


Money Market – 1.5%
	4,524,322	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $4,524,322)		4,524,322


Total Investments (total cost $285,199,821) – 99.7%				310,941,116


Cash, Receivables and Other Assets, net of Liabilities – 0.3%				829,173


Net Assets – 100%			$	311,770,289

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


			% of Investment
Country	Value		Securities


Japan	$	56,739,914		18	.3%
United Kingdom		48,955,432		15	.7
Germany		23,013,152		7	.4
France		22,911,322		7	.4
United States^††		22,746,792		7	.3
Hong Kong		20,119,340		6	.5
Switzerland		16,292,977		5	.2
Sweden		12,739,571		4	.1
Netherlands		11,385,537		3	.7
China		10,343,031		3	.3
India		9,919,539		3	.2
Spain		9,444,774		3	.0
Canada		8,366,928		2	.7
Denmark		7,970,697		2	.6
Taiwan		6,898,887		2	.2
Brazil		5,423,275		1	.7
Italy		5,337,739		1	.7
Thailand		3,701,328		1	.2
Philippines		3,113,066		1	.0
Greece		2,555,010		0	.8
Turkey		1,488,304		0	.5
Finland		1,474,501		0	.5


Total	$	310,941,116		100	.0%


††		Includes Cash Equivalents of 1.5%.

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

Janus Global & International Funds | 67

Janus Overseas Fund (unaudited)

FUND SNAPSHOT
I believe that company fundamentals drive share prices over the long-term. I use intensive, fundamental research to make high-conviction investments.

(BRENT LYNN PHOTO)
Brent Lynn
portfolio manager

PERFORMANCE

During the 12-month period ending September 30, 2014, Janus Overseas Fund’s Class T Shares returned 2.98%. Its primary benchmark, the MSCI All-Country World ex-U.S Index returned 4.77%, and its secondary benchmark, the MSCI EAFE Index, returned 4.25%.

Despite the positive absolute return, I am disappointed with the Fund’s one-year performance and especially with the performance of the Fund over the past several years. In my 23 year career at Janus, I’ve learned that holding the course when your stocks are going against you is the hardest thing to do in this business. In a high-conviction portfolio that is very different than its index, where stock picking matters so much, it is especially difficult. But I’ve also learned that if we really have faith in our fundamental company analysis, holding the course is the key to generating strong long-term performance. I am extremely optimistic about the long-term prospects for my Fund for the simple and powerful reason that I believe my stocks have strong long-term prospects and compelling valuations.

MARKET ENVIRONMENT

I believe that the most important reason for the Fund’s underperformance during the past 12 months was that my opportunistic style of investment has been out of favor. During 2014, the market remained heavily momentum oriented. Companies with near-term visibility of earnings and cash flows, especially with near-term growth, performed extremely well, and in my opinion, rose to very high valuations.

Meanwhile, many stocks with a problematic or uncertain near term outlook dramatically underperformed, seemingly independent of extremely low valuations or longer-term growth prospects. Janus Overseas Fund is overwhelmingly invested in companies with attractive long-term growth potential. Many of these holdings, however, are also cyclical businesses that are sensitive to, or perceived to be sensitive to, a slow-growth global economic environment and heightened geopolitical risks.

I like situations where fear and short-term noise provide opportunities to own companies with great long-term prospects at compelling valuations. In the long-term, I believe my fundholders will benefit. For example, the Fund has large relative exposure to emerging markets, energy stocks and cyclical companies, all areas that today are out of favor. I don’t try to predict sentiment, however, I have held onto key positions as long as we continue to believe in long-term fundamentals of our companies, and I have bought more out of favor stocks where we believe that the company’s long-term prospects and stock price are extremely disconnected.

I believe that, relative to the rest of the market, the valuations of many of our holdings are as attractive, or even more attractive, than during the 2008-09 financial crisis. I also think they are poised to rebound. A modest easing of company specific or macro concerns can result in dramatic rebounds in stocks. For example, during the European sovereign debt crisis of recent years, our European bank rose sharply after the European central bank expressed a strong willingness to control the crisis. Similarly, our U.S. airlines sharply rerated as the companies demonstrated that they could deliver solid earnings and cash flows even in a slow-growth economic environment with high oil prices. And in India, which had been one of the world’s worst performing markets until the past year, soared in anticipation of a new leadership. Investors shifted their focus away from short-term concerns and looked at the longer-term growth potential and valuations of companies.

Even in periods of underperformance, I will remain committed to buying stocks which undervalue long-term opportunities because of misplaced shorter-term sentiment.

PERFORMANCE DISCUSSION

Relative to its primary benchmark, the MSCI All-Country World ex-U.S. Index, the Fund’s heavy investments in energy, information technology, and consumer discretionary significantly hurt performance during the

68 | SEPTEMBER 30, 2014

(unaudited)

12-month period. On a geographic basis, the Fund’s investments in Russia, Hong Kong, and Canada also negatively impacted performance.

Russian bank, Sberbank was the biggest detractor during the period. Despite solid earnings and business fundamentals, our Sberbank position was hit hard by macro fears over the Ukraine crisis and potential Western sanctions against Russia. Although I believed in Sberbank’s dominant franchise and attractive returns, innovative management team, and extremely low stock valuation, I sold the position. The position’s extreme sensitivity to unpredictable geopolitical events in Ukraine changed the investment thesis from one based on fundamentals to one based on tougher, political calculations.

Two oil exploration companies, U.S.-based Cobalt International Energy and Canada-based Africa Oil, were the second and third biggest detractors during the period. The sharp decline in oil prices played the more important role in the weak performance of these two stocks, but both companies experienced some modest exploration disappointments. A Cobalt well offshore Angola contained less oil than expected, and Africa Oil didn’t expand its Kenyan oil reserves as much as investors hoped. I believe that both stocks are trading at significant discounts to the values of their discovered resources, and both companies have exciting prospects to be drilled in the coming year.

China based internet video provider, Youku Tudou, was the fourth largest detractor during the period. The stock declined as higher external media content purchase costs and increased investment in internally produced content delayed the company’s transition to profitability. With 400 million mobile daily views and Alibaba’s recent purchase of a stake in the company, Youku has the potential to become a powerful online video and media company in China, in my view. I took advantage of stock weakness to add to our position during the period.

Currency detracted from the Fund’s absolute performance during the period primarily due to the fall in the European currencies, the Canadian dollar, Australian dollar, and Brazilian real. The Fund’s hedge against Japanese yen exposure had a positive impact on performance. For the past few years, I have hedged most of our yen exposure because I felt Japan’s high level of government debt would eventually lead to a weaker yen. Relative to the MSCI All-Country World ex-U.S. Index, currency had a significant positive impact as the Fund was underweight underperforming currencies in Europe, Japan, and Australia.

Relative to the MSCI All-Country World ex-U.S. Index, the Fund’s investments in the industrials sector, and geographically, in India, were significant positive contributors to performance.

India-based ports, power, and coal trading conglomerate, Adani Enterprises, was the largest positive contributor to performance during the period. Adani Enterprises showed continued strong growth in ports volumes. In addition, the company benefitted from moves by the Indian government to resolve coal availability and power pricing issues as well as from investor optimism about a new investment led growth cycle in India under the Modi administration. I continue to believe that Adani Enterprises has exciting growth potential in all of its core businesses, but I cut the position modestly based on valuation.

U.S.-based airline, United Continental, was the second largest positive contributor to performance during the period. Improving operations and merger synergies, as well as continued industry capacity discipline and consolidation allowed United to show improving margins and earnings. The company is also benefitting from the recent sharp decline in jet fuel prices. I believe that the company’s cash flow generation potential is not yet appreciated by the market, but I cut the position modestly based on valuation.

In aggregate, derivatives detracted from performance during the period. In addition to the currency hedge on the Japanese yen mentioned earlier, the Fund also selectively utilized swaps during the period. The positive impact of the yen hedge was more than offset by the negative impact of the Fund’s swaps. Reasons for using these instruments included hedging downside risks, achieving market access, and establishing positions more quickly.

Please see the Derivatives Instruments section in the “Notes to Financial Statements” for derivatives used by the Fund.

OUTLOOK

I too am a shareholder of Janus Overseas Fund, but more importantly, I am a steward of your money. I take my responsibility very seriously. I recognize that you have trusted me and Janus with your hard-earned savings.

One learns a lot in a 23-year career but the most important lesson is to believe in the process, even in tough times. After a tough stretch, I am tested but my conviction is not waning. My conviction in the portfolio comes from our team’s tremendous, in-depth fundamental research. Markets obsessed with near-term predictability over long-term opportunity will not last forever. We have tremendous opportunities to buy strong franchises on sale

Janus Global & International Funds | 69

(unaudited)

Janus Overseas Fund At A Glance

5 Top Performers – Holdings


	Contribution

Adani Enterprises, Ltd.		3.15%
United Continental Holdings, Inc.		2.22%
Jazz Pharmaceuticals PLC		1.81%
Reliance Industries, Ltd.		1.20%
Axis Bank, Ltd.		1.10%

5 Bottom Performers – Holdings


	Contribution

Sberbank of Russia Total Return Swaps		–1.29%
Cobalt International Energy, Inc.		–1.12%
Africa Oil Corp.		–1.03%
Youku Tudou, Inc. (ADR)		–0.94%
TCS Group Holding PLC (GDR)		–0.92%

5 Top Performers – Sectors*


			Fund Weighting		MSCI All Country World ex-U.S.
	Fund Contribution		(Average % of Equity)		Index^SM Weighting

Industrials		5.03%		15.37%		11.04%
Health Care		1.01%		5.79%		8.05%
Materials		0.60%		2.74%		8.58%
Consumer Staples		0.21%		2.50%		9.90%
Other**		0.03%		0.43%		0.00%

5 Bottom Performers – Sectors*


			Fund Weighting		MSCI All Country World ex-U.S.
	Fund Contribution		(Average % of Equity)		Index^SM Weighting

Energy		–3.96%		21.76%		9.24%
Information Technology		–2.64%		12.23%		6.75%
Consumer Discretionary		–2.18%		19.37%		10.71%
Financials		–1.26%		19.40%		26.79%
Telecommunication Services		–0.13%		0.00%		5.46%


		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 Global & International Funds | 71

(unaudited)

Performance


					Expense Ratios –
Average Annual Total Return – for the periods ended September 30, 2014					per the January 28, 2014 prospectuses
	One	Five	Ten	Since	Total Annual Fund
	Year	Year	Year	Inception*	Operating Expenses

Janus Overseas Fund – Class A Shares
NAV	2.80%	–0.09%	8.84%	9.32%	0.94%
MOP	–3.10%	–1.26%	8.19%	9.01%

Janus Overseas Fund – Class C Shares
NAV	2.00%	–0.86%	8.00%	8.59%	1.75%
CDSC	1.01%	–0.86%	8.00%	8.59%

Janus Overseas Fund – Class D Shares⁽¹⁾	3.07%	0.17%	9.04%	9.47%	0.60%

Janus Overseas Fund – Class I Shares	3.14%	0.24%	8.99%	9.44%	0.54%

Janus Overseas Fund – Class N Shares	3.24%	0.08%	8.99%	9.44%	0.43%

Janus Overseas Fund – Class R Shares	2.48%	–0.42%	8.41%	8.93%	1.18%

Janus Overseas Fund – Class S Shares	2.71%	–0.17%	8.69%	9.17%	0.93%

Janus Overseas Fund – Class T Shares	2.98%	0.08%	8.99%	9.44%	0.68%

MSCI All Country World ex-U.S. Index^SM	4.77%	6.03%	7.06%	N/A**

MSCI EAFE^® Index	4.25%	6.56%	6.32%	5.10%

Morningstar Quartile – Class T Shares	3rd	4th	1st	1st

Morningstar Ranking – based on total return for Foreign Large Blend Funds	522/805	691/699	40/502	11/185

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.

See important disclosures on the next page.

Janus Global & International Funds | 73

Janus Overseas Fund (unaudited)

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

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

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class, calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

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

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

See “Useful Information About Your Fund Report.”


*		The Fund’s inception date – May 2, 1994
**		Since inception index return is not available for indices created subsequent to fund inception.
(1)		Closed to new investors.

74 | SEPTEMBER 30, 2014

(unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes


							Hypothetical
	Actual						(5% return before expenses)
	Beginning		Ending		Expenses		Beginning		Ending		Expenses
	Account		Account		Paid During		Account		Account		Paid During		Net Annualized
	Value		Value		Period		Value		Value		Period		Expense Ratio
	(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14)		(9/30/14)		(4/1/14 - 9/30/14)†		(4/1/14 - 9/30/14)


Class A Shares	$	1,000.00	$	965.50	$	4.34	$	1,000.00	$	1,020.66	$	4.46		0.88%


Class C Shares	$	1,000.00	$	961.80	$	8.02	$	1,000.00	$	1,016.90	$	8.24		1.63%


Class D Shares	$	1,000.00	$	966.80	$	2.76	$	1,000.00	$	1,022.26	$	2.84		0.56%


Class I Shares	$	1,000.00	$	967.20	$	2.47	$	1,000.00	$	1,022.56	$	2.54		0.50%


Class N Shares	$	1,000.00	$	967.40	$	2.12	$	1,000.00	$	1,022.91	$	2.18		0.43%


Class R Shares	$	1,000.00	$	963.90	$	5.81	$	1,000.00	$	1,019.15	$	5.97		1.18%


Class S Shares	$	1,000.00	$	965.00	$	4.58	$	1,000.00	$	1,020.41	$	4.71		0.93%


Class T Shares	$	1,000.00	$	966.20	$	3.35	$	1,000.00	$	1,021.66	$	3.45		0.68%


†		Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Global & International Funds | 75

Janus Overseas Fund

Schedule of Investments

As of September 30, 2014


Shares			Value

Common Stock – 95.7%
Air Freight & Logistics – 1.7%
	503,157	Panalpina Welttransport Holding AG	$	63,277,525
Airlines – 6.1%
	4,738,756	United Continental Holdings, Inc.*^,†		221,726,393
Automobiles – 0.4%
	4,498,500	SAIC Motor Corp., Ltd. – Class A^ß		13,228,519
Beverages – 1.1%
	534,669	Remy Cointreau SA^#		38,484,417
Capital Markets – 0.8%
	2,857,769	Atlas Mara Co-Nvest, Ltd.		28,006,136
Commercial Banks – 3.0%
	5,794,647	Axis Bank, Ltd.		35,323,780
	915,691	State Bank of India		36,145,738
	3,337,801	TCS Group Holding PLC (GDR)		15,537,349
	4,016,133	Turkiye Halk Bankasi A/S		24,137,059

				111,143,926
Construction & Engineering – 0.5%
	34,453,800	Louis XIII Holdings, Ltd.*^,#,£		17,362,253
Food & Staples Retailing – 1.4%
	2,843,703	X5 Retail Group NV (GDR)		52,393,235
Food Products – 0.1%
	184,405,502	Chaoda Modern Agriculture Holdings, Ltd.*^,ß,#,£		3,562,428
Hotels, Restaurants & Leisure – 6.3%
	46,209,074	Bwin.Party Digital Entertainment PLC^£		67,994,768
	21,009,600	Melco Crown Philippines Resorts Corp.*		6,173,617
	15,581,535	Melco International Development, Ltd.^#		36,069,851
	1,219,723	Orascom Development Holding AG*		23,576,178
	64,549,165	Shangri-La Asia, Ltd.		95,550,346

				229,364,760
Household Durables – 2.2%
	440,856	Iida Group Holdings Co., Ltd.		5,398,809
	19,808,900	MRV Engenharia e Participacoes SA		66,447,832
	21,496,560	PDG Realty SA Empreendimentos e Participacoes		9,661,376

				81,508,017
Independent Power and Renewable Electricity Producers – 0.4%
	19,386,826	Adani Power, Ltd.*		13,581,945
Industrial Conglomerates – 0.8%
	57,723,112	Shun Tak Holdings, Ltd.		28,331,545
Information Technology Services – 1.2%
	1,372,747	QIWI PLC (ADR)^#,£		43,365,078
Internet & Catalog Retail – 4.6%
	351,164	Alibaba Group Holding, Ltd. (ADR)*		31,200,921
	1,830,685	Ctrip.com International, Ltd. (ADR)*		103,909,681
	1,203,984	MakeMyTrip, Ltd.*		33,506,875

				168,617,477
Internet Software & Services – 2.5%
	5,031,225	Youku Tudou, Inc. (ADR)*^,#		90,159,552
Metals & Mining – 2.9%
	10,144,264	Hindustan Zinc, Ltd.		26,366,295
	4,704,061	Outokumpu Oyj*^,#		32,644,366
	12,218,138	Turquoise Hill Resources, Ltd.*^,#		45,935,311

				104,945,972
Oil, Gas & Consumable Fuels – 25.1%
	14,362,584	Africa Oil Corp.*^,#		63,104,048
	2,921,946	Africa Oil Corp. – Private Placement*^,§		12,858,322
	9,163,356	Athabasca Oil Corp.*^,#		46,888,757
	9,231,635	Cairn Energy PLC		26,251,236
	4,847,183	Cobalt International Energy, Inc.*^,†		65,921,689
	2,493,733	Euronav NV*^,#		28,096,234
	9,237,023	Karoon Gas Australia, Ltd.*^,#		28,031,103
	20,455,298	Ophir Energy PLC*		75,662,975
	6,395,288	Pacific Rubiales Energy Corp.^#		107,254,428
	9,137,752	Petroleo Brasileiro SA (ADR)^†,#		129,664,701
	18,769,662	Reliance Industries, Ltd.		286,560,496
	1,868,519	Trilogy Energy Corp.^#		42,316,165

				912,610,154
Pharmaceuticals – 6.5%
	562,160	Endo International PLC*		38,418,014
	21,025,416	Genomma Lab Internacional SAB de CV – Class B*		50,523,499
	788,727	Jazz Pharmaceuticals PLC*^,†		126,638,007
	250,770	Mallinckrodt PLC*		22,606,916

				238,186,436
Real Estate Investment Trusts (REITs) – 2.0%
	17,025,400	Concentradora Fibra Hotelera Mexicana SA de CV		29,831,089
	27,967,785	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		29,171,427
	6,935,800	Prologis Property Mexico SA de CV		14,585,157

				73,587,673
Real Estate Management & Development – 7.5%
	2,848,581	Countrywide PLC		20,750,668
	37,849,967	DLF, Ltd.		91,913,674
	305,287,268	Evergrande Real Estate Group, Ltd.^#		114,523,357
	2,564,266	Kennedy Wilson Europe Real Estate PLC		45,363,218

				272,550,917
Road & Rail – 0.9%
	3,819,769	Globaltrans Investment PLC (GDR)		32,078,519
Semiconductor & Semiconductor Equipment – 4.0%
	7,711,514	ARM Holdings PLC		112,345,658
	2,814,700	Sumco Corp.^#		34,017,200

				146,362,858
Software – 3.8%
	7,169,700	Nexon Co., Ltd.		59,201,918
	725,100	Nintendo Co., Ltd.		78,930,362

				138,132,280
Textiles, Apparel & Luxury Goods – 6.8%
	302,222,180	Global Brands Group Holding, Ltd.*		66,439,734
	158,678,429	Li & Fung, Ltd.		179,977,619

				246,417,353
Trading Companies & Distributors – 3.1%
	14,687,355	Adani Enterprises, Ltd.		111,453,688


Total Common Stock (cost $3,726,902,432)				3,480,439,056

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

76 | SEPTEMBER 30, 2014

Schedule of Investments

As of September 30, 2014


Shares			Value

Money Market – 1.9%
	67,472,000	Janus Cash Liquidity Fund LLC, 0.0682%°°^,£ (cost $67,472,000)	$	67,472,000


Investment Purchased with Cash Collateral From Securities Lending – 8.4%
	306,383,352	Janus Cash Collateral Fund LLC, 0.0650%°°^,£ (cost $306,383,352)		306,383,352


Total Investments (total cost $4,100,757,784) – 106.0%				3,854,294,408


Liabilities, net of Cash, Receivables and Other Assets – (6.0)%				(219,718,217)


Net Assets – 100%			$	3,634,576,191

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


			% of Investment
Country	Value		Securities


United States^††	$	894,529,589		23	.2%
India		634,852,491		16	.5
Hong Kong		423,731,348		11	.0
China		356,584,458		9	.2
Canada		318,357,031		8	.3
United Kingdom		303,005,305		7	.9
Brazil		205,773,909		5	.3
Japan		177,548,289		4	.6
Russia		143,374,181		3	.7
Mexico		94,939,745		2	.5
Switzerland		86,853,703		2	.3
Turkey		53,308,486		1	.4
France		38,484,417		1	.0
Finland		32,644,366		0	.8
Belgium		28,096,234		0	.7
Australia		28,031,103		0	.7
Virgin Islands (British)		28,006,136		0	.7
Philippines		6,173,617		0	.2


Total	$	3,854,294,408		100	.0%


††		Includes Cash Equivalents of 9.7%.

Schedule of Forward Currency Contracts, Open


					Unrealized
	Currency		Currency		Appreciation/
Counterparty/Currency and Settlement Date	Units Sold		Value		(Depreciation)

Credit Suisse International: Japanese Yen 10/23/14		4,950,000,000	$	45,147,335	$	414,317


HSBC Securities (USA), Inc.: Japanese Yen 10/9/14		5,400,000,000		49,245,956		2,786,690


JPMorgan Chase & Co.: Japanese Yen 10/16/14		2,070,000,000		18,878,705		435,068


RBC Capital Markets Corp.: Japanese Yen 10/16/14		5,100,000,000		46,512,753		2,104,978


Total			$	159,784,749	$	5,741,053

Total Return Swap outstanding at September 30, 2014

Unrealized

Notional

Return Paid

Return Received

Appreciation/

Counterparty

Amount

by the Fund

Termination Date

(Depreciation)

Credit Suisse International

36,678,204

1 month USD LIBOR
plus 75 basis points

Moscow Exchange

12/15/15

(2,594,844)

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

Janus Global & International Funds | 77

Notes to Schedules of Investments and Other Information


MSCI All Country Asia ex-Japan Index		A free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.

MSCI All Country World ex-U.S. Index^SM		An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

MSCI All Country World Index^SM		An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

MSCI EAFE^® Index		A free float-adjusted market capitalization weighted index designed to measure developed market equity performance. The MSCI EAFE^® Index is composed of companies representative of the market structure of developed market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.

MSCI Emerging Markets Index^SM		A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

MSCI World Health Care Index		A capitalization weighted index that monitors the performance of health care stocks from developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.

MSCI World Index^SM		A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.

MSCI World Information Technology Index		A capitalization weighted index that monitors the performance of information technology stocks from developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.

S&P 500^® Index		A commonly recognized, market-capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

LP		Limited Partnership

LIBOR		London Interbank Offered Rate

LLC		Limited Liability Company

NVDR		Non-Voting Depositary Receipt

PCL		Public Company Limited

PJSC		Private Joint Stock Company

PLC		Public Limited Company

U.S. Shares		Securities of foreign companies trading on an American stock exchange.


144A		Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. 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 September 30, 2014 is indicated in the table below:


			Value as a %
Fund	Value		of Net Assets

Janus Emerging Markets Fund	$	27,518		0.1	%


*		Non-income producing security.

78 | SEPTEMBER 30, 2014

†
A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2014, is noted below.


Fund	Aggregate Value


Janus Emerging Markets Fund	$	170,280
Janus Global Life Sciences Fund		37,257,500
Janus Global Technology Fund		19,476,418
Janus Overseas Fund		414,289,250


ß		Security is illiquid.

^°°		Rate shown is the 7-day yield as of September 30, 2014.

