UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1879

Janus Investment Fund

(Exact name of registrant as specified in charter)

151 Detroit Street, Denver, Colorado 80206 

(Address of principal executive offices) (Zip code)

Stephanie Grauerholz-Lofton, 151 Detroit Street, Denver, Colorado 80206

(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 6/30/12

Item 1. Schedule of Investments.

Janus Asia Equity Fund

Schedule of Investments (unaudited)

Shares						Value
Common Stock — 94.3%
Apparel Manufacturers — 2.9%
	100,000	China Lilang, Ltd.				$  69,026
	330,000	Sitoy Group Holdings, Ltd.				147,693
						216,719
Automotive - Cars and Light Trucks — 4.4%
	50,000	Great Wall Motor Co., Ltd.				100,482
	660	Hyundai Motor Co.				135,415
	50,000	Yulon Motor Co., Ltd.				88,976
						324,873
Automotive - Truck Parts and Equipment - Original — 3.9%
	400	Hyundai Mobis				96,843
	1,300	Mando Corp.				193,661
						290,504
Building - Heavy Construction — 0.4%
	400	Daelim Industrial Co., Ltd.				32,006
Building and Construction - Miscellaneous — 0.7%
	770	GS Engineering & Construction Corp.				52,016
Building and Construction Products - Miscellaneous — 1.4%
	48,000	China National Building Material Co., Ltd.				52,237
	500,000	Yuanda China Holdings, Ltd.				55,313
						107,550
Building Products - Cement and Aggregate — 1.6%
	100,000	Asia Cement China Holdings Corp.				44,767
	38,000	Indocement Tunggal Prakarsa Tbk PT				70,426
						115,193
Casino Hotels — 1.5%
	25,000	Genting Bhd				75,488
	1,740	Kangwon Land, Inc.				37,076
						112,564
Cellular Telecommunications — 2.4%
	10,000	China Mobile, Ltd.				109,909
	600	SK Telecom Co., Ltd.				65,448
						175,357
Coal — 3.0%
	320,000	Adaro Energy Tbk PT				50,071
	90,000	China Coal Energy Co., Ltd.				74,707
	19,500	China Shenhua Energy Co., Ltd.				68,898
	30,000	Sakari Resources, Ltd.				32,940
						226,616
Commercial Banks — 8.9%
	90,000	Bank Mandiri Persero Tbk PT				69,720
	16,500	BOC Hong Kong Holdings, Ltd.				50,674
	200,000	China Construction Bank Corp.				137,899
	4,522	HDFC Bank, Ltd.				45,907
	3,000	ICICI Bank, Ltd.				48,796
	280,000	Industrial & Commercial Bank of China				156,574
	16,000	Siam Commercial Bank PCL				74,079
	13,012	Yes Bank, Ltd.				79,713
						663,362
Computer Services — 0.5%
	801	Infosys, Ltd.				36,322
Computers — 2.1%
	10,000	Asustek Computer, Inc.				92,548
	24,000	Quanta Computer, Inc.				64,645
						157,193
Consumer Products - Miscellaneous — 1.3%
	57,900	Samsonite International S.A.				98,022
Distribution/Wholesale — 1.0%
	30,000	YGM Trading, Ltd.				70,573
Diversified Financial Services — 2.6%
	57,886	Chinatrust Financial Holding Co., Ltd.				33,336
	31,498	Fubon Financial Holding Co., Ltd.				31,814
	2,000	Hana Financial Group, Inc.				63,851
	1,799	Shinhan Financial Group Co., Ltd.				62,622
						191,623
Diversified Minerals — 1.2%
	2,800	BHP Billiton, Ltd.				91,253
Diversified Operations — 4.1%
	280,000	Alliance Global Group, Inc.				77,512
	8,000	Hutchison Whampoa, Ltd.				69,194
	6,000	Keppel Corp., Ltd.				49,178
	39,000	Melco International Development, Ltd.				31,434
	25,000	Sime Darby Bhd				78,090
						305,408
E-Commerce/Services — 0.9%
	4,000	Ctrip.com International, Ltd. (ADR)*				67,040
Electric - Generation — 1.3%
	46,000	China Resources Power Holdings Co., Ltd.				94,709
Electric - Integrated — 1.1%
	3,800	Korea Electric Power Corp.*				85,082
Electronic Components - Miscellaneous — 1.0%
	24,000	Hon Hai Precision Industry Co., Ltd.				72,405
Electronic Components – Semiconductors — 4.5%
	317	Samsung Electronics Co., Ltd.				336,135
Electronic Measuring Instruments — 0.6%
	20,000	Chroma ATE, Inc.				45,544
Electronic Parts Distributors — 0.9%
	48,000	WT Microelectronics Co., Ltd.				65,017
Energy – Alternate Sources — 0.9%
	388,000	China Suntien Green Energy Corp., Ltd.				68,054
Entertainment Software — 1.3%
	5,000	Nexon Co., Ltd.				97,835
Food - Miscellaneous/Diversified — 1.0%
	148,000	Indofood Sukses Makmur Tbk PT				76,716
Footwear and Related Apparel — 1.3%
	40,000	Stella International Holdings, Ltd.				99,260
Gambling - Non-Hotel — 1.3%
	88,000	Genting Singapore PLC				98,785
Independent Power Producer — 0.6%
	50,000	Adani Power, Ltd.*				45,030
Internet Content - Entertainment — 1.1%
	3,600	Youku.com, Inc. (ADR)*				78,048
Life and Health Insurance — 2.5%
	38,800	AIA Group, Ltd.				133,785
	600	Samsung Life Insurance Co., Ltd.				48,921
						182,706
Medical - Drugs — 0.6%
	6,593	Glenmark Pharmaceuticals, Ltd.				43,124
Metal - Copper — 0.6%
	3,000,000	CST Mining Group, Ltd.*				47,468
Metal Processors and Fabricators — 0.8%
	700,000	EVA Precision Industrial Holdings, Ltd.				57,673
Multi-Line Insurance — 1.1%
	10,500	Ping An Insurance Group Co.				84,734
Oil Companies - Exploration and Production — 1.4%
	50,000	CNOOC, Ltd.				100,868
Oil Companies - Integrated — 1.7%
	60,000	China Petroleum & Chemical Corp.				53,788
	7,000	PTT PCL				71,604
						125,392
Oil Refining and Marketing — 0.8%
	4,200	Reliance Industries, Ltd.				55,863
Petrochemicals — 1.6%
	450	LG Chem, Ltd.				116,400
Property and Casualty Insurance — 1.0%
	392	Samsung Fire & Marine Insurance Co., Ltd.				77,625
Public Thoroughfares — 0.7%
	150,000	Shenzhen Expressway Co., Ltd.				54,979
Real Estate Management/Services — 0.7%
	53,400	AIMS AMP Capital Industrial REIT				50,771
Real Estate Operating/Development — 5.9%
	49,000	Central China Real Estate, Ltd.				12,656
	5,000	Cheng Kong Holdings, Ltd.				61,723
	46,000	China Overseas Land & Investment, Ltd.				107,914
	10,000	Fraser and Neave, Ltd.				55,744
	247,500	Shun Tak Holdings, Ltd.				86,033
	5,000	Sun Hung Kai Properties, Ltd.				59,334
	17,967	Swire Properties, Ltd.				54,116
						437,520
Retail - Automobile — 0.6%
	80,000	Baoxin Auto Group, Ltd.				46,150
Retail - Convenience Stores — 0.6%
	8,000	President Chain Store Corp.				42,716
Retail - Drug Store — 0.6%
	35,000	Shanghai Pharmaceuticals Holding Co., Ltd.				43,915
Retail - Jewelry — 0.4%
	100,000	Oriental Watch Holdings				26,708
Retail - Major Department Stores — 1.2%
	400	Hyundai Department Store Co., Ltd.				49,994
	18,000	Lifestyle International Holdings, Ltd.				39,620
						89,614
Retail - Restaurants — 0.8%
	90,000	Ajisen China Holdings, Ltd.				62,492
Semiconductor Components/Integrated Circuits — 2.8%
	58,000	Advanced Semiconductor Engineering, Inc.				47,325
	58,000	Taiwan Semiconductor Manufacturing Co., Ltd.				158,833
						206,158
Steel - Producers — 2.1%
	2,690	JSW Steel, Ltd.				33,026
	380	POSCO				121,354
						154,380
Telecommunication Equipment — 0.7%
	160,000	TCL Communication Technology Holdings, Ltd.				51,582
Telecommunication Services — 1.8%
	180,000	China Telecom Corp., Ltd.				78,962
	155,500	Tower Bersama Infrastructure Tbk PT				54,550
						133,512
Tobacco — 1.1%
	1,202	KT&G Corp.				85,263
Transportation - Marine — 0.5%
	32,000	First Steamship Co., Ltd.				36,521
Total Common Stock  (cost $7,474,399)						7,010,948
Money Market — 5.7%
	422,295	Janus Cash Liquidity Fund LLC, 0%    (cost  $422,295)				422,295
Total Investments (total cost $7,896,694) – 100%						$  7,433,243
Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country			Value		% of Investment Securities
Australia			$	91,253	1.2%
Bermuda				26,708	0.4%
Cayman Islands				878,788	11.8%
China				975,229	13.1%
Hong Kong				1,030,266	13.9%
India				387,781	5.2%
Indonesia				321,483	4.3%
Japan				97,835	1.3%
Luxembourg				98,022	1.3%
Malaysia				153,578	2.1%
Philippines				77,512	1.0%
Singapore				287,418	3.9%
South Korea				1,659,712	22.3%
Taiwan				779,680	10.5%
Thailand				145,683	2.0%
United States††				422,295	5.7%
Total			$	7,433,243	100.0%

†† Includes all Cash Equivalents.

Total Return Swaps outstanding at June 30, 2012

Counterparty		Notional Amount	Return Paid by the Fund	Return Received by the Fund	Termination Date		Unrealized Depreciation
UBS A.G.	$75,651		1 month USD LIBOR plus 125 basis points	Viet Nam Dairy Products JSC	7/1/13	$  (338)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PCL PLC	Public Company Limited Public Limited Company
REIT	Real Estate Investment Trust
*	Non-income producing security.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as

of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1       Quoted - Prices	Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers	$                  -	$  216,719	$                  -
Automotive – Cars and Light Trucks	-	324,873	-
Automotive – Truck Parts and Equipment – Original	-	290,504	-
Building – Heavy Construction	-	32,006	-
Building and Construction – Miscellaneous	-	52,016	-
Building and Construction Products – Miscellaneous	-	107,550	-
Building Products – Cement and Aggregate	-	115,193	-
Casino Hotels	-	112,564	-
Cellular Telecommunications	-	175,357	-
Coal	-	226,616	-
Commercial Banks	-	663,362	-
Computer Services	-	36,322	-
Computers	-	157,193	-
Consumer Products – Miscellaneous	-	98,022	-
Distribution/Wholesale	-	70,573	-
Diversified Financial Services	-	191,623	-
Diversified Minerals	-	91,253	-
Diversified Operations	-	305,408	-
E-Commerce/Services	-	67,040	-
Electric – Generation	-	94,709	-
Electric – Integrated	-	85,082	-
Electronic Components – Miscellaneous	-	72,405	-
Electronic Components – Semiconductors	-	336,135	-
Electronic Measuring Instruments	-	45,544	-
Electronic Parts Distributors	-	65,017	-
Energy – Alternate Sources	-	68,054	-
Entertainment Software	-	97,835	-
Food – Miscellaneous/Diversified	-	76,716	-
Footwear and Related Apparel	-	99,260	-
Gambling – Non-Hotel	-	98,785	-
Independent Power Producer	-	45,030	-
Internet Content – Entertainment	-	78,048	-
Life and Health Insurance	-	182,706	-
Medical – Drugs	-	43,124	-
Metal – Copper	-	47,468	-
Metal Processors and Fabricators	-	57,673	-
Multi-Line Insurance	-	84,734	-
Oil Companies – Exploration and Production	-	100,868	-
Oil Companies – Integrated	-	125,392	-
Oil Refining and Marketing	-	55,863	-
Petrochemicals	-	116,400	-
Property and Casualty Insurance	-	77,625	-
Public Thoroughfares	-	54,979	-
Real Estate Management/Services	-	50,771	-
Real Estate Operating/Development	-	437,520	-
Retail – Automobile	-	46,150	-
Retail – Convenience Stores	-	42,716	-
Retail – Drug Store	-	43,915	-
Retail – Jewelry	-	26,708	-
Retail – Major Department Stores	-	89,614	-
Retail – Restaurants	-	62,492	-
Semiconductor Components/Integrated Circuits	-	206,158	-
Steel – Producers	-	154,380	-
Telecommunication Equipment	-	51,582	-
Telecommunication Services	-	133,512	-
Tobacco	-	85,263	-
Transportation - Marine	-	36,521	-
Money Market	-	422,295	-
Total Investments in Securities	$                  -	$   7,433,243	$                  -
Other Financial Instruments(b)	$                  -	$          (338)	$                  -
(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Asia Equity Fund	$ 82,000

Janus Balanced Fund

Schedule of Investments (unaudited)