#		Loaned security; a portion of the security is on loan at September 30, 2014.


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2014)


	Acquisition	Acquisition				Value as a
	Date	Cost		Value		% of Net Assets


Janus Global Life Sciences Fund
Diplomat Pharmacy, Inc. – Private Placement	3/31/14	$	9,987,448	$	9,987,448		0.4	%
Fibrogen, Inc. – Private Placement	12/28/04 – 11/8/05		5,786,786		5,990,277		0.2
Juno Therapeutics, Inc. – Private Placement	8/1/14		4,999,998		4,999,998		0.2
Pronai Therapeutics, Inc. – Private Placement	4/17/14		3,999,999		3,999,999		0.2


Total		$	24,774,231	$	24,977,722		1.0	%


Janus Global Technology Fund
Apptio, Inc. – Private Placement	5/2/13	$	4,287,668	$	4,287,668		0.4	%
Okta, Inc. – Private Placement	5/23/14		4,387,063		4,387,063		0.4


Total		$	8,674,731	$	8,674,731		0.8	%


Janus Overseas Fund
Africa Oil Corp. – Private Placement	10/17/13	$	23,586,134	$	12,858,322		0.4	%

The Funds have registration rights for certain restricted securities held as of September 30, 2014. The issuer incurs all registration costs.

The Funds 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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended September 30, 2014. Unless otherwise indicated, all information in the table is for the year ended September 30, 2014.


	Share				Share
	Balance				Balance		Realized		Dividend		Value
	at 9/30/13	Purchases		Sales	at 9/30/14		Gain/(Loss)		Income		at 9/30/14

Janus Asia Equity Fund
Janus Cash Collateral Fund LLC	–		1,064,375	(833,550)		230,825	$	–	$	3,211⁽¹⁾	$	230,825
Janus Cash Liquidity Fund LLC	246,000		16,453,247	(16,212,153)		487,094		–		313		487,094


Total							$	–	$	3,524	$	717,919


Janus Emerging Markets Fund
Janus Cash Collateral Fund LLC	–		5,774,210	(5,143,810)		630,400	$	–	$	6,584⁽¹⁾	$	630,400
Janus Cash Liquidity Fund LLC	265,066		18,194,452	(16,521,259)		1,938,259		–		514		1,938,259


Total							$	–	$	7,098	$	2,568,659

Janus Global & International Funds | 79

Notes to Schedules of Investments and Other Information (continued)

Share
Share

Balance
Balance
Realized
Dividend
Value

at 9/30/13 Purchases Sales at 9/30/14 Gain/(Loss) Income at 9/30/14

Janus Global Life Sciences Fund

Janus Cash Collateral Fund LLC
– 751,617,668 (596,628,002) 154,989,666 $ – $ 580,600⁽¹⁾ $ 154,989,666

Janus Cash Liquidity Fund LLC
59,727,573 759,599,212 (741,147,000) 78,179,785 – 32,425 78,179,785

Lipocine, Inc.⁽²⁾
755,969 12,957 (482,275) 286,651 683,253 – N/A

OvaScience, Inc.
908,774 342,258 (11,735) 1,239,297 (13,341) – 20,572,330

Total
$ 669,912 $ 613,025 $ 253,741,781

Janus Global Research Fund

Janus Cash Liquidity Fund LLC
21,439,471 444,094,063 (455,244,534) 10,289,000 $ – $ 8,249 $ 10,289,000

Janus Global Select Fund

Janus Cash Liquidity Fund LLC
2,020,000 319,913,830 (315,673,830) 6,260,000 $ – $ 2,812 $ 6,260,000

Janus Global Technology Fund

Janus Cash Collateral Fund LLC
– 226,366,991 (168,495,402) 57,871,589 $ – $ 498,503⁽¹⁾ $ 57,871,589

Janus Cash Liquidity Fund LLC
51,814,872 213,451,107 (233,504,229) 31,761,750 – 15,687 31,761,750

Total
$ – $ 514,190 $ 89,633,339

Janus International Equity Fund

Janus Cash Liquidity Fund LLC
– 129,354,424 (124,830,102) 4,524,322 $ – $ 4,004 $ 4,524,322

Janus Overseas Fund

Bwin.Party Digital Entertainment PLC
– 46,259,805 (50,731) 46,209,074 $ (7,002) $ 1,834,569 $ 67,994,768

Chaoda Modern Agriculture Holdings, Ltd.
184,405,502 – – 184,405,502 – – 3,562,428

Janus Cash Collateral Fund LLC
– 982,333,675 (675,950,323) 306,383,352 – 4,142,449⁽¹⁾ 306,383,352

Janus Cash Liquidity Fund LLC
5,128,000 872,467,901 (810,123,901) 67,472,000 – 9,544 67,472,000

John Keells Holdings PLC
74,878,133 4,263,403 (79,141,536) – 56,451,613 1,540,265 –

John Keells Holdings PLC Warrant expires 11/12/15
– 1,421,182 (1,421,182) – 466,709 – –

John Keells Holdings PLC Warrant expires 11/11/16
– 1,421,182 (1,421,182) – 533,754 – –

Louis XIII Holdings, Ltd.
34,683,800 – (230,000) 34,453,800 (1,927) – 17,362,253

QIWI PLC (ADR)⁽²⁾
966,190 831,173 (424,616) 1,372,747 6,795,663 1,815,095 N/A

Total
$ 64,238,810 $ 9,341,922 $ 462,774,801


(1)		Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.
(2)		Company was no longer an affiliate as of September 30, 2014.

80 | SEPTEMBER 30, 2014

The following is a summary of the inputs that were used to value the Funds’ investments in securities and other financial instruments as of September 30, 2014. See Notes to Financial Statements for more information.

Valuation Inputs Summary (as of September 30, 2014)


			*Level 2 – Other Significant*		*Level 3 – Significant*
	*Level 1 – Quoted Prices*		*Observable Inputs*		*Unobservable Inputs*

Janus Asia Equity Fund
Assets
Investments in Securities:
Common Stock
Airlines	$	–	$	101,333	$	–
Auto Components		–		208,866		–
Automobiles		–		987,637		–
Beverages		–		76,587		–
Capital Markets		–		250,816		–
Chemicals		–		170,254		–
Commercial Banks		–		2,118,933		–
Construction & Engineering		–		206,258		–
Construction Materials		–		51,011		–
Diversified Telecommunication Services		–		153,483		–
Electric Utilities		–		62,591		–
Electrical Equipment		–		69,719		–
Electronic Equipment, Instruments & Components		–		799,530		–
Food Products		–		400,591		–
Health Care Providers & Services		–		63,402		–
Hotels, Restaurants & Leisure		–		236,578		–
Independent Power and Renewable Electricity Producers		–		178,231		–
Industrial Conglomerates		–		324,941		–
Information Technology Services		–		93,573		–
Insurance		–		734,153		–
Internet & Catalog Retail		67,793		–		–
Internet Software & Services		139,937		217,344		–
Machinery		–		102,573		–
Marine		–		173,814		–
Metals & Mining		–		440,929		–
Multiline Retail		–		249,294		–
Oil, Gas & Consumable Fuels		–		791,996		–
Pharmaceuticals		–		85,502		–
Real Estate Investment Trusts (REITs)		–		91,054		–
Real Estate Management & Development		98,823		773,102		–
Road & Rail		–		373,131		–
Semiconductor & Semiconductor Equipment		142,780		1,533,564		–
Software		85,336		274,182		–
Specialty Retail		–		699,747		–
Textiles, Apparel & Luxury Goods		–		203,752		–
Thrifts & Mortgage Finance		–		124,354		–
Tobacco		–		101,039		–

Preferred Stock		–		142,796		–

Warrant		1,672		–		–

Money Market		–		487,094		–

Investment Purchased with Cash Collateral From Securities Lending		–		230,825		–



Total Assets	$	536,341	$	14,384,579	$	–

Janus Global & International Funds | 81

Notes to Schedules of Investments and Other Information (continued)

Level 2 – Other Significant
Level 3 – Significant

Level 1 – Quoted Prices Observable Inputs Unobservable Inputs

Janus Emerging Markets Fund

Assets

Investments in Securities:

Common Stock

Airlines
$ – $ 169,790 $ –

Auto Components
– 363,383 –

Automobiles
– 1,822,144 –

Beverages
192,407 501,483 –

Capital Markets
735,891 481,210 –

Commercial Banks
1,981,942 2,950,262 –

Construction & Engineering
– 360,107 –

Construction Materials
– 128,396 –

Electric Utilities
– 167,777 –

Electrical Equipment
– 210,555 –

Electronic Equipment, Instruments & Components
– 1,501,301 –

Food & Staples Retailing
67,621 630,407 –

Food Products
– 763,876 –

Health Care Providers & Services
– 171,937 –

Hotels, Restaurants & Leisure
– 828,013 –

Independent Power and Renewable Electricity Producers
– 172,830 –

Industrial Conglomerates
– 150,190 –

Information Technology Services
277,487 187,145 –

Insurance
163,138 735,752 –

Internet Software & Services
135,923 315,595 –

Machinery
– 199,926 –

Marine
– 145,628 –

Media
– 154,104 –

Metals & Mining
302,376 478,915 –

Multiline Retail
77,004 246,104 –

Oil, Gas & Consumable Fuels
517,181 1,300,308 –

Pharmaceuticals
– 177,366 –

Real Estate Investment Trusts (REITs)
700,815 235,578 –

Real Estate Management & Development
708,654 882,776 –

Road & Rail
– 1,017,657 –

Semiconductor & Semiconductor Equipment
1,746,614 1,719,751 –

Software
422,243 558,148 –

Specialty Retail
302,195 1,469,201 –

Textiles, Apparel & Luxury Goods
– 1,216,331 –

Thrifts & Mortgage Finance
– 256,588 –

Tobacco
– 163,072 –

All Other
1,102,334 – –

Corporate Bond
– 24,656 –

Preferred Stock
– 489,623 –

Warrant
27,518 – –

Money Market
– 1,938,259 –

Investment Purchased with Cash Collateral From Securities Lending
– 630,400 –

Total Investments in Securities
$ 9,461,343 $ 25,916,544 $ –

Other Financial Instruments^(a):

Forward Currency Contracts
$ – $ 6,832 $ –

Outstanding Swap Contracts at Value
– 14,737 –

Total Assets
$ 9,461,343 $ 25,938,113 $ –

Liabilities

Other Financial Instruments^(a):

Outstanding Swap Contracts at Value
$ – $ 14,842 $ –

82 | SEPTEMBER 30, 2014

Level 2 – Other Significant
Level 3 – Significant

Level 1 – Quoted Prices Observable Inputs Unobservable Inputs

Janus Global Life Sciences Fund

Assets

Investments in Securities:

Common Stock

Biotechnology
$ 763,698,838 $ 33,898,878 8,999,997

Food & Staples Retailing
– – 9,987,448

Food Products
12,960,256 12,646,296 –

Health Care Providers & Services
368,470,983 16,266,319 –

Household Products
– 17,003,189 –

Life Sciences Tools & Services
35,440,751 16,791,335 –

Pharmaceuticals
721,606,430 180,954,958 5,990,277

All Other
300,020,438 – –

Money Market
– 78,179,785 –

Investment Purchased with Cash Collateral From Securities Lending
– 154,989,666 –

Total Investments in Securities
$ 2,202,197,696 $ 510,730,426 $ 24,977,722

Other Financial Instruments^(a):

Forward Currency Contracts
$ – $ 1,699,690 $ –

Total Assets
$ 2,202,197,696 $ 512,430,116 $ 24,977,722

Liabilities

Other Financial Instruments^(a):

Forward Currency Contracts
$ – $ 30,572 $ –

Janus Global Research Fund

Assets

Investments in Securities:

Common Stock

Air Freight & Logistics
$ – $ 16,837,133 $ –

Auto Components
– 37,723,004 –

Automobiles
– 13,357,060 –

Beverages
32,568,747 37,268,959 –

Biotechnology
121,078,090 15,783,062 –

Capital Markets
48,381,172 45,743,707 –

Chemicals
51,543,062 16,492,550 –

Commercial Banks
63,263,199 114,922,752 –

Communications Equipment
22,290,846 21,006,375 –

Electronic Equipment, Instruments & Components
13,838,977 36,982,450 –

Energy Equipment & Services
27,673,981 9,276,916 –

Food Products
12,978,003 26,365,131 –

Hotels, Restaurants & Leisure
13,372,946 5,815,703 –

Household Durables
– 6,754,618 –

Insurance
27,321,040 84,473,890 –

Metals & Mining
– 15,467,744 –

Oil, Gas & Consumable Fuels
250,680,300 44,489,305 –

Pharmaceuticals
75,717,622 38,931,942 –

Real Estate Management & Development
40,097,903 13,248,463 –

Semiconductor & Semiconductor Equipment
17,561,331 51,255,807 –

Software
43,216,915 14,114,005 –

Specialty Retail
62,837,137 8,202,855 –

Textiles, Apparel & Luxury Goods
17,380,174 29,505,522 –

Tobacco
– 48,228,632 –

Trading Companies & Distributors
21,274,834 35,963,344 –

Wireless Telecommunication Services
14,818,798 20,181,271 –

All Other
807,837,121 – –

Preferred Stock
– 22,435,296 –

Money Market
– 10,289,000 –

Total Assets
$ 1,785,732,198 $ 841,116,496 $ –

Janus Global & International Funds | 83

Notes to Schedules of Investments and Other Information (continued)

Level 2 – Other Significant
Level 3 – Significant

Level 1 – Quoted Prices Observable Inputs Unobservable Inputs

Janus Global Select Fund

Assets

Investments in Securities:

Common Stock

Auto Components
$ – $ 22,870,290 $ –

Automobiles
– 42,250,407 –

Beverages
– 44,331,472 –

Commercial Banks
125,034,766 113,684,199 –

Communications Equipment
– 67,039,132 –

Hotels, Restaurants & Leisure
– 37,488,717 –

Insurance
26,006,583 95,422,084 –

Leisure Products
– 9,642,327 –

Metals & Mining
– 27,012,031 –

Oil, Gas & Consumable Fuels
124,037,499 36,235,834 –

Pharmaceuticals
154,322,077 33,130,733 –

Real Estate Management & Development
– 20,079,971 –

Semiconductor & Semiconductor Equipment
81,307,348 45,860,592 –

Software
– 20,987,138 –

Specialty Retail
21,028,019 26,929,667 –

Textiles, Apparel & Luxury Goods
– 57,046,549 –

Tobacco
– 34,429,831 –

Wireless Telecommunication Services
35,563,740 32,021,824 –

All Other
873,176,851 – –

Preferred Stock
– 17,137,635 –

Money Market
– 6,260,000 –

Total Assets
$ 1,440,476,883 $ 789,860,433 $ –

Janus Global Technology Fund

Assets

Investments in Securities:

Common Stock

Household Durables
$ – $ 6,495,102 $ –

Internet Software & Services
173,715,774 8,995,953 4,387,063

Semiconductor & Semiconductor Equipment
48,498,312 76,488,603 –

Software
204,120,990 9,284,925 4,287,668

All Other
496,431,578 – –

Money Market
– 31,761,750 –

Investment Purchased with Cash Collateral From Securities Lending
– 57,871,589 –

Total Investments in Securities
$ 922,766,654 $ 190,897,922 $ 8,674,731

Other Financial Instruments^(a):

Forward Currency Contracts
$ – $ 349,792 $ –

Total Assets
$ 922,766,654 $ 191,247,714 $ 8,674,731

Liabilities

Investments in Securities Sold Short:

Common Stock

Household Durables
$ – $ 1,739,178 $ –

All Other
3,389,195 – –

Total Liabilities
$ 3,389,195 $ 1,739,178 $ –

84 | SEPTEMBER 30, 2014

Level 2 – Other Significant
Level 3 – Significant

Level 1 – Quoted Prices Observable Inputs Unobservable Inputs

Janus International Equity Fund

Assets

Investments in Securities:

Common Stock

Air Freight & Logistics
$ – $ 9,732,173 $ –

Auto Components
– 8,757,705 –

Beverages
3,097,244 8,935,959 –

Biotechnology
– 2,449,501 –

Capital Markets
– 4,244,209 –

Chemicals
6,854,599 9,853,869 –

Commercial Banks
– 43,730,022 –

Commercial Services & Supplies
– 4,008,301 –

Communications Equipment
– 7,041,045 –

Electronic Equipment, Instruments & Components
– 9,209,726 –

Food Products
– 3,278,576 –

Health Care Equipment & Supplies
– 5,695,874 –

Hotels, Restaurants & Leisure
– 5,974,783 –

Household Durables
– 722,366 –

Household Products
– 5,940,134 –

Industrial Conglomerates
– 2,377,649 –

Information Technology Services
– 2,406,959 –

Insurance
2,326,031 15,666,950 –

Internet Software & Services
– 3,080,031 –

Leisure Products
– 4,314,647 –

Marine
– 3,196,832 –

Metals & Mining
– 14,487,200 –

Oil, Gas & Consumable Fuels
3,155,271 10,916,796 –

Pharmaceuticals
– 10,975,838 –

Real Estate Investment Trusts (REITs)
– 1,438,801 –

Real Estate Management & Development
– 14,075,774 –

Semiconductor & Semiconductor Equipment
– 15,081,759 –

Software
– 2,929,639 –

Specialty Retail
– 3,293,264 –

Textiles, Apparel & Luxury Goods
– 9,484,283 –

Thrifts & Mortgage Finance
– 1,473,307 –

Tobacco
– 12,695,890 –

Trading Companies & Distributors
– 4,836,186 –

Wireless Telecommunication Services
– 3,700,519 –

All Other
18,548,194 – –

Preferred Stock
– 6,380,816 –

Right
48,072 – –

Money Market
– 4,524,322 –

Total Assets
$ 34,029,411 $ 276,911,705 $ –

Janus Global & International Funds | 85

Notes to Schedules of Investments and Other Information (continued)

Level 2 – Other Significant
Level 3 – Significant

Level 1 – Quoted Prices Observable Inputs Unobservable Inputs

Janus Overseas Fund

Assets

Investments in Securities:

Common Stock

Air Freight & Logistics
$ – $ 63,277,525 $ –

Automobiles
– 13,228,519 –

Beverages
– 38,484,417 –

Commercial Banks
– 111,143,926 –

Construction & Engineering
– 17,362,253 –

Food & Staples Retailing
– 52,393,235 –

Food Products
– – 3,562,428

Hotels, Restaurants & Leisure
– 229,364,760 –

Household Durables
76,109,208 5,398,809 –

Independent Power and Renewable Electricity Producers
– 13,581,945 –

Industrial Conglomerates
– 28,331,545 –

Metals & Mining
45,935,311 59,010,661 –

Oil, Gas & Consumable Fuels
455,149,788 457,460,366 –

Real Estate Investment Trusts (REITs)
44,416,246 29,171,427 –

Real Estate Management & Development
– 272,550,917 –

Road & Rail
– 32,078,519 –

Semiconductor & Semiconductor Equipment
– 146,362,858 –

Software
– 138,132,280 –

Textiles, Apparel & Luxury Goods
– 246,417,353 –

Trading Companies & Distributors
– 111,453,688 –

All Other
790,061,072 – –

Money Market
– 67,472,000 –

Investment Purchased with Cash Collateral From Securities Lending
– 306,383,352 –

Total Investments in Securities
$ 1,411,671,625 $ 2,439,060,355 $ 3,562,428

Other Financial Instruments^(a):

Forward Currency Contracts
$ – $ 5,741,053 $ –

Total Assets
$ 1,411,671,625 $ 2,444,801,408 $ 3,562,428

Liabilities

Other Financial Instruments^(a):

Outstanding Swap Contracts at Value
$ – $ 2,594,844 $ –


(a)		Other financial instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from each Fund at that date. Options are reported at their market value at measurement date.

86 | SEPTEMBER 30, 2014

Statements of Assets and Liabilities


															Janus
			Janus Emerging		Janus Global		Janus Global		Janus Global		Janus Global		Janus International		Overseas
As of September 30, 2014	Janus Asia Equity Fund		Markets Fund		Life Sciences Fund		Research Fund		Select Fund		Technology Fund		Equity Fund		Fund


Assets:
Investments at cost	$	14,568,714	$	36,029,745	$	2,057,731,699	$	2,210,997,131	$	1,851,642,803	$	903,072,501	$	285,199,821	$	4,100,757,784
Unaffiliated investments at value⁽¹⁾	$	14,203,001	$	32,809,228	$	2,484,164,063	$	2,616,559,694	$	2,224,077,316	$	1,032,705,968	$	306,416,794	$	3,391,519,607
Affiliated investments at value⁽¹⁾		717,919		2,568,659		253,741,781		10,289,000		6,260,000		89,633,339		4,524,322		462,774,801
Repurchase agreements at value		–		–		–		–		–		–		–		–
Cash		–		–		–		–		65,794		728		–		–
Cash denominated in foreign currency⁽²⁾		7,335		10,233		–		–		–		–		84		6,089,649
Restricted cash (Note 1)		66,797		562,018		–		–		1,023,753		–		–		59,309,451
Deposits with broker for short sales		–		–		–		–		–		5,025,344		–		–
Forward currency contracts		–		6,832		1,699,690		–		–		349,792		–		5,741,053
Closed foreign currency contracts		–		370		390,026		–		–		72,425		–		860,188
Outstanding swap contracts at value		–		14,737		–		–		–		–		–		–
Non-interested Trustees’ deferred compensation		326		717		54,152		54,662		46,144		21,799		6,451		75,337
Receivables:
Investments sold		1,173,228		–		51,531,043		18,298,467		18,991,175		14,878,576		133,708		38,717,948
Fund shares sold		55,849		48,634		7,445,953		483,406		202,688		198,364		167,209		1,070,633
Dividends		11,106		18,424		352,693		3,433,249		3,095,975		413,978		696,346		3,099,302
Dividends from affiliates		40		63		3,123		811		14		1,601		270		1,014
Foreign dividend tax reclaim		41		1,337		677,788		1,564,946		2,107,519		270,241		516,729		971,241
Interest		–		1,742		49,364		–		–		–		–		–
Other assets		296		–		46,579		50,190		42,779		20,203		5,744		1,965,209
Total Assets		16,235,938		36,042,994		2,800,156,255		2,650,734,425		2,255,913,157		1,143,592,358		312,467,657		3,972,195,433
Liabilities:
Due to custodian		1,417		8,439		1,995,765		43,623		–		–		35,307		64,167
Collateral for securities loaned (Note 3)		230,825		630,400		154,989,666		–		–		57,871,589		–		306,383,352
Short sales, at value⁽³⁾		–		–		–		–		–		5,128,373		–		–
Forward currency contracts		–		–		30,572		–		–		–		–		–
Closed foreign currency contracts		–		–		–		–		–		–		–		–
Outstanding swap contracts at value		–		14,842		–		–		–		–		–		2,594,844
Payables:
Investments purchased		80,571		591,943		17,234,857		6,368,355		23,535,363		25,969,611		102,495		18,050,587
Fund shares repurchased		1,984,854		65,631		1,026,278		1,416,157		785,791		212,845		166,453		7,277,991
Advisory fees		8,354		29,799		1,366,607		1,205,014		1,208,215		570,102		169,527		1,313,180
Fund administration fees		137		292		21,353		22,249		18,878		8,908		2,655		32,687
Internal servicing cost		34		71		1,721		608		213		169		980		2,975
Administrative services fees		1,417		1,455		327,400		364,952		284,729		139,047		7,787		535,603
Distribution fees and shareholder servicing fees		651		189		47,075		17,988		4,846		4,807		30,172		186,131
Administrative, networking and omnibus fees		63		197		24,653		16,835		9,460		5,053		18,848		176,757
Non-interested Trustees’ fees and expenses		111		222		14,201		18,115		15,698		7,152		2,158		29,748
Non-interested Trustees’ deferred compensation fees		326		717		54,152		54,662		46,144		21,799		6,451		75,337
Foreign tax liability		31,322		–		–		–		–		–		16,066		35,847
Accrued expenses and other payables		68,111		87,353		198,152		382,178		564,739		176,273		138,469		860,036
Total Liabilities		2,408,193		1,431,550		177,332,452		9,910,736		26,474,076		90,115,728		697,368		337,619,242
Net Assets	$	13,827,745	$	34,611,444	$	2,622,823,803	$	2,640,823,689	$	2,229,439,081	$	1,053,476,630	$	311,770,289	$	3,634,576,191

See footnotes at the end of the Statements.

See Notes to Financial Statements.

88 | SEPTEMBER 30, 2014

Statements of Assets and Liabilities (continued)


															Janus
			Janus Emerging		Janus Global		Janus Global		Janus Global		Janus Global		Janus International		Overseas
As of September 30, 2014	Janus Asia Equity Fund		Markets Fund		Life Sciences Fund		Research Fund		Select Fund		Technology Fund		Equity Fund		Fund


Net Assets Consist of:
Capital (par value and paid-in surplus)*	$	13,162,765	$	37,222,658	$	1,676,004,464	$	2,804,328,814	$	2,467,221,934	$	669,677,544	$	270,767,642	$	5,014,666,848
Undistributed net investment income/(loss)*		163,244		522,082		(546,077)		21,990,051		12,330,585		946,176		4,859,752		26,686,093
Undistributed net realized gain/(loss) from investment and foreign currency transactions*		181,709		(2,484,513)		265,547,233		(601,195,370)		(628,582,549)		163,360,883		10,454,288		(1,162,987,131)
Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽⁴⁾		320,027		(648,783)		681,818,183		415,700,194		378,469,111		219,492,027		25,688,607		(243,789,619)
Total Net Assets	$	13,827,745	$	34,611,444	$	2,622,823,803	$	2,640,823,689	$	2,229,439,081	$	1,053,476,630	$	311,770,289	$	3,634,576,191
Net Assets - Class A Shares	$	456,371	$	377,679	$	75,566,081	$	11,627,195	$	5,605,964	$	8,616,818	$	51,902,720	$	80,632,028
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,597		43,864		1,450,760		183,846		422,473		355,975		3,847,492		2,289,778
Net Asset Value Per Share⁽⁵⁾	$	9.79	$	8.61	$	52.09	$	63.24	$	13.27	$	24.21	$	13.49	$	35.21
Maximum Offering Price Per Share⁽⁶⁾	$	10.39	$	9.14	$	55.27	$	67.10	$	14.08	$	25.69	$	14.31	$	37.36
Net Assets - Class C Shares	$	331,738	$	94,462	$	41,251,068	$	6,512,660	$	3,919,741	$	3,030,661	$	16,700,166	$	52,598,812
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,145		11,116		824,616		104,776		303,886		130,318		1,267,535		1,523,779
Net Asset Value Per Share⁽⁵⁾	$	9.72	$	8.50	$	50.02	$	62.16	$	12.90	$	23.26	$	13.18	$	34.52
Net Assets - Class D Shares	$	9,084,009	$	10,889,064	$	1,243,469,737	$	1,450,165,413	$	1,615,507,452	$	705,264,359	$	22,196,866	$	1,143,816,276
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		923,238		1,268,544		23,649,267		23,188,574		122,408,078		28,801,076		1,651,067		32,464,054
Net Asset Value Per Share	$	9.84	$	8.58	$	52.58	$	62.54	$	13.20	$	24.49	$	13.44	$	35.23
Net Assets - Class I Shares	$	2,898,514	$	21,896,118	$	255,398,041	$	137,265,718	$	35,502,979	$	17,322,178	$	82,289,870	$	382,219,652
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		294,244		2,543,536		4,849,983		2,164,791		2,681,138		703,707		6,110,397		10,817,292
Net Asset Value Per Share	$	9.85	$	8.61	$	52.66	$	63.41	$	13.24	$	24.62	$	13.47	$	35.33
Net Assets - Class N Shares		N/A		N/A		N/A		N/A		N/A		N/A	$	112,592,804	$	148,599,265
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		N/A		N/A		N/A		N/A		N/A		N/A		8,368,212		4,213,633
Net Asset Value Per Share		N/A		N/A		N/A		N/A		N/A		N/A	$	13.45	$	35.27
Net Assets - Class R Shares		N/A		N/A		N/A	$	2,624,201	$	559,994		N/A	$	3,905,504	$	66,291,740
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		N/A		N/A		N/A		41,820		42,789		N/A		294,218		1,910,249
Net Asset Value Per Share		N/A		N/A		N/A	$	62.75	$	13.09		N/A	$	13.27	$	34.70
Net Assets - Class S Shares	$	344,708	$	147,453	$	6,145,799	$	42,894,328	$	423,814	$	2,356,735	$	13,253,256	$	397,833,974
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		35,217		17,225		118,918		677,361		31,822		98,035		958,987		11,362,491
Net Asset Value Per Share	$	9.79	$	8.56	$	51.68	$	63.33	$	13.32	$	24.04	$	13.82	$	35.01
Net Assets - Class T Shares	$	712,405	$	1,206,668	$	1,000,993,077	$	989,734,174	$	567,919,137	$	316,885,879	$	8,929,103	$	1,362,584,444
Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		72,637		140,310		19,077,356		15,846,642		42,986,987		12,979,208		668,886		38,711,144
Net Asset Value Per Share	$	9.81	$	8.60	$	52.47	$	62.46	$	13.21	$	24.41	$	13.35	$	35.20


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Unaffiliated/Affiliated investments at value includes $217,507, $597,591, $151,090,884, $56,510,956 and $291,684,223 of securities loaned for Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus Global Life Sciences Fund, Janus Global Technology Fund and Janus Overseas Fund, respectively. See Note 3 in Notes to Financial Statements.
(2)		Includes cost of $7,335, $10,233, $84 and $6,105,851 for Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus International Equity Fund and Janus Overseas Fund, respectively.
(3)		Proceeds $5,025,344 for Janus Global Technology Fund.
(4)		Net of foreign tax on investments of $31,322, $16,066 and $35,847 for Janus Asia Equity Fund, Janus International Equity Fund and Janus Overseas Fund, respectively.
(5)		Redemption price per share may be reduced for any applicable contingent deferred sales charge.
(6)		Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

90 | SEPTEMBER 30, 2014

Statements of Operations


													Janus
			Janus Emerging		Janus Global		Janus Global		Janus Global		Janus Global		International		Janus
For the year ended September 30, 2014	Janus Asia Equity Fund		Markets Fund		Life Sciences Fund		Research Fund		Select Fund		Technology Fund		Equity Fund		Overseas Fund


Investment Income:
Interest	$	–	$	7,095	$	216,976	$	–	$	10	$	–	$	–	$	–
Affiliated securities lending income, net		3,211		6,584		580,600		–		–		498,503		–		4,142,449
Interest proceeds from short sales		–		–		–		–		1,164		4,592		–		–
Dividends		625,511		1,169,335		16,104,730		48,656,401		37,199,134		10,082,939		7,858,947		100,179,659
Dividends from affiliates		313		514		32,425		8,249		2,812		15,687		4,004		5,199,473
Other income		202		379		168		7,460		20,842		35		4,740		1,596
Foreign tax withheld		(49,032)		(91,994)		(403,601)		(1,846,138)		(952,700)		(214,258)		(433,930)		(2,852,527)
Total Investment Income		580,205		1,091,913		16,531,298		46,825,972		36,271,262		10,387,498		7,433,761		106,670,650
Expenses:
Advisory fees		134,590		282,895		12,457,439		14,679,985		14,531,598		6,615,322		1,920,347		16,779,386
Internal servicing expense - Class A Shares		110		37		3,535		1,314		700		780		5,708		15,682
Internal servicing expense - Class C Shares		144		30		2,550		1,028		741		410		2,799		12,071
Internal servicing expense - Class I Shares		123		874		4,060		5,354		1,596		560		2,849		22,921
Shareholder reports expense		2,695		1,498		264,380		400,931		377,459		200,678		8,856		337,231
Transfer agent fees and expenses		3,289		4,830		303,347		528,491		793,209		345,551		12,101		391,516
Registration fees		101,652		77,106		150,217		143,521		142,939		126,494		161,695		188,444
Custodian fees		26,470		23,827		40,837		130,280		146,999		41,406		54,932		820,090
Professional fees		55,630		60,044		67,961		124,478		87,960		78,528		61,131		104,151
Non-interested Trustees’ fees and expenses		392		483		58,608		70,781		62,841		28,469		8,375		101,756
Short sales dividend expense		–		–		–		–		–		38,162		–		–
Short sales interest expense		–		–		–		–		–		21,139		–		–
Stock loan fees		–		–		–		–		–		27,382		–		–
Fund administration fees		1,411		2,877		181,798		239,743		206,660		94,379		27,936		394,821
Administrative services fees - Class D Shares		10,362		11,994		1,262,535		1,738,523		1,952,427		839,768		28,138		1,525,455
Administrative services fees - Class R Shares		N/A		N/A		N/A		5,066		1,979		N/A		6,996		205,772
Administrative services fees - Class S Shares		1,880		814		27,692		113,805		1,354		5,100		26,164		1,321,046
Administrative services fees - Class T Shares		3,392		2,802		1,807,587		2,481,260		1,492,000		770,028		26,190		4,229,805
Distribution fees and shareholder servicing fees - Class A Shares		2,632		768		90,884		30,501		16,483		19,029		136,579		370,661
Distribution fees and shareholder servicing fees - Class C Shares		8,020		1,846		195,328		60,914		42,240		26,720		163,909		662,416
Distribution fees and shareholder servicing fees - Class R Shares		N/A		N/A		N/A		10,132		3,959		N/A		13,992		411,544
Distribution fees and shareholder servicing fees - Class S Shares		1,880		814		27,692		113,805		1,354		5,100		26,164		1,321,046
Administrative, networking and omnibus fees - Class A Shares		252		638		31,340		13,311		7,181		11,103		50,300		268,959
Administrative, networking and omnibus fees - Class C Shares		–		210		21,693		6,973		7,572		2,851		21,512		161,530
Administrative, networking and omnibus fees - Class I Shares		35		540		85,255		85,499		13,714		15,527		36,836		489,349
Other expenses		8,800		22,891		90,672		149,649		136,603		72,038		23,725		266,466
Total Expenses		363,759		497,818		17,175,410		21,135,344		20,029,568		9,386,524		2,827,234		30,402,118
Less: Expense and Fee Offset		–		(12)		(872)		(1,436)		(1,756)		(785)		(69)		(1,803)
Less: Excess Expense Reimbursement		(166,805)		(105,008)		(35,134)		(1,623,912)		(71,983)		(25,719)		(1,473)		(178,213)
Net Expenses		196,954		392,798		17,139,404		19,509,996		19,955,829		9,360,020		2,825,692		30,222,102
Net Investment Income/(Loss)		383,251		699,115		(608,106)		27,315,976		16,315,433		1,027,478		4,608,069		76,448,548
Net Realized Gain/(Loss) on Investments:
Investments and foreign currency transactions		352,605		986,935		287,781,890		229,553,363		318,518,854		161,734,183		27,481,407		(92,529,398)
Investments in affiliates		–		–		669,912		–		–		–		–		64,238,810
Short sales		–		–		–		–		–		(47,484)		–		–
Swap contracts		(20,199)		(12,558)		–		–		–		–		–		(89,074,770)
Written options contracts		–		–		–		–		–		1,949,701		–		–
Total Net Realized Gain/(Loss) on Investments		332,406		974,377		288,451,802		229,553,363		318,518,854		163,636,400		27,481,407		(117,365,358)

See footnotes at the end of the Statements.

See Notes to Financial Statements.

92 | SEPTEMBER 30, 2014

Statements of Operations (continued)


													Janus
			Janus Emerging		Janus Global		Janus Global		Janus Global		Janus Global		International		Janus
For the year ended September 30, 2014	Janus Asia Equity Fund		Markets Fund		Life Sciences Fund		Research Fund		Select Fund		Technology Fund		Equity Fund		Overseas Fund


Change in Unrealized Net Appreciation/Depreciation:
Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽¹⁾	$	713,773	$	340,418	$	251,221,361	$	56,234,409	$	(47,740,820)	$	(25,665,672)	$	(23,132,570)	$	223,980,270
Short sales		–		–		–		–		–		1,110,376		–		–
Swap contracts		–		12,942		–		–		–		–		–		6,099,289
Written options contracts		–		–		–		–		–		(1,115,830)		–		–
Total Change in Unrealized Net Appreciation/Depreciation		713,773		353,360		251,221,361		56,234,409		(47,740,820)		(25,671,126)		(23,132,570)		230,079,559
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	1,429,430	$	2,026,852	$	539,065,057	$	313,103,748	$	287,093,467	$	138,992,752	$	8,956,906	$	189,162,749


(1)		Net of foreign tax on investments of $31,322, $16,066 and $35,847 for Janus Asia Equity Fund, Janus International Equity Fund and Janus Overseas Fund, respectively.

See Notes to Financial Statements.

94 | SEPTEMBER 30, 2014

Statements of Changes in Net Assets


					Janus Emerging				Janus Global				Janus Global
	Janus Asia Equity Fund				Markets Fund				Life Sciences Fund				Research Fund
For each year ended September 30	2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾⁽²⁾


Operations:
Net investment income/(loss)	$	383,251	$	71,035	$	699,115	$	194,902	$	(608,106)	$	(2,737,609)	$	27,315,976	$	15,350,697
Net realized gain/(loss) on investments		332,406		816,455		974,377		740,552		288,451,802		112,812,422		229,553,363		191,776,492
Change in unrealized net appreciation/depreciation⁽³⁾		713,773		(769,350)		353,360		(283,940)		251,221,361		254,417,408		56,234,409		(12,172,266)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,429,430		118,140		2,026,852		651,514		539,065,057		364,492,221		313,103,748		194,954,923
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		(15,019)		(8,626)		(4,884)		(3,372)		–		–		(45,451)		(41,711)
Class C Shares		(6,667)		(507)		(2,193)		–		–		–		–		–
Class D Shares		(137,939)		(37,429)		(258,184)		(53,778)		–		–		(7,681,506)		(723,091)
Class I Shares		(22,736)		(16,488)		(480,741)		(44,472)		–		–		(731,958)		(438,657)
Class R Shares		N/A		N/A		N/A		N/A		N/A		N/A		(1,823)		–
Class S Shares		(10,968)		(5,512)		(9,049)		(1,092)		–		–		(96,560)		(11,123)
Class T Shares		(17,303)		(8,790)		(23,419)		(7,443)		–		–		(4,662,261)		(568,961)
Net Realized Gain from Investment Transactions*
Class A Shares		(34,349)		–		–		–		(1,479,375)		(147,016)		–		–
Class C Shares		(28,359)		–		–		–		(763,180)		(26,760)		–		–
Class D Shares		(291,794)		–		–		–		(69,260,876)		(20,197,163)		–		–
Class I Shares		(43,943)		–		–		–		(2,030,678)		(280,315)		–		–
Class R Shares		N/A		N/A		N/A		N/A		N/A		N/A		–		–
Class S Shares		(27,742)		–		–		–		(719,491)		(7,154)		–		–
Class T Shares		(35,229)		–		–		–		(42,705,610)		(9,731,578)		–		–
Net Decrease from Dividends and Distributions to Shareholders		(672,048)		(77,352)		(778,470)		(110,157)		(116,959,210)		(30,389,986)		(13,219,559)		(1,783,543)

See footnotes at the end of the Statements.

See Notes to Financial Statements.

96 | SEPTEMBER 30, 2014

Statements of Changes in Net Assets (continued)


					Janus Emerging				Janus Global				Janus Global
	Janus Asia Equity Fund				Markets Fund				Life Sciences Fund				Research Fund
For each year ended September 30	2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾⁽²⁾


Capital Share Transactions:
Shares Sold
Class A Shares		251,874		328,649		165,868		456,062		63,164,781		8,804,957		1,758,437		3,057,233
Class C Shares		–		13,150		10,255		49,470		32,787,365		5,624,762		1,228,357		1,488,522
Class D Shares		4,951,918		11,339,922		5,366,291		5,565,370		237,810,460		125,728,122		35,548,025		21,607,668
Class I Shares		2,456,090		1,316,031		6,318,528		9,703,704		240,228,615		10,699,962		41,105,094		33,691,607
Class R Shares		N/A		N/A		N/A		N/A		N/A		N/A		1,188,352		427,943
Class S Shares		–		319,529		13,922		20,930		10,534,557		8,437,902		7,151,614		4,901,518
Class T Shares		6,800,728		6,351,046		2,164,453		6,287,567		559,644,930		159,021,190		55,178,795		36,155,490
Shares Issued in Connection with Acquisition (Note 8)
Class A Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		2,742,260
Class C Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		1,481,856
Class D Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		1,216,292,484
Class I Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		19,050,759
Class R Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		1,251,033
Class S Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		44,240,347
Class T Shares		N/A		N/A		N/A		N/A		N/A		N/A		N/A		854,057,205
Reinvested Dividends and Distributions
Class A Shares		49,368		8,626		4,844		3,334		1,462,186		145,307		41,453		39,943
Class C Shares		35,026		507		2,193		–		737,583		25,353		–		–
Class D Shares		424,519		36,986		252,962		53,634		68,340,423		19,940,262		7,456,417		708,129
Class I Shares		66,679		16,488		480,741		44,472		1,768,370		233,645		707,144		428,981
Class R Shares		N/A		N/A		N/A		N/A		N/A		N/A		1,360		–
Class S Shares		38,710		5,512		9,049		1,092		719,491		7,154		95,759		11,123
Class T Shares		52,532		8,790		23,354		7,443		41,730,311		9,479,801		4,571,095		565,884
Shares Repurchased
Class A Shares		(846,709)		(249,743)		(78,576)		(1,215,748)		(10,158,478)		(1,684,528)		(3,336,241)		(7,306,050)
Class C Shares		(568,982)		–		(127,288)		(678,212)		(3,109,938)		(223,936)		(1,008,465)		(1,024,346)
Class D Shares		(3,976,895)		(7,187,372)		(4,160,205)		(6,048,131)		(141,400,079)		(76,410,161)		(124,634,022)		(91,051,699)
Class I Shares		(1,217,736)		(1,264,318)		(1,749,713)		(2,175,815)		(26,315,250)		(3,279,663)		(20,762,555)		(22,630,073)
Class R Shares		N/A		N/A		N/A		N/A		N/A		N/A		(330,511)		(204,106)
Class S Shares		(536,218)		(303,593)		(237,440)		(403,217)		(16,282,528)		(426,154)		(16,861,980)		(9,344,360)
Class T Shares		(7,894,990)		(5,618,052)		(1,859,175)		(7,780,891)		(240,799,231)		(57,206,671)		(125,570,320)		(132,086,148)
Net Increase/(Decrease) from Capital Share Transactions		85,914		5,122,158		6,600,063		3,891,064		820,863,568		208,917,304		(136,472,192)		1,978,553,203
Net Increase/(Decrease) in Net Assets		843,296		5,162,946		7,848,445		4,432,421		1,242,969,415		543,019,539		163,411,997		2,171,724,583
Net Assets:
Beginning of period		12,984,449		7,821,503		26,762,999		22,330,578		1,379,854,388		836,834,849		2,477,411,692		305,687,109
End of period	$	13,827,745	$	12,984,449	$	34,611,444	$	26,762,999	$	2,622,823,803	$	1,379,854,388	$	2,640,823,689	$	2,477,411,692

Undistributed Net Investment Income/(Loss)*	$	163,244	$	(8,008)	$	522,082	$	549,764	$	(546,077)	$	(89,259)	$	21,990,051	$	10,886,532


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Amounts reflect current year presentation. Prior year amounts were disclosed in thousands.
(2)		Effective March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund. Data shown for periods prior to March 15, 2013 is that of Janus Global Research Fund, the accounting survivor of the merger. Following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund. See Note 8 in Notes to Financial Statements.
(3)		Net of foreign tax on investments of $31,322, $16,066 and $35,847 for Janus Asia Equity Fund, Janus International Equity Fund and Janus Overseas Fund, respectively.

See Notes to Financial Statements.

98 | SEPTEMBER 30, 2014

Statements of Changes in Net Assets (continued)


	Janus Global				Janus Global				Janus International				Janus
	Select Fund				Technology Fund				Equity Fund				Overseas Fund
For each year ended September 30	2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾


Operations:
Net investment income/(loss)	$	16,315,433	$	11,407,410	$	1,027,478	$	407,196	$	4,608,069	$	2,571,549	$	76,448,548	$	31,337,257
Net realized gain/(loss) on investments		318,518,854		80,014,723		163,636,400		77,403,988		27,481,407		18,517,437		(117,365,358)		(126,409,485)
Change in unrealized net appreciation/depreciation⁽²⁾		(47,740,820)		396,598,832		(25,671,126)		113,640,266		(23,132,570)		31,776,682		230,079,559		836,693,631
Net Increase/(Decrease) in Net Assets Resulting from Operations		287,093,467		488,020,965		138,992,752		191,451,450		8,956,906		52,865,668		189,162,749		741,621,403
Dividends and Distributions to Shareholders:
Net Investment Income*
Class A Shares		–		–		–		–		(331,303)		(404,295)		(5,806,375)		(8,480,419)
Class C Shares		–		–		–		–		–		(18,287)		(1,820,668)		(1,867,102)
Class D Shares		(7,411,935)		(8,635,475)		–		–		(211,368)		(155,213)		(51,455,216)		(48,268,671)
Class I Shares		(224,131)		(71,809)		–		–		(550,553)		(588,691)		(19,000,102)		(29,143,586)
Class N Shares		N/A		N/A		N/A		N/A		(1,168,608)		(939,220)		(7,498,313)		(2,120,749)
Class R Shares		–		–		N/A		N/A		(8,810)		(17,011)		(2,876,430)		(3,184,068)
Class S Shares		–		(9,477)		–		–		(64,977)		(46,238)		(19,895,812)		(26,153,217)
Class T Shares		(2,384,538)		(2,875,785)		–		–		(77,503)		(139,487)		(68,409,986)		(84,199,303)
Net Realized Gain from Investment Transactions*
Class A Shares		–		–		(492,418)		(12,648)		–		–		–		–
Class C Shares		–		–		(201,608)		(4,296)		–		–		–		–
Class D Shares		–		–		(50,487,334)		(2,051,958)		–		–		–		–
Class I Shares		–		–		(846,669)		(28,466)		–		–		–		–
Class N Shares		N/A		N/A		N/A		N/A		–		–		–		–
Class R Shares		–		–		N/A		N/A		–		–		–		–
Class S Shares		–		–		(135,582)		(2,258)		–		–		–		–
Class T Shares		–		–		(22,268,656)		(882,657)		–		–		–		–
Net Decrease from Dividends and Distributions to Shareholders		(10,020,604)		(11,592,546)		(74,432,267)		(2,982,283)		(2,413,122)		(2,308,442)		(176,762,902)		(203,417,115)

See footnotes at the end of the Statements.

See Notes to Financial Statements.