Shares or Principal Amount														Value
Asset-Backed/Commercial Mortgage-Backed Securities — 1.6%
			$31,835,000		Arkle PLC 2.1659%,  5/17/60 (144A),‡									$32,166,689
			5,389,000		Bear Stearns Commercial Mortgage Securities 5.5370%,  10/12/41									6,157,784
			6,326,525		CLI Funding LLC 4.9400%,  10/15/26 (144A),‡									6,568,925
			5,865,000		Commercial Mortgage Pass Through Certificates** 2.3646%,  2/10/29 (144A),‡									5,999,432
			3,512,000		Fontainebleau Miami Beach Trust 2.8870%,  5/5/27 (144A),‡									3,572,958
			5,120,000		FREMF Mortgage Trust 4.7269%,  1/25/21 (144A),‡									5,053,445
			3,273,000		FREMF Mortgage Trust 5.3323%,  4/25/21 (144A),‡									3,355,915
			5,669,000		FREMF Mortgage Trust 5.0996%,  7/25/21 (144A),‡									5,729,545
			2,945,000		FREMF Mortgage Trust 4.7507%,  10/25/21 (144A),‡									2,883,388
			8,724,000		GS Mortgage Securities Corp II 4.0490%,  4/10/34 (144A),‡									9,013,968
			17,039,000		GS Mortgage Securities Corp II 3.5510%,  4/10/34 (144A),‡									17,613,845
			3,246,000		JPMorgan Chase Commercial Mortgage Securities Corp. 6.0638%,  4/15/45‡									3,704,221
			3,000,000		Oxbow Resources LLC 4.9690%,  5/1/36 (144A)									3,232,800
			8,702,000		Saecure B.V. 1.9798%,  7/30/92 (144A),‡									8,761,304
			4,788,000		Silverstone 2.0157%,  1/21/55 (144A),‡									4,824,168
			5,605,000		Textainer Marine Containers, Ltd. 4.2100%,  4/15/27 (144A)									5,645,720
			8,299,000		WFDB Commercial Mortgage Trust 3.6620%,  7/5/24 (144A)									8,545,107
Total Asset-Backed/Commercial Mortgage-Backed Securities  (cost $128,906,409)														132,829,214
Bank Loan — 0.1%
Electric - Generation — 0.1%
			5,020,450		AES Corp. 4.2500%,  6/1/18 ‡ (cost  $4,998,821)								5,014,978
Common Stock — 57.4%
Aerospace and Defense — 1.5%
	1,702,999					Boeing Co.								126,532,826
Agricultural Chemicals — 0.8%
	954,666					Syngenta A.G. (ADR)								65,337,341
Apparel Manufacturers — 0.7%
	942,015					Coach, Inc.								55,089,037
Applications Software — 0.6%
	796,805					Intuit, Inc.								47,290,377
Athletic Footwear — 1.2%
	1,120,217					NIKE, Inc. - Class B								98,332,648
Automotive - Cars and Light Trucks — 0.3%
	526,930					Daimler A.G.								23,600,141
Beverages - Wine and Spirits — 0.3%
	296,808					Brown-Forman Corp. - Class B								28,745,855
Cable/Satellite Television — 2.9%
	1,308,895					DIRECTV - Class A*								63,900,254
	2,170,125					Time Warner Cable, Inc.								178,167,262
														242,067,516
Casino Hotels — 1.4%
	1,660,170					Las Vegas Sands Corp.								72,200,793
	3,876,805					MGM Resorts International*								43,265,144
														115,465,937
Chemicals - Diversified — 2.6%
	2,985,190					E.I. du Pont de Nemours & Co.								150,961,058
	1,688,005					LyondellBasell Industries N.V. - Class A								67,975,962
														218,937,020
Commercial Banks — 2.4%
	2,673,220					CIT Group, Inc.*								95,273,561
	2,912,330					Itau Unibanco Holding S.A. (ADR)								40,539,633
	3,147,423					Standard Chartered PLC**								68,605,512
														204,418,706
Commercial Services - Finance — 1.6%
	230,960					MasterCard, Inc. - Class A								99,338,205
	2,026,802					Western Union Co.								34,131,346
														133,469,551
Computer Services — 0.9%
	1,230,795					Cognizant Technology Solutions Corp. - Class A*								73,847,700
Computers — 2.6%
	376,829					Apple, Inc.*								220,068,136
Computers - Integrated Systems — 0.2%
	263,014					Teradata Corp.*								18,939,638
Computers - Memory Devices — 0.7%
	1,884,780					NetApp, Inc.*								59,973,700
Cosmetics and Toiletries — 0.6%
	893,060					Estee Lauder Cos., Inc. - Class A								48,332,407
Distribution/Wholesale — 0.2%
	99,825					W.W. Grainger, Inc.								19,090,533
E-Commerce/Products — 1.2%
	2,359,680					eBay, Inc.*								99,130,157
E-Commerce/Services — 0.7%
	94,765					priceline.com, Inc.*								62,973,238
Electronic Components - Miscellaneous — 1.1%
	2,769,825					TE Connectivity, Ltd. (U.S. Shares)								88,385,116
Electronic Connectors — 0.6%
	955,425					Amphenol Corp. - Class A								52,471,941
Enterprise Software/Services — 0.8%
	2,247,566					Oracle Corp.								66,752,710
Finance - Investment Bankers/Brokers — 0.1%
	256,347					Greenhill & Co., Ltd.								9,138,771
Finance - Other Services — 1.0%
	3,379,198					NYSE Euronext								86,439,885
Food - Confectionary — 0.7%
	875,320					Hershey Co.								63,049,300
Internet Media — 0.6%
	1,599,866					Facebook, Inc. - Class A*								49,787,830
Investment Management and Advisory Services — 0.9%
	5,583,257					Blackstone Group L.P.								72,973,169
Life and Health Insurance — 0.4%
	3,064,873					Prudential PLC**								35,505,129
Machinery - General Industrial — 0.3%
	262,705					Roper Industries, Inc.								25,897,459
Medical - Biomedical and Genetic — 1.0%
	1,328,343					Celgene Corp.*								85,226,487
Medical - Drugs — 2.8%
	675,215					Allergan, Inc.								62,504,652
	2,110,565					Bristol-Myers Squibb Co.								75,874,812
	707,045					Shire PLC (ADR)**								61,081,618
	874,429					Valeant Pharmaceuticals International, Inc.								39,165,675
														238,626,757
Medical - Generic Drugs — 1.1%
	4,162,190					Mylan, Inc.*								88,946,000
Medical - HMO — 0.5%
	995,415					Aetna, Inc.								38,592,239
Metal - Copper — 0.5%
	1,287,031					Freeport-McMoRan Copper & Gold, Inc.								43,849,146
Metal Processors and Fabricators — 0.4%
	191,427					Precision Castparts Corp.								31,487,827
Multimedia — 0.7%
	1,312,340					Viacom, Inc. - Class B								61,706,227
Oil Companies - Exploration and Production — 0.8%
	2,531,820					Canadian Natural Resources, Ltd.								67,979,367
Oil Companies - Integrated — 2.5%
	1,222,785					Chevron Corp.								129,003,817
	1,849,139					Hess Corp.								80,345,090
														209,348,907
Oil Field Machinery and Equipment — 0.2%
	317,890					National Oilwell Varco, Inc.								20,484,832
Pharmacy Services — 1.2%
	1,804,015					Express Scripts Holding Co.*								100,718,157
Pipelines — 1.3%
	2,131,870					Enterprise Products Partners L.P.								109,237,019
REIT - Health Care — 0.7%
	900,573					Ventas, Inc.								56,844,168
Retail - Auto Parts — 0.7%
	153,305					AutoZone, Inc.*								56,288,997
Retail - Discount — 0.8%
	700,780					Costco Wholesale Corp.								66,574,100
Retail - Major Department Stores — 0.5%
	927,285					Nordstrom, Inc.								46,076,792
Retail - Restaurants — 0.8%
	793,370					McDonald's Corp.								70,237,046
Super-Regional Banks — 1.4%
	3,720,475					U.S. Bancorp								119,650,476
Telephone - Integrated — 0.7%
	1,567,931					CenturyLink, Inc.								61,917,595
Television — 2.0%
	5,055,449					CBS Corp. - Class B								165,717,618
Therapeutics — 0.2%
	517,710					BioMarin Pharmaceutical, Inc.*								20,490,962
Tobacco — 2.9%
	2,350,801					Altria Group, Inc.								81,220,175
	1,870,821					Philip Morris International, Inc.**								163,247,840
														244,468,015
Toys — 1.6%
	4,048,935					Mattel, Inc.								131,347,451
Transportation - Railroad — 1.6%
	398,415					Canadian Pacific Railway, Ltd.								29,187,883
	890,173					Union Pacific Corp.								106,206,540
														135,394,423
Wireless Equipment — 0.6%
	1,035,365					Motorola Solutions, Inc.								49,811,410
Total Common Stock  (cost $4,158,175,750)														4,833,065,792
Corporate Bonds — 28.8%
Advertising Services — 0.1%
			$5,263,000		WPP Finance 2010 4.7500%,  11/21/21**									5,522,708
Aerospace and Defense – Equipment — 0.9%
			9,917,000		Exelis, Inc. 4.2500%,  10/1/16 (144A)									10,167,464
			8,460,000		Exelis, Inc. 5.5500%,  10/1/21 (144A)									9,078,493
			7,755,000		United Technologies Corp. 1.8000%,  6/1/17									7,919,701
			28,110,000		United Technologies Corp. 3.1000%,  6/1/22									29,455,401
			14,706,000		United Technologies Corp. 4.5000%,  6/1/42									16,153,144
														72,774,203
Agricultural Chemicals — 0.4%
			19,460,000		CF Industries, Inc. 6.8750%,  5/1/18									23,084,425
			9,401,000		CF Industries, Inc. 7.1250%,  5/1/20									11,445,717
														34,530,142
Airlines — 0.1%
			8,450,000		Southwest Airlines Co. 5.1250%,  3/1/17									9,274,154
Apparel Manufacturers — 0.1%
			4,419,000		Hanesbrands, Inc. 4.1129%,  12/15/14‡									4,419,044
Beverages - Wine and Spirits — 0.2%
			2,754,000		Pernod-Ricard S.A. 5.7500%,  4/7/21 (144A)									3,109,037
			13,525,000		Pernod-Ricard S.A. 4.4500%,  1/15/22 (144A)									14,013,956
														17,122,993
Brewery — 0.4%
			10,619,000		SABMiller Holdings, Inc. 2.4500%,  1/15/17 (144A)									10,945,407
			24,557,000		SABMiller Holdings, Inc. 3.7500%,  1/15/22 (144A)									26,115,215
														37,060,622
Building - Residential and Commercial — 0.2%
			4,779,000		D.R. Horton, Inc. 4.7500%,  5/15/17									4,925,357
			6,390,000		M.D.C. Holdings, Inc. 5.3750%,  12/15/14									6,720,938
			3,524,000		Toll Brothers Finance Corp. 5.8750%,  2/15/22									3,706,494
														15,352,789
Building Products - Cement and Aggregate — 0.1%
			11,456,000		Hanson, Ltd. 6.1250%,  8/15/16**									12,200,640
Cable/Satellite Television — 0.2%
			16,784,000		Comcast Corp. 3.1250%,  7/15/22									16,862,969
Chemicals - Diversified — 0.3%
			26,254,000		LyondellBasell Industries N.V. 5.0000%,  4/15/19 (144A)									27,533,882
Chemicals - Specialty — 0.5%
			8,935,000		Ashland, Inc. 9.1250%,  6/1/17									9,828,500
			16,002,000		Ecolab, Inc. 3.0000%,  12/8/16									16,870,301
			10,428,000		Ecolab, Inc. 4.3500%,  12/8/21									11,558,030
														38,256,831
Coatings and Paint Products — 0.5%
			13,264,000		RPM International, Inc. 6.1250%,  10/15/19									15,180,635
			10,616,000		Sherwin-Williams Co. 3.1250%,  12/15/14									11,141,991
			15,776,000		Valspar Corp. 4.2000%,  1/15/22									16,542,761
														42,865,387
Commercial Banks — 1.4%
			25,083,000		American Express Bank FSB 5.5000%,  4/16/13									26,019,098
			14,544,000		CIT Group, Inc. 5.2500%,  4/1/14 (144A)									15,053,040
			27,967,000		CIT Group, Inc. 5.5000%,  2/15/19 (144A)									28,736,093
			10,696,000		HSBC Bank USA N.A. 4.8750%,  8/24/20									11,002,900
			12,568,000		SVB Financial Group 5.3750%,  9/15/20									13,554,990
			17,091,000		Zions Bancorp 7.7500%,  9/23/14									18,536,010
			7,489,000		Zions Bancorp 4.5000%,  3/27/17									7,529,515
														120,431,646
Computers - Memory Devices — 0.1%
			10,447,000		Seagate Technology International 10.0000%,  5/1/14 (144A)									11,596,170
Consulting Services — 0.6%
			7,960,000		Verisk Analytics, Inc. 4.8750%,  1/15/19									8,521,714
			38,318,000		Verisk Analytics, Inc. 5.8000%,  5/1/21									42,766,528
														51,288,242
Containers - Paper and Plastic — 0.3%
			4,185,000		Packaging Corp. of America 3.9000%,  6/15/22									4,198,572
			3,145,000		Rock-Tenn Co. 4.4500%,  3/1/19 (144A)									3,230,516
			17,168,000		Rock-Tenn Co. 4.9000%,  3/1/22 (144A)									17,686,302
														25,115,390
Data Processing and Management — 0.2%
			8,179,000		Fiserv, Inc. 3.1250%,  10/1/15									8,478,024
			4,005,000		Fiserv, Inc. 3.1250%,  6/15/16									4,128,727
														12,606,751
Diversified Banking Institutions — 2.0%
			13,074,000		Bank of America Corp. 4.5000%,  4/1/15									13,476,195
			2,750,000		Bank of America Corp. 3.6250%,  3/17/16									2,762,584
			7,801,000		Bank of America Corp. 5.7000%,  1/24/22									8,591,194
			4,879,000		Bank of America Corp. 8.0000%,  7/30/99‡									5,082,357
			8,494,000		Citigroup, Inc. 5.6250%,  8/27/12									8,544,888
			25,989,000		Citigroup, Inc. 5.0000%,  9/15/14									26,640,466
			4,910,000		Citigroup, Inc. 4.8750%,  5/7/15									5,036,698
			6,545,000		Citigroup, Inc. 4.4500%,  1/10/17									6,860,750
			3,118,000		Goldman Sachs Group, Inc. 3.3000%,  5/3/15									3,117,570
			9,957,000		Goldman Sachs Group, Inc. 3.6250%,  2/7/16									9,958,095
			8,067,000		Goldman Sachs Group, Inc. 5.7500%,  1/24/22									8,515,557
			24,253,000		JPMorgan Chase & Co. 4.5000%,  1/24/22									26,125,768
			4,092,000		Morgan Stanley 5.3000%,  3/1/13									4,170,935
			5,012,000		Morgan Stanley 4.0000%,  7/24/15									4,982,895
			5,738,000		Morgan Stanley 3.4500%,  11/2/15									5,556,358
			12,388,000		Morgan Stanley 5.5000%,  7/28/21									12,205,364
			3,939,000		Royal Bank of Scotland PLC 3.9500%,  9/21/15**									4,012,159
			11,479,000		Royal Bank of Scotland PLC 4.3750%,  3/16/16**									11,763,473
														167,403,306
Diversified Financial Services — 0.7%
			7,753,000		General Electric Capital Corp. 5.9000%,  5/13/14									8,421,658
			4,452,000		General Electric Capital Corp. 6.0000%,  8/7/19									5,209,178
			21,645,000		General Electric Capital Corp. 5.5000%,  1/8/20									24,773,525
			20,800,000		General Electric Capital Corp. 7.1250%,  12/15/99‡									21,974,368
														60,378,729
Diversified Minerals — 0.3%
			16,500,000		FMG Resources August 2006 Pty, Ltd. 7.0000%,  11/1/15 (144A)									16,830,000
			4,832,000		Teck Resources, Ltd. 7.0000%,  9/15/12									4,886,225
														21,716,225
Diversified Operations — 0.4%
			5,005,000		GE Capital Trust I 6.3750%,  11/15/67‡									5,148,894
			20,917,000		Tyco Electronics Group S.A. 6.0000%,  10/1/12									21,185,511
			2,658,000		Tyco International Finance S.A. 4.1250%,  10/15/14									2,868,620
														29,203,025
Electric - Generation — 0%
			2,080,000		AES Corp. 7.7500%,  10/15/15									2,334,800
Electric - Integrated — 0.7%
			6,448,000		CMS Energy Corp. 1.4167%,  1/15/13‡									6,448,065
			12,305,000		CMS Energy Corp. 4.2500%,  9/30/15									12,793,262
			9,251,000		CMS Energy Corp. 5.0500%,  2/15/18									9,888,375
			8,218,000		Great Plains Energy, Inc. 4.8500%,  6/1/21									8,825,935
			12,674,000		PPL Energy Supply LLC 4.6000%,  12/15/21									13,005,894
			8,202,000		PPL WEM Holdings PLC 3.9000%,  5/1/16 (144A),**									8,596,180
														59,557,711
Electronic Components – Semiconductors — 0.8%
			14,551,000		National Semiconductor Corp. 3.9500%,  4/15/15									15,763,986
			12,387,000		National Semiconductor Corp. 6.6000%,  6/15/17									15,312,611
			32,033,000		Samsung Electronics America, Inc. 1.7500%,  4/10/17 (144A)									31,950,035
														63,026,632
Electronic Connectors — 0.3%
			19,106,000		Amphenol Corp. 4.7500%,  11/15/14									20,556,566
			6,327,000		Amphenol Corp. 4.0000%,  2/1/22									6,445,536
														27,002,102
Electronic Measuring Instruments — 0.1%
			10,139,000		FLIR Systems, Inc. 3.7500%,  9/1/16									10,393,398
Electronics - Military — 0.2%
			17,516,000		L-3 Communications Corp. 6.3750%,  10/15/15									17,899,163
Engineering - Research and Development Services — 0.2%
			9,073,000		URS Corp. 3.8500%,  4/1/17 (144A)									8,959,850
			8,676,000		URS Corp. 5.0000%,  4/1/22 (144A)									8,569,858
														17,529,708
Finance - Auto Loans — 1.1%
			8,065,000		Ford Motor Credit Co. LLC 7.5000%,  8/1/12									8,096,800
			6,590,000		Ford Motor Credit Co. LLC 8.0000%,  6/1/14									7,310,254
			29,240,000		Ford Motor Credit Co. LLC 3.8750%,  1/15/15									30,111,761
			15,620,000		Ford Motor Credit Co. LLC 3.0000%,  6/12/17									15,533,950
			10,205,000		Ford Motor Credit Co. LLC 6.6250%,  8/15/17									11,607,922
			12,814,000		Ford Motor Credit Co. LLC 5.0000%,  5/15/18									13,606,956
			7,308,000		Ford Motor Credit Co. LLC 5.8750%,  8/2/21									8,130,209
														94,397,852
Finance - Consumer Loans — 0.2%
			15,994,000		SLM Corp. 6.2500%,  1/25/16									16,793,700
Finance - Credit Card — 0.2%
			13,242,000		American Express Co. 6.8000%,  9/1/66‡									13,678,986
			6,689,000		American Express Credit Corp. 1.7500%,  6/12/15									6,764,974