100 | SEPTEMBER 30, 2014

Statements of Changes in Net Assets (continued)


	Janus Global				Janus Global				Janus International				Janus
	Select Fund				Technology Fund				Equity Fund				Overseas Fund
For each year ended September 30	2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾		2014		2013⁽¹⁾


Capital Share Transactions:
Shares Sold
Class A Shares		512,742		938,009		3,101,666		2,670,693		23,762,718		8,870,066		22,768,533		61,320,391
Class C Shares		121,822		204,519		1,115,525		971,462		5,316,918		1,972,213		4,371,815		7,722,202
Class D Shares		36,574,655		34,778,451		28,086,194		27,953,427		5,561,849		10,399,219		27,446,017		43,813,128
Class I Shares		4,729,476		21,764,754		10,127,562		4,067,396		50,034,520		16,525,749		169,989,614		202,097,671
Class N Shares		N/A		N/A		N/A		N/A		7,310,815		38,707,922		151,620,006		11,791,079
Class R Shares		105,318		643,487		N/A		N/A		2,364,001		454,281		13,842,849		23,585,293
Class S Shares		86,782		305,063		1,398,708		816,020		8,169,141		4,813,436		67,575,426		113,998,050
Class T Shares		33,124,454		36,072,590		53,570,136		36,533,358		3,394,456		3,957,900		105,078,690		173,209,896
Reinvested Dividends and Distributions
Class A Shares		–		–		432,165		12,105		314,124		383,108		4,685,234		6,646,084
Class C Shares		–		–		176,738		3,692		–		11,430		1,350,827		1,319,322
Class D Shares		7,270,574		8,467,443		49,453,122		2,009,510		208,004		152,492		49,706,550		46,778,449
Class I Shares		209,832		59,289		713,164		23,423		448,039		464,680		18,162,448		27,664,285
Class N Shares		N/A		N/A		N/A		N/A		1,168,608		939,220		7,498,313		2,120,749
Class R Shares		–		–		N/A		N/A		8,810		17,011		2,598,425		2,743,994
Class S Shares		–		9,443		135,582		2,258		64,285		45,494		19,648,948		25,934,643
Class T Shares		2,319,882		2,802,219		21,777,646		864,020		77,406		139,196		67,217,467		82,215,952
Shares Repurchased
Class A Shares		(3,222,801)		(7,352,850)		(1,219,499)		(1,373,324)		(20,290,836)		(17,803,743)		(136,346,580)		(247,927,782)
Class C Shares		(1,040,328)		(2,964,772)		(535,853)		(384,924)		(3,505,743)		(4,662,742)		(29,166,582)		(56,527,729)
Class D Shares		(174,126,131)		(280,658,451)		(72,500,964)		(78,575,656)		(5,736,065)		(5,736,397)		(209,274,485)		(334,842,269)
Class I Shares		(6,596,653)		(10,733,608)		(3,922,156)		(3,975,614)		(20,160,907)		(31,901,386)		(452,630,361)		(543,918,559)
Class N Shares		N/A		N/A		N/A		N/A		(9,495,134)		(14,071,702)		(55,048,359)		(23,346,819)
Class R Shares		(570,332)		(2,019,287)		N/A		N/A		(452,080)		(413,754)		(40,921,081)		(76,225,673)
Class S Shares		(471,378)		(937,589)		(509,005)		(303,965)		(3,078,851)		(1,108,822)		(315,952,531)		(517,083,939)
Class T Shares		(137,289,672)		(233,931,615)		(60,928,361)		(56,960,127)		(5,061,456)		(7,146,388)		(693,320,437)		(1,311,595,758)
Net Increase/(Decrease) from Capital Share Transactions		(238,261,758)		(432,552,905)		30,472,370		(65,646,246)		40,422,622		5,008,483		(1,199,099,254)		(2,278,507,340)
Net Increase/(Decrease) in Net Assets		38,811,105		43,875,514		95,032,855		122,822,921		46,966,406		55,565,709		(1,186,699,407)		(1,740,303,052)
Net Assets:
Beginning of period		2,190,627,976		2,146,752,462		958,443,775		835,620,854		264,803,883		209,238,174		4,821,275,598		6,561,578,650
End of period	$	2,229,439,081	$	2,190,627,976	$	1,053,476,630	$	958,443,775	$	311,770,289	$	264,803,883	$	3,634,576,191	$	4,821,275,598

Undistributed Net Investment Income/(Loss)*	$	12,330,585	$	8,782,575	$	946,176	$	(145,123)	$	4,859,752	$	2,370,440	$	26,686,093	$	173,546,697


*		See “Federal Income Tax” in Notes to Financial Statements.
(1)		Amounts reflect current year presentation. Prior year amounts were disclosed in thousands.
(2)		Net of foreign tax on investments of $31,322, $16,066 and $35,847 for Janus Asia Equity Fund, Janus International Equity Fund and Janus Overseas Fund, respectively.

See Notes to Financial Statements.

102 | SEPTEMBER 30, 2014

Financial Highlights

Class A Shares


	Janus Asia Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽¹⁾

Net Asset Value, Beginning of Period		$9.44		$9.25		$7.43		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.23⁽²⁾⁽³⁾		0.07		0.14		(0.23)
Net gain/(loss) on investments (both realized and unrealized)		0.59		0.20		1.68		(2.34)
Total from Investment Operations		0.82		0.27		1.82		(2.57)
Less Distributions:
Dividends (from net investment income)*		(0.14)		(0.08)		–		–
Distributions (from capital gains)*		(0.33)		–		–		–
Total Distributions		(0.47)		(0.08)		–		–
Net Asset Value, End of Period		$9.79		$9.44		$9.25		$7.43
Total Return**		9.06%		2.88%		24.50%		(25.70)%
Net Assets, End of Period (in thousands)		$456		$973		$878		$619
Average Net Assets for the Period (in thousands)		$1,053		$1,063		$768		$724
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.49%		2.03%		4.43%		28.35%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.38%		1.52%		1.55%		1.35%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.35%⁽³⁾		0.51%		0.87%		0.85%
Portfolio Turnover Rate		72%		104%		75%		2%

Class A Shares


	Janus Emerging
	Markets Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽⁴⁾

Net Asset Value, Beginning of Period		$8.23		$7.99		$7.41		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.15⁽²⁾⁽³⁾		0.28		0.03		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		0.39		(0.01)		0.62		(2.58)
Total from Investment Operations		0.54		0.27		0.65		(2.59)
Less Distributions:
Dividends (from net investment income)*		(0.16)		(0.03)		(0.04)		–
Distributions (from capital gains)*		–		–		(0.03)		–
Total Distributions		(0.16)		(0.03)		(0.07)		–
Net Asset Value, End of Period		$8.61		$8.23		$7.99		$7.41
Total Return**		6.71%		3.34%		8.78%		(25.90)%
Net Assets, End of Period (in thousands)		$378		$275		$992		$971
Average Net Assets for the Period (in thousands)		$307		$759		$1,028		$1,107
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.97%		1.81%		2.37%		4.16%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.65%		1.48%		1.46%		1.34%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.73%⁽³⁾		0.06%		0.47%		0.81%
Portfolio Turnover Rate		59%		138%		136%		160%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from July 29, 2011 (inception date) through September 30, 2011.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively, for Janus Asia Equity Fund, and $0.08 and 0.94%, respectively, for Janus Emerging Markets Fund.
(4)		Period from December 28, 2010 (inception date) through September 30, 2011.

See Notes to Financial Statements.

104 | SEPTEMBER 30, 2014

Class A Shares


For a share outstanding during each year or period ended	Janus Global Life Sciences Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$42.09		$30.94		$22.72		$22.16		$19.69		$17.81
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.12)⁽³⁾		0.09		0.05		(0.24)		0.21		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		13.56		12.19		8.17		0.94		2.28		1.89
Total from Investment Operations		13.44		12.28		8.22		0.70		2.49		1.88
Less Distributions:
Dividends (from net investment income)*		–		–		–		(0.14)		(0.02)		–
Distributions (from capital gains)*		(3.44)		(1.13)		–		–		–		–
Total Distributions		(3.44)		(1.13)		–		(0.14)		(0.02)		–
Net Asset Value, End of Period		$52.09		$42.09		$30.94		$22.72		$22.16		$19.69
Total Return**		34.20%		41.11%		36.18%		3.14%		12.65%		10.56%
Net Assets, End of Period (in thousands)		$75,566		$12,847		$3,324		$1,072		$1,571		$61
Average Net Assets for the Period (in thousands)		$36,354		$6,325		$1,801		$1,628		$849		$27
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.03%		1.04%		1.09%		1.07%		1.11%		1.10%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.03%		1.04%		1.09%		1.07%		1.11%		1.05%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.25)%		(0.45)%		(0.42)%		(0.68)%		1.66%		(0.19)%
Portfolio Turnover Rate		52%		47%		50%		54%		42%		70%

Class A Shares


For a share outstanding during each year or period ended	Janus Global Research Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$56.34		$47.32		$39.39		$42.44		$35.83		$30.89
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.54⁽³⁾		0.20		0.25		0.35		0.16		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		6.58		9.01		7.78		(2.96)		6.51		4.97
Total from Investment Operations		7.12		9.21		8.03		(2.61)		6.67		4.94
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.19)		(0.10)		(0.44)		(0.06)		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–		–		–⁽⁴⁾		–
Total Distributions and Other		(0.22)		(0.19)		(0.10)		(0.44)		(0.06)		–
Net Asset Value, End of Period		$63.24		$56.34		$47.32		$39.39		$42.44		$35.83
Total Return**		12.67%		19.55%		20.40%		(6.33)%		18.64%		16.00%
Net Assets, End of Period (in thousands)		$11,627		$11,746		$11,173		$2,144		$756		$85
Average Net Assets for the Period (in thousands)		$12,200		$12,240		$8,144		$1,645		$291		$7
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.97%		1.09%		1.20%		1.16%		1.28%		1.40%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.91%		1.03%		1.20%		1.16%		1.27%		0.93%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.88%		0.57%		0.55%		0.29%		0.58%		(3.12)%
Portfolio Turnover Rate		43%		67%		67%		78%		68%		99%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 105

Financial Highlights (continued)

Class A Shares


For a share outstanding during each year or period ended	Janus Global Select Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$11.69		$9.35		$9.14		$10.99		$9.03		$7.59
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.07⁽³⁾		0.07		0.06		0.19		(0.01)		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		1.51		2.27		0.22		(1.93)		1.97		1.45
Total from Investment Operations		1.58		2.34		0.28		(1.74)		1.96		1.44
Less Distributions:
Dividends (from net investment income)*		–		–		(0.07)		(0.11)		–		–
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		–		–		(0.07)		(0.11)		–		–
Net Asset Value, End of Period		$13.27		$11.69		$9.35		$9.14		$10.99		$9.03
Total Return**		13.52%		25.03%		3.11%		(16.04)%		21.71%		18.97%
Net Assets, End of Period (in thousands)		$5,606		$7,427		$11,777		$21,288		$33,737		$23,859
Average Net Assets for the Period (in thousands)		$6,593		$9,256		$17,151		$34,871		$29,501		$24,760
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.05%		1.18%		1.20%		1.08%		1.11%		1.19%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.05%		1.17%		1.18%		1.08%		1.10%		1.16%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.51%		0.23%		0.13%		0.48%		0.19%		(0.36)%
Portfolio Turnover Rate		55%		53%		182%		138%		116%		125%

Class A Shares


For a share outstanding during each year or period ended	Janus Global Technology Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$22.84		$18.47		$15.05		$15.25		$12.56		$10.96
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.02)⁽³⁾		0.01		(0.03)		(0.02)		(0.03)		0.01
Net gain/(loss) on investments (both realized and unrealized)		3.18		4.43		3.45		(0.18)		2.72		1.59
Total from Investment Operations		3.16		4.44		3.42		(0.20)		2.69		1.60
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		–		–		–
Distributions (from capital gains)*		(1.79)		(0.07)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾		–
Total Distributions and Other		(1.79)		(0.07)		–		–		–		–
Net Asset Value, End of Period		$24.21		$22.84		$18.47		$15.05		$15.25		$12.56
Total Return**		14.49%		24.11%		22.72%		(1.31)%		21.42%		14.60%
Net Assets, End of Period (in thousands)		$8,617		$5,849		$3,550		$2,150		$1,273		$232
Average Net Assets for the Period (in thousands)		$7,596		$4,439		$3,262		$2,070		$818		$88
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.11%		1.09%		1.18%		1.12%		1.26%		1.07%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.11%		1.09%		1.18%		1.11%		1.26%		0.99%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.08)%		(0.10)%		(0.35)%		(0.39)%		(0.66)%		(0.45)%
Portfolio Turnover Rate		57%		36%		49%		89%		70%		111%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

106 | SEPTEMBER 30, 2014

Class A Shares


	Janus International Equity Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$13.16		$10.60		$9.41		$10.90		$9.65
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.19⁽¹⁾		0.12		0.14		0.14		0.06
Net gain/(loss) on investments (both realized and unrealized)		0.23		2.54		1.17		(1.57)		1.20
Total from Investment Operations		0.42		2.66		1.31		(1.43)		1.26
Less Distributions and Other:
Dividends (from net investment income)*		(0.09)		(0.10)		(0.12)		(0.06)		(0.01)
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–		–⁽²⁾
Total Distributions and Other		(0.09)		(0.10)		(0.12)		(0.06)		(0.01)
Net Asset Value, End of Period		$13.49		$13.16		$10.60		$9.41		$10.90
Total Return		3.22%		25.26%		14.06%		(13.21)%		13.04%
Net Assets, End of Period (in thousands)		$51,903		$46,617		$45,259		$51,188		$75,583
Average Net Assets for the Period (in thousands)		$54,632		$45,869		$49,289		$76,011		$68,357
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.10%		1.16%		1.31%		1.22%		1.34%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.10%		1.16%		1.31%		1.22%		1.34%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.36%		0.88%		1.01%		1.02%		0.76%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class A Shares


For a share outstanding during each year or period ended	Janus Overseas Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽³⁾		2009⁽⁴⁾

Net Asset Value, Beginning of Period		$35.47		$32.28		$33.87		$47.51		$38.63		$33.51
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.56⁽¹⁾		1.81		1.18		0.08		(0.01)		0.22
Net gain/(loss) on investments (both realized and unrealized)		0.43		2.33		(0.10)		(13.67)		9.03		4.90
Total from Investment Operations		0.99		4.14		1.08		(13.59)		9.02		5.12
Less Distributions:
Dividends (from net investment income)*		(1.25)		(0.95)		–		(0.05)		(0.14)		–
Distributions (from capital gains)*		–		–		(2.67)		–		–		–
Total Distributions		(1.25)		(0.95)		(2.67)		(0.05)		(0.14)		–
Net Asset Value, End of Period		$35.21		$35.47		$32.28		$33.87		$47.51		$38.63
Total Return**		2.77%		12.99%		3.27%		(28.64)%		23.39%		15.28%
Net Assets, End of Period (in thousands)		$80,632		$184,757		$337,951		$569,936		$781,965		$462,533
Average Net Assets for the Period (in thousands)		$148,264		$257,869		$507,350		$892,190		$614,405		$452,405
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.87%		0.94%		1.00%		1.03%		1.07%		1.00%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.87%		0.87%		0.98%		1.03%		1.07%		1.00%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.51%		0.36%		0.62%		0.31%		0.13%		0.39%
Portfolio Turnover Rate		30%		21%		26%		43%		30%		45%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(4)		Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

Janus Global & International Funds | 107

Financial Highlights (continued)

Class C Shares


	Janus Asia Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽¹⁾

Net Asset Value, Beginning of Period		$9.38		$9.18		$7.43		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.16⁽²⁾⁽³⁾		–⁽⁴⁾		0.06		(0.23)
Net gain/(loss) on investments (both realized and unrealized)		0.59		0.21		1.69		(2.34)
Total from Investment Operations		0.75		0.21		1.75		(2.57)
Less Distributions:
Dividends (from net investment income)*		(0.08)		(0.01)		–		–
Distributions (from capital gains)*		(0.33)		–		–		–
Total Distributions		(0.41)		(0.01)		–		–
Net Asset Value, End of Period		$9.72		$9.38		$9.18		$7.43
Total Return**		8.22%		2.24%		23.55%		(25.70)%
Net Assets, End of Period (in thousands)		$332		$804		$775		$619
Average Net Assets for the Period (in thousands)		$802		$815		$716		$724
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		3.24%		2.77%		5.45%		29.12%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		2.12%		2.23%		2.30%		1.38%⁽⁵⁾
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.68%⁽³⁾		(0.20)%		0.08%		0.82%
Portfolio Turnover Rate		72%		104%		75%		2%

Class C Shares


	Janus Emerging
	Markets Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽⁶⁾

Net Asset Value, Beginning of Period		$8.12		$7.91		$7.39		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.11⁽²⁾⁽³⁾		(0.20)		(0.03)		(0.05)
Net gain/(loss) on investments (both realized and unrealized)		0.36		0.41		0.62		(2.56)
Total from Investment Operations		0.47		0.21		0.59		(2.61)
Less Distributions:
Dividends (from net investment income)*		(0.09)		–		(0.04)		–
Distributions (from capital gains)*		–		–		(0.03)		–
Total Distributions		(0.09)		–		(0.07)		–
Net Asset Value, End of Period		$8.50		$8.12		$7.91		$7.39
Total Return**		5.85%		2.65%		7.98%		(26.10)%
Net Assets, End of Period (in thousands)		$94		$194		$771		$677
Average Net Assets for the Period (in thousands)		$185		$428		$788		$838
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.68%		2.54%		3.04%		5.09%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		2.32%		2.16%		2.21%		1.71%⁽⁷⁾
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.32%⁽³⁾		(0.97)%		(0.27)%		0.33%
Portfolio Turnover Rate		59%		138%		136%		160%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from July 29, 2011 (inception date) through September 30, 2011.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively, for Janus Asia Equity Fund, and $0.08 and 0.94%, respectively, for Janus Emerging Markets Fund.
(4)		Less than $0.005 on a per share basis.
(5)		Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.34% in 2011 without the waiver of these fees and expenses.
(6)		Period from December 28, 2010 (inception date) through September 30, 2011.
(7)		Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.32% in 2011 without the waiver of these fees and expenses.

See Notes to Financial Statements.

108 | SEPTEMBER 30, 2014

Class C Shares


For a share outstanding during each year or period ended	Janus Global Life Sciences Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$40.85		$30.30		$22.41		$21.97		$19.64		$17.81
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.47)⁽³⁾		0.34		(0.34)		(0.18)		0.13		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		13.08		11.34		8.23		0.71		2.20		1.86
Total from Investment Operations		12.61		11.68		7.89		0.53		2.33		1.83
Less Distributions:
Dividends (from net investment income)*		–		–		–		(0.09)		–		–
Distributions (from capital gains)*		(3.44)		(1.13)		–		–		–		–
Total Distributions		(3.44)		(1.13)		–		(0.09)		–		–
Net Asset Value, End of Period		$50.02		$40.85		$30.30		$22.41		$21.97		$19.64
Total Return**		33.13%		39.97%		35.21%		2.39%		11.86%		10.28%
Net Assets, End of Period (in thousands)		$41,251		$6,686		$510		$461		$187		$21
Average Net Assets for the Period (in thousands)		$19,533		$2,021		$456		$289		$75		$7
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.80%		1.83%		1.83%		1.77%		1.88%		1.87%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.80%		1.83%		1.83%		1.77%		1.88%		1.80%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(1.04)%		(1.31)%		(1.16)%		(1.23)%		1.27%		(1.09)%
Portfolio Turnover Rate		52%		47%		50%		54%		42%		70%

Class C Shares


For a share outstanding during each year or period ended	Janus Global Research Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$55.58		$46.88		$39.27		$42.48		$36.11		$31.24
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.07⁽³⁾		(0.07)		(0.03)		0.06		0.03		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		6.51		8.77		7.64		(2.99)		6.40		4.90
Total from Investment Operations		6.58		8.70		7.61		(2.93)		6.43		4.87
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		(0.28)		(0.06)		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–		–		–⁽⁴⁾		–
Total Distributions and Other		–		–		–		(0.28)		(0.06)		–
Net Asset Value, End of Period		$62.16		$55.58		$46.88		$39.27		$42.48		$36.11
Total Return**		11.84%		18.56%		19.38%		(7.02)%		17.79%		15.60%
Net Assets, End of Period (in thousands)		$6,513		$5,646		$2,971		$1,624		$447		$188
Average Net Assets for the Period (in thousands)		$6,091		$4,529		$2,064		$1,238		$248		$28
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.73%		1.86%		2.04%		1.93%		1.95%		1.55%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.67%		1.79%		2.04%		1.93%		1.95%		1.31%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.11%		(0.16)%		(0.40)%		(0.49)%		(0.03)%		(1.32)%
Portfolio Turnover Rate		43%		67%		67%		78%		68%		99%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 109

Financial Highlights (continued)

Class C Shares


For a share outstanding during each year or period ended	Janus Global Select Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$11.48		$9.25		$9.04		$10.89		$9.01		$7.59
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.04)⁽³⁾		(0.17)		(0.09)		0.10		(0.07)		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		1.46		2.40		0.30		(1.91)		1.95		1.45
Total from Investment Operations		1.42		2.23		0.21		(1.81)		1.88		1.42
Less Distributions:
Dividends (from net investment income)*		–		–		–		(0.04)		–		–
Distributions (from capital gains)*		–		–		–		–		–		–
Total Distributions		–		–		–		(0.04)		–		–
Net Asset Value, End of Period		$12.90		$11.48		$9.25		$9.04		$10.89		$9.01
Total Return**		12.37%		24.11%		2.32%		(16.68)%		20.87%		18.71%
Net Assets, End of Period (in thousands)		$3,920		$4,333		$5,985		$10,384		$14,285		$9,611
Average Net Assets for the Period (in thousands)		$4,224		$4,976		$9,087		$16,160		$12,066		$9,297
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.88%		1.94%		1.96%		1.81%		1.88%		2.13%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.88%		1.93%		1.93%		1.81%		1.88%		1.93%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.29)%		(0.54)%		(0.61)%		(0.23)%		(0.57)%		(1.14)%
Portfolio Turnover Rate		55%		53%		182%		138%		116%		125%

Class C Shares


For a share outstanding during each year or period ended	Janus Global Technology Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$22.16		$18.04		$14.79		$15.12		$12.53		$10.96
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.18)⁽³⁾		(0.02)		(0.16)		(0.11)		(0.09)		–⁽⁴⁾
Net gain/(loss) on investments (both realized and unrealized)		3.07		4.21		3.41		(0.22)		2.68		1.57
Total from Investment Operations		2.89		4.19		3.25		(0.33)		2.59		1.57
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		–		–		–
Distributions (from capital gains)*		(1.79)		(0.07)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾		–⁽⁵⁾		–
Total Distributions and Other		(1.79)		(0.07)		–		–		–		–
Net Asset Value, End of Period		$23.26		$22.16		$18.04		$14.79		$15.12		$12.53
Total Return**		13.67%		23.29%		21.97%		(2.18)%		20.67%		14.32%
Net Assets, End of Period (in thousands)		$3,031		$2,152		$1,234		$995		$613		$36
Average Net Assets for the Period (in thousands)		$2,672		$1,506		$1,063		$1,037		$441		$14
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.82%		1.82%		1.99%		1.84%		1.98%		1.82%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.82%		1.81%		1.99%		1.84%		1.98%		1.75%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.81)%		(0.83)%		(1.17)%		(1.11)%		(1.35)%		(1.20)%
Portfolio Turnover Rate		57%		36%		49%		89%		70%		111%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Less than $0.005 on a per share basis.
(5)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

110 | SEPTEMBER 30, 2014

Class C Shares


	Janus International Equity Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$12.87		$10.37		$9.19		$10.68		$9.52
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.07⁽¹⁾		–⁽²⁾		0.02		0.02		(0.02)
Net gain/(loss) on investments (both realized and unrealized)		0.24		2.51		1.18		(1.51)		1.18
Total from Investment Operations		0.31		2.51		1.20		(1.49)		1.16
Less Distributions and Other:
Dividends (from net investment income)*		–		(0.01)		(0.02)		–		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–		–⁽³⁾
Total Distributions and Other		–		(0.01)		(0.02)		–		–
Net Asset Value, End of Period		$13.18		$12.87		$10.37		$9.19		$10.68
Total Return		2.41%		24.26%		13.11%		(13.95)%		12.18%
Net Assets, End of Period (in thousands)		$16,700		$14,574		$14,108		$15,027		$21,096
Average Net Assets for the Period (in thousands)		$16,391		$14,616		$14,752		$20,507		$18,979
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.90%		1.99%		2.13%		1.98%		2.13%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.90%		1.99%		2.13%		1.98%		2.13%
Ratio of Net Investment Income/(Loss) to Average Net Assets		0.56%		0.07%		0.18%		0.26%		(0.04)%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class C Shares


For a share outstanding during each year or period ended	Janus Overseas Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽⁴⁾		2009⁽⁵⁾

Net Asset Value, Beginning of Period		$34.73		$31.56		$33.42		$47.17		$38.52		$33.51
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.28⁽¹⁾		0.34		0.41		(0.34)		(0.24)		0.10
Net gain/(loss) on investments (both realized and unrealized)		0.43		3.43		0.40		(13.41)		8.93		4.91
Total from Investment Operations		0.71		3.77		0.81		(13.75)		8.69		5.01
Less Distributions:
Dividends (from net investment income)*		(0.92)		(0.60)		–		–		(0.04)		–
Distributions (from capital gains)*		–		–		(2.67)		–		–		–
Total Distributions		(0.92)		(0.60)		(2.67)		–		(0.04)		–
Net Asset Value, End of Period		$34.52		$34.73		$31.56		$33.42		$47.17		$38.52
Total Return**		2.00%		12.04%		2.46%		(29.15)%		22.57%		14.95%
Net Assets, End of Period (in thousands)		$52,599		$75,376		$113,481		$184,001		$281,217		$185,858
Average Net Assets for the Period (in thousands)		$66,242		$92,575		$158,005		$303,311		$239,154		$170,640
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.65%		1.75%		1.78%		1.77%		1.76%		2.01%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.65%		1.71%		1.73%		1.77%		1.76%		1.92%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.77%		(0.47)%		(0.12)%		(0.44)%		(0.56)%		(0.56)%
Portfolio Turnover Rate		30%		21%		26%		43%		30%		45%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Less than $0.005 on a per share basis.
(3)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(5)		Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

Janus Global & International Funds | 111

Financial Highlights (continued)

Class D Shares


	Janus Asia Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽¹⁾

Net Asset Value, Beginning of Period		$9.48		$9.26		$7.42		$10.00
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.24⁽²⁾⁽³⁾		0.05		0.25		(0.18)
Net gain/(loss) on investments (both realized and unrealized)		0.61		0.23		1.59		(2.40)
Total from Investment Operations		0.85		0.28		1.84		(2.58)
Less Distributions and Other:
Dividends (from net investment income)*		(0.16)		(0.06)		–		–
Distributions (from capital gains)*		(0.33)		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾
Total Distributions and Other		(0.49)		(0.06)		–		–
Net Asset Value, End of Period		$9.84		$9.48		$9.26		$7.42
Total Return**		9.26%		3.01%		24.80%		(25.80)%
Net Assets, End of Period (in thousands)		$9,084		$7,477		$3,394		$1,035
Average Net Assets for the Period (in thousands)		$8,635		$7,523		$2,654		$963
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.31%		1.91%		2.77%		31.23%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.25%		1.40%		1.53%		1.39%⁽⁵⁾
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.52%⁽³⁾		0.63%		1.33%		0.90%
Portfolio Turnover Rate		72%		104%		75%		2%

Class D Shares


	Janus Emerging
	Markets Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽⁶⁾

Net Asset Value, Beginning of Period		$8.24		$8.00		$7.42		$10.00
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.19⁽²⁾⁽³⁾		0.20		0.05		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		0.37		0.09		0.60		(2.59)
Total from Investment Operations		0.56		0.29		0.65		(2.60)
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.05)		(0.04)		–
Distributions (from capital gains)*		–		–		(0.03)		–
Redemption fees		N/A		N/A		–⁽⁴⁾		0.02
Total Distributions and Other		(0.22)		(0.05)		(0.07)		0.02
Net Asset Value, End of Period		$8.58		$8.24		$8.00		$7.42
Total Return**		6.98%		3.56%		8.76%		(25.80)%
Net Assets, End of Period (in thousands)		$10,889		$9,136		$9,359		$6,699
Average Net Assets for the Period (in thousands)		$9,995		$9,679		$8,963		$6,847
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.67%		1.64%		2.15%		4.38%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.34%		1.30%		1.35%		1.32%⁽⁷⁾
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.18%⁽³⁾		0.61%		0.66%		0.91%
Portfolio Turnover Rate		59%		138%		136%		160%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from July 29, 2011 (inception date) through September 30, 2011.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively, for Janus Asia Equity Fund, and $0.08 and 0.94%, respectively, for Janus Emerging Markets Fund.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(5)		Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.26% in 2011 without the waiver of these fees and expenses.
(6)		Period from December 28, 2010 (inception date) through September 30, 2011.
(7)		Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.59% in 2011 without the waiver of these fees and expenses.

See Notes to Financial Statements.

112 | SEPTEMBER 30, 2014

Class D Shares


For a share outstanding during each year or period ended	Janus Global Life Sciences Fund
September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$42.39		$31.10		$22.83		$22.21		$21.65
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.02⁽²⁾		0.06		(0.04)		(0.10)		0.24
Net gain/(loss) on investments (both realized and unrealized)		13.61		12.36		8.35		0.84		0.32
Total from Investment Operations		13.63		12.42		8.31		0.74		0.56
Less Distributions and Other:
Dividends (from net investment income)*		–		–		(0.04)		(0.12)		–
Distributions (from capital gains)*		(3.44)		(1.13)		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–⁽³⁾		–⁽³⁾
Total Distributions and Other		(3.44)		(1.13)		(0.04)		(0.12)		–
Net Asset Value, End of Period		$52.58		$42.39		$31.10		$22.83		$22.21
Total Return**		34.41%		41.36%		36.43%		3.32%		2.59%
Net Assets, End of Period (in thousands)		$1,243,470		$846,769		$559,004		$421,225		$432,620
Average Net Assets for the Period (in thousands)		$1,052,112		$664,124		$491,822		$455,425		$426,969
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.84%		0.87%		0.90%		0.90%		1.00%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.84%		0.87%		0.90%		0.90%		1.00%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.03%		(0.24)%		(0.21)%		(0.45)%		1.74%
Portfolio Turnover Rate		52%		47%		50%		54%		42%

Class D Shares


For a share outstanding during each year or period ended	Janus Global Research Fund
September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$55.69		$46.78		$38.91		$41.86		$36.53
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.65⁽²⁾		0.32		0.25		0.21		0.28
Net gain/(loss) on investments (both realized and unrealized)		6.52		8.87		7.75		(2.76)		5.05
Total from Investment Operations		7.17		9.19		8.00		(2.55)		5.33
Less Distributions and Other:
Dividends (from net investment income)*		(0.32)		(0.28)		(0.13)		(0.40)		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–⁽³⁾		–⁽³⁾
Total Distributions and Other		(0.32)		(0.28)		(0.13)		(0.40)		–
Net Asset Value, End of Period		$62.54		$55.69		$46.78		$38.91		$41.86
Total Return**		12.92%		19.76%		20.55%		(6.21)%		14.59%
Net Assets, End of Period (in thousands)		$1,450,165		$1,365,936		$118,021		$104,911		$111,287
Average Net Assets for the Period (in thousands)		$1,448,769		$771,544		$116,961		$124,160		$106,191
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.85%		1.03%		1.00%		1.09%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.71%		0.74%		1.03%		1.00%		1.08%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.07%		1.11%		0.56%		0.41%		1.21%
Portfolio Turnover Rate		43%		67%		67%		78%		68%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from February 16, 2010 (inception date) through September 30, 2010.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 113

Financial Highlights (continued)

Class D Shares


For a share outstanding during each year or period ended	Janus Global Select Fund
September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$11.68		$9.37		$9.17		$11.01		$9.82
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.09⁽²⁾		0.06		0.07		0.22		0.01
Net gain/(loss) on investments (both realized and unrealized)		1.49		2.31		0.24		(1.93)		1.18
Total from Investment Operations		1.58		2.37		0.31		(1.71)		1.19
Less Distributions and Other:
Dividends (from net investment income)*		(0.06)		(0.06)		(0.11)		(0.13)		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–⁽³⁾		N/A
Total Distributions and Other		(0.06)		(0.06)		(0.11)		(0.13)		–
Net Asset Value, End of Period		$13.20		$11.68		$9.37		$9.17		$11.01
Total Return**		13.55%		25.38%		3.42%		(15.80)%		12.12%
Net Assets, End of Period (in thousands)		$1,615,507		$1,548,438		$1,455,243		$1,611,690		$2,121,813
Average Net Assets for the Period (in thousands)		$1,627,022		$1,508,289		$1,672,075		$2,155,890		$2,043,615
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.86%		0.91%		0.90%		0.85%		0.90%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.86%		0.91%		0.89%		0.85%		0.90%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.74%		0.54%		0.48%		0.73%		0.57%
Portfolio Turnover Rate		55%		53%		182%		138%		116%

Class D Shares


For a share outstanding during each year or period ended	Janus Global Technology Fund
September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$23.04		$18.60		$15.10		$15.29		$13.46
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.03⁽²⁾		0.02		–⁽⁴⁾		–⁽⁴⁾		0.02
Net gain/(loss) on investments (both realized and unrealized)		3.21		4.49		3.50		(0.19)		1.81
Total from Investment Operations		3.24		4.51		3.50		(0.19)		1.83
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		–		–
Distributions (from capital gains)*		(1.79)		(0.07)		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–⁽³⁾		–⁽³⁾
Total Distributions and Other		(1.79)		(0.07)		–		–		–
Net Asset Value, End of Period		$24.49		$23.04		$18.60		$15.10		$15.29
Total Return**		14.73%		24.31%		23.18%		(1.24)%		13.60%
Net Assets, End of Period (in thousands)		$705,264		$655,911		$574,770		$507,871		$546,899
Average Net Assets for the Period (in thousands)		$699,807		$596,429		$562,124		$603,592		$526,770
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.88%		0.92%		0.94%		0.91%		1.08%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.88%		0.92%		0.94%		0.91%		1.08%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.12%		0.06%		(0.12)%		(0.22)%		(0.39)%
Portfolio Turnover Rate		57%		36%		49%		89%		70%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from February 16, 2010 (inception date) through September 30, 2010.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(4)		Less than $0.005 on a per share basis.

See Notes to Financial Statements.

114 | SEPTEMBER 30, 2014

Class D Shares


	Janus International Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$13.12		$10.56		$9.40		$10.91		$9.71
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.21⁽²⁾		0.14		0.13		0.12		0.03
Net gain/(loss) on investments (both realized and unrealized)		0.23		2.54		1.18		(1.54)		1.16
Total from Investment Operations		0.44		2.68		1.31		(1.42)		1.19
Less Distributions and Other:
Dividends (from net investment income)*		(0.12)		(0.12)		(0.15)		(0.10)		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽³⁾		0.01		0.01
Total Distributions and Other		(0.12)		(0.12)		(0.15)		(0.09)		0.01
Net Asset Value, End of Period		$13.44		$13.12		$10.56		$9.40		$10.91
Total Return**		3.39%		25.57%		14.08%		(13.07)%		12.36%
Net Assets, End of Period (in thousands)		$22,197		$21,548		$12,927		$8,146		$5,558
Average Net Assets for the Period (in thousands)		$23,448		$18,086		$11,089		$8,914		$2,807
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.91%		0.96%		1.26%		1.15%		1.16%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.91%		0.96%		1.26%		1.15%		1.16%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.51%		1.17%		1.17%		1.12%		1.10%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class D Shares


For a share outstanding during each year or period ended	Janus Overseas Fund
September 30	2014		2013		2012		2011		2010⁽¹⁾

Net Asset Value, Beginning of Period		$35.61		$32.52		$33.98		$47.60		$41.51
Income/(loss) from Investment Operations:
Net investment income/(loss)		0.69⁽²⁾		1.11		1.03		0.19		0.16
Net gain/(loss) on investments (both realized and unrealized)		0.40		3.15		0.18		(13.73)		5.92
Total from Investment Operations		1.09		4.26		1.21		(13.54)		6.08
Less Distributions and Other:
Dividends (from net investment income)*		(1.47)		(1.17)		–		(0.08)		–
Distributions (from capital gains)*		–		–		(2.67)		–		–
Redemption fees		N/A		N/A		–⁽³⁾		–⁽³⁾		0.01
Total Distributions and Other		(1.47)		(1.17)		(2.67)		(0.08)		0.01
Net Asset Value, End of Period		$35.23		$35.61		$32.52		$33.98		$47.60
Total Return**		3.04%		13.31%		3.67%		(28.50)%		14.67%
Net Assets, End of Period (in thousands)		$1,143,816		$1,281,830		$1,402,452		$1,573,265		$2,440,197
Average Net Assets for the Period (in thousands)		$1,271,212		$1,362,059		$1,593,240		$2,375,411		$2,308,567
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.58%		0.60%		0.63%		0.82%		0.87%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.58%		0.60%		0.63%		0.82%		0.87%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.86%		0.68%		1.05%		0.49%		0.66%
Portfolio Turnover Rate		30%		21%		26%		43%		30%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from February 16, 2010 (inception date) through September 30, 2010.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 115

Financial Highlights (continued)

Class I Shares


	Janus Asia Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽¹⁾

Net Asset Value, Beginning of Period		$9.49		$9.27		$7.43		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.26⁽²⁾⁽³⁾		0.04		0.19		(0.23)
Net gain/(loss) on investments (both realized and unrealized)		0.60		0.26		1.65		(2.34)
Total from Investment Operations		0.86		0.30		1.84		(2.57)
Less Distributions:
Dividends (from net investment income)*		(0.17)		(0.08)		–		–
Distributions (from capital gains)*		(0.33)		–		–		–
Total Distributions		(0.50)		(0.08)		–		–
Net Asset Value, End of Period		$9.85		$9.49		$9.27		$7.43
Total Return**		9.43%		3.21%		24.76%		(25.70)%
Net Assets, End of Period (in thousands)		$2,899		$1,295		$1,145		$619
Average Net Assets for the Period (in thousands)		$2,751		$1,549		$848		$724
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.15%		1.70%		3.63%		28.10%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.07%		1.26%		1.29%		1.34%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.75%⁽³⁾		0.55%		1.19%		0.86%
Portfolio Turnover Rate		72%		104%		75%		2%

Class I Shares


	Janus Emerging
	Markets Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽⁴⁾

Net Asset Value, Beginning of Period		$8.27		$8.01		$7.41		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.20⁽²⁾⁽³⁾		0.19		0.07		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		0.38		0.11		0.60		(2.58)
Total from Investment Operations		0.58		0.30		0.67		(2.59)
Less Distributions and Other:
Dividends (from net investment income)*		(0.24)		(0.04)		(0.04)		–
Distributions (from capital gains)*		–		–		(0.03)		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾
Total Distributions and Other		(0.24)		(0.04)		(0.07)		–
Net Asset Value, End of Period		$8.61		$8.27		$8.01		$7.41
Total Return**		7.19%		3.78%		9.05%		(25.90)%
Net Assets, End of Period (in thousands)		$21,896		$15,996		$8,392		$3,347
Average Net Assets for the Period (in thousands)		$19,341		$12,309		$5,502		$3,574
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.52%		1.50%		1.81%		3.87%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.18%		1.14%		1.19%		1.33%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.29%⁽³⁾		1.16%		0.90%		0.87%
Portfolio Turnover Rate		59%		138%		136%		160%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from July 29, 2011 (inception date) through September 30, 2011.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively, for Janus Asia Equity Fund, and $0.08 and 0.94%, respectively, for Janus Emerging Markets Fund.
(4)		Period from December 28, 2010 (inception date) through September 30, 2011.
(5)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

116 | SEPTEMBER 30, 2014

Class I Shares


For a share outstanding during each year or period ended	Janus Global Life Sciences Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$42.41		$31.09		$22.82		$22.22		$19.71		$17.81
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.04)⁽³⁾		0.10		(0.01)		(0.11)		0.24		–⁽⁴⁾
Net gain/(loss) on investments (both realized and unrealized)		13.73		12.35		8.32		0.86		2.28		1.90
Total from Investment Operations		13.69		12.45		8.31		0.75		2.52		1.90
Less Distributions and Other:
Dividends (from net investment income)*		–		–		(0.04)		(0.15)		(0.02)		–
Distributions (from capital gains)*		(3.44)		(1.13)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾		0.01		–
Total Distributions and Other		(3.44)		(1.13)		(0.04)		(0.15)		(0.01)		–
Net Asset Value, End of Period		$52.66		$42.41		$31.09		$22.82		$22.22		$19.71
Total Return**		34.55%		41.47%		36.49%		3.37%		12.85%		10.67%
Net Assets, End of Period (in thousands)		$255,398		$18,712		$7,392		$4,313		$4,319		$991
Average Net Assets for the Period (in thousands)		$104,365		$10,670		$5,822		$4,654		$2,645		$249
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.77%		0.77%		0.86%		0.87%		0.92%		0.87%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.77%		0.77%		0.86%		0.87%		0.91%		0.77%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.08)%		(0.17)%		(0.16)%		(0.45)%		1.81%		0.10%
Portfolio Turnover Rate		52%		47%		50%		54%		42%		70%

Class I Shares


For a share outstanding during each year or period ended	Janus Global Research Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$56.50		$47.45		$39.49		$42.51		$35.81		$30.87
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.72⁽³⁾		0.35		0.25		0.28		0.28		0.09
Net gain/(loss) on investments (both realized and unrealized)		6.58		9.05		7.87		(2.80)		6.48		4.85
Total from Investment Operations		7.30		9.40		8.12		(2.52)		6.76		4.94
Less Distributions and Other:
Dividends (from net investment income)*		(0.39)		(0.35)		(0.16)		(0.50)		(0.06)		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾		–⁽⁵⁾		–
Total Distributions and Other		(0.39)		(0.35)		(0.16)		(0.50)		(0.06)		–
Net Asset Value, End of Period		$63.41		$56.50		$47.45		$39.49		$42.51		$35.81
Total Return**		12.98%		19.92%		20.59%		(6.10)%		18.93%		16.00%
Net Assets, End of Period (in thousands)		$137,266		$103,604		$59,140		$33,967		$14,228		$37
Average Net Assets for the Period (in thousands)		$120,064		$82,735		$41,438		$25,488		$8,698		$31
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.67%		0.80%		0.97%		0.96%		0.96%		0.43%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.62%		0.72%		0.97%		0.96%		0.96%		0.39%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.16%		0.91%		0.66%		0.52%		1.34%		1.01%
Portfolio Turnover Rate		43%		67%		67%		78%		68%		99%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Less than $0.005 on a per share basis.
(5)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 117

Financial Highlights (continued)

Class I Shares


For a share outstanding during each year or period ended	Janus Global Select Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$11.72		$9.37		$9.17		$11.03		$9.04		$7.59
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.11⁽³⁾		0.07		0.08		0.21		0.03		–⁽⁴⁾
Net gain/(loss) on investments (both realized and unrealized)		1.49		2.32		0.22		(1.92)		1.97		1.45
Total from Investment Operations		1.60		2.39		0.30		(1.71)		2.00		1.45
Less Distributions and Other:
Dividends (from net investment income)*		(0.08)		(0.04)		(0.10)		(0.15)		(0.01)		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾		N/A		N/A
Total Distributions and Other		(0.08)		(0.04)		(0.10)		(0.15)		(0.01)		–
Net Asset Value, End of Period		$13.24		$11.72		$9.37		$9.17		$11.03		$9.04
Total Return**		13.73%		25.63%		3.30%		(15.83)%		22.17%		19.10%
Net Assets, End of Period (in thousands)		$35,503		$33,056		$16,902		$26,051		$52,107		$9,121
Average Net Assets for the Period (in thousands)		$34,589		$24,652		$24,543		$47,794		$28,520		$2,354
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.73%		0.76%		0.95%		0.84%		0.79%		0.74%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.73%		0.76%		0.93%		0.84%		0.79%		0.66%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.87%		0.89%		0.41%		0.69%		0.57%		(0.31)%
Portfolio Turnover Rate		55%		53%		182%		138%		116%		125%

Class I Shares


For a share outstanding during each year or period ended	Janus Global Technology Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$23.13		$18.66		$15.15		$15.32		$12.57		$10.96
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.05⁽³⁾		0.04		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾
Net gain/(loss) on investments (both realized and unrealized)		3.23		4.50		3.51		(0.17)		2.74		1.61
Total from Investment Operations		3.28		4.54		3.51		(0.17)		2.74		1.61
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		–		–		–
Distributions (from capital gains)*		(1.79)		(0.07)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾		0.01		–
Total Distributions and Other		(1.79)		(0.07)		–		–		0.01		–
Net Asset Value, End of Period		$24.62		$23.13		$18.66		$15.15		$15.32		$12.57
Total Return**		14.84%		24.40%		23.17%		(1.11)%		21.88%		14.69%
Net Assets, End of Period (in thousands)		$17,322		$9,679		$7,737		$6,562		$5,959		$973
Average Net Assets for the Period (in thousands)		$13,502		$8,188		$7,067		$7,506		$1,876		$123
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.82%		0.81%		0.92%		0.87%		1.10%		0.85%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.82%		0.81%		0.92%		0.86%		1.10%		0.63%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.21%		0.16%		(0.10)%		(0.16)%		(0.52)%		(1.27)%
Portfolio Turnover Rate		57%		36%		49%		89%		70%		111%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Less than $0.005 on a per share basis.
(5)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

118 | SEPTEMBER 30, 2014

Class I Shares


	Janus International Equity Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$13.14		$10.57		$9.41		$10.90		$9.65
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.24⁽¹⁾		0.20		0.26		0.16		0.09
Net gain/(loss) on investments (both realized and unrealized)		0.22		2.50		1.07		(1.55)		1.20
Total from Investment Operations		0.46		2.70		1.33		(1.39)		1.29
Less Distributions and Other:
Dividends (from net investment income)*		(0.13)		(0.13)		(0.17)		(0.10)		(0.04)
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–⁽²⁾		–⁽²⁾
Total Distributions and Other		(0.13)		(0.13)		(0.17)		(0.10)		(0.04)
Net Asset Value, End of Period		$13.47		$13.14		$10.57		$9.41		$10.90
Total Return		3.54%		25.74%		14.33%		(12.93)%		13.44%
Net Assets, End of Period (in thousands)		$82,290		$51,080		$54,979		$111,307		$131,905
Average Net Assets for the Period (in thousands)		$69,670		$50,216		$107,482		$142,120		$110,413
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		0.80%		0.86%		0.99%		0.90%		0.99%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		0.80%		0.86%		0.99%		0.90%		0.99%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.72%		1.18%		1.41%		1.36%		1.13%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class I Shares


For a share outstanding during each year or period
ended September 30 and the period ended	Janus Overseas Fund
October 31, 2009	2014		2013		2012		2011		2010⁽³⁾		2009⁽⁴⁾

Net Asset Value, Beginning of Period		$35.68		$32.56		$34.03		$47.67		$38.67		$33.51
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.67⁽¹⁾		1.50		1.27		0.22		0.08		0.21
Net gain/(loss) on investments (both realized and unrealized)		0.45		2.79		(0.07)		(13.73)		9.08		4.95
Total from Investment Operations		1.12		4.29		1.20		(13.51)		9.16		5.16
Less Distributions and Other:
Dividends (from net investment income)*		(1.47)		(1.17)		–		(0.13)		(0.17)		–
Distributions (from capital gains)*		–		–		(2.67)		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–⁽²⁾		0.01		–⁽²⁾
Total Distributions and Other		(1.47)		(1.17)		(2.67)		(0.13)		(0.16)		–
Net Asset Value, End of Period		$35.33		$35.68		$32.56		$34.03		$47.67		$38.67
Total Return**		3.11%		13.38%		3.63%		(28.42)%		23.78%		15.40%
Net Assets, End of Period (in thousands)		$382,220		$638,610		$882,908		$1,275,662		$1,534,256		$542,392
Average Net Assets for the Period (in thousands)		$459,134		$786,165		$1,175,310		$1,878,306		$913,570		$447,943
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.54%		0.54%		0.62%		0.75%		0.80%		0.70%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.54%		0.54%		0.62%		0.75%		0.77%		0.69%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.80%		0.71%		1.06%		0.61%		0.48%		0.64%
Portfolio Turnover Rate		30%		21%		26%		43%		30%		45%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(4)		Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

Janus Global & International Funds | 119

Financial Highlights (continued)

Class N Shares


	Janus International Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012⁽¹⁾

Net Asset Value, Beginning of Period		$13.13		$10.58		$9.59
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.23⁽²⁾		0.16		0.04
Net gain/(loss) on investments (both realized and unrealized)		0.23		2.54		0.95
Total from Investment Operations		0.46		2.70		0.99
Less Distributions:
Dividends (from net investment income)*		(0.14)		(0.15)		–
Distributions (from capital gains)*		–		–		–
Total Distributions		(0.14)		(0.15)		–
Net Asset Value, End of Period		$13.45		$13.13		$10.58
Total Return**		3.52%		25.78%		10.32%
Net Assets, End of Period (in thousands)		$112,593		$110,785		$66,213
Average Net Assets for the Period (in thousands)		$115,799		$87,061		$59,567
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.75%		0.80%		0.91%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.75%		0.80%		0.91%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.65%		1.36%		1.19%
Portfolio Turnover Rate		57%		74%		57%

Class N Shares


	Janus Overseas Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012⁽¹⁾

Net Asset Value, Beginning of Period		$35.65		$32.56		$30.64
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.77⁽²⁾		0.94		0.36
Net gain/(loss) on investments (both realized and unrealized)		0.39		3.38		1.56
Total from Investment Operations		1.16		4.32		1.92
Less Distributions:
Dividends (from net investment income)*		(1.54)		(1.23)		–
Distributions (from capital gains)*		–		–		–
Total Distributions		(1.54)		(1.23)		–
Net Asset Value, End of Period		$35.27		$35.65		$32.56
Total Return**		3.24%		13.50%		6.27%
Net Assets, End of Period (in thousands)		$148,599		$54,195		$58,250
Average Net Assets for the Period (in thousands)		$159,178		$55,053		$32,375
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.43%		0.43%		0.44%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.43%		0.43%		0.44%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.08%		0.84%		0.82%
Portfolio Turnover Rate		30%		21%		26%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from May 31, 2012 (inception date) through September 30, 2012.
(2)		Per share amounts are calculated based on average shares outstanding during the year.