														20,443,960
Finance - Investment Bankers/Brokers — 1.5%
			7,788,000		Charles Schwab Corp. 7.0000%,  8/1/99‡									8,348,502
			7,763,000		Jefferies Group, Inc. 3.8750%,  11/9/15									7,627,148
			14,174,000		Jefferies Group, Inc. 5.1250%,  4/13/18									13,748,780
			13,697,000		Jefferies Group, Inc. 8.5000%,  7/15/19									14,861,245
			9,199,000		Lazard Group LLC 7.1250%,  5/15/15									10,045,308
			3,354,000		Lazard Group LLC 6.8500%,  6/15/17									3,680,981
			16,491,000		Raymond James Financial, Inc. 4.2500%,  4/15/16									17,148,529
			31,009,000		Raymond James Financial, Inc. 5.6250%,  4/1/24									33,109,333
			10,301,000		TD Ameritrade Holding Corp. 4.1500%,  12/1/14									10,889,249
			5,848,000		TD Ameritrade Holding Corp. 5.6000%,  12/1/19									6,646,942
														126,106,017
Finance - Mortgage Loan Banker — 0.2%
			14,488,000		Northern Rock Asset Management PLC 5.6250%,  6/22/17 (144A),**									15,693,039
Food - Meat Products — 0.6%
			362,000		Smithfield Foods, Inc. 7.7500%,  5/15/13									376,480
			38,378,000		Tyson Foods, Inc. 6.8500%,  4/1/16									43,894,837
			9,865,000		Tyson Foods, Inc. 4.5000%,  6/15/22									10,160,950
														54,432,267
Food - Miscellaneous/Diversified — 1.1%
			8,100,000		ARAMARK Corp. 8.5000%,  2/1/15									8,292,456
			33,668,000		Kraft Foods Group, Inc. 2.2500%,  6/5/17 (144A)									34,471,925
			25,860,000		Kraft Foods Group, Inc. 3.5000%,  6/6/22 (144A)									26,536,549
			23,921,000		Kraft Foods Group, Inc. 5.0000%,  6/4/42 (144A)									25,317,412
														94,618,342
Hotels and Motels — 0.2%
			5,899,000		Hyatt Hotels Corp. 5.7500%,  8/15/15 (144A)									6,468,501
			3,660,000		Marriott International, Inc. 3.0000%,  3/1/19									3,700,498
			2,177,000		Starwood Hotels & Resorts Worldwide, Inc. 6.7500%,  5/15/18									2,528,716
														12,697,715
Investment Management and Advisory Services — 0.4%
			15,319,000		Ameriprise Financial, Inc. 7.5180%,  6/1/66‡									16,546,052
			7,716,000		FMR LLC 6.4500%,  11/15/39 (144A)									8,821,664
			5,765,000		Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.6250%,  3/15/20 (144A)									6,010,013
			3,167,000		Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.8750%,  3/15/22 (144A)									3,309,515
														34,687,244
Linen Supply & Related Items — 0.2%
			5,678,000		Cintas Corp. No. 2 2.8500%,  6/1/16									5,897,245
			5,944,000		Cintas Corp. No. 2 4.3000%,  6/1/21									6,471,078
														12,368,323
Medical - Biomedical and Genetic — 0%
			2,120,000		Bio-Rad Laboratories, Inc. 8.0000%,  9/15/16									2,342,600
Medical Instruments — 0.1%
			5,690,000		Boston Scientific Corp. 4.5000%,  1/15/15									6,063,002
Medical Products — 0.1%
			8,291,000		CareFusion Corp. 4.1250%,  8/1/12									8,313,162
Money Center Banks — 0.2%
			17,973,000		Lloyds TSB Bank PLC 4.8750%,  1/21/16**									18,868,702
Multi-Line Insurance — 0.6%
			15,548,000		American International Group, Inc. 4.2500%,  9/15/14									16,112,859
			8,472,000		American International Group, Inc. 5.4500%,  5/18/17									9,197,076
			8,609,000		American International Group, Inc. 6.4000%,  12/15/20									9,740,885
			2,752,000		American International Group, Inc. 4.8750%,  6/1/22									2,815,907
			13,260,000		American International Group, Inc. 8.1750%,  5/15/58‡									14,387,100
														52,253,827
Oil - Field Services — 0.1%
			5,222,000		Weatherford International, Ltd. 4.5000%,  4/15/22									5,352,049
Oil and Gas Drilling — 0.4%
			22,725,000		Nabors Industries, Inc. 5.0000%,  9/15/20									24,249,075
			6,327,000		Rowan Cos., Inc. 5.0000%,  9/1/17									6,810,750
														31,059,825
Oil Companies - Exploration and Production — 0.7%
			17,049,000		Anadarko Petroleum Corp. 6.4500%,  9/15/36									19,710,843
			3,136,000		Apache Corp. 3.2500%,  4/15/22									3,274,649
			9,393,000		Apache Corp. 4.7500%,  4/15/43									10,433,491
			8,045,000		Petrohawk Energy Corp. 10.5000%,  8/1/14									8,913,361
			1,760,000		Petrohawk Energy Corp. 7.2500%,  8/15/18									1,979,250
			9,675,000		Petrohawk Energy Corp. 6.2500%,  6/1/19									10,826,025
			2,779,000		Pioneer Natural Resources Co. 3.9500%,  7/15/22									2,785,723
														57,923,342
Oil Companies - Integrated — 1.0%
			25,733,000		Phillips 66 2.9500%,  5/1/17 (144A)									26,442,407
			26,136,000		Phillips 66 4.3000%,  4/1/22 (144A)									27,494,210
			25,986,000		Phillips 66 5.8750%,  5/1/42 (144A)									27,973,565
														81,910,182
Oil Refining and Marketing — 0.1%
			805,000		Frontier Oil Corp. 8.5000%,  9/15/16									845,250
			9,183,000		Motiva Enterprises LLC 5.7500%,  1/15/20 (144A)									10,731,731
														11,576,981
Paper and Related Products — 0%
			2,804,000		International Paper Co. 6.0000%,  11/15/41									3,161,286
Pharmacy Services — 1.3%
			11,145,000		Express Scripts Holding Co. 2.1000%,  2/12/15 (144A)									11,253,965
			8,752,000		Express Scripts Holding Co. 3.1250%,  5/15/16									9,112,329
			38,916,000		Express Scripts Holding Co. 2.6500%,  2/15/17 (144A)									39,591,932
			20,783,000		Express Scripts Holding Co. 4.7500%,  11/15/21 (144A)									22,998,031
			18,211,000		Express Scripts Holding Co. 3.9000%,  2/15/22 (144A)									18,875,956
			3,537,000		Medco Health Solutions, Inc. 4.1250%,  9/15/20									3,750,097
														105,582,310
Pipelines — 1.7%
			4,479,000		Colorado Interstate Gas Co. LLC 6.8500%,  6/15/37									4,932,817
			8,288,000		DCP Midstream Operating L.P. 3.2500%,  10/1/15									8,414,317
			9,599,000		DCP Midstream Operating L.P. 4.9500%,  4/1/22									9,851,828
			2,253,000		El Paso Pipeline Partners Operating Co. LLC 6.5000%,  4/1/20									2,614,780
			6,467,000		El Paso Pipeline Partners Operating Co. LLC 5.0000%,  10/1/21									6,996,828
			6,235,000		Energy Transfer Partners L.P. 4.6500%,  6/1/21									6,441,447
			18,168,000		Kinder Morgan Finance Co. ULC 5.7000%,  1/5/16									19,121,820
			12,272,000		Magellan Midstream Partners L.P. 4.2500%,  2/1/21									13,212,048
			13,709,000		Plains All American Pipeline L.P. / PAA Finance Corp. 3.9500%,  9/15/15									14,684,190
			3,483,000		Plains All American Pipeline L.P. / PAA Finance Corp. 8.7500%,  5/1/19									4,593,861
			4,389,000		Sunoco Logistics Partners Operations L.P. 4.6500%,  2/15/22									4,515,680
			6,078,000		TC Pipelines L.P. 4.6500%,  6/15/21									6,411,518
			30,936,000		Western Gas Partners L.P. 5.3750%,  6/1/21									34,242,749
			10,365,000		Western Gas Partners L.P. 4.0000%,  7/1/22									10,365,000
														146,398,883
Publishing - Newspapers — 0%
			1,324,000		Gannett Co., Inc. 6.3750%,  9/1/15									1,410,060
Publishing - Periodicals — 0.2%
			13,218,000		United Business Media PLC 5.7500%,  11/3/20 (144A)									13,604,243
Real Estate Management/Services — 0.1%
			4,443,000		CBRE Group, Inc. 6.6250%,  10/15/20									4,709,580
Real Estate Operating/Development — 0.1%
			8,043,000		Post Apartment Homes L.P. 4.7500%,  10/15/17									8,716,392
Reinsurance — 0.1%
			11,359,000		Berkshire Hathaway, Inc. 3.2000%,  2/11/15									12,060,850
REIT - Diversified — 0.4%
			9,737,000		Goodman Funding Pty, Ltd. 6.3750%,  11/12/20 (144A)									10,194,435
			20,960,000		Goodman Funding Pty, Ltd. 6.3750%,  4/15/21 (144A)									21,836,107
														32,030,542
REIT - Health Care — 0.1%
			4,901,000		Senior Housing Properties Trust 6.7500%,  4/15/20									5,312,929
			6,442,000		Senior Housing Properties Trust 6.7500%,  12/15/21									7,004,638
														12,317,567
REIT - Hotels — 0.2%
			14,278,000		Host Hotels & Resorts L.P. 6.7500%,  6/1/16									14,670,645
REIT - Office Property — 0.6%
			16,429,000		Alexandria Real Estate Equities, Inc. 4.6000%,  4/1/22									16,821,587
			4,517,000		Reckson Operating Partnership L.P. 6.0000%,  3/31/16									4,800,234
			9,599,000		SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Partnership 5.0000%,  8/15/18									9,736,400
			18,528,000		SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Partnership 7.7500%,  3/15/20									21,137,521
														52,495,742
REIT - Regional Malls — 0.7%
			34,275,000		Rouse Co. L.P. 6.7500%,  5/1/13 (144A)									35,131,875
			22,549,000		Rouse Co. LLC 6.7500%,  11/9/15									23,563,705
														58,695,580
REIT - Shopping Centers — 0%
			3,384,000		DDR Corp. 4.7500%,  4/15/18									3,509,868
Retail - Regional Department Stores — 0.6%
			7,329,000		Macy's Retail Holdings, Inc. 5.8750%,  1/15/13									7,507,271
			15,344,000		Macy's Retail Holdings, Inc. 5.7500%,  7/15/14									16,652,506
			14,910,000		Macy's Retail Holdings, Inc. 5.9000%,  12/1/16									17,186,160
			3,127,000		Macy's Retail Holdings, Inc. 3.8750%,  1/15/22									3,287,643
			6,609,000		Macy's Retail Holdings, Inc. 6.9000%,  4/1/29									7,815,400
														52,448,980
Retail - Restaurants — 0.2%
			13,793,000		Brinker International, Inc. 5.7500%,  6/1/14									14,737,379
Steel - Producers — 0.1%
			11,057,000		ArcelorMittal 4.5000%,  2/25/17									10,887,916
Telecommunication Services — 0.2%
			14,507,000		Qwest Corp. 6.7500%,  12/1/21									16,323,015
Telephone - Integrated — 0.4%
			30,747,000		Qwest Communications International, Inc. 7.1250%,  4/1/18									32,438,085
Transportation - Railroad — 0.3%
			2,421,055		CSX Transportation, Inc. 8.3750%,  10/15/14									2,749,592
			12,137,000		Kansas City Southern de Mexico S.A. de C.V. 8.0000%,  2/1/18									13,518,191
			5,181,000		Kansas City Southern de Mexico S.A. de C.V. 6.6250%,  12/15/20									5,763,862
														22,031,645
Transportation - Services — 0%
			2,246,000		Asciano Finance, Ltd. 3.1250%,  9/23/15 (144A)									2,235,302
Transportation - Truck — 0.2%
			12,452,000		JB Hunt Transport Services, Inc. 3.3750%,  9/15/15									12,860,164
Total Corporate Bonds  (cost $2,312,212,540)														2,422,487,527
Mortgage-Backed Securities — 6.2%
				Fannie Mae:
	2,970,805						5.0000%,  2/1/23								3,216,601
	5,362,479						5.5000%,  1/1/25								5,864,179
	3,019,171						5.5000%,  1/1/33								3,332,426
	7,544,367						5.0000%,  9/1/33								8,445,301
	3,400,651						5.0000%,  11/1/33								3,700,480
	4,403,779						5.0000%,  12/1/33								4,792,051
	2,492,268						5.0000%,  2/1/34								2,712,006
	9,434,479						5.5000%,  4/1/34								10,372,081
	16,711,897						5.5000%,  9/1/34								18,362,286
	5,147,497						5.5000%,  5/1/35								5,646,189
	39,756,067						5.5000%,  7/1/35								43,682,191
	7,017,233						5.0000%,  10/1/35								7,631,359
	15,868,498						6.0000%,  10/1/35								17,556,492
	16,301,173						6.0000%,  12/1/35								18,360,608
	7,317,939						5.5000%,  1/1/36								8,026,903
	18,196,135						5.5000%,  7/1/36								19,993,101
	18,718,139						6.0000%,  11/1/36								21,039,116
	4,734,402						6.0000%,  3/1/37								5,238,019
	30,722,375						5.5000%,  5/1/37								33,909,986
	4,833,081						6.0000%,  5/1/37								5,326,050
	4,409,352						5.5000%,  7/1/37								4,811,729
	3,787,189						5.5000%,  3/1/38								4,180,130
	963,918						5.5000%,  9/1/38								1,063,929
	6,462,245						6.0000%,  11/1/38								7,121,386
	12,179,110						6.0000%,  11/1/38								13,456,000
	4,771,046						5.0000%,  6/1/40								5,264,757
	3,326,326						4.5000%,  10/1/40								3,628,165
	3,075,593						5.0000%,  3/1/41								3,393,857
	11,080,299						4.5000%,  4/1/41								12,157,225
	6,071,034						5.0000%,  4/1/41								6,679,331
	7,740,208						5.0000%,  4/1/41								8,593,273
				Freddie Mac:
	4,283,919						5.0000%,  1/1/19								4,600,372
	3,572,989						5.0000%,  2/1/19								3,836,925
	4,748,421						5.5000%,  8/1/19								5,150,304
	17,577,964						5.0000%,  1/1/36								19,472,426
	10,126,521						5.5000%,  10/1/36								11,208,848
	6,978,218						5.0000%,  11/1/36								7,522,038
	2,912,474						5.5000%,  5/1/38								3,204,647
	17,927,612						5.0000%,  5/1/39								19,658,072
	7,597,506						5.5000%,  10/1/39								8,359,672
	6,902,555						4.5000%,  1/1/41								7,496,540
	4,024,947						4.5000%,  5/1/41								4,399,792
	15,549,917						5.0000%,  5/1/41								17,149,860
				Ginnie Mae:
	6,828,106						6.0000%,  11/20/34								7,702,549
	8,868,298						5.5000%,  3/15/36								9,896,649
	5,699,158						5.0000%,  4/15/39								6,290,199
	6,637,769						5.0000%,  10/15/39								7,400,826
	10,635,823						5.0000%,  11/15/39								11,858,906
	3,155,656						5.0000%,  1/15/40								3,494,561
	2,485,739						5.0000%,  4/15/40								2,752,567
	3,728,348						5.0000%,  4/15/40								4,135,976
	4,041,214						5.0000%,  5/15/40								4,483,048
	3,346,863						5.0000%,  7/15/40								3,706,394
	9,980,731						5.0000%,  7/15/40								11,076,651
	10,612,685						5.0000%,  2/15/41								11,842,342
	4,725,954						5.0000%,  5/15/41								5,261,953
	2,547,291						4.5000%,  7/15/41								2,812,355
	3,508,046						3.5000%,  5/20/42								3,754,667
Total Mortgage-Backed Securities  (cost $522,041,872)														526,086,346
Preferred Stock — 0%
Food - Miscellaneous/Diversified — 0%
	19					H.J. Heinz Finance Co., 0% (144A) (cost $1,900,000)								2,038,937
U.S. Treasury Notes/Bonds — 5.5%
				U.S. Treasury Notes/Bonds:
	26,723,000						0.2500%,  3/31/14								26,691,681
	40,145,000						0.2500%,  5/31/14								40,094,819
	70,118,000						0.3750%,  3/15/15								70,074,176
	32,278,000						0.8750%,  1/31/17								32,557,915
	2,448,000						0.8750%,  2/28/17								2,469,229
	81,905,000						3.1250%,  5/15/21								93,243,764
	34,366,000						2.1250%,  8/15/21								36,121,896
	85,879,000						2.0000%,  2/15/22								88,770,718
	2,512,000						1.7500%,  5/15/22								2,532,410
	8,345,000						3.1250%,  11/15/41								8,970,875
	53,832,000						3.1250%,  2/15/42								57,818,905
	1,820,000						3.0000%,  5/15/42								1,906,166
Total U.S. Treasury Notes/Bonds  (cost $438,464,667)														461,252,554
Money Market — 0.4%
	32,165,683					Janus Cash Liquidity Fund LLC, 0%    (cost  $32,165,683)								32,165,683
Total Investments (total cost $7,598,865,742) – 100%														$8,414,941,031
Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country								Value		% of Investment Securities
Australia								$	51,095,844	0.6%
Bermuda									10,997,769	0.1%
Brazil									40,539,633	0.5%
Canada									160,340,970	1.9%
Cayman Islands									11,596,170	0.2%
France									17,122,993	0.2%
Germany									23,600,141	0.3%
Jersey									61,081,618	0.7%
Luxembourg									34,942,047	0.4%
Mexico									19,282,053	0.2%
Netherlands									95,509,844	1.2%
Switzerland									153,722,457	1.8%
United Kingdom									186,766,974	2.2%
United States††									7,548,342,518	89.7%
Total								$	8,414,941,031	100.0%
††		Includes Cash Equivalents (89.3% excluding Cash Equivalents).
Forward Currency Contracts, Open June 30, 2012 (unaudited)
Counterparty/Currency Sold and Settlement Date											Currency Units Sold	Currency Value U.S. $		Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC: British Pound 7/19/12											10,110,000	$15,830,524		$(30,293)
HSBC Securities (USA), Inc.: British Pound 7/12/12											13,875,000	21,726,309		9,018
JPMorgan Chase & Co.: British Pound 8/2/12											18,000,000	28,183,746		(183,305)
RBC Capital Markets Corp.: British Pound 7/26/12											11,500,000	18,006,660		(151,760)
Total												$83,747,239		$(356,340)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
ULC	Unlimited Liability Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales, swap agreements and/or securities with extended settlement dates.
‡	Rate is subject to change.  Rate shown reflects current rate.
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 period ended June 30, 2012 is indicated in the table below:

Fund	Value	Value as a % of Total Investments
Janus Balanced Fund	$      772,170,021	9.2%

The following is a summary of inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)	Level 1 Quoted - Prices	Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$ -	$ 132,829,214	$ -
Bank Loan	-	5,014,978	-

Common Stock
Agriculture Chemicals	-	65,337,341	-
Commercial Banks	95,273,561	109,145,145	-
Life and Health Insurance	-	35,505,129	-
Medical - Drugs	177,545,139	61,081,618	-
All Other	4,289,177,859	-	-
Corporate Bonds	-	2,422,487,527	-
Mortgage-Backed Securities	-	526,086,346	-
Preferred Stock	-	2,038,937	-
U.S. Treasury Notes/Bonds	-	461,252,554	-
Money Market	-	32,165,683	-
Total Investments in Securities	$ 4,561,996,559	$ 3,852,944,472	$ -
Other Financial Instruments(b)	$ -	$ (356,340)	$ -

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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. 

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Balanced Fund	$                     335,108,591

Janus Contrarian Fund

Schedule of Investments (unaudited)

Shares or Contract Amounts											Value
Common Stock — 98.3%
Airlines — 13.3%
	12,878,212			AirAsia Bhd							$14,580,474
	5,066,985			Delta Air Lines, Inc.*							55,483,486
	5,261,675			U.S. Airways Group, Inc.*							70,138,127
	7,992,557			United Continental Holdings, Inc.*,**							194,458,912
											334,660,999
Apparel Manufacturers — 2.6%
	2,361,635			Hanesbrands, Inc.*							6v5,488,139
Applications Software — 5.1%
	4,200,890			Microsoft Corp.**							128,505,225
Building and Construction Products - Miscellaneous — 1.7%
	2,298,885			USG Corp.*							43,793,759
Casino Services — 3.0%
	4,882,785			International Game Technology							76,903,864
Computer Aided Design — 0.6%
	414,865			Autodesk, Inc.*							14,516,126
Consumer Products - Miscellaneous — 0.8%
	8,325,900			Samsonite International S.A.							14,095,326
	144,254			SodaStream International, Ltd.*							5,910,086
											20,005,412
Containers - Metal and Glass — 4.0%
	2,460,532			Ball Corp.**							101,004,839
Distribution/Wholesale — 2.0%
	25,398,000			Li & Fung, Ltd.							49,285,104
Diversified Operations — 1.5%
	478,505			Tyco International, Ltd. (U.S. Shares)							25,288,989
	357,223			Wartsila Oyj Abp							11,740,762
											37,029,751
E-Commerce/Products — 2.8%
	1,677,120			eBay, Inc.*							70,455,811
Electric – Transmission — 0.3%
	203,010			Brookfield Infrastructure Partners L.P.							6,815,046
Enterprise Software/Services — 4.6%
	3,886,810			Oracle Corp.							115,438,257
Filtration and Separations Products — 1.1%
	717,515			Polypore International, Inc.*							28,980,431
Finance - Investment Bankers/Brokers — 0.7%
	1,507,988			Cetip S.A. - Mercados Organizados							18,847,973
Internet Gambling — 0.7%
	9,849,966			Bwin.Party Digital Entertainment PLC**							16,996,277
Medical - Drugs — 2.4%
	956,360			Abbott Laboratories							61,656,529
Medical - Generic Drugs — 2.7%
	585,155			Perrigo Co.							69,007,329
Multimedia — 1.0%
	1,158,780			News Corp. - Class A							25,829,206
Oil - Field Services — 2.2%
	844,005			Schlumberger, Ltd. (U.S. Shares)							54,784,365
Oil Companies - Exploration and Production — 4.5%
	1,196,659			Cobalt International Energy, Inc.*							28,121,486
	341,560			EOG Resources, Inc.							30,777,972
	1,311,765			Whitting Petroleum Corp.*							53,939,777
											112,839,235
Oil Companies - Integrated — 5.7%
	3,570,192			BP PLC (ADR)**							144,735,584
Oil Field Machinery and Equipment — 4.7%
	2,684,335			Dresser-Rand Group, Inc.*							119,560,281
Pharmacy Services — 2.0%
	1,585,850			Omnicare, Inc.							49,526,095
Property and Casualty Insurance — 1.8%
	3,650,243			Lancashire Holdings, Ltd.							45,746,963
Real Estate Operating/Development — 5.6%
	8,934,495			St. Joe Co.*,£							141,254,366
Reinsurance — 2.1%
	633,900			Berkshire Hathaway, Inc. - Class B*							52,822,887
Resorts and Theme Parks — 1.2%
	619,144			Vail Resorts, Inc.							31,006,732
Retail - Restaurants — 0.3%
	11,072,000			Ajisen China Holdings, Ltd.							7,687,863
Semiconductor Components/Integrated Circuits — 0.5%
	1,863,800			Atmel Corp.*							12,487,460
Telecommunication Services — 3.0%
	2,503,930			Amdocs, Ltd. (U.S. Shares)**							74,416,800
Tobacco — 2.2%
	1,844,600			Japan Tobacco, Inc.**							54,672,316
Toys — 2.1%
	1,644,375			Mattel, Inc.							53,343,525
Transportation - Railroad — 3.7%
	1,289,271			Canadian Pacific Railway, Ltd.							94,451,993
Wireless Equipment — 5.8%
	2,884,740			Motorola Solutions, Inc.**							138,784,841
	752,545			Telefonaktiebolaget L.M. Ericsson (ADR)							6,870,736
											145,655,577
Total Common Stock  (cost $2,443,771,897)											2,480,212,119
Money Market — 1.7%
	43,728,000			Janus Cash Liquidity Fund LLC, 0%    (cost  $43,728,000)							43,728,000
Total Investments (total cost $2,487,499,897) – 100 %											$2,523,940,119
Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country					Value		% of Investment Securities
Bermuda					$	101,847,113	4.0%
Brazil						18,847,973	0.7%
Canada						94,451,993	3.7%
Cayman Islands						7,687,863	0.3%
Curacao						54,784,365	2.2%
Finland						11,740,762	0.5%
Gibraltar						16,996,277	0.7%
Guernsey						74,416,800	2.9%
Israel						5,910,086	0.2%
Japan						54,672,316	2.2%
Luxembourg						14,095,326	0.6%
Malaysia						14,580,474	0.6%
Sweden						6,870,736	0.3%
Switzerland						25,288,989	1.0%
United Kingdom						144,735,584	5.7%
United States††						1,877,013,462	74.4%
Total					$	2,523,940,119	100.0%
††		Includes Cash Equivalents (72.6% excluding Cash Equivalents).
Forward Currency Contracts, Open June 30, 2012 (unaudited)
Counterparty/Currency Sold and Settlement Date								Currency Units Sold		Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC:
British Pound 7/19/12								11,600,000		$18,163,608	$2,108
Japanese Yen 7/19/12								1,210,000,000		15,144,229	153,004
										33,307,837	155,112
HSBC Securities (USA), Inc.:
British Pound 7/12/12								13,800,000		21,608,869	8,969
Japanese Yen 7/12/12								1,400,000,000		17,520,178	102,742
										39,129,047	111,711
JPMorgan Chase & Co.:
British Pound 8/2/12								11,600,000		18,162,858	(118,130)
Japanese Yen 8/2/12								1,495,000,000		18,715,529	63,990
										36,878,387	(54,140)
Total										$109,315,271	$212,683
Financial Futures - Short
3,375 Contracts			S&P 500® E-mini expires September 2012, principal amount $225,698,194 value $228,892,500 cumulative depreciation						$(3,194,306)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales, swap agreements and/or securities with extended settlement dates.

£ The Investment Company Act of 1940, as amended, defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended June 30, 2012.  

Purchases		Sales		Realized	Dividend	Value
Shares	Cost	Shares	Cost	Gain/(Loss)	Income		at 06/30/12

Janus Contrarian Fund
St. Joe Co.*	1,529,008	24,437,156	-	$   -	$-	$-	$ 141,254,366

The following is a summary of inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012) Level 1
Quoted - Prices Level 2
Other Significant
Observable Inputs^(a) Level 3
Significant
Unobservable Inputs

Investments in Securities:
Common Stock
Airlines	$320,080,525	$14,580,474	$ -
Consumer Products - Miscellaneous	5,910,086	14,095,326	-
Distribution/Wholesale	-	49,285,104	-
Diversified Operations	25,288,989	11,740,762
Internet Gambling	-	16,996,277
Oil Companies - Integrated	-	144,735,584
Property and Casualty Insurance	-	45,746,963
Retail - Restaurants	-	7,687,863
Tobacco	-	54,672,316
Wireless Equipment	138,784,841	6,870,736	-
All Other	1,623,736,273	-	-
Money Market	-	43,728,000	-
Total Investments in Securities	$ 2,113,800,714	$ 410,139,405	$ -
Other Financial Instruments(b)	$ -	$ (5,001,692)	$ -

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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. 

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Contrarian Fund	$                10,653,191,126

Janus Emerging Markets Fund

Schedule of Investments (unaudited)