See Notes to Financial Statements.

120 | SEPTEMBER 30, 2014

Class R Shares


	Janus Global Research Fund
For a share outstanding during each year or period ended September 30	2014		2013⁽¹⁾

Net Asset Value, Beginning of Period		$55.95		$52.58
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.31⁽²⁾		0.03
Net gain/(loss) on investments (both realized and unrealized)		6.55		3.34
Total from Investment Operations		6.86		3.37
Less Distributions:
Dividends (from net investment income)*		(0.06)		–
Distributions (from capital gains)*		–		–
Total Distributions		(0.06)		–
Net Asset Value, End of Period		$62.75		$55.95
Total Return**		12.27%		6.41%
Net Assets, End of Period (in thousands)		$2,624		$1,567
Average Net Assets for the Period (in thousands)		$2,026		$1,373
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.35%		1.41%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.29%		1.30%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.51%		0.61%
Portfolio Turnover Rate		43%		67%

Class R Shares


For a share outstanding during each year or period ended	Janus Global Select Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽³⁾		2009⁽⁴⁾

Net Asset Value, Beginning of Period		$11.59		$9.30		$9.09		$10.94		$9.02		$7.59
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.02⁽²⁾		(0.09)		–⁽⁵⁾		0.13		(0.03)		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		1.48		2.38		0.26		(1.90)		1.95		1.44
Total from Investment Operations		1.50		2.29		0.26		(1.77)		1.92		1.43
Less Distributions and Other:
Dividends (from net investment income)*		–		–		(0.05)		(0.08)		–		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁶⁾		–⁽⁶⁾		–		–
Total Distributions and Other		–		–		(0.05)		(0.08)		–		–
Net Asset Value, End of Period		$13.09		$11.59		$9.30		$9.09		$10.94		$9.02
Total Return**		12.94%		24.62%		2.85%		(16.35)%		21.29%		18.84%
Net Assets, End of Period (in thousands)		$560		$919		$1,915		$2,159		$3,426		$1,597
Average Net Assets for the Period (in thousands)		$792		$1,696		$2,253		$3,171		$2,334		$1,374
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.44%		1.46%		1.47%		1.46%		1.50%		1.49%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.44%		1.46%		1.47%		1.46%		1.50%		1.47%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.13%		(0.09)%		(0.14)%		0.13%		(0.21)%		(0.71)%
Portfolio Turnover Rate		55%		53%		182%		138%		116%		125%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from March 15, 2013 through September 30, 2013.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(4)		Period from July 6, 2009 (inception date) through October 31, 2009.
(5)		Less than $0.005 on a per share basis.
(6)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 121

Financial Highlights (continued)

Class R Shares


	Janus International Equity Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$12.97		$10.50		$9.30		$10.79		$9.58
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.14⁽¹⁾		0.05		(0.03)		0.10		0.03
Net gain/(loss) on investments (both realized and unrealized)		0.21		2.54		1.29		(1.56)		1.18
Total from Investment Operations		0.35		2.59		1.26		(1.46)		1.21
Less Distributions and Other:
Dividends (from net investment income)*		(0.05)		(0.12)		(0.06)		(0.03)		–
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–⁽²⁾		–⁽²⁾
Total Distributions and Other		(0.05)		(0.12)		(0.06)		(0.03)		–
Net Asset Value, End of Period		$13.27		$12.97		$10.50		$9.30		$10.79
Total Return		2.74%		24.81%		13.63%		(13.58)%		12.63%
Net Assets, End of Period (in thousands)		$3,906		$1,982		$1,552		$568		$764
Average Net Assets for the Period (in thousands)		$2,798		$1,768		$665		$902		$672
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.50%		1.56%		1.70%		1.63%		1.71%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.50%		1.56%		1.70%		1.63%		1.71%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.03%		0.51%		0.69%		0.63%		0.41%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class R Shares


For a share outstanding during each year or period ended	Janus Overseas Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽³⁾		2009⁽⁴⁾

Net Asset Value, Beginning of Period		$35.03		$31.96		$33.64		$47.32		$38.58		$33.51
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.46⁽¹⁾		0.90		0.74		(0.09)		(0.13)		0.16
Net gain/(loss) on investments (both realized and unrealized)		0.41		3.09		0.25		(13.59)		8.95		4.91
Total from Investment Operations		0.87		3.99		0.99		(13.68)		8.82		5.07
Less Distributions and Other:
Dividends (from net investment income)*		(1.20)		(0.92)		–		–		(0.09)		–
Distributions (from capital gains)*		–		–		(2.67)		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–⁽²⁾		0.01		–
Total Distributions and Other		(1.20)		(0.92)		(2.67)		–		(0.08)		–
Net Asset Value, End of Period		$34.70		$35.03		$31.96		$33.64		$47.32		$38.58
Total Return**		2.45%		12.65%		3.01%		(28.91)%		22.91%		15.13%
Net Assets, End of Period (in thousands)		$66,292		$90,140		$129,777		$132,118		$158,469		$99,338
Average Net Assets for the Period (in thousands)		$82,309		$106,930		$139,180		$177,799		$128,643		$95,361
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.18%		1.18%		1.24%		1.43%		1.48%		1.44%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.18%		1.18%		1.24%		1.43%		1.48%		1.43%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.25%		0.07%		0.44%		(0.08)%		(0.27)%		(0.07)%
Portfolio Turnover Rate		30%		21%		26%		43%		30%		45%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(4)		Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

122 | SEPTEMBER 30, 2014

Class S Shares


	Janus Asia Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽¹⁾

Net Asset Value, Beginning of Period		$9.43		$9.23		$7.43		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.23⁽²⁾⁽³⁾		0.05		0.10		(0.23)
Net gain/(loss) on investments (both realized and unrealized)		0.59		0.22		1.70		(2.34)
Total from Investment Operations		0.82		0.27		1.80		(2.57)
Less Distributions:
Dividends (from net investment income)*		(0.13)		(0.07)		–		–
Distributions (from capital gains)*		(0.33)		–		–		–
Total Distributions		(0.46)		(0.07)		–		–
Net Asset Value, End of Period		$9.79		$9.43		$9.23		$7.43
Total Return**		9.02%		2.86%		24.23%		(25.70)%
Net Assets, End of Period (in thousands)		$345		$791		$769		$619
Average Net Assets for the Period (in thousands)		$752		$874		$710		$724
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.58%		2.21%		4.97%		28.59%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.46%		1.65%		1.75%		1.36%⁽⁴⁾
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.42%⁽³⁾		0.29%		0.63%		0.84%
Portfolio Turnover Rate		72%		104%		75%		2%

Class S Shares


	Janus Emerging
	Markets Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽⁵⁾

Net Asset Value, Beginning of Period		$8.24		$7.97		$7.41		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.18⁽²⁾⁽³⁾		0.14		0.02		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		0.36		0.14		0.61		(2.56)
Total from Investment Operations		0.54		0.28		0.63		(2.59)
Less Distributions:
Dividends (from net investment income)*		(0.22)		(0.01)		(0.04)		–
Distributions (from capital gains)*		–		–		(0.03)		–
Total Distributions		(0.22)		(0.01)		(0.07)		–
Net Asset Value, End of Period		$8.56		$8.24		$7.97		$7.41
Total Return**		6.67%		3.55%		8.50%		(25.90)%
Net Assets, End of Period (in thousands)		$147		$337		$676		$617
Average Net Assets for the Period (in thousands)		$326		$481		$676		$800
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.05%		1.97%		2.50%		4.61%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.54%		1.48%		1.64%		1.39%⁽⁶⁾
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.10%⁽³⁾		0.05%		0.29%		0.62%
Portfolio Turnover Rate		59%		138%		136%		160%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from July 29, 2011 (inception date) through September 30, 2011.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.97%, respectively, for Janus Asia Equity Fund, and $0.08 and 0.94%, respectively, for Janus Emerging Markets Fund.
(4)		Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.84% in 2011 without the waiver of these fees and expenses.
(5)		Period from December 28, 2010 (inception date) through September 30, 2011.
(6)		Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.82% in 2011 without the waiver of these fees and expenses.

See Notes to Financial Statements.

Janus Global & International Funds | 123

Financial Highlights (continued)

Class S Shares


For a share outstanding during each year or period ended	Janus Global Life Sciences Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$41.85		$30.82		$22.66		$22.09		$19.66		$17.81
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.13)⁽³⁾		0.28		(0.23)		(0.20)		0.21		–⁽⁴⁾
Net gain/(loss) on investments (both realized and unrealized)		13.40		11.88		8.39		0.85		2.23		1.85
Total from Investment Operations		13.27		12.16		8.16		0.65		2.44		1.85
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		(0.08)		(0.02)		–
Distributions (from capital gains)*		(3.44)		(1.13)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁵⁾		–⁽⁵⁾		0.01		–
Total Distributions and Other		(3.44)		(1.13)		–		(0.08)		(0.01)		–
Net Asset Value, End of Period		$51.68		$41.85		$30.82		$22.66		$22.09		$19.66
Total Return**		33.97%		40.88%		36.01%		2.94%		12.46%		10.39%
Net Assets, End of Period (in thousands)		$6,146		$9,021		$161		$181		$189		$11
Average Net Assets for the Period (in thousands)		$11,077		$2,122		$199		$207		$149		$1
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.18%		1.20%		1.23%		1.24%		1.33%		1.48%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.16%		1.20%		1.23%		1.24%		1.33%		1.24%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.27)%		(0.89)%		(0.52)%		(0.80)%		1.16%		(0.07)%
Portfolio Turnover Rate		52%		47%		50%		54%		42%		70%

Class S Shares


For a share outstanding during each year or period ended	Janus Global Research Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$56.38		$47.36		$39.59		$42.57		$36.01		$31.10
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.45⁽³⁾		0.38		0.03		0.29		0.10		(0.03)
Net gain/(loss) on investments (both realized and unrealized)		6.62		8.77		7.93		(3.02)		6.52		4.94
Total from Investment Operations		7.07		9.15		7.96		(2.73)		6.62		4.91
Less Distributions and Other:
Dividends (from net investment income)*		(0.12)		(0.13)		(0.19)		(0.25)		(0.06)		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–		–		–⁽⁵⁾		–
Total Distributions and Other		(0.12)		(0.13)		(0.19)		(0.25)		(0.06)		–
Net Asset Value, End of Period		$63.33		$56.38		$47.36		$39.59		$42.57		$36.01
Total Return**		12.56%		19.38%		20.13%		(6.50)%		18.40%		15.80%
Net Assets, End of Period (in thousands)		$42,894		$47,077		$3,895		$192		$13		$13
Average Net Assets for the Period (in thousands)		$45,522		$26,983		$3,136		$154		$12		$2
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.10%		1.17%		1.38%		1.35%		1.45%		1.42%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.04%		1.07%		1.38%		1.35%		1.45%		1.16%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.73%		0.79%		0.20%		0.21%		0.40%		(1.18)%
Portfolio Turnover Rate		43%		67%		67%		78%		68%		99%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Less than $0.005 on a per share basis.
(5)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

124 | SEPTEMBER 30, 2014

Class S Shares


For a share outstanding during each year or period ended	Janus Global Select Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$11.76		$9.48		$9.17		$10.98		$9.03		$7.59
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.04⁽³⁾		0.16		0.04		0.29		(0.03)		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		1.52		2.20		0.27		(2.05)		1.98		1.45
Total from Investment Operations		1.56		2.36		0.31		(1.76)		1.95		1.44
Less Distributions and Other:
Dividends (from net investment income)*		–		(0.08)		–		(0.05)		–		–
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		N/A		N/A
Total Distributions and Other		–		(0.08)		–		(0.05)		–		–
Net Asset Value, End of Period		$13.32		$11.76		$9.48		$9.17		$10.98		$9.03
Total Return**		13.27%		25.00%		3.38%		(16.12)%		21.59%		18.97%
Net Assets, End of Period (in thousands)		$424		$733		$1,120		$802		$12,076		$13,346
Average Net Assets for the Period (in thousands)		$542		$1,071		$1,238		$7,522		$13,398		$10,379
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.19%		1.21%		0.74%⁽⁵⁾		1.21%		1.24%		1.24%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.16%		1.18%		0.73%⁽⁵⁾		1.21%		1.24%		1.21%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.34%		0.22%		0.68%		0.14%		0.04%		(0.46)%
Portfolio Turnover Rate		55%		53%		182%		138%		116%		125%

Class S Shares


For a share outstanding during each year or period ended	Janus Global Technology Fund
September 30 and the period ended October 31, 2009	2014		2013		2012		2011		2010⁽¹⁾		2009⁽²⁾

Net Asset Value, Beginning of Period		$22.71		$18.39		$14.99		$15.22		$12.55		$10.96
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.04)⁽³⁾		0.01		–⁽⁶⁾		(0.05)		(0.05)		0.01
Net gain/(loss) on investments (both realized and unrealized)		3.16		4.38		3.40		(0.18)		2.72		1.58
Total from Investment Operations		3.12		4.39		3.40		(0.23)		2.67		1.59
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		–		–		–
Distributions (from capital gains)*		(1.79)		(0.07)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾		–
Total Distributions and Other		(1.79)		(0.07)		–		–		–		–
Net Asset Value, End of Period		$24.04		$22.71		$18.39		$14.99		$15.22		$12.55
Total Return**		14.39%		23.94%		22.68%		(1.51)%		21.27%		14.51%
Net Assets, End of Period (in thousands)		$2,357		$1,226		$532		$259		$213		$67
Average Net Assets for the Period (in thousands)		$2,040		$772		$340		$268		$165		$38
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.20%		1.22%		1.26%		1.25%		1.43%		1.31%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.20%		1.22%		1.26%		1.25%		1.42%		1.26%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.18)%		(0.24)%		(0.40)%		(0.54)%		(0.80)%		(0.61)%
Portfolio Turnover Rate		57%		36%		49%		89%		70%		111%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Period from July 6, 2009 (inception date) through October 31, 2009.
(3)		Per share amounts are calculated based on average shares outstanding during the year.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(5)		A non-recurring expense adjustment impacted the Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets and Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets. The ratio would be 1.22% and 1.21%, respectively, without the inclusion of the non-recurring expense adjustment.
(6)		Less than $0.005 on a per share basis.

See Notes to Financial Statements.

Janus Global & International Funds | 125

Financial Highlights (continued)

Class S Shares


	Janus International Equity Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$13.51		$10.93		$9.52		$11.04		$9.78
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.17⁽¹⁾		(0.08)		0.22		0.20		0.04
Net gain/(loss) on investments (both realized and unrealized)		0.24		2.80		1.24		(1.67)		1.23
Total from Investment Operations		0.41		2.72		1.46		(1.47)		1.27
Less Distributions and Other:
Dividends (from net investment income)*		(0.10)		(0.14)		(0.05)		(0.05)		(0.01)
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–⁽²⁾		–⁽²⁾
Total Distributions and Other		(0.10)		(0.14)		(0.05)		(0.05)		(0.01)
Net Asset Value, End of Period		$13.82		$13.51		$10.93		$9.52		$11.04
Total Return		3.05%		25.13%		15.44%		(13.41)%		13.03%
Net Assets, End of Period (in thousands)		$13,253		$8,045		$3,173		$2,865		$6,363
Average Net Assets for the Period (in thousands)		$10,466		$5,131		$2,714		$5,948		$5,510
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.25%		1.30%		1.01%⁽³⁾		1.38%		1.46%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		1.25%		1.30%		1.00%⁽³⁾		1.38%		1.46%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.19%		0.83%		2.19%		0.84%		0.63%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class S Shares


For a share outstanding during each year or period
ended September 30 and the period ended	Janus Overseas Fund
October 31, 2009	2014		2013		2012		2011		2010⁽⁴⁾		2009⁽⁵⁾

Net Asset Value, Beginning of Period		$35.32		$32.23		$33.82		$47.44		$38.61		$33.51
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.55⁽¹⁾		1.18		0.90		(0.01)		(0.04)		0.20
Net gain/(loss) on investments (both realized and unrealized)		0.42		2.93		0.18		(13.62)		8.97		4.89
Total from Investment Operations		0.97		4.11		1.08		(13.63)		8.93		5.09
Less Distributions and Other:
Dividends (from net investment income)*		(1.28)		(1.02)		–		–		(0.11)		–
Distributions (from capital gains)*		–		–		(2.67)		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		0.01		0.01		0.01
Total Distributions and Other		(1.28)		(1.02)		(2.67)		0.01		(0.10)		0.01
Net Asset Value, End of Period		$35.01		$35.32		$32.23		$33.82		$47.44		$38.61
Total Return**		2.71%		12.91%		3.28%		(28.71)%		23.20%		15.22%
Net Assets, End of Period (in thousands)		$397,834		$620,750		$924,703		$1,132,967		$1,728,739		$1,371,807
Average Net Assets for the Period (in thousands)		$528,419		$793,882		$1,087,271		$1,731,141		$1,601,017		$1,344,815
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.93%		0.93%		0.99%		1.18%		1.22%		1.19%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.93%		0.93%		0.99%		1.18%		1.22%		1.18%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.49%		0.31%		0.67%		0.13%		(0.04)%		0.18%
Portfolio Turnover Rate		30%		21%		26%		43%		30%		45%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)		A non-recurring expense adjustment impacted the Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets and Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets. The ratio would be 1.43% and 1.43%, respectively, without the inclusion of the non-recurring expense adjustment.
(4)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(5)		Period from July 6, 2009 (inception date) through October 31, 2009.

See Notes to Financial Statements.

126 | SEPTEMBER 30, 2014

Class T Shares


	Janus Asia Equity Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽¹⁾

Net Asset Value, Beginning of Period		$9.45		$9.25		$7.43		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.24⁽²⁾⁽³⁾		0.13		0.15		(0.23)
Net gain/(loss) on investments (both realized and unrealized)		0.61		0.15		1.67		(2.34)
Total from Investment Operations		0.85		0.28		1.82		(2.57)
Less Distributions:
Dividends (from net investment income)*		(0.16)		(0.08)		–		–
Distributions (from capital gains)*		(0.33)		–		–		–
Total Distributions		(0.49)		(0.08)		–		–
Net Asset Value, End of Period		$9.81		$9.45		$9.25		$7.43
Total Return**		9.37%		2.99%		24.50%		(25.70)%
Net Assets, End of Period (in thousands)		$712		$1,644		$861		$619
Average Net Assets for the Period (in thousands)		$1,357		$1,331		$798		$724
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		2.44%		2.05%		4.33%		28.34%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.26%		1.43%		1.54%		1.35%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.49%⁽³⁾		0.63%		0.89%		0.85%
Portfolio Turnover Rate		72%		104%		75%		2%

Class T Shares


	Janus Emerging
	Markets Fund
For a share outstanding during each year or period ended September 30	2014		2013		2012		2011⁽⁴⁾

Net Asset Value, Beginning of Period		$8.26		$7.99		$7.41		$10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.19⁽²⁾⁽³⁾		0.29		0.05		(0.01)
Net gain/(loss) on investments (both realized and unrealized)		0.37		0.01		0.60		(2.59)
Total from Investment Operations		0.56		0.30		0.65		(2.60)
Less Distributions and Other:
Dividends (from net investment income)*		(0.22)		(0.03)		(0.04)		–
Distributions (from capital gains)*		–		–		(0.03)		–
Redemption fees		N/A		N/A		–⁽⁵⁾		0.01
Total Distributions and Other		(0.22)		(0.03)		(0.07)		0.01
Net Asset Value, End of Period		$8.60		$8.26		$7.99		$7.41
Total Return**		6.92%		3.73%		8.78%		(25.90)%
Net Assets, End of Period (in thousands)		$1,207		$825		$2,141		$1,301
Average Net Assets for the Period (in thousands)		$1,121		$2,105		$2,004		$1,320
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		1.77%		1.70%		2.13%		4.08%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		1.41%		1.37%		1.42%		1.34%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		2.19%⁽³⁾		(0.19)%		0.58%		0.85%
Portfolio Turnover Rate		59%		138%		136%		160%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from July 29, 2011 (inception date) through September 30, 2011.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively, for Janus Asia Equity Fund, and $0.08 and 0.94%, respectively, for Janus Emerging Markets Fund.
(4)		Period from December 28, 2010 (inception date) through September 30, 2011.
(5)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 127

Financial Highlights (continued)

Class T Shares


For a share outstanding during each year or period	Janus Global Life Sciences Fund
ended September 30 and the year ended October 31	2014		2013		2012		2011		2010⁽¹⁾		2009

Net Asset Value, Beginning of Period		$42.34		$31.09		$22.81		$22.19		$19.70		$17.78
Income/(Loss) from Investment Operations:
Net investment income/(loss)		(0.04)⁽²⁾		0.03		(0.06)		(0.12)		0.27		0.04
Net gain/(loss) on investments (both realized and unrealized)		13.61		12.35		8.35		0.84		2.22		1.94
Total from Investment Operations		13.57		12.38		8.29		0.72		2.49		1.98
Less Distributions and Other:
Dividends (from net investment income)*		–		–		(0.01)		(0.10)		–⁽³⁾		(0.06)
Distributions (from capital gains)*		(3.44)		(1.13)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾
Total Distributions and Other		(3.44)		(1.13)		(0.01)		(0.10)		–		(0.06)
Net Asset Value, End of Period		$52.47		$42.34		$31.09		$22.81		$22.19		$19.70
Total Return**		34.31%		41.24%		36.34%		3.26%		12.65%		11.21%
Net Assets, End of Period (in thousands)		$1,000,993		$485,819		$266,444		$203,916		$230,708		$646,206
Average Net Assets for the Period (in thousands)		$723,035		$328,041		$233,296		$232,934		$381,186		$618,360
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.93%		0.95%		0.98%		1.00%		1.01%		1.04%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.92%		0.94%		0.98%		1.00%		1.01%		1.03%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		(0.08)%		(0.32)%		(0.28)%		(0.56)%		0.80%		0.28%
Portfolio Turnover Rate		52%		47%		50%		54%		42%		70%

Class T Shares


For a share outstanding during each year or period ended	Janus Global Research Fund
September 30 and the year ended October 31	2014		2013		2012		2011		2010⁽¹⁾		2009

Net Asset Value, Beginning of Period		$55.62		$46.72		$38.85		$41.80		$35.23		$27.28
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.60⁽²⁾		0.38		0.22		0.12		0.19		0.15
Net gain/(loss) on investments (both realized and unrealized)		6.52		8.77		7.71		(2.70)		6.38		8.05
Total from Investment Operations		7.12		9.15		7.93		(2.58)		6.57		8.20
Less Distributions and Other:
Dividends (from net investment income)*		(0.28)		(0.25)		(0.06)		(0.37)		–⁽³⁾		(0.25)
Distributions (from capital gains)*		–		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾
Total Distributions and Other		(0.28)		(0.25)		(0.06)		(0.37)		–		(0.25)
Net Asset Value, End of Period		$62.46		$55.62		$46.72		$38.85		$41.80		$35.23
Total Return**		12.85%		19.66%		20.42%		(6.27)%		18.67%		30.46%
Net Assets, End of Period (in thousands)		$989,734		$941,836		$110,487		$93,622		$114,874		$203,125
Average Net Assets for the Period (in thousands)		$992,504		$557,218		$108,203		$118,574		$142,843		$166,030
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.85%		0.93%		1.12%		1.10%		1.18%		1.25%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.79%		0.81%		1.11%		1.10%		1.18%		1.24%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.00%		1.03%		0.49%		0.30%		0.47%		0.56%
Portfolio Turnover Rate		43%		67%		67%		78%		68%		99%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Less than $0.005 on a per share basis.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

128 | SEPTEMBER 30, 2014

Class T Shares


For a share outstanding during each year or period	Janus Global Select Fund
ended September 30 and the year ended October 31	2014		2013		2012		2011		2010⁽¹⁾		2009

Net Asset Value, Beginning of Period		$11.69		$9.37		$9.16		$11.01		$9.03		$7.14
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.09⁽²⁾		0.05		0.06		0.20		(0.01)		0.01
Net gain/(loss) on investments (both realized and unrealized)		1.48		2.32		0.25		(1.93)		1.99		1.95
Total from Investment Operations		1.57		2.37		0.31		(1.73)		1.98		1.96
Less Distributions and Other:
Dividends (from net investment income)*		(0.05)		(0.05)		(0.10)		(0.12)		–⁽³⁾		(0.06)
Distributions (from capital gains)*		–		–		–		–		–		–
Return of capital		–		–		–		–		–		(0.01)
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		N/A		N/A
Total Distributions and Other		(0.05)		(0.05)		(0.10)		(0.12)		–		(0.07)
Net Asset Value, End of Period		$13.21		$11.69		$9.37		$9.16		$11.01		$9.03
Total Return**		13.46%		25.33%		3.38%		(15.97)%		21.96%		27.96%
Net Assets, End of Period (in thousands)		$567,919		$595,722		$653,810		$831,865		$1,381,716		$3,133,551
Average Net Assets for the Period (in thousands)		$596,800		$616,392		$811,160		$1,277,525		$2,008,730		$2,600,372
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.93%		0.96%		0.97%		0.96%		0.95%		0.97%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.92%		0.95%		0.97%		0.96%		0.95%		0.96%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.67%		0.49%		0.39%		0.59%		0.22%		0.14%
Portfolio Turnover Rate		55%		53%		182%		138%		116%		125%

Class T Shares


For a share outstanding during each year or period ended	Janus Global Technology Fund
September 30 and the year ended October 31	2014		2013		2012		2011		2010⁽¹⁾		2009

Net Asset Value, Beginning of Period		$22.99		$18.56		$15.09		$15.28		$12.57		$9.29
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.01⁽²⁾		–⁽³⁾		(0.02)		(0.03)		(0.05)		–⁽³⁾
Net gain/(loss) on investments (both realized and unrealized)		3.20		4.50		3.49		(0.16)		2.76		3.28
Total from Investment Operations		3.21		4.50		3.47		(0.19)		2.71		3.28
Less Distributions and Other:
Dividends (from net investment income)*		–		–		–		–		–		–
Distributions (from capital gains)*		(1.79)		(0.07)		–		–		–		–
Redemption fees		N/A		N/A		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾		–⁽⁴⁾
Total Distributions and Other		(1.79)		(0.07)		–		–		–		–
Net Asset Value, End of Period		$24.41		$22.99		$18.56		$15.09		$15.28		$12.57
Total Return**		14.62%		24.31%		23.00%		(1.24)%		21.56%		35.31%
Net Assets, End of Period (in thousands)		$316,886		$283,627		$247,798		$225,429		$265,438		$713,536
Average Net Assets for the Period (in thousands)		$308,011		$255,617		$244,166		$283,158		$424,663		$584,300
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.95%		0.97%		1.01%		1.00%		1.13%		1.06%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.94%		0.96%		1.01%		1.00%		1.13%		1.05%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		0.06%		0.02%		(0.19)%		(0.31)%		(0.66)%		(0.32)%
Portfolio Turnover Rate		57%		36%		49%		89%		70%		111%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.
(2)		Per share amounts are calculated based on average shares outstanding during the year.
(3)		Less than $0.005 on a per share basis.
(4)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

See Notes to Financial Statements.

Janus Global & International Funds | 129

Financial Highlights (continued)

Class T Shares


	Janus International Equity Fund
For a share outstanding during each year ended September 30	2014		2013		2012		2011		2010

Net Asset Value, Beginning of Period		$13.02		$10.50		$9.34		$10.86		$9.64
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.20⁽¹⁾		0.10		0.14		0.11		0.05
Net gain/(loss) on investments (both realized and unrealized)		0.23		2.55		1.18		(1.53)		1.22
Total from Investment Operations		0.43		2.65		1.32		(1.42)		1.27
Less Distributions and Other:
Dividends (from net investment income)*		(0.10)		(0.13)		(0.16)		(0.10)		(0.05)
Distributions (from capital gains)*		–		–		–		–		–
Redemption fees		N/A		N/A		–⁽²⁾		–⁽²⁾		–⁽²⁾
Total Distributions and Other		(0.10)		(0.13)		(0.16)		(0.10)		(0.05)
Net Asset Value, End of Period		$13.35		$13.02		$10.50		$9.34		$10.86
Total Return		3.31%		25.50%		14.25%		(13.23)%		13.22%
Net Assets, End of Period (in thousands)		$8,929		$10,173		$11,027		$5,184		$2,137
Average Net Assets for the Period (in thousands)		$10,476		$11,504		$6,256		$4,425		$645
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets		1.00%		1.07%		1.19%		1.12%		1.26%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets		0.99%		1.07%		1.19%		1.12%		1.26%
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.46%		1.03%		1.28%		1.13%		1.14%
Portfolio Turnover Rate		57%		74%		57%		77%		132%

Class T Shares


For a share outstanding during each year or
period ended September 30 and the year ended	Janus Overseas Fund
October 31	2014		2013		2012		2011		2010⁽³⁾		2009

Net Asset Value, Beginning of Period		$35.55		$32.44		$33.95		$47.56		$38.65		$27.12
Income/(Loss) from Investment Operations:
Net investment income/(loss)		0.65⁽¹⁾		1.28		1.06		0.11		0.01		0.41
Net gain/(loss) on investments (both realized and unrealized)		0.42		2.94		0.10		(13.68)		9.04		12.66
Total from Investment Operations		1.07		4.22		1.16		(13.57)		9.05		13.07
Less Distributions and Other:
Dividends (from net investment income)*		(1.42)		(1.11)		–		(0.05)		(0.15)		(0.22)
Distributions (from capital gains)*		–		–		(2.67)		–		–		(1.33)
Redemption fees		N/A		N/A		–⁽²⁾		0.01		0.01		0.01
Total Distributions and Other		(1.42)		(1.11)		(2.67)		(0.04)		(0.14)		(1.54)
Net Asset Value, End of Period		$35.20		$35.55		$32.44		$33.95		$47.56		$38.65
Total Return**		2.98%		13.22%		3.52%		(28.54)%		23.48%		51.63%
Net Assets, End of Period (in thousands)		$1,362,584		$1,875,618		$2,712,057		$3,719,191		$6,113,812		$7,112,657
Average Net Assets for the Period (in thousands)		$1,691,922		$2,301,346		$3,426,766		$6,059,513		$6,528,596		$5,182,633
Ratio of Gross Expenses (Absent the Waiver of Certain Fees and Expense Offsets) to Average Net Assets***		0.68%		0.68%		0.75%		0.93%		0.95%		0.91%
Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets***		0.67%		0.68%		0.74%		0.93%		0.95%		0.91%
Ratio of Net Investment Income/(Loss) to Average Net Assets***		1.75%		0.56%		0.90%		0.37%		0.14%		0.90%
Portfolio Turnover Rate		30%		21%		26%		43%		30%		45%


*		See “Federal Income Tax” in Notes to Financial Statements.
**		Total return not annualized for periods of less than one full year.
***		Annualized for periods of less than one full year.
(1)		Per share amounts are calculated based on average shares outstanding during the year.
(2)		Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(3)		Period from November 1, 2009 through September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30.

See Notes to Financial Statements.

130 | SEPTEMBER 30, 2014

Notes to Financial Statements


1.	Organization and Significant Accounting Policies

Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus Global Life Sciences Fund, Janus Global Research Fund, Janus Global Select Fund, Janus Global Technology Fund, Janus International Equity Fund and Janus Overseas Fund (individually, a “Fund” and collectively, the “Funds”) are series funds. The Funds are part 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. The financial statements include information for the year ended September 30, 2014. The Trust offers forty-six funds which include multiple series of shares, with differing investment objectives and policies. The Funds invest primarily in equity securities. Each Fund in this report is classified as diversified, as defined in the 1940 Act, with the exception of Janus Global Select Fund, which is classified as nondiversified.

Each Fund in this report 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 N Shares are generally available only to financial intermediaries purchasing on behalf of 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans.

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

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

Investment Valuation

Securities held by the Funds 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”). Each Fund will determine the market value of individual

Janus Global & International Funds | 131

Notes to Financial Statements (continued)

securities held by it by using prices provided by one or more professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Certain short-term securities maturing within 60 days or less are valued on an amortized cost basis. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service 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. 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. The Funds use 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.

Investment Transactions and Investment Income

Expenses

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

Estimates

Indemnifications

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

Foreign Currency Translations

The Funds do 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.

132 | SEPTEMBER 30, 2014

Dividend Distributions

The Funds generally declare and distribute dividends of net investment income and realized capital gains (if any) annually.

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

Federal Income Taxes

Each 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 each 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 Funds’ financial statements. The Funds are 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.

Restricted Cash

As of September 30, 2014, Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus Global Select Fund, and Janus Overseas Fund had restricted cash in the amounts of $66,797, $562,018, $1,023,753, and $59,309,451, respectively. The restricted cash represents collateral pledged in relation to derivatives and/or securities with extended settlement dates, as well as investment quota for China A Shares. The carrying value of the restricted cash approximates fair value.

Valuation Inputs Summary

In accordance with Financial Accounting Standards Board (“FASB”) standard guidance, the Funds utilize the “Fair Value Measurements” to define fair value, establish a framework for measuring fair value, and expand disclosure requirements regarding fair value measurements. The Fair Value Measurement Standard does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit 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. Various inputs are used in determining the value of the Funds’ investments defined pursuant to this standard. These inputs are summarized into three broad levels:

Level 1 – Quoted prices in active markets for identical securities.

Debt securities may be valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Securities traded on OTC markets and listed securities for which no sales are reported are valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Funds’ Trustees and are categorized as Level 2 in the hierarchy. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value and are categorized as Level 2 in the hierarchy. 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. The Funds use 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. These are generally categorized as Level 2 in the hierarchy.

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

Janus Global & International Funds | 133

Notes to Financial Statements (continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2014 to value the Funds’ investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedules of Investments and Other Information.

The Funds did not hold a significant amount of Level 3 securities as of September 30, 2014.

The following table shows the amounts of transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the year. The Funds recognize transfers between the levels as of the beginning of the fiscal year.


	Transfers Out		Transfers Out
	of Level 1		of Level 2
Fund	to Level 2		to Level 1


Janus Asia Equity Fund	$	10,035,319	$	–
Janus Emerging Markets Fund		13,263,910		2,632,083
Janus Global Life Sciences Fund		86,664,310		32,724,387
Janus Global Research Fund		612,819,981		35,636,356
Janus Global Select Fund		483,516,202		30,969,234
Janus Global Technology Fund		56,474,176		29,832,659
Janus International Equity Fund		135,580,040		4,209,998
Janus Overseas Fund		2,049,612,677		522,699,593

Financial assets were transferred out of Level 2 to Level 1 as the current market for the securities with quoted prices are considered active.


2.	Derivative Instruments

The Funds 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 Funds may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by one or more of the Funds during the year ended September 30, 2014 is discussed in further detail below. A summary of derivative activity by Fund is reflected in the tables at the end of this section.

The Funds 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 (to earn income and seek to enhance returns) purposes. When the Funds invest in a derivative for speculative purposes, the Funds will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Funds may not use any derivative to gain exposure to an asset or class of assets in which they would be prohibited by their respective investment restrictions from purchasing directly. The Funds’ ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Funds to additional risks that they would not be subject to if they 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, including, but not limited to, counterparty risk, credit risk, currency risk, equity risk, index risk, interest rate risk, leverage risk, and liquidity risk, as described below.

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

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


	•	Counterparty Risk – Counterparty risk is 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 a Fund.

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

134 | SEPTEMBER 30, 2014


	•	Currency Risk – Currency risk is 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 – Equity risk relates 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, a 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 – Interest rate risk is the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause a Fund’s net asset value (“NAV”) to likewise decrease, and vice versa.

	•	Leverage Risk – Leverage risk is 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. A 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 – Liquidity risk is 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.

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 Funds 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 Funds may also invest in forward currency contracts for nonhedging purposes such as seeking to enhance returns. The Funds are subject to currency risk in the normal course of pursuing their investment objectives through their investments in forward currency contracts.

The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in “Net realized gain/(loss) from investments and foreign currency transactions” on the Statements of Operations (if applicable).

During the year, Janus Emerging Markets Fund, Janus Global Life Sciences Fund, Janus Global Technology Fund, Janus International Equity Fund, and Janus Overseas Fund entered into forward 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 each Fund.

The following table provides average ending monthly currency units on sold forward contracts during the year ended September 30, 2014.


Fund	Sold


Janus Emerging Markets Fund		36,851,554
Janus Global Life Sciences Fund		55,080,846
Janus Global Technology Fund		2,458,477,692
Janus International Equity Fund		1,649,230,769
Janus Overseas Fund		42,274,615,385

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. The Funds are subject to interest rate risk, liquidity risk, equity risk, and currency risk in the normal course of pursuing their investment objectives through their investments in options contracts. The Funds may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Funds may utilize American-style and European-style options. An American-style option is an option contract that can be exercised at any time between the time of purchase and the option’s expiration date. A European-style option is an option contract that can only be exercised on the option’s expiration date. The Funds may also purchase or write put and call options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. The Funds generally invest in options to hedge against adverse movements in the value of portfolio holdings.

When an option is written, the Funds receive a premium and become obligated to sell or purchase the underlying

Janus Global & International Funds | 135

Notes to Financial Statements (continued)

security at a fixed price, upon exercise of the option. In writing an option, the Funds bear the risk of an unfavorable change in the price of the security underlying the written option. Exercise of an option written by the Funds could result in the Funds buying or selling a security at a price different from the current market value.

The Funds may also purchase and write exchange-listed and OTC put and call options on domestic securities indices, and on foreign securities indices listed on domestic and foreign securities exchanges. Options on securities indices are similar to options on securities except that (1) the expiration cycles of securities index options are monthly, while those of securities options are currently quarterly, and (2) the delivery requirements are different. Instead of giving the right to take or make delivery of securities at a specified price, an option on a securities index gives the holder the right to receive a cash “exercise settlement amount” equal to (a) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of exercise, multiplied by (b) a fixed “index multiplier.” Receipt of this cash amount will depend upon the closing level of the securities index upon which the option is based being greater than, in the case of a call, or less than, in the case of a put, the exercise price of the index and the exercise price of the option times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount.

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

Holdings of the Funds designated to cover outstanding written options are noted on the Schedules of Investments (if applicable). Options written are reported as a liability on the Statements of Assets and Liabilities as “Options written, at value” (if applicable). Realized gains and losses are reported as “Net realized gain/(loss) from written options contracts” on the Statements of Operations (if applicable).

The risk in writing call options is that the Funds give 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 Funds 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 Funds pay a premium whether or not the options are exercised. 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 Funds’ hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. There is no limit to the loss the Funds may recognize due to written call options.

During the year, Janus Global Select Fund and Janus Global Technology Fund purchased call options on various equity securities for the purpose of increasing exposure to individual equity risk.

The following table provides average ending monthly market value amounts on purchased call options during the year ended September 30, 2014.


Fund	Purchased Call Options


Janus Global Select Fund	$	709,094
Janus Global Technology Fund		121,483

During the year, Janus Global Technology Fund wrote put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.

The following table provides average ending monthly market value amounts on written put options during the year ended September 30, 2014.


Fund	Written Put Options


Janus Global Technology Fund	$	167,056

Written option activity for the year ended September 30, 2014 is indicated in the table below:


	Number of		Premiums
Put Options	Contracts		Received


Janus Global Technology Fund
Options outstanding at September 30, 2013		647	$	1,434,399
Options written		4,237		970,950
Options closed		(4,494)		(2,250,599)
Options expired		–		–
Options exercised		(390)		(154,750)


Options outstanding at September 30, 2014		–	$	–

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an

136 | SEPTEMBER 30, 2014

underlying asset. The Funds may utilize swap agreements as a means to gain exposure to certain common stocks and/or to “hedge” or protect their portfolios from adverse movements in securities prices or interest rates. The Funds are subject to equity risk and interest rate risk in the normal course of pursuing their investment objectives through investments in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to a Fund. If the other party to a swap defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If a 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 are typically privately negotiated and entered into in the OTC market. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010 now requires certain swap agreements 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. New regulations under the Dodd-Frank Act could, among other things, increase the cost of such transactions. Swap contracts of the Funds are reported as an asset or liability on the Statements of Assets and Liabilities (if applicable). Realized gains and losses of the Funds are reported in “Net realized gain/(loss) from swap contracts” on the Statements 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.

The Funds’ maximum risk of loss for total return swaps 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 Funds and the counterparty and by the posting of collateral to the Funds to cover the Funds’ exposure to the counterparty.

During the year, Janus Asia Equity Fund, Janus Emerging Markets Fund, and Janus Overseas Fund entered into total return swaps on equity securities or indices to increase exposure to equity risk. These total return swaps require each 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. Each 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.

The following table provides average ending monthly notional amount on total return swaps which are long the reference asset during the year ended September 30, 2014.


Fund	Long


Janus Asia Equity Fund	$	13,525
Janus Emerging Markets Fund		327,031
Janus Overseas Fund		11,296,596,745

The following tables, grouped by derivative type, provide information about the fair value and location of derivatives within the Statements of Assets and Liabilities as of September 30, 2014.

Fair Value of Derivative Instruments as of September 30, 2014


Derivatives not accounted	Asset Derivatives			Liability Derivatives
for as hedging instruments	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value

Janus Emerging Markets Fund
Currency Contracts	Forward currency contracts	$	6,832
Equity Contracts	Outstanding swap contracts at value		14,737	Outstanding swap contracts at value	$	14,842


Total		$	21,569		$	14,842


Janus Global Life Sciences Fund
Currency Contracts	Forward currency contracts	$	1,699,690	Forward currency contracts	$	30,572


Janus Global Technology Fund
Currency Contracts	Forward currency contracts	$	349,792


Janus Overseas Fund
Currency Contracts	Forward currency contracts	$	5,741,053
Equity Contracts				Outstanding swap contracts at value	$	2,594,844

Janus Global & International Funds | 137

Notes to Financial Statements (continued)

The following tables provide information about the effect of derivatives and hedging activities on the Funds’ Statements of Operations for the year ended September 30, 2014.

The effect of Derivative Instruments on the Statements of Operations for the year ended September 30, 2014


Amount of Net Realized Gain/(Loss) on Derivatives Recognized in Income
Derivatives not accounted for as	Investments and foreign
hedging instruments	currency transactions			Swap contracts			Written options contracts		Total

Janus Asia Equity Fund
Equity Contracts	$	–		$	(20,199	)	$	–	$	(20,199	)


Janus Emerging Markets Fund
Currency Contracts	$	35,534		$	–		$	–	$	35,534
Equity Contracts		–			(12,558	)		–		(12,558	)


Total	$	35,534		$	(12,558	)	$	–	$	22,976


Janus Global Life Sciences Fund
Currency Contracts	$	1,434,599		$	–		$	–	$	1,434,599


Janus Global Select Fund
Equity Contracts	$	(4,768,000	)*	$	–		$	–	$	(4,768,000	)


Janus Global Technology Fund
Currency Contracts	$	1,073,381		$	–		$	–	$	1,073,381
Equity Contracts		364,898*			–			1,949,701		2,314,599


Total	$	1,438,279		$	–		$	1,949,701	$	3,387,980


Janus International Equity Fund
Currency Contracts	$	1,222,167		$	–		$	–	$	1,222,167


Janus Overseas Fund
Currency Contracts	$	31,543,234		$	–		$	–	$	31,543,234
Equity Contracts		–			(89,074,770	)		–		(89,074,770	)


Total	$	31,543,234		$	(89,074,770	)	$	–	$	(57,531,536	)


*		Amounts relate to purchased options.


Change in Unrealized Net Appreciation/Depreciation on Derivatives Recognized in Income
	Investments, foreign
	currency translations and
Derivatives not accounted for as	non-interested Trustees’
hedging instruments	deferred compensation			Swap contracts		Written options contracts			Total

Janus Emerging Markets Fund
Currency Contracts	$	14,045		$	–	$	–		$	14,045
Equity Contracts		–			12,942		–			12,942


Total	$	14,045		$	12,942	$	–		$	26,987


Janus Global Life Sciences Fund
Currency Contracts	$	2,242,719		$	–	$	–		$	2,242,719


Janus Global Select Fund
Equity Contracts	$	2,917,642*		$	–	$	–		$	2,917,642


Janus Global Technology Fund
Currency Contracts	$	783,981		$	–	$	–		$	783,981
Equity Contracts		(143,182	)*		–		(1,115,830	)		(1,259,012	)


Total	$	640,799		$	–	$	(1,115,830	)	$	(475,031	)


Janus International Equity Fund
Currency Contracts	$	248,374		$	–	$	–		$	248,374


Janus Overseas Fund
Currency Contracts	$	9,498,415		$	–	$	–		$	9,498,415
Equity Contracts		–			6,099,289		–			6,099,289


Total	$	9,498,415		$	6,099,289	$	–		$	15,597,704


*		Amounts relate to purchased options.

Please see the Funds’ Statements of Operations for the Funds’ “Net Realized and Unrealized Gain/(Loss) on Investments.”

138 | SEPTEMBER 30, 2014


3.	Other Investments and Strategies

Additional Investment Risk

The financial crisis that began in 2008 caused 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 each could 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 a 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 a 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 Act in July 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 expands 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 Funds and the investment management industry as a whole, is not yet certain.

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 a 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.

China A Shares

The Chinese government may permit a foreign investor to invest in China A Shares as a licensed Qualified Foreign Institutional Investor (“QFII”). QFII licenses are granted by the China Securities Regulatory Commission and investment quota is granted by the State Administration of Foreign Exchange. Janus Capital has been granted a QFII license and investment quota.

People’s Republic of China (“PRC”) regulations require QFIIs to entrust assets held in the PRC and to interact with government agencies through a China-based qualified custodian bank. Assets attributable to clients of Janus Capital will be held by the custodian in foreign exchange accounts and securities accounts in the joint name of Janus Capital and its clients, although the terms of the custody agreement make clear that the contents of the accounts belong to the clients, and not to Janus Capital.

During the year ended September 30, 2014, Janus Capital, in its capacity as a QFII, invested in China A Shares on behalf of Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus Global Select Fund, and Janus Overseas Fund. With respect to direct China A Shares investments, as a general matter, any capital invested and profits generated cannot be repatriated for a minimum of one year. Repatriation of any invested capital is subject to approval by the regulator. Additionally, any repatriation of profits would be subject to an audit by a registered accountant in China, and subject to regulatory approval. In light of the foregoing, a Fund’s investment in China A Shares would be subject to the Fund’s limit of investing up to 15% of its net assets in illiquid investments. Current Chinese tax law is unclear whether capital gains realized on a Fund’s investments in A shares will be subject to tax. Because management believes it is more likely than not that Chinese capital gains tax ultimately will not be imposed, the Funds do not accrue for such taxes.