Shares or Contract Amounts			Value
Common Stock — 93.2%
Apparel Manufacturers — 1.3%
	170,000	China Lilang, Ltd.	$117,344
	312,000	Sitoy Group Holdings, Ltd.	139,637
			256,981
Automotive - Cars and Light Trucks — 1.4%
	22,000	Isuzu Motors, Ltd.**	117,641
	89,579	Yulon Motor Co., Ltd.	159,407
			277,048
Automotive - Truck Parts and Equipment - Original — 2.6%
	1,046	Hyundai Mobis	253,244
	1,676	Mando Corp.	249,675
			502,919
Building - Residential and Commercial — 1.6%
	68,100	MRV Engenharia e Participacoes S.A.	315,372
Casino Hotels — 1.5%
	60,200	Genting Bhd	181,777
	4,770	Kangwon Land, Inc.	101,638
			283,415
Cellular Telecommunications — 3.8%
	15,374	America Movil S.A.B. de C.V. (ADR)	400,646
	30,000	China Mobile, Ltd.	329,726
			730,372
Coal — 1.1%
	35,500	China Shenhua Energy Co., Ltd.	125,429
	75,000	Sakari Resources, Ltd.	82,350
			207,779
Commercial Banks — 14.4%
	33,602	Banco Bilbao Vizcaya Argentaria S.A. (ADR)	237,566
	16,900	Banco do Brasil S.A.	164,355
	34,149	Banco do Brasil S.A. (ADR)	335,002
	868,000	Bank of China, Ltd.	332,143
	9,636	Commercial Bank of Qatar QSC	180,904
	67,982	First Gulf Bank PJSC	148,432
	8,870	ICICI Bank, Ltd. (ADR)	287,477
	20,416	Itau Unibanco Holding S.A. (ADR)	284,191
	11,866	Sberbank of Russia (ADR)	128,390
	40,261	Sberbank of Russia (ADR)	437,936
	6,141	State Bank of India	239,735
			2,776,131
Commercial Services — 0.6%
	8,800	Anhanguera Educacional Participacoes S.A.	112,180
Computers — 0.6%
	12,000	Asustek Computer, Inc.	111,058
Consumer Products - Miscellaneous — 1.1%
	119,100	Samsonite International S.A.	201,630
Distribution/Wholesale — 0.8%
	38,484	Adani Enterprises, Ltd.	154,765
Diversified Financial Services — 1.1%
	5,992	Shinhan Financial Group Co., Ltd.	208,578
Diversified Minerals — 0.6%
	979	Anglo American PLC	32,740
	18,900	Verde Potash PLC*	74,649
			107,389
Diversified Operations — 2.1%
	610,500	Alliance Global Group, Inc.	169,005
	176,000	Melco International Development, Ltd.	141,855
	5,974	Orascom Development Holding A.G.	95,053
			405,913
Diversified Operations - Commercial Services — 0.8%
	113,100	John Keells Holdings PLC	154,865
E-Commerce/Services — 0.6%
	6,367	Ctrip.com International, Ltd. (ADR)*	106,711
Electric - Generation — 0.1%
	249,372	Indiabulls Infrastructure and Power, Ltd. ß, ∞	9,514
Electronic Components – Semiconductors — 3.3%
	607	Samsung Electronics Co., Ltd.	643,640
Electronic Measuring Instruments — 0.9%
	77,000	Chroma ATE, Inc.	175,345
Electronic Parts Distributors — 1.7%
	206,864	WPG Holdings, Ltd.	244,115
	60,000	WT Microelectronics Co., Ltd.	81,271
			325,386
Food - Baking — 0.5%
	229,500	Nippon Indosari Corpindo Tbk PT	101,059
Food - Miscellaneous/Diversified — 0.8%
	106,140	Universal Robina Corp.	159,777
Food - Retail — 0.9%
	7,440	X5 Retail Group N.V. (GDR)	170,475
Food - Wholesale/Distribution — 1.1%
	144,409	Olam International, Ltd.	210,203
Hotels and Motels — 2.4%
	22,774	7 Days Group Holdings Ltd. (ADR)*	240,493
	120,000	Shangri-La Asia, Ltd.	230,153
			470,646
Industrial Automation and Robotics — 1.1%
	1,300	FANUC Corp.**	213,627
Insurance Brokers — 1.2%
	32,306	CNinsure, Inc. (ADR)	220,973
Internet Content - Entertainment — 0.4%
	3,831	Youku.com, Inc. (ADR)*	83,056
Medical - Generic Drugs — 1.5%
	19,951	Pharmstandard OJSC (GDR)	284,622
Medical - Hospitals — 0.6%
	37,119	NMC Health PLC	111,141
Metal - Diversified — 3.4%
	40,054	Ivanhoe Mines, Ltd.*	395,109
	5,484	Rio Tinto PLC	261,870
			656,979
Metal - Iron — 6.6%
	30,887	Fortescue Metals Group, Ltd.	157,824
	229,398	Gindalbie Metals, Ltd.*	104,997
	2,658	Kumba Iron Ore, Ltd.	179,523
	69,393	London Mining PLC*	213,620
	251,177	Sundance Resources, Ltd.*	85,365
	26,496	Vale S.A. (ADR)	525,946
			1,267,275
Oil and Gas Drilling — 0.9%
	41,288	Karoon Gas Australia, Ltd.*	173,275
Oil Companies - Exploration and Production — 5.2%
	598,229	Aminex PLC*	40,069
	99,700	CGX Energy, Inc.*	47,999
	31,162	Chariot Oil & Gas, Ltd.*	50,131
	9,577	Cobalt International Energy, Inc.*	225,059
	11,400	HRT Participacoes em Petroleo S.A.*	35,536
	9,842	Kosmos Energy, Ltd.*	108,754
	4,667	Niko Resources, Ltd.	61,536
	134,025	OGX Petroleo e Gas Participacoes S.A. (ADR)*	363,208
	8,196	Ophir Energy PLC*	74,526
			1,006,818
Oil Companies - Integrated — 5.2%
	7,132	Pacific Rubiales Energy Corp.	151,077
	45,349	Petroleo Brasileiro S.A. (ADR)**	851,200
			1,002,277
Property and Casualty Insurance — 1.5%
	1,444	Samsung Fire & Marine Insurance Co., Ltd.	285,945
Real Estate Operating/Development — 6.0%
	132,068	Emaar Properties PJSC	101,769
	39,000	Hang Lung Properties, Ltd.	132,762
	299,131	Indiabulls Real Estate, Ltd.	331,287
	41,500	PDG Realty S.A. Empreendimentos e Participacoes	72,535
	29,578	PDG Realty S.A. Empreendimentos e Participacoes (ADR)	102,044
	910,000	Shun Tak Holdings, Ltd.	316,323
	373,914	Sorouh Real Estate Co.	106,245
			1,162,965
REIT - Diversified — 0.8%
	75,800	Fibra Uno Administracion S.A. de C.V.	156,057
Retail - Apparel and Shoe — 0.6%
	203,000	Anta Sports Products, Ltd.	123,760
Retail - Automobile — 0.3%
	90,500	Baoxin Auto Group, Ltd.	52,207
Retail - Major Department Stores — 1.1%
	1,759	Hyundai Department Store Co., Ltd.	219,847
Retail - Restaurants — 0.7%
	8,442	Arcos Dorados Holdings, Inc. - Class A	124,773
Rubber/Plastic Products — 0.6%
	29,422	Jain Irrigation Systems, Ltd.	44,185
	94,697	Jain Irrigation Systems, Ltd. (EDR)	70,833
			115,018
Semiconductor Components/Integrated Circuits — 4.2%
	211,000	Advanced Semiconductor Engineering, Inc.	172,163
	46,161	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)**	644,408
			816,571
Shipbuilding — 0.7%
	86,788	Pipavav Defence & Offshore Engineering Co., Ltd.*	130,807
Telecommunication Services — 2.9%
	2,316	China Telecom Corp., Ltd. (ADR)	101,950
	537,000	Tower Bersama Infrastructure Tbk PT	188,384
	33,991	VimpelCom, Ltd. (ADR)	275,667
			566,001
Total Common Stock  (cost $21,297,159)			17,953,145
Exchange-Traded Fund — 2.8%
Emerging Market - Equity — 2.8%
	149,205	BOCI-Prudential - W.I.S.E. - CSI China Tracker Fund (ETF)** (cost  $660,900)	534,065
Purchased Option - Call — 0.1%
	35,890	Karoon Gas Australia, Ltd. expires October 2012 exercise price 4.10 AUD (premiums paid $34,179)	16,171
Right — 0.2%
Metal - Diversified — 0.2%
	40,054	Ivanhoe Mines, Ltd.* (cost  $0)	36,205
Money Market — 3.7%
	716,000	Janus Cash Liquidity Fund LLC, 0% (cost  $716,000)	716,000
Total Investments (total cost $22,708,238) – 100%			$19,255,586

Summary of Investments by Country – (Long Positions) June 30, 2012(unaudited)
Country		Value		% of Investment Securities
Australia		$	537,632	2.8%
Bermuda			614,574	3.2%
Brazil			3,161,569	16.4%
Canada			691,926	3.6%
Cayman Islands			1,084,181	5.6%
China			559,522	2.9%
Guernsey			50,131	0.3%
Hong Kong			1,454,731	7.6%
India			1,268,603	6.6%
Indonesia			289,443	1.5%
Ireland			40,069	0.2%
Japan			331,268	1.7%
Luxembourg			201,630	1.1%
Malaysia			181,777	0.9%
Mexico			556,703	2.9%
Netherlands			170,475	0.9%
Philippines			328,782	1.7%
Qatar			180,904	0.9%
Russia			850,948	4.4%
Singapore			292,553	1.5%
South Africa			179,523	0.9%
South Korea			1,962,567	10.2%
Spain			237,566	1.2%
Sri Lanka			154,865	0.8%
Switzerland			95,053	0.5%
Taiwan			1,587,767	8.2%
United Arab Emirates			356,446	1.9%
United Kingdom			768,546	4.0%
United States††			941,059	4.9%
Virgin Islands (British)			124,773	0.7%
Total		$	19,255,586	100.0%
††	Includes Cash Equivalents (1.2% excluding Cash Equivalents).

Forward Currency Contracts, Open As of June 30, 2012 (unaudited)
Counterparty/Currency Sold and Settlement Date	Currency Units Sold			Currency Value U.S. $	Unrealized Appreciation
Credit Suisse Securities (USA) LLC:
Japanese Yen 7/19/12		23,700,000	$296,627		$3,632
Total			$ 296,627		$ 3,632

Financial Futures - Short
3 Contracts	S&P 500© E-mini
	Expires September 2012, principal amount $200,504, value $203,460, cumulative depreciation	$(2,956)

Total Return Swaps outstanding as of June 30, 2012 (unaudited)

Counterparty	Notional Amount	Return Paid by the Fund	Return Received by the Fund	Termination Date		Unrealized (Depreciation)
Morgan Stanley and Co. International plc	42,450	Armada Swap	Armada	4/30/14		$ (12,185)
Morgan Stanley and Co. International plc	131,833	1 month USD LIBOR plus 185 basis points	Baoshan Iron & Steel Co., Ltd.	2/25/14		(24,567)
Morgan Stanley and Co. International plc	225,269	1 month USD LIBOR plus 185 basis points	China Construction Bank	2/25/14		(39,379)
Morgan Stanley and Co. International plc	44,890	FED Funds Effective plus 100 basis points	Samba Financial Group	12/31/12		(4,693)
UBS A.G.	24,394	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	3/21/11		(2,642)
UBS A.G.	73,409	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	8/30/12		(7,952)
UBS A.G.	73,388	1 month USD LIBOR plus 50 basis points	China Construction Bank	8/30/12		(5,130)
UBS A.G.	83,962	1 month USD LIBOR plus 50 basis points	China Construction Bank	8/30/12		(5,869)
UBS A.G.	72,725	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	12/4/12		(7,878)
UBS A.G.	38,209	1 month USD LIBOR plus 50 basis points	China Construction Bank	2/6/13		(2,671)
UBS A.G.	41,946	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	2/6/13		(4,544)
UBS A.G.	7,143	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	3/1/13		(774)
UBS A.G.	8,389	1 month USD LIBOR plus 50 basis points	China Construction Bank	3/1/13		(586)
UBS A.G.	39,760	1 month USD LIBOR plus 50 basis points	China Construction Bank	3/1/13		(2,779)
UBS A.G.	56,386	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	3/1/13		(6,108)
UBS A.G.	65,492	1 month USD LIBOR plus 50 basis points	China Construction Bank	3/11/13		(4,578)
UBS A.G.	13,071	1 month USD LIBOR plus 50 basis points	Baoshan Iron & Steel Co., Ltd.	3/22/13		(1,416)
UBS A.G.	99,119	1 month USD LIBOR plus 50 basis points	China Construction Bank	3/22/13		(6,929)
UBS A.G.	114,112	Viet Nam Dairy Products JSC Swap	Viet Nam Dairy Products JSC	7/1/13		(4,009)
					$ (144,689)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
EDR	European Depositary Receipt
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
PLC	Public Limited Company
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlements.
ß	Illiquid security.

^∞ Schedule of Fair Valued Securities (as of June 30, 2012)

		Value as a %
		of Investment
	Value	Securities
Janus Emerging Markets Fund
Indiabulls Infrastructure and Power, Ltd.	$9,514	0.1%

Securities are valued at “fair value” pursuant to procedures adopted by the Fund’s Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )
		Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers	$	-	$	256,981	$	-
Automotive - Cars and Light Trucks		-		277,048		-
Automotive - Truck Parts and Equipment - Original		-		502,919		-
Casino Hotels		-		283,415		-
Cellular Telecommunications		-		730,372		-
Coal		-		207,779		-
Commercial Banks		164,355		2,611,776		-
Commercial Services		-		112,180		-
Computers		-		111,058		-
Consumer Products - Miscellaneous		-		201,630		-
Distribution/Wholesale		-		154,765		-
Diversified Financial Services		-		208,578		-
Diversified Minerals		74,649		32,740		-
Diversified Operations		-		405,913		-
Diversified Operations - Commercial Services		-		154,865		-
E-Commerce/Services		-		106,711		-
Electric - Generation		-		-		9,514
Electronic Components – Semiconductors		-		643,640		-
Electronic Measuring Instruments		-		175,345		-
Electronic Parts Distributors		-		325,386		-
Food - Baking		-		101,059		-
Food - Miscellaneous/Diversified		-		159,777		-
Food - Retail		-		170,475		-
Food - Wholesale/Distribution		-		210,203		-
Hotels and Motels		-		470,646		-
Industrial Automation and Robotics		-		213,627		-
Insurance Brokers		-		220,973		-
Internet Content - Entertainment		-		83,056		-
Medical - Generic Drugs		-		284,622		-
Medical - Hospitals		-		111,141		-
Metal - Diversified		395,109		261,870		-
Metal - Iron		-		1,267,275		-
Oil and Gas Drilling		-		173,275		-
Oil Companies - Exploration and Production		478,885		527,933		-
Oil Companies - Integrated		151,077		851,200		-
Property and Casualty Insurance				285,945		-
Real Estate Operating/Development		72,535		1,090,430		-
Retail - Apparel and Shoe		-		123,760		-
Retail - Automobile		-		52,207		-
Retail - Major Department Stores		-		219,847		-
Rubber/Plastic Products		-		115,018		-
Semiconductor Components/Integrated Circuits		644,408		172,163		-
Shipbuilding		-		130,807		-
Telecommunication Services		290,334		275,667		-
All Other		596,202		-		-
Exchange- Traded Funds
Emerging Market –Equity		534,065		-		-
Right
Metal - Diversified		36,205
Money Market		-		716,000		-
Total Investments	$	3,437,824	$	15,792,077	$	9,514
Investments in Purchased Options	$	-	$	16,171	$	-
Other Financial Instruments(b)	$	-	$	(145,692)	$	-

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Level 3 Valuation Reconciliation of Assets (for the period ended June 30, 2012)

	Balance as of September 30, 2011	Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation)			Gross Purchases	Gross Sales		Transfers In and/or Out of Level 3		Balance as of June 30, 2012
Investments in Securities:
Energy-Alternate Sources	$ -	$-		$-	$-		$ -	$9,514		$9,514

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Emerging Markets Fund	$2,601,143

Janus Enterprise Fund

Schedule of Investments (unaudited)