Janus Global & International Funds | 139

Notes to Financial Statements (continued)

As of September 30, 2014, Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus Global Select Fund, and Janus Overseas Fund have available investment quota of $61,855, $94,693, $1,004,818, and $788,015, respectively. The Funds are subject to certain restrictions and administrative processes relating to its ability to repatriate cash balances and may incur substantial delays in gaining access to its assets.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to a 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 a Fund. A Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of a 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.

A 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 a 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. A 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 a 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

Each Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Investing in emerging markets may involve certain risks and considerations not typically associated with investing in the United States and imposes risks greater than, or in addition to, the risks associated with investing in securities of more developed foreign countries. Emerging markets securities are exposed to a number of additional risks, which may result from 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 Funds’ investments. In addition, the Funds’ 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 Funds’ investments. To the extent that a 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent a Fund invests in Chinese local market securities (also known as “A Shares”).

Offsetting Assets and Liabilities

The Funds present 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 Statements of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter 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 a 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, a Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with

140 | SEPTEMBER 30, 2014

collateral held and/or posted and create one single net payment. Note that for financial reporting purposes, a Fund does not offset certain derivative financial instruments’ payables and receivables and related collateral on the Statements of Assets and Liabilities.

The following tables present gross amounts of recognized assets and 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 either the “Fair Value of Derivative Instruments as of September 30, 2014” table located in Note 2 of these Notes to Financial Statements and/or the applicable Fund’s Schedule of Investments.

Offsetting of Financial Assets and Derivative Assets

Janus Asia Equity Fund

Gross Amounts of

Offsetting Asset

Counterparty

Recognized Assets

or Liability^(a)

Collateral Pledged^(b)

Net Amount

Deutsche Bank AG

217,507

–

(217,507)

–

Janus Emerging Markets Fund


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


Credit Suisse International	$	21,569	$	(14,842)	$	–	$	6,727
Deutsche Bank AG		597,591		–		(597,591)		–


Total	$	619,160	$	(14,842)	$	(597,591)	$	6,727

Janus Global Life Sciences Fund


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


Bank of America	$	42,040	$	(30,572)	$	–	$	11,468
Credit Suisse International		308,323		–		–		308,323
Deutsche Bank AG		151,090,884		–		(151,090,884)		–
HSBC Securities (USA), Inc.		674,193		–		–		674,193
JPMorgan Chase & Co.		215,074		–		–		215,074
RBC Capital Markets Corp.		460,060		–		–		460,060


Total	$	152,790,574	$	(30,572)	$	(151,090,884)	$	1,669,118

Janus Global Technology Fund


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


Bank of America	$	8,075	$	–	$	–	$	8,075
Credit Suisse International		43,737		–		–		43,737
Deutsche Bank AG		56,510,956		–		(56,510,956)		–
HSBC Securities (USA), Inc.		143,367		–		–		143,367
JPMorgan Chase & Co.		43,944		–		–		43,944
RBC Capital Markets Corp.		110,669		–		–		110,669


Total	$	56,860,748	$	–	$	(56,510,956)	$	349,792

Janus Overseas Fund


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


Credit Suisse International	$	414,317	$	(414,317)	$	–	$	–
Deutsche Bank AG		291,684,223		–		(291,684,223)		–
HSBC Securities (USA), Inc.		2,786,690		–		–		2,786,690
JPMorgan Chase & Co.		435,068		–		–		435,068
RBC Capital Markets Corp.		2,104,978		–		–		2,104,978


Total	$	297,425,276	$	(414,317)	$	(291,684,223)	$	5,326,736

Offsetting of Financial Liabilities and Derivative Liabilities

Janus Emerging Markets Fund

Gross Amounts of

Offsetting Asset

Counterparty

Recognized Liabilities

or Liability^(a)

Collateral Pledged^(b)

Net Amount

Credit Suisse International

14,842

(14,842)

–

Janus Global Life Sciences Fund

Gross Amounts of

Offsetting Asset

Counterparty

Recognized Liabilities

or Liability^(a)

Collateral Pledged^(b)

Net Amount

Bank of America

30,572

(30,572)

–

Janus Global & International Funds | 141

Notes to Financial Statements (continued)

Janus Global Technology Fund

Gross Amounts of

Offsetting Asset

Counterparty

Recognized Liabilities

or Liability^(a)

Collateral Pledged^(b)

Net Amount

Goldman Sachs International

5,128,373

–

(5,128,373)

–

Janus Overseas Fund


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


Credit Suisse International	$	2,594,843	$	(414,317)	$	(2,180,526)	$	–


(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 Statements 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.

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

A Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if a Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. A Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if a Fund has a net aggregate unrealized loss on OTC derivative contacts 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 Funds 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, 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.

Restricted Security Transactions

Restricted securities held by the Funds may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Funds to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Securities Lending

Under procedures adopted by the Trustees, certain Funds may seek to earn additional income by lending securities to qualified parties. 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. Each Fund may lend portfolio securities in an amount equal to

142 | SEPTEMBER 30, 2014

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 a Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

Upon receipt of cash collateral, Janus Capital may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. Janus Capital currently intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. An investment in Janus Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause a Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Funds and Janus Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Funds and Janus Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Funds may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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 Statements of Operations (if applicable).

Short Sales

The Funds may engage in “short sales against the box.” Short sales against the box involve either selling short a security that the Funds own or selling short a security that the Funds have the right to obtain, for delivery at a specified date in the future. The Funds may enter into short sales against the box to hedge against anticipated declines in the market price of portfolio securities. The Funds do not deliver from their portfolios the securities sold short and do not immediately receive the proceeds of the short sale. The Funds borrow the securities sold short and receive proceeds from the short sale only when they deliver the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, the Funds lose the opportunity to participate in the gain.

The Funds may also engage in other short sales. The Funds may engage in short sales when the portfolio managers and/or investment personnel anticipate that a security’s market purchase price will be less than its borrowing price. To complete the transaction, the Funds must borrow the security to deliver it to the purchaser and buy that same security in the market to return it to the lender. No more than 10% of a Fund’s net assets may be invested in short positions (through short sales of stocks, structured products, futures, swaps, and uncovered written calls). The Funds may engage in short sales “against the box” and options for hedging purposes that are not subject to this 10% limit. Although the potential for gain as a result of a short sale is limited to the price at which the Fund sold the security short less the cost of borrowing the security, the potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. There is no assurance the Funds will be able to close out a short position at a particular time or at an acceptable price. A gain or a loss will be recognized upon termination of a short sale. Short sales held by the Funds are fully collateralized by restricted cash or other securities, which are denoted on the accompanying Schedules of Investments (if applicable). The Funds are also required to pay the lender of the security any dividends or interest that accrue on a borrowed security during the period of the loan. Depending on the

Janus Global & International Funds | 143

Notes to Financial Statements (continued)

arrangements made with the broker or custodian, a Fund may or may not receive any payments (including interest) on collateral it has deposited with the broker. The Funds pay stock loan fees, disclosed on the Statements of Operations (if applicable), on assets borrowed from the security broker.

The Funds may also enter into short positions through derivative instruments, such as options contracts, futures contracts, and swap agreements, which may expose the Funds to similar risks. To the extent that the Funds enter into short derivative positions, the Funds may be exposed to risks similar to those associated with short sales, including the risk that the Funds’ losses are theoretically unlimited.


4.	Investment Advisory Agreements and Other Transactions with Affiliates

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


			Contractual
	Average Daily		Investment
	Net Assets		Advisory Fee/
Fund	of the Fund		Base Fee (%)


Janus Asia Equity Fund		N/A		0.92
Janus Emerging Markets Fund		N/A		1.00
Janus Global Life Sciences Fund		All Asset Levels		0.64
Janus Global Research Fund		N/A		0.60
Janus Global Select Fund		All Asset Levels		0.64
Janus Global Technology Fund		All Asset Levels		0.64
Janus International Equity Fund		N/A		0.68
Janus Overseas Fund		N/A		0.64

For Janus Asia Equity Fund, Janus Emerging Markets Fund, Janus Global Research Fund, Janus International Equity Fund, and Janus Overseas Fund, the investment advisory fee rate is determined by calculating a base fee and applying a performance adjustment. The base fee rate is the same as the contractual investment advisory fee rate shown in the table above. The performance adjustment either increases or decreases the base fee depending on how well each Fund has performed relative to its benchmark index, as shown below:


Fund	Benchmark Index


Janus Asia Equity Fund		MSCI All Country Asia ex-Japan Index
Janus Emerging Markets Fund		MSCI Emerging Markets Index^SM
Janus Global Research Fund		MSCI World Index^SM
Janus International Equity Fund		MSCI EAFE^® Index
Janus Overseas Fund		MSCI All Country World ex-U.S. Index^SM

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/- Performance Adjustment

The investment advisory fee rate paid to Janus Capital by each of the Funds listed above consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable performance measurement period.

The Funds’ prospectuses and statement of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statements of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. The performance adjusted investment advisory fee rates before any waivers and/or reimbursements of expenses for the year ended September 30, 2014 are below:


	Performance Adjusted
	Investment Advisory
Fund	Fee Rate (%)


Janus Asia Equity Fund		0.88
Janus Emerging Markets Fund		0.90
Janus Global Research Fund		0.56
Janus International Equity Fund		0.63
Janus Overseas Fund		0.38

Janus Capital Singapore Pte. Limited (“Janus Singapore”) serves as subadviser to Janus Asia Equity Fund. In addition, Janus Singapore serves as subadviser for a portion of Janus Emerging Markets Fund. Janus Singapore provides day-to-day management of the Janus Asia Equity Fund’s portfolio operations and a portion of the investment operations of the Janus Emerging Markets Fund. Janus Singapore is an indirect wholly-owned subsidiary of Janus Capital. Janus Capital pays Janus Singapore a fee equal to 50% of the advisory fee paid by Janus Asia Equity Fund and one-third of the advisory fee paid by Janus Emerging Markets Fund to Janus Capital (calculated after any applicable performance fee adjustment, fee waivers, and expense reimbursements). The subadvisory fee paid by Janus Capital to Janus Singapore adjusts up or down based on each of Janus Asia Equity Fund’s and Janus Emerging Markets Fund’s performance relative to each Fund’s respective benchmark index over the performance measurement period.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Funds’ transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including,

144 | SEPTEMBER 30, 2014

but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Funds.

Certain, but not all, intermediaries charge administrative fees 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 Funds to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Funds, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Funds. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships.

Class D Shares pay an annual administrative services fee of 0.12% of net assets. These administrative services fees are paid by Class D Shares for shareholder services provided by Janus Services.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of Class R Shares, Class S Shares, and Class T Shares of the Funds for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Funds. 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 each 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.

Under separate distribution and shareholder servicing plans (each, a “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Funds may pay the Trust’s distributor, Janus Distributors LLC, a wholly-owned subsidiary of Janus Capital, a fee 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 each Plan, the Trust is authorized to make payments to Janus 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 Funds. Payments under each Plan are not tied exclusively to actual distribution and shareholder service expenses, and the payments may exceed distribution and shareholder service expenses actually incurred by the Funds. If any of the Fund’s actual 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 “Distribution fees and shareholder servicing fees” in the Statements of Operations.

Janus Capital has contractually agreed to waive the advisory fee payable by each Fund listed below or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding any performance adjustments to management fees, the distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate shown below. Janus Capital has agreed to continue each waiver until at least February 1, 2015. If applicable, amounts reimbursed to the Funds by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statements of Operations.

Janus Global & International Funds | 145

Notes to Financial Statements (continued)

New Expense

Limit (%)
Previous Expense

(February 1, 2014
Limit (%)

Fund to present) (until February 1, 2014)

Janus Asia Equity Fund
1.08 1.25

Janus Emerging Markets Fund
1.25 1.25

Janus Global Research Fund
1.07 1.07

Janus Global Select Fund
1.02 1.02

Janus International Equity Fund
0.95 1.00

Janus Overseas Fund
0.95 1.00

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 Funds. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Funds as unrealized appreciation/(depreciation) and is shown as of September 30, 2014 on the Statements of Assets and Liabilities as an asset, “Non-interested Trustees’ deferred compensation,” and a 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 Statements of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2014 are included in “Non-interested Trustees’ fees and expenses” on the Statements 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 $283,000 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 30, 2014.

Certain officers of the Funds may also be officers and/or directors of Janus Capital. Each Fund indirectly pays for the salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Funds. Administration costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to each Fund. Some expenses related to compensation payable to the Funds’ Chief Compliance Officer and compliance staff are shared with the Funds. Total compensation of $522,703 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2014. Each Fund’s portion is reported as part of “Other expenses” on the Statements of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Funds. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended September 30, 2014, Janus Distributors retained the following upfront sales charges:


	Upfront
Fund (Class A Shares)	Sales Charge


Janus Asia Equity Fund	$	1,738
Janus Emerging Markets Fund		1,025
Janus Global Life Sciences Fund		165,780
Janus Global Research Fund		1,654
Janus Global Select Fund		1,441
Janus Global Technology Fund		5,391
Janus International Equity Fund		14,926
Janus Overseas Fund		5,902

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, as discussed in the Prospectus. 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 September 30, 2014, redeeming shareholders of Class A Shares paid the following CDSCs to Janus Distributors:


Fund (Class A Shares)	CDSC


Janus Overseas Fund	$	358


Fund (Class C Shares)	CDSC


Janus Asia Equity Fund	$	42
Janus Global Life Sciences Fund		8,397
Janus Global Research Fund		404
Janus Global Select Fund		593
Janus Global Technology Fund		138
Janus International Equity Fund		427
Janus Overseas Fund		5,453

The Funds’ expenses may be reduced by expense offsets from an unaffiliated custodian and/or transfer agent. Such credits or offsets are included in “Expense and Fee Offset” on the Statements of Operations (if applicable).

146 | SEPTEMBER 30, 2014

The Funds could have employed the assets used by the custodian and/or transfer agent to produce income if they had not entered into an expense offset arrangement.

Pursuant to the provisions of the 1940 Act and rules promulgated thereunder, the Funds may participate in an affiliated or nonaffiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Funds may be used to purchase shares of affiliated or nonaffiliated money market funds or cash management pooled investment vehicles. The Funds are eligible to participate in the cash sweep program (the “Investing Funds”). Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered 2a-7 product. There are no restrictions on the Funds’ ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Funds to Janus Cash Liquidity Fund LLC. As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated cash management pooled investment vehicles and the Investing Funds.

As of September 30, 2014, shares of the Funds were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


	% of			% of
	Class			Fund
Fund	Owned			Owned


Janus Asia Equity Fund - Class A Shares		7	%		1	%
Janus Asia Equity Fund - Class C Shares		95			2
Janus Asia Equity Fund - Class D Shares		–			–
Janus Asia Equity Fund - Class I Shares		83			15
Janus Asia Equity Fund - Class S Shares		100			2
Janus Asia Equity Fund - Class T Shares		–			–
Janus Emerging Markets Fund - Class A Shares		–			–
Janus Emerging Markets Fund - Class C Shares		–			–
Janus Emerging Markets Fund - Class D Shares		–			–
Janus Emerging Markets Fund - Class I Shares		84			53
Janus Emerging Markets Fund - Class S Shares		72			0
Janus Emerging Markets Fund - Class T Shares		–			–
Janus Global Research Fund - Class A Shares		–			–
Janus Global Research Fund - Class C Shares		–			–
Janus Global Research Fund - Class D Shares		–			–
Janus Global Research Fund - Class I Shares		25			1
Janus Global Research Fund - Class R Shares		–			–
Janus Global Research Fund - Class S Shares		–			–
Janus Global Research Fund - Class T Shares		–			–
Janus Global Select Fund - Class A Shares		–			–
Janus Global Select Fund - Class C Shares		–			–
Janus Global Select Fund - Class D Shares		–			–
Janus Global Select Fund - Class I Shares		66			1
Janus Global Select Fund - Class R Shares		–			–
Janus Global Select Fund - Class S Shares		–			–
Janus Global Select Fund - Class T Shares		–			–
Janus International Equity Fund - Class A Shares		–			–
Janus International Equity Fund - Class C Shares		–			–
Janus International Equity Fund - Class D Shares		–			–
Janus International Equity Fund - Class I Shares		–			–
Janus International Equity Fund - Class N Shares		98			35
Janus International Equity Fund - Class R Shares		–			–
Janus International Equity Fund - Class S Shares		–			–
Janus International Equity Fund - Class T Shares		–			–
Janus Overseas Fund - Class A Shares		–			–
Janus Overseas Fund - Class C Shares		–			–
Janus Overseas Fund - Class D Shares		–			–
Janus Overseas Fund - Class I Shares		–			–
Janus Overseas Fund - Class N Shares		21			1
Janus Overseas Fund - Class R Shares		–			–
Janus Overseas Fund - Class S Shares		–			–
Janus Overseas Fund - Class T Shares		–			–


5.	Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Funds must satisfy under the income tax regulations; (2) losses or deductions the Funds 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 (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation, derivatives and foreign currency contract adjustments. The Funds have elected to treat gains and

Janus Global & International Funds | 147


	OMB APPROVAL
	OMB Number: 3235-0570
	Expires: January 31, 2017
	Estimated average burden hours per response: 20.6


Chatham Lodging Trust Real Estate Investment Trusts (REITs)			3.4%
Kennedy-Wilson Holdings, Inc. Real Estate Management & Development			3.2%
Simon Property Group, Inc. Real Estate Investment Trusts (REITs)			2.6%
Kennedy Wilson Europe Real Estate PLC Real Estate Management & Development			2.4%
CapitaLand, Ltd. Real Estate Management & Development			2.4%

			14.0%


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


Management Commentary and Schedule of Investments
Janus Global Real Estate Fund		1
Notes to Schedule of Investments and Other Information		11
Statement of Assets and Liabilities		13
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		34
Additional Information		35
Useful Information About Your Fund Report		46
Designation Requirements		49
Trustees and Officers		50
EX-99.CERT
EX-99.906CERT


FUND SNAPSHOT We believe a flexible approach to global real estate investing that concentrates on businesses with prime assets in strategic locations, outsized growth potential and/or unrecognized embedded value will lead to substantial wealth creation over time. We use intensive fundamental research in an effort to uncover investments that have developed a targeted and/or vertically integrated real estate platform, practice disciplined capital allocation and show a clear ability to create value.						Patrick Brophy portfolio manager


Management Commentaries and Schedules of Investments
Janus Asia Equity Fund		1
Janus Emerging Markets Fund		10
Janus Global Life Sciences Fund		20
Janus Global Research Fund		29
Janus Global Select Fund		39
Janus Global Technology Fund		48
Janus International Equity Fund		59
Janus Overseas Fund		68
Notes to Schedules of Investments and Other Information		78
Statements of Assets and Liabilities		88
Statements of Operations		92
Statements of Changes in Net Assets		96
Financial Highlights		104
Notes to Financial Statements		131
Report of Independent Registered Public Accounting Firm		157
Additional Information		158
Useful Information About Your Fund Report		169
Designation Requirements		172
Trustees and Officers		173


FUND SNAPSHOT We seek to generate strong risk-adjusted returns by investing in stocks with high or expanding profitability at attractive valuations. We believe Asian economies and related equity markets are poised for secular growth. Given the world nature of these markets, equity prices may not at all times fully reflect business fundamentals. As such, fundamental research is the foundation of our Asia investment strategy.						Hiroshi Yoh portfolio manager


Taiwan Semiconductor Manufacturing Co., Ltd. Semiconductor & Semiconductor Equipment			4.7%
SAIC Motor Corp., Ltd. – Class A Automobiles			3.5%
Samsung Electronics Co., Ltd. Semiconductor & Semiconductor Equipment			2.7%
Daqin Railway Co., Ltd. – Class A Road & Rail			2.7%
AIA Group, Ltd. Insurance			2.3%

			15.9%


FUND SNAPSHOT We seek to generate strong risk-adjusted returns by investing in stocks with high or expanding profitability at attractive valuations.				Hiroshi Yoh lead co-portfolio manager		Wahid Chammas co-portfolio manager


Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) Semiconductor & Semiconductor Equipment			4.3%
Samsung Electronics Co., Ltd. Semiconductor & Semiconductor Equipment			2.7%
Itau Unibanco Holding SA (ADR) Commercial Banks			2.5%
SAIC Motor Corp., Ltd. – Class A Automobiles			2.4%
PC Jeweller, Ltd. Specialty Retail			2.1%

			14.0%


FUND SNAPSHOT We take a global approach to identify high-quality or improving businesses in the life sciences sector trading at a discount to our estimate of intrinsic value. We believe the rapidly growing global health care sector offers fertile opportunities for differentiated research. We believe what sets us apart is the quality of our team, the depth of our research and our commitment to delivering superior long-term results for our clients.						Andy Acker portfolio manager


Gilead Sciences, Inc. Biotechnology			3.4%
Valeant Pharmaceuticals International, Inc. (U.S. Shares) Pharmaceuticals			2.7%
Celgene Corp. Biotechnology			2.6%
Mallinckrodt PLC Pharmaceuticals			2.6%
Johnson & Johnson Pharmaceuticals			2.5%

			13.8%


FUND SNAPSHOT We seek to create a diversified, high-conviction portfolio reflecting the best ideas of the Janus research team.						Team-Based Approach Led by Jim Goff, Director of Research


Canadian Pacific Railway, Ltd. Road & Rail			2.5%
Apple, Inc. Technology Hardware, Storage & Peripherals			2.2%
AIA Group, Ltd. Insurance			2.1%
MarkWest Energy Partners LP Oil, Gas & Consumable Fuels			1.5%
NGK Spark Plug Co., Ltd. Auto Components			1.4%

			9.7%


FUND SNAPSHOT We believe investing in companies where the market underestimates free-cash-flow growth and using risk efficiently drives excess returns.						George Maris portfolio manager


Tyco International, Ltd. (U.S. Shares) Commercial Services & Supplies			3.1%
Citigroup, Inc. Commercial Banks			3.1%
Telefonaktiebolaget LM Ericsson – Class B Communications Equipment			3.0%
AIA Group, Ltd. Insurance			2.9%
JPMorgan Chase & Co. Commercial Banks			2.6%

			14.7%


FUND SNAPSHOT Our mission is to find companies that benefit from the high pace of change in technology. We believe technology markets are complex, adaptive systems that demonstrate emergent properties and inherently unpredictable changes. We construct a portfolio with special attention to downside risk that seeks to balance resilience and optionality. Combined with deep fundamental industry analysis and thoughtful valuation and scenario analysis, we seek to invest in stocks that have the potential to outperform without relying on difficult predictions about the future.				Brinton Johns co-portfolio manager		Brad Slingerlend co-portfolio manager


Apple, Inc. Technology Hardware, Storage & Peripherals			11.7%
Google, Inc. – Class C Internet Software & Services			9.7%
Microsoft Corp. Software			4.7%
Oracle Corp. Software			3.7%
QUALCOMM, Inc. Communications Equipment			3.7%

			33.5%


FUND SNAPSHOT We invest in international companies that we believe have a sustainable competitive advantage, high or improving returns on capital and long-term growth. We invest where we believe we have differentiated research, in an effort to deliver superior risk-adjusted results over the long term.		Julian McManus co-portfolio manager		Guy Scott co-portfolio manager		Carmel Wellso co-portfolio manager


FUND SNAPSHOT I believe that company fundamentals drive share prices over the long-term. I use intensive, fundamental research to make high-conviction investments.						Brent Lynn portfolio manager


Reliance Industries, Ltd. Oil, Gas & Consumable Fuels			7.9%
United Continental Holdings, Inc. Airlines			6.1%
Li & Fung, Ltd. Textiles, Apparel & Luxury Goods			5.0%
Petroleo Brasileiro SA (ADR) Oil, Gas & Consumable Fuels			3.6%
Jazz Pharmaceuticals PLC Pharmaceuticals			3.5%

			26.1%


	New Expense
	Limit (%)		Previous Expense
	(February 1, 2014		Limit (%)
Fund	to present)		(until February 1, 2014)


Janus Asia Equity Fund		1.08		1.25
Janus Emerging Markets Fund		1.25		1.25
Janus Global Research Fund		1.07		1.07
Janus Global Select Fund		1.02		1.02
Janus International Equity Fund		0.95		1.00
Janus Overseas Fund		0.95		1.00