Shares							Value
Common Stock — 96.5%
Advertising Agencies — 0.6%
	290,875	Omnicom Group, Inc.				$	14,136,525
Advertising Sales — 0.6%
	482,340	Lamar Advertising Co. - Class A*					13,794,924
Aerospace and Defense — 1.7%
	312,587	TransDigm Group, Inc.*					41,980,434
Agricultural Chemicals — 1.8%
	1,019,015	Potash Corp. of Saskatchewan, Inc. (U.S. Shares)**					44,520,765
Airlines — 1.3%
	1,000,942	Ryanair Holdings PLC (ADR)**					30,428,637
Auction House - Art Dealer — 0.8%
	881,004	Ritchie Bros. Auctioneers, Inc. (U.S. Shares)**					18,721,335
Automotive - Truck Parts and Equipment - Original — 0.5%
	216,281	WABCO Holdings, Inc.*					11,447,753
Broadcast Services and Programming — 0.6%
	307,365	Discovery Communications, Inc. - Class C*					15,395,913
Commercial Services — 0.9%
	274,667	CoStar Group, Inc.*					22,302,960
Commercial Services - Finance — 1.4%
	785,606	Global Payments, Inc.					33,961,747
Computer Aided Design — 0.5%
	205,730	ANSYS, Inc.*					12,983,620
Computers — 0.9%
	35,438	Apple, Inc.*					20,695,792
Computers - Integrated Systems — 1.0%
	689,994	Jack Henry & Associates, Inc.					23,818,593
Consulting Services — 5.7%
	1,144,432	Gartner, Inc.*					49,267,798
	1,797,765	Verisk Analytics, Inc. - Class A*					88,557,904
							137,825,702
Containers - Metal and Glass — 0.8%
	442,867	Ball Corp.					18,179,690
Decision Support Software — 2.6%
	1,813,373	MSCI, Inc.*					61,690,949
Diagnostic Equipment — 2.0%
	578,857	Gen-Probe, Inc.*					47,582,045
Diagnostic Kits — 0.8%
	201,127	IDEXX Laboratories, Inc.*					19,334,339
Distribution/Wholesale — 4.6%
	384,377	Fastenal Co.					15,494,237
	31,869,390	Li & Fung, Ltd.					61,842,909
	169,787	W.W. Grainger, Inc.					32,470,066
Electric – Transmission — 0.6%							109,807,212
	397,460	Brookfield Infrastructure Partners L.P.					13,342,732
Electric Products - Miscellaneous — 1.2%
	567,591	AMETEK, Inc.					28,328,467
Electronic Components - Miscellaneous — 2.7%
	2,691,481	Flextronics International, Ltd.*					16,687,182
	1,533,614	TE Connectivity, Ltd. (U.S. Shares)					48,937,623
							65,624,805
Electronic Components – Semiconductors — 3.0%
	5,594,936	ON Semiconductor Corp.*					39,724,046
	986,639	Xilinx, Inc.					33,121,471
							72,845,517
Electronic Connectors — 2.5%
	1,095,307	Amphenol Corp. - Class A					60,154,260
Electronic Forms — 1.2%
	899,792	Adobe Systems, Inc.*					29,126,267
Entertainment Software — 0.3%
	636,961	Electronic Arts, Inc.*					7,866,468
Finance - Investment Bankers/Brokers — 0.9%
	621,101	LPL Financial Holdings, Inc.					20,974,581
Footwear and Related Apparel — 0.7%
	439,290	Wolverine World Wide, Inc.					17,035,666
Instruments - Controls — 2.7%
	128,700	Mettler-Toledo International, Inc.*					20,057,895
	1,702,414	Sensata Technologies Holding N.V.*,**					45,590,647
							65,648,542
Instruments - Scientific — 1.6%
	269,040	Thermo Fisher Scientific, Inc.					13,965,867
	311,260	Waters Corp.*					24,735,832
							38,701,699
Insurance Brokers — 0.9%
	482,016	Aon PLC					22,548,709
Investment Management and Advisory Services — 1.3%
	503,987	T. Rowe Price Group, Inc.					31,731,022
Machinery - General Industrial — 1.6%
	395,722	Roper Industries, Inc.					39,010,275
Media — 0.3%
	542,350	Workday, Inc. - Private Placement∞, §					7,191,561
Medical - Biomedical and Genetic — 2.8%
	439,637	Celgene Corp.*,**					28,207,110
	938,992	Incyte Corp., Ltd.*					21,315,119
	341,721	Vertex Pharmaceuticals, Inc.*					19,109,038
							68,631,267
Medical - Drugs — 1.4%
	111,125	Medivation, Inc.*					10,156,825
	515,303	Valeant Pharmaceuticals International, Inc.**					23,080,421
							33,237,246
Medical - Generic Drugs — 0.4%
	503,737	Impax Laboratories, Inc.*					10,210,749
Medical Information Systems — 1.6%
	477,037	athenahealth, Inc.*					37,767,019
Medical Instruments — 3.2%
	1,364,579	St. Jude Medical, Inc.					54,460,348
	306,852	Techne Corp.					22,768,418
							77,228,766
Medical Products — 4.4%
	550,809	Henry Schein, Inc.*					43,232,998
	1,028,132	Varian Medical Systems, Inc.*					62,479,582
							105,712,580
Metal Processors and Fabricators — 1.5%
	224,594	Precision Castparts Corp.					36,943,467
Oil Companies - Exploration and Production — 0.4%
	465,954	Ultra Petroleum Corp. (U.S. Shares)*,**					10,749,559
Oil Field Machinery and Equipment — 2.5%
	1,352,970	Dresser-Rand Group, Inc.*					60,261,284
Patient Monitoring Equipment — 1.1%
	1,215,126	Masimo Corp.					27,194,520
Pipelines — 1.4%
	805,974	Energy Transfer Equity L.P.					33,061,054
Printing - Commercial — 2.1%
	1,577,119	VistaPrint N.V. (U.S. Shares)*,**					50,940,944
Retail - Catalog Shopping — 1.0%
	379,165	MSC Industrial Direct Co. - Class A					24,854,266
Retail - Petroleum Products — 1.2%
	787,004	World Fuel Services Corp.					29,929,762
Retail - Restaurants — 0.4%
	662,652	Arcos Dorados Holdings, Inc. - Class A					9,793,997
Semiconductor Components/Integrated Circuits — 1.8%
	6,364,479	Atmel Corp.*					42,642,009
Semiconductor Equipment — 3.0%
	835,965	ASML Holding N.V. (U.S. Shares)**					42,985,320
	618,442	KLA-Tencor Corp.					30,458,269
							73,443,589
Telecommunication Equipment - Fiber Optics — 0.5%
	908,159	Corning, Inc.					11,742,496
Telecommunication Services — 2.1%
	1,732,641	Amdocs, Ltd. (U.S. Shares)					51,494,091
Transactional Software — 2.3%
	1,323,428	Solera Holdings, Inc.					55,306,056
Transportation - Railroad — 0.6%
	189,605	Canadian Pacific Railway, Ltd.**					13,890,462
Transportation - Services — 2.4%
	605,756	C.H. Robinson Worldwide, Inc.					35,454,899
	596,491	Expeditors International of Washington, Inc.					23,114,026
							58,568,925
Transportation - Truck — 1.3%
	588,020	Landstar System, Inc.					30,412,394
Vitamins and Nutrition Products — 1.0%
	296,990	Mead Johnson Nutrition Co.					23,910,665
Wireless Equipment — 5.5%
	1,925,285	Crown Castle International Corp.*					112,937,218
	435,535	Motorola Solutions, Inc.					20,953,589
							133,890,807
Total Common Stock  (cost $1,737,419,842)							2,330,557,480
Money Market — 3.5%
	84,662,263	Janus Cash Liquidity Fund LLC, 0%    (cost  $84,662,263)					84,662,263
Total Investments (total cost $1,822,082,105) – 100%						$	2,415,219,743
Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country			Value		% of Investment Securities
Bermuda			$	75,185,641	3.1%
Canada				110,962,542	4.6%
Guernsey				51,494,091	2.1%
Ireland				30,428,637	1.3%
Netherlands				139,516,911	5.8%
Singapore				16,687,182	0.7%
Switzerland				48,937,623	2.0%
United Kingdom				22,548,709	0.9%
United States††				1,909,664,410	79.1%
Virgin Islands (British)				9,793,997	0.4%
Total			$	2,415,219,743	100.0%

†† Includes Cash Equivalents (75.6% excluding Cash Equivalents).

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC: Canadian Dollar 7/19/12	13,100,000	$12,866,086	$(107,132)
Euro 7/19/12	7,500,000	9,491,059	(43,084)
HSBC Securities (USA), Inc.: Euro 7/12/12	7,400,000	9,363,928	(58,576)
JPMorgan Chase & Co.: Euro 8/2/12	7,550,000	9,555,583	(122,991)
Total		$41,276,656	$(331,783)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts. forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

∞ Schedule of Fair Valued Securities (as of June 30, 2012)

	Value	Value as a % of Total Investments
Janus Enterprise Fund Workday, Inc. - Private Placement	$ 7,191,561	0.3%

Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

§ Schedule of Restricted and Illiquid Securities (as of June 30, 2012)

				Value as a % of
	Acquisition	Acquisition		Investment
	Date	Cost	Value	Securities
Janus Enterprise Fund Workday, Inc. - Private Placement	10/13/11	$ 7,191,561	$ 7,191,561	0.3%

The Fund has registration rights for certain restricted securities held as of June 30, 2012. The issuer incurs all registration costs.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs(a)	Level 3 - Significant Unobservable Inputs
Investments in Securities:
Common Stock
Airlines	$ -	$ 30,428,637	$ -
Distribution/Wholesale	47,964,303	61,842,909	-
Media	-	-	7,191,561
All Other	2,183,130,070	-	-
Money Market	-	84,662,263	-
Total Investment in Securities	$ 2,231,094,373	$ 176,933,809	$ 7,191,561
Other Financial Instruments(b)	$ -	$ (331,783)	$ -

(a) Includes fair value factors. 

(b)Other financial instruments includes futures, forward currency, written option, 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. 

Level 3 Valuation Reconciliation of Assets

(for the period ended June 30, 2012)

	Balance as of September 30, 2011	Accrued Discounts/ Premiums	Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities: Common Stock
Media	$-	$ -	$ -	$   -	$7,191,561	$ -	$ -	$ 7,191,561

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Enterprise Fund	$ 302,080,891

Janus Forty Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 99.9%
Apparel Manufacturers — 1.0%
	5,656,200	Prada SpA	$38,440,956
Applications Software — 4.1%
	4,881,029	Microsoft Corp.	149,310,677
Athletic Footwear — 1.6%
	671,020	NIKE, Inc. - Class B	58,902,136
Automotive - Cars and Light Trucks — 1.4%
	5,255,534	Ford Motor Co.	50,400,571
Beverages - Wine and Spirits — 1.2%
	402,090	Pernod-Ricard S.A.	43,007,193
Brewery — 0%
	1,528,861	Anheuser-Busch InBev N.V. - VVPR Strip*	1,935
Casino Hotels — 1.9%
	6,387,058	MGM Resorts International*	71,279,567
Commercial Banks — 1.9%
	3,249,540	Standard Chartered PLC	70,831,393
Commercial Services — 2.2%
	2,410,800	Iron Mountain, Inc.	79,459,968
Commercial Services - Finance — 1.1%
	95,640	MasterCard, Inc. - Class A	41,135,720
Computers — 12.0%
	750,608	Apple, Inc.*	438,355,072
Computers - Memory Devices — 4.3%
	6,113,799	EMC Corp.*	156,696,668
E-Commerce/Products — 10.4%
	157,770	Amazon.com, Inc.*	36,026,779
	8,206,293	eBay, Inc.*	344,746,369
			380,773,148
Electronic Components - Miscellaneous — 2.2%
	2,492,265	TE Connectivity, Ltd. (U.S. Shares)	79,528,176
Electronic Connectors — 1.5%
	966,815	Amphenol Corp. - Class A	53,097,480
Enterprise Software/Services — 2.7%
	3,323,616	Oracle Corp.	98,711,395
Industrial Automation and Robotics — 5.5%
	1,227,400	FANUC Corp.	201,696,284
Internet Content - Entertainment — 0.5%
	3,247,461	Zynga, Inc. - Class A*	17,666,188
Internet Media — 0.6%
	709,382	Facebook, Inc. - Class A*	22,075,968
Life and Health Insurance — 4.0%
	20,257,000	AIA Group, Ltd.	69,847,296
	6,694,375	Prudential PLC	77,551,223
			147,398,519
Medical - Biomedical and Genetic — 8.0%
	3,528,103	Celgene Corp.*	226,363,089
	1,162,096	Vertex Pharmaceuticals, Inc.*	64,984,408
			291,347,497
Medical Instruments — 1.6%
	103,730	Intuitive Surgical, Inc.*	57,444,637
Metal - Diversified — 1.5%
	5,738,535	Ivanhoe Mines, Ltd. (U.S. Shares)*	55,549,019
Metal Processors and Fabricators — 0.8%
	168,185	Precision Castparts Corp.	27,664,751
Multimedia — 5.4%
	8,782,858	News Corp. - Class A	195,769,905
Pharmacy Services — 6.5%
	4,252,945	Express Scripts Holding Co.*	237,441,919
Retail - Apparel and Shoe — 4.6%
	3,946,661	Limited Brands, Inc.	167,851,492
Retail - Jewelry — 2.2%
	1,492,142	Cie Financiere Richemont S.A.	81,919,756
Transportation - Services — 5.6%
	1,247,294	C.H. Robinson Worldwide, Inc.	73,004,118
	1,683,139	United Parcel Service, Inc. - Class B	132,564,028
			205,568,146
Wireless Equipment — 3.6%
	2,239,234	Crown Castle International Corp.*	131,353,466
Total Common Stock  (cost $2,639,767,023)			3,650,679,602
Right — 0.1%
Metal - Diversified — 0.1%
	5,738,535	Ivanhoe Mines, Ltd.* (cost  $0)	5,290,929
Total Investments (total cost $2,639,767,023) – 100%			$3,655,970,531

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Belgium	$	1,935	0.0%
Canada		60,839,948	1.7%
France		43,007,193	1.2%
Hong Kong		69,847,296	1.9%
Italy		38,440,956	1.0%
Japan		201,696,284	5.5%
Switzerland		161,447,932	4.4%
United Kingdom		148,382,616	4.1%
United States		2,932,306,371	80.2%
Total	$	3,655,970,531	100.0%

Notes to Schedule of Investments (unaudited)

PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
VVPR Strip	The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable.
*	Non-income producing security.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information. 

Valuation Inputs Summary (as of June 30, 2012)		Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers	$	—	$	38,440,956	$	—
Beverages - Wine and Spirits		—		43,007,193		—
Commercial Banks		—		70,831,393		—
Industrial Automation and Robotics		—		201,696,284		—
Life and Health Insurance		—		147,398,519		—
Retail – Jewelry		—		81,919,756		—
All Other		3,067,385,501		—		—
Right
Metal - Diversified		5,290,929		—		—
Total Investments in Securities	$	3,072,676,430	$	583,294,101	$	—
(a) Includes fair value factors.

Janus Fund

Schedule of Investments (unaudited)

Shares or Contract Amounts				Value
Common Stock — 95.3%
Apparel Manufacturers — 1.2%
		307,520	Coach, Inc.	$17,983,770
		11,235,100	Prada SpA**	76,356,562
				94,340,332
Applications Software — 1.4%
		790,650	Intuit, Inc.	46,925,077
		2,114,505	Microsoft Corp.	64,682,708
				111,607,785
Athletic Footwear — 1.2%
		1,085,808	NIKE, Inc. - Class B	95,312,226
Beverages - Wine and Spirits — 1.5%
		1,108,195	Pernod-Ricard S.A.**	118,531,563
Brewery — 3.2%
		1,978,407	Anheuser-Busch InBev N.V.**	153,781,872
		2,435,970	SABMiller PLC**	97,830,803
				251,612,675
Cable/Satellite Television — 1.7%
		1,605,130	Time Warner Cable, Inc.	131,781,173
Commercial Banks — 1.1%
		2,586,100	Banco do Brasil S.A.	25,150,151
		2,647,189	Standard Chartered PLC**	57,701,731
				82,851,882
Commercial Services - Finance — 0.7%
		119,290	MasterCard, Inc. - Class A	51,307,822
Computer Aided Design — 1.4%
		409,829	ANSYS, Inc.*	25,864,308
		2,423,380	Autodesk, Inc.*	84,794,066
				110,658,374
Computers — 9.2%
		1,231,648	Apple, Inc.*	719,282,432
Computers - Integrated Systems — 0.3%
		371,085	Teradata Corp.*	26,721,831
Computers - Memory Devices — 1.2%
		3,682,395	EMC Corp.*	94,379,784
Consulting Services — 0.6%
		930,550	Verisk Analytics, Inc. - Class A*	45,838,893
Containers - Metal and Glass — 1.9%
		3,638,415	Ball Corp. **	149,356,936
Cosmetics and Toiletries — 1.2%
		861,901	Colgate-Palmolive Co.	89,723,894
Dialysis Centers — 0%
		385	DaVita, Inc.*	37,811
Distribution/Wholesale — 0.9%
		674,841	Fastenal Co.	27,202,841
		214,170	W.W. Grainger, Inc.	40,957,871
				68,160,712
Diversified Operations — 2.3%
		2,365,945	Danaher Corp.	123,218,416
		1,004,491	Tyco International, Ltd. (U.S. Shares) **	53,087,349
				176,305,765
E-Commerce/Products — 4.5%
		463,275	Amazon.com, Inc.*	105,788,846
		5,771,007	eBay, Inc.*	242,440,004
				348,228,850
Electronic Components - Miscellaneous — 1.6%
		4,012,823	TE Connectivity, Ltd. (U.S. Shares) **	128,049,182
Electronic Components – Semiconductors — 0.9%
		10,210,436	ON Semiconductor Corp.*	72,494,096
Electronic Connectors — 1.1%
		1,581,064	Amphenol Corp. - Class A	86,832,035
Enterprise Software/Services — 2.6%
		6,938,216	Oracle Corp.	206,065,015
Food - Retail — 0.1%
		104,660	Whole Foods Market, Inc.	9,976,191
Industrial Automation and Robotics — 1.4%
		641,800	FANUC Corp.**	105,465,761
Industrial Gases — 1.6%
		1,178,150	Praxair, Inc.	128,100,250
Instruments - Controls — 1.3%
		3,716,949	Sensata Technologies Holding N.V.*,**	99,539,894
Internet Content - Entertainment — 0.5%
		6,883,498	Zynga, Inc. - Class A*	37,446,229
Internet Content - Information/News — 0.2%
		163,820	LinkedIn Corp. - Class A*	17,409,151
Internet Media — 0.5%
		1,138,450	Facebook, Inc. - Class A*	35,428,564
Investment Management and Advisory Services — 1.0%
		1,217,606	T. Rowe Price Group, Inc.	76,660,474
Life and Health Insurance — 1.1%
		7,275,647	Prudential PLC**	84,284,989
Medical - Biomedical and Genetic — 4.4%
		2,514,187	Celgene Corp.*	161,310,238
		1,424,690	Gilead Sciences, Inc.*	73,058,103
		210	Regeneron Pharmaceuticals, Inc.*	23,986
		1,994,279	Vertex Pharmaceuticals, Inc.*	111,520,082
				345,912,409
Medical - Drugs — 1.5%
		445,470	Shire PLC (ADR) **	38,484,153
		1,686,867	Valeant Pharmaceuticals International, Inc.	75,554,773
				114,038,926
Medical - Generic Drugs — 2.1%
		1,419,254	Perrigo Co.	167,372,624
Medical - HMO — 0.4%
		898,970	Aetna, Inc.	34,853,067
Medical - Wholesale Drug Distributors — 0.9%
		1,772,865	AmerisourceBergen Corp.	69,762,238
Medical Products — 2.6%
		2,878,180	Covidien PLC (U.S. Shares)**	153,982,630
		841,620	Varian Medical Systems, Inc.*	51,145,247
				205,127,877
Metal Processors and Fabricators — 2.7%
		1,258,460	Precision Castparts Corp.	207,004,085
Multimedia — 0.7%
		1,161,385	Walt Disney Co.	56,327,173
Oil - Field Services — 0.3%
		368,480	Schlumberger, Ltd. (U.S. Shares)	23,918,037
Oil and Gas Drilling — 0.8%
		1,341,910	Helmerich & Payne, Inc.	58,346,247
Oil Companies - Exploration and Production — 2.1%
		494,181	EOG Resources, Inc.	44,530,650
		710,370	Noble Energy, Inc.	60,253,583
		469,007	Occidental Petroleum Corp.	40,226,730
		5,823,000	OGX Petroleo e Gas Participacoes S.A.*	15,947,864
				160,958,827
Oil Companies - Integrated — 0.4%
		1,587,305	Petroleo Brasileiro S.A. (ADR)	29,793,715
Oil Field Machinery and Equipment — 1.1%
		1,415,594	Dresser-Rand Group, Inc.*	63,050,557
		336,246	National Oilwell Varco, Inc.	21,667,692
				84,718,249
Pharmacy Services — 1.8%
		2,515,370	Express Scripts Holding Co.*	140,433,107
Pipelines — 2.4%
		3,700,764	Enterprise Products Partners L.P.	189,627,147
REIT - Health Care — 0.2%
		300,982	Ventas, Inc.	18,997,984
Retail - Apparel and Shoe — 2.7%
		4,888,400	Limited Brands, Inc.	207,903,652
Retail - Auto Parts — 1.3%
		280,975	AutoZone, Inc.*	103,165,591
Retail - Discount — 2.9%
		2,388,830	Costco Wholesale Corp.	226,938,850
Retail - Major Department Stores — 2.7%
		2,579,905	J.C. Penney Co., Inc.*	60,137,586
		2,963,495	Nordstrom, Inc.	147,256,066
				207,393,652
Retail - Restaurants — 0.6%
		545	McDonald's Corp.	48,249
		838,520	Starbucks Corp.	44,709,886
				44,758,135
Semiconductor Components/Integrated Circuits — 1.5%
		7,162,694	Atmel Corp.*	47,990,050
		26,214,539	Taiwan Semiconductor Manufacturing Co., Ltd.	71,788,750
				119,778,800
Soap and Cleaning Preparations — 0.9%
		1,257,865	Reckitt Benckiser Group PLC**	66,331,369
Telecommunication Services — 1.0%
		2,527,240	Amdocs, Ltd. (U.S. Shares)**	75,109,573
Television — 1.7%
		4,125,520	CBS Corp. - Class B	135,234,546
Tobacco — 1.0%
		910,335	Philip Morris International, Inc.	79,435,832
Toys — 1.5%
		3,548,998	Mattel, Inc.	115,129,495
Transportation - Railroad — 1.1%
		769,960	Canadian Pacific Railway, Ltd.	56,407,270
		245,775	Union Pacific Corp.	29,323,415
				85,730,685
Transportation - Services — 0.6%
		840,595	C.H. Robinson Worldwide, Inc.	49,200,025
Wireless Equipment — 2.0%
		1,430,922	Crown Castle International Corp.*,**	83,937,884
		1,417,625	Motorola Solutions, Inc.	68,201,939
				152,139,823
Total Common Stock  (cost $6,028,886,337)				7,429,234,311
Purchased Options - Calls — 0.2%
		37,300	Microsoft Corp. expires January 2013 exercise price $30.00	9,158,814
		2,600	Microsoft Corp. (LEAPS) expires January 2013 exercise price $30.00	638,416
		10,980	Valeant Pharmaceuticals International, Inc. expires January 2013 exercise price $52.50	3,824,974
Total Purchased Options - Calls (premiums paid $15,653,507)				13,622,204
Purchased Option - Put — 0.1%
	3,890		S&P 500® Index expires September 2012 exercise price $1,250.00 (premiums paid $14,449,870)	6,392,232
Money Market — 4.4%
		344,264,447	Janus Cash Liquidity Fund LLC, 0%    (cost  $344,264,447)	344,264,447
Total Investments (total cost $6,403,254,161) – 100%				$7,793,513,194

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Belgium	$	153,781,872	2.0%
Brazil		70,891,730	0.9%
Canada		131,962,043	1.7%
Curacao		23,918,037	0.3%
France		118,531,563	1.5%
Guernsey		75,109,573	1.0%
Ireland		153,982,630	2.0%
Italy		76,356,562	1.0%
Japan		105,465,761	1.3%
Jersey		38,484,153	0.5%
Netherlands		99,539,894	1.3%
Switzerland		181,136,531	2.3%
Taiwan		71,788,750	0.9%
United Kingdom		306,148,892	3.9%
United States††		6,186,415,203	79.4%
Total	$	7,793,513,194	100.0%

†† Includes Cash Equivalents (75.0% excluding Cash Equivalents).

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/ Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC:
British Pound 7/19/12	35,460,000	$55,524,271	$6,444
Euro 7/19/12	33,140,000	41,937,827	(190,374)
Japanese Yen 7/19/12	2,172,000,000	27,184,516	332,841
		124,646,614	148,911
HSBC Securities (USA), Inc.:
British Pound 7/12/12	38,859,000	60,847,757	32,829
Euro 7/12/12	35,060,000	44,364,772	(277,523)
Japanese Yen 7/12/12	1,921,000,000	24,040,187	140,976
		129,252,716	(103,718)
JPMorgan Chase & Co.:
British Pound 8/2/12	32,900,000	51,513,624	(335,041)
Euro 8/2/12	38,700,000	48,980,274	(630,429)
Japanese Yen 8/2/12	1,030,000,000	12,894,311	44,087
		113,388,209	(921,383)
RBC Capital Markets Corp.:
British Pound 7/26/12	54,400,000	85,179,330	(722,529)
Euro 7/26/12	45,000,000	56,949,904	(526,438)
Japanese Yen 7/26/12	2,440,000,000	30,542,381	158,711
		172,671,615	(1,090,256)
Total		$539,959,154	$(1,966,446)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
LEAPS	Long-Term Equity Anticipation Securities
PLC	Public Limited Company
REIT	Real Estate Investment Trust
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this holding 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 following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs(a)	Level 3 - Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers	$17,983,770	$76,356,562	$-
Beverages - Wine and Spirits	-	118,531,563	-
Brewery	-	251,612,675	-
Commercial Banks	25,150,151	57,701,731	-
Industrial Automation and Robotics	-	105,465,761	-
Life and Health Insurance	-	84,284,989	-
Medical - Drugs	75,554,773	38,484,153	-
Oil Companies - Integrated	-	29,793,715	-
Semiconductor Components/Integrated Circuits	47,990,050	71,788,750	-
Soap and Cleaning Preparations	-	66,331,369	-
All Others	6,362,204,299	-	-
Money Market	-	344,264,447	-
Total Investments in Securities	$6,528,883,043	$1,244,615,715	$-
Investment in Purchased Options	$-	$20,014,436	$-
Other Financial Instruments(b):	$-	$(1,966,446)	$-

^(a)Includes fair value factors.

^(b)Other financial instruments include futures, forward currency, written option, 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.

Level 3 Valuation Reconciliation of Assets (for the period ended June 30, 2012)

	Balance as of September 30, 2011	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Preferred Stock	$ 34,973,461	$ -	$ -	$  -	$  -	$  (34,973,461)	$ -

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Fund	$ 1,412,845,454

Janus Global Life Sciences Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 98.4%
Diagnostic Equipment — 0.5%
	45,805	Gen-Probe, Inc.*	$  3,765,171
Diagnostic Kits — 0.8%
	381,552	Quidel Corp.*	5,982,735
Dialysis Centers — 2.0%
	155,408	DaVita, Inc.*	15,262,620
Heart Monitors — 1.8%
	150,856	HeartWare International, Inc.*	13,396,013
Instruments - Controls — 0.8%
	39,405	Mettler-Toledo International, Inc.*	6,141,269
Instruments - Scientific — 1.4%
	202,582	Thermo Fisher Scientific, Inc.	10,516,032
Life and Health Insurance — 1.0%
	1,506,900	Odontoprev S.A.	7,653,809
Medical - Biomedical and Genetic — 21.6%
	190,574	Alexion Pharmaceuticals, Inc.*	18,923,998
	134,600	Amylin Pharmaceuticals, Inc.*	3,799,758
	586,765	Ariad Pharmaceuticals, Inc.*	10,098,226
	95,700	Biogen Idec, Inc.*	13,817,166
	454,708	Celgene Corp.*	29,174,065
	847,690	Chelsea Therapeutics International, Ltd.*	1,254,581
	1,271,821	Fibrogen, Inc. - Private Placementºº,§	5,786,786
	448,272	Gilead Sciences, Inc.*,**	22,987,388
	553,107	Incyte Corp., Ltd.*	12,555,529
	378,355	InterMune, Inc.*	4,521,342
	174,205	Life Technologies Corp.*	7,837,483
	17,124	Puma Biotechnology, Inc.*	192,645
	100,002	Regeneron Pharmaceuticals, Inc.*	11,422,229
	353,690	Seattle Genetics, Inc.*	8,980,189
	214,745	Vertex Pharmaceuticals, Inc.*	12,008,540
			163,359,925
Medical - Drugs — 26.7%
	175,095	Abbott Laboratories	11,288,375
	805,157	Achillion Pharmaceuticals, Inc.*	4,991,973
	476,510	Alkermes PLC*,**	8,086,375
	143,245	Allergan, Inc.	13,260,190
	1,899,957	Aurobindo Pharma, Ltd.	3,776,525
	223,528	Bristol-Myers Squibb Co.	8,035,832
	311,580	Endo Health Solutions, Inc.*	9,652,748
	239,989	Forest Laboratories, Inc.*	8,397,215
	533,624	Ironwood Pharmaceuticals, Inc.*	7,353,339
	280,260	Jazz Pharmaceuticals PLC*,**	12,614,503
	143,715	Medivation, Inc.*	13,135,551
	272,100	Mitsubishi Tanabe Pharma Corp.**	3,910,508
	137,149	Novartis A.G.**	7,652,986
	54,148	Novo Nordisk A/S - Class B	7,835,249
	427,539	Pfizer, Inc.	9,833,397
	64,188	Roche Holding A.G.**	11,084,697
	224,405	Salix Pharmaceuticals, Ltd.*	12,216,608
	152,406	Sanofi**	11,555,235
	183,421	Shire PLC (ADR)	15,845,740
	483,129	Valeant Pharmaceuticals International, Inc.	21,639,348
			202,166,394
Medical - Generic Drugs — 7.8%
	452,622	Impax Laboratories, Inc.*	9,174,648
	8,364,183	Mediquest Therapeutics - Private Placementºº,§,£	8
	924,500	Mylan, Inc.*	19,756,565
	341,519	Pharmstandard OJSC (GDR)	4,872,131
	277,961	Teva Pharmaceutical Industries, Ltd. (ADR)	10,962,782
	186,165	Watson Pharmaceuticals, Inc.*	13,774,348
			58,540,482
Medical - HMO — 5.8%
	569,210	Aetna, Inc.	22,068,272
	183,135	Humana, Inc.	14,181,974
	133,786	UnitedHealth Group, Inc.	7,826,481
			44,076,727
Medical - Hospitals — 0.7%
	1,739,093	NMC Health PLC	5,207,138
Medical - Wholesale Drug Distributors — 2.6%
	377,125	AmerisourceBergen Corp.	14,839,869
	1,589,200	Sinopharm Group Co., Ltd.	4,400,512
			19,240,381
Medical Information Systems — 1.1%
	100,666	athenahealth, Inc.*	7,969,727
Medical Instruments — 2.5%
	116,843	GMP Cos., Inc. - Private Placementºº,§,£	0
	659,604	Lifesync Holdings, Inc. - Private Placementºº,§,£	1
	285,010	St. Jude Medical, Inc.	11,374,749
	259,335	Volcano Corp.*	7,429,948
			18,804,698
Medical Products — 7.2%
	247,377	Covidien PLC (U.S. Shares)**	13,234,669
	137,150	Henry Schein, Inc.*	10,764,903
	405,040	PSS World Medical, Inc.*	8,501,790
	186,087	Stryker Corp.	10,253,394
	188,975	Varian Medical Systems, Inc.*	11,484,011
			54,238,767
Patient Monitoring Equipment — 1.0%
	343,312	Masimo Corp.	7,683,323
Pharmacy Services — 6.9%
	752,600	Brazil Pharma S.A.	4,028,708
	567,052	Express Scripts Holding Co.*	31,658,513
	536,575	Omnicare, Inc.	16,757,237
			52,444,458
Physical Practice Management — 0.9%
	99,878	MEDNAX, Inc.*	6,845,638
Retail - Drug Store — 0.7%
	549,100	RAIA Drogasil S.A.	5,536,936
Soap and Cleaning Preparations — 0.9%
	133,411	Reckitt Benckiser Group PLC	7,035,202
Therapeutics — 3.7%
	471,910	BioMarin Pharmaceutical, Inc.*	18,678,198
	75,520	Pharmacyclics, Inc.*	4,124,147
	129,515	Synageva BioPharma Corp.*	5,253,128
			28,055,473
Total Common Stock  (cost $609,964,766)			743,922,918
Preferred Stock — 0.5%
Medical - Biomedical and Genetic — 0%
	5,192,551	Mediquest Therapeutics - Private Placement, (Series A-1), 0%ºº,§	5
Therapeutics — 0.5%
	2,919,304	Portola Pharmaceuticals, Inc. - Private Placement, 0%ºº,§	4,130,815
Total Preferred Stock  (cost $7,265,869)			4,130,820
Warrant — 0%
Medical - Generic Drugs — 0%
	803,980	Mediquest Therapeutics - expires 10/12/12ºº,§ (cost $94,066)	1
Money Market — 1.1%
	8,307,254	Janus Cash Liquidity Fund LLC, 0%    (cost  $8,307,254)	8,307,254
Total Investments (total cost $625,631,955) – 100%			$  756,360,993

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Brazil	$	17,219,453	2.3%
Canada		21,639,348	2.9%
China		4,400,512	0.6%
Denmark		7,835,249	1.0%
France		11,555,235	1.5%
India		3,776,525	0.5%
Ireland		33,935,547	4.5%
Israel		10,962,782	1.5%
Japan		3,910,508	0.5%
Jersey		15,845,740	2.1%
Russia		4,872,131	0.6%
Switzerland		18,737,683	2.5%
United Kingdom		12,242,340	1.6%
United States††		589,427,940	77.9%
Total	$	756,360,993	100.0%

†† Includes Cash Equivalents (76.8% excluding Cash Equivalents).

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/ Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC:
Euro 7/19/12	940,000	$   1,189,546	$   (5,400)
Japanese Yen 7/19/12	90,700,000	1,135,191	13,168
Swiss Franc 7/19/12	4,400,000	4,639,466	(20,043)
		6,964,203	(12,275)
HSBC Securities (USA), Inc.:
Euro 7/12/12	1,573,000	1,990,467	(12,451)
Japanese Yen 7/12/12	95,900,000	1,200,132	7,038
Swiss Franc 7/12/12	4,075,000	4,295,956	(26,079)
		7,486,555	(31,492)
JPMorgan Chase & Co.: Japanese Yen 8/2/12	95,800,000	1,199,296	4,101
RBC Capital Markets Corp.: Euro 7/26/12	1,730,000	2,189,408	(17,756)
Total		$  17,839,462	$   (57,422)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
GDR PLC	Global Depositary Receipt Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

ºº Schedule of Fair Valued Securities (as of June 30, 2012)

	Value	Value as a % of Investment Securities
Janus Global Life Sciences Fund Fibrogen, Inc. - Private Placement	$ 5,786,786	0.8%
GMP Cos., Inc. – Private Placement	0	0.0%
Lifesync Holdings, Inc. – Private Placement	1	0.0%
Mediquest Therapeutics, Inc. – expires 10/12/12	1	0.0%
Mediquest Therapeutics, Inc. – Private Placement	8	0.0%
Mediquest Therapeutics, Inc. – Private Placement (Series A-1), 0%	5	0.0%
Portola Pharmaceuticals, Inc. – Private Placement, 0%	4,130,815	0.5%
	$9,917,616	1.3%

Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted as to resale and may not have a readily available market.

§ Schedule of Restricted and Illiquid Securities (as of June 30, 2012)

				Value as a % of
	Acquisition	Acquisition		Investment
	Date	Cost	Value	Securities
Janus Global Life Sciences Fund Fibrogen, Inc. - Private Placement	12/28/04-11/8/05	$ 5,786,786	$ 5,786,786	0.8%
GMP Cos., Inc. - Private Placement	3/9/09	883,256	0	0.0%
Lifesync Holdings, Inc. - Private Placement	3/9/09	4,986,172	1	0.0%
Mediquest Therapeutics, Inc. - expires 10/12/12	10/12/07-5/8/08	94,066	1	0.0%
Mediquest Therapeutics, Inc. - Private Placement	5/11/06-6/15/06	5,018,510	8	0.0%
Mediquest Therapeutics, Inc. - Private Placement  (Series A-1), 0%	3/31/09	3,135,054	5	0.0%
Portola Pharmaceuticals, Inc. - Private Placement, 0%	7/3/08	4,130,815	4,130,815	0.5%
		$ 24,034,659	$9,917,616	1.3%

The Fund has registration rights for certain restricted securities held as of June 30, 2012. The issuer incurs all registration costs.

£ The Investment Company Act of 1940, as amended, defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended June 30, 2012.

	Purchases		Sales
	Shares	Cost	Shares	Cost	Realized Gain/(Loss)	Dividend  Income	Value   at 6/30/12
Janus Global Life Sciences Fund
GMP Cos., Inc. - Private Placement§	-	$                -	-	$             -	$             -	$            -	$                0
Lifesync Holdings, Inc. - Private Placement§	-	-	-	-	-	-	1
Mediquest Therapeutics, Inc. - Private Placement§	-	-	-	-	-	-	8
		$                -		$             -	$            -	$             -	$                9

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as

of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1       Quoted - Prices	Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Medical – Biomedical and Genetic	$ 157,573,139	$                  -	$ 5,786,786
Medical – Drugs	140,505,454	61,660,940	-
Medical – Generic Drugs	42,705,561	15,834,913	8
Medical – Hospitals	-	5,207,138	-
Medical – Wholesale Drug Distributors	14,839,869	4,400,512	-
Medical Instruments	18,804,697	-	1
Soap and Cleaning Preparations	-	7,035,202	-
All Other	269,568,698	-	-
Preferred Stock	-	-	4,130,820
Warrant	-	-	1
Money Market	-	8,307,254	-
Total Investments in Securities	$ 643,997,418	$ 102,445,959	$ 9,917,616
Other Financial Instruments(b)	$                    -	$        (57,422)	$                -
(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Level 3 Valuation Reconciliation of Assets (for the period ended June 30, 2012)

	Balance as of September 30, 2011	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Common Stock
Medical – Biomedical and Genetic	5,786,786	-	-	-	-	-	5,786,786
Medical – Generic Drugs	2,509,255	-	(2,509,247)	-	-	-	8
Medical Instruments	-	-	1	-	-	-	1
Preferred Stock	6,403,810	-	(2,272,990)	-	-	-	4,130,820
Warrant	1	-	-	-	-	-	1

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Global Life Sciences Fund	$ 74,548,973

Janus Global Market Neutral Fund

Schedule of Investments (unaudited)

Shares/Principal/Contract Amounts				Value
Common Stock — 118.5%
Aerospace and Defense — 1.8%
	5,736	General Dynamics Corp.**	$	378,347
Applications Software — 3.6%
	25,051	Microsoft Corp.**		766,310
Audio and Video Products — 1.4%
	21,330	Sony Corp. (ADR)		303,739
Automotive - Truck Parts and Equipment - Original — 2.4%
	12,361	Valeo S.A.**		512,091
Brewery — 0.9%
	2,551	Anheuser-Busch InBev N.V.**		198,290
	342,142	Anheuser-Busch InBev N.V. - VVPR Strip*,**		433
				198,723
Building - Heavy Construction — 1.0%
	9,552	ACS Actividades de Construccion y Servicios S.A. **		204,738
Building and Construction - Miscellaneous — 1.9%
	12,275	Koninklijke Boskalis Westminster N.V. **		405,021
Casino Services — 1.0%
	4,300	Sankyo Co., Ltd.		209,837
Chemicals - Diversified — 0.5%
	2,595	Rockwood Holdings, Inc.*		115,088
Commercial Banks — 0.7%
	14,173	Sberbank of Russia (ADR)		154,166
Commercial Services - Finance — 4.8%
	60,168	Western Union Co.**		1,013,229
Containers - Paper and Plastic — 1.8%
	25,184	Sealed Air Corp.		388,841
Diversified Banking Institutions — 0.5%
	38,660	Barclays PLC **		98,946
Diversified Minerals — 2.0%
	6,342	BHP Billiton, Ltd. (ADR)**		414,133
Diversified Operations — 1.4%
	8,225	Exor SpA **		177,096
	18,016	Orkla A.S.A.		130,833
				307,929
Electric – Transmission — 1.0%
	6,174	Brookfield Infrastructure Partners L.P.		207,261
Electronic Components - Miscellaneous — 5.9%
	25,933	Gentex Corp. **		541,222
	7,043	Koninklijke Philips Electronics N.V.**		139,243
	17,805	TE Connectivity, Ltd. (U.S. Shares) **		568,157
				1,248,622
Electronic Components – Semiconductors — 0.7%
	4,274	Avago Technologies, Ltd.		153,437
Engineering - Research and Development Services — 1.1%
	42,000	Sanki Engineering Co., Ltd.		229,472
Enterprise Software/Services — 3.7%
	26,274	Oracle Corp.**		780,338
Finance - Other Services — 2.3%
	1,390	CME Group, Inc.**		372,673
	1,996	Deutsche Boerse A.G. **		107,711
				480,384
Food - Retail — 2.8%
	123,371	Tesco PLC**		599,593
Instruments - Scientific — 1.2%
	4,720	Thermo Fisher Scientific, Inc.		245,015
Leisure & Recreation Products — 0.4%
	19,300	Sansei Yusoki Co., Ltd.		92,510
Life and Health Insurance — 1.6%
	8,033	AFLAC, Inc.		342,125
Material Handling Machine Manufacturing — 2.0%
	9,020	Cascade Corp.		424,391
Medical - Drugs — 4.1%
	7,832	GlaxoSmithKline PLC (ADR)**		356,904
	9,067	Novartis A.G. (ADR)**		506,846
				863,750
Medical - Generic Drugs — 4.5%
	23,928	Teva Pharmaceutical Industries, Ltd. (ADR)**		943,720
Medical - HMO — 4.4%
	16,062	Aetna, Inc.**		622,724
	3,970	Humana, Inc.		307,437
				930,161
Medical - Wholesale Drug Distributors — 3.5%
	18,752	AmerisourceBergen Corp.**		737,891
Medical Instruments — 1.6%
	8,700	As One Corp.		173,960
	5,100	Fukuda Denshi Co., Ltd.		160,270
				334,230
Medical Products — 2.0%
	7,751	Covidien PLC (U.S. Shares)**		414,678
Networking Products — 3.3%
	40,565	Cisco Systems, Inc.**		696,501
Non-Hazardous Waste Disposal — 0.9%
	10,650	Covanta Holding Corp.		182,647
Oil Companies - Exploration and Production — 3.6%
	6,290	Canadian Natural Resources, Ltd.		168,887
	2,490	Occidental Petroleum Corp.		213,567
	12,025	Southwestern Energy Co.*,**		383,958
				766,412
Oil Companies - Integrated — 6.1%
	10,234	Royal Dutch Shell PLC (ADR)**		690,078
	13,254	Total S.A.**		598,045
				1,288,123
Property and Casualty Insurance — 1.0%
	30,353	Hiscox, Ltd.		203,296
Protection - Safety — 0.9%
	6,600	Secom Joshinetsu Co., Ltd.		187,357
REIT - Mortgage — 0.5%
	3,285	American Capital Agency Corp.		110,409
Retail - Apparel and Shoe — 1.6%
	100,000	Esprit Holdings, Ltd.		129,305
	6,810	Guess?, Inc.		206,820
				336,125
Semiconductor Components/Integrated Circuits — 2.0%
	11,160	Analog Devices, Inc.**		420,397
Semiconductor Equipment — 5.2%
	30,109	Applied Materials, Inc.**		345,049
	15,511	KLA-Tencor Corp.**		763,917
				1,108,966
Steel - Producers — 2.0%
	10,990	Nucor Corp. **		416,521
Super-Regional Banks — 1.1%
	6,945	Wells Fargo & Co.		232,241
Telecommunication Equipment - Fiber Optics — 0.9%
	14,400	Corning, Inc.		186,192
Telecommunication Services — 4.7%
	53,548	Vivendi S.A.**		995,330
Telephone - Integrated — 1.4%
	30,965	Windstream Corp.		299,122
Television — 2.6%
	17,091	CBS Corp. - Class B **		560,243
Theaters — 2.5%
	39,170	Regal Entertainment Group - Class A		538,979
Tools - Hand Held — 3.3%
	10,852	Stanley Black & Decker, Inc.**		698,435
Transportation - Railroad — 2.6%
	7,553	Canadian Pacific Railway, Ltd. **		553,333
Wireless Equipment — 3.8%
	16,695	Motorola Solutions, Inc.**		803,196
Total Common Stock  (cost $25,184,685)				25,082,541
Corporate Bond — 1.0%
Publishing - Books — 1.0%
	275,000	Cengage Learning Acquisitions, Inc 10.5000%, 1/15/15 (144A) (cost $203,736)		209,000
Exchange-Traded Fund — 1.8%
Commodity — 1.8%
	27,330	Sprott Physical Gold Trust (ETF)** (cost  $349,573)		376,881
Purchased Options - Calls — 1.1%
	275	Chesapeake Energy Corp. expires July 2012 exercise price $15.00		103,049
	190	NRG Energy, Inc. expires September 2012 exercise price $15.00		51,700
	195	U.S. Natural Gas Fund L.P. expires October 2012 exercise price $15.00		87,973
Total Purchased Options - Calls (premiums paid $131,364)				242,722
Total Investments (total cost $25,869,358) – 122.4%				25,911,144
Securities Sold Short — (22.4)%
Exchange-Traded Funds Sold Short — (22.4)%
Commodity — (2.4)%
	15,730	United States Oil Fund (ETF)		(500,529)
Emerging Market-Equity — (7.1)%
	17,620	iShares MSCI Emerging Markets Index (ETF)		(690,527)
	20,567	Vanguard MSCI Emerging Markets (ETF)		(821,652)
				(1,512,179)
Growth - Small Cap — (6.7)%
	17,700	iShares Russell 2000 Index Fund (ETF)		(1,409,805)
International Equity — (3.6)%
	29,760	SPDR S&P International Small Cap (ETF)		(768,106)
Region Fund - Asian Pacific — (2.6)%
	11,000	Vanguard MSCI Pacific (ETF)		(551,320)
Total Securities Sold Short  (proceeds $5,158,565)				(4,741,939)
Net Investments (total cost $20,710,793)  – 100%			$	21,169,205

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Australia	$	414,133	1.6%
Belgium		198,723	0.8%
Bermuda		539,862	2.1%
Canada		1,099,101	4.2%
France		2,105,466	8.1%
Germany		107,711	0.4%
Ireland		414,678	1.6%
Israel		943,720	3.7%
Italy		177,096	0.7%
Japan		1,357,145	5.2%
Netherlands		544,264	2.1%
Norway		130,833	0.5%
Russia		154,166	0.6%
Singapore		153,437	0.6%
Spain		204,738	0.8%
Switzerland		1,075,003	4.2%
United Kingdom		1,745,521	6.7%
United States		14,545,547	56.1%
Total	$	25,911,144	100.0%

Summary of Investments by Country – (Short Positions)

June 30, 2012 (unaudited)

Country	Value		% of Securities Sold Short
United States	$	(4,741,939)	100.0%
Total	$	(4,741,939)	100.0%

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/Currency Sold and Settlement Date	Currency Units Sold			Currency Value U.S. $	Unrealized Depreciation
HSBC Securities (USA), Inc.:
British Pound 7/12/12		150,000	$234,879		$(833)
Euro 7/12/12		1,690,000	2,138,519		(13,148)
Total			$2,373,398		$(13,981)

Financial Futures - Long
8 Contracts	Gold 100 OZ Future expires August 2012, principal amount $1,264,906, value $1,283,360, cumulative appreciation	$18,454
Financial Futures - Short
16 Contracts	Euro FX Currency Future expires September 2012, principal amount $2,503,244, value $2,533,600, cumulative depreciation	(30,356)
11 Contracts	Euro Stoxx 50 Future expires September 2012, principal amount $233,948, value $299,906, cumulative depreciation	(65,958)
106 Contracts	FTSE China Future expires July 2012, principal amount $813,497, value $820,970, cumulative depreciation	(7,473)
8 Contracts	Hang Seng Index Future expires July 2012, principal amount $7,562,200, value $7,597,027, cumulative depreciation	(34,827)
136 Contracts	Stoxx 600 Bank Future expires September 2012, principal amount $862,257, value $903,694, cumulative depreciation	(41,437)
$(180,051)

Schedule of Written Options – Calls		Value
	Dow Jones EURO STOXX 50 expires July 2012 10 contracts exercise price 2,150.00 EUR	(15,930)
	Dow Jones EURO STOXX 50 expires July 2012 20 contracts exercise price 2,175.00 EUR	(26,726)
	Dow Jones EURO STOXX 50 expires July 2012 19 contracts exercise price 2,200.00 EUR	(20,848)
	iShares MSCI Emerging Markets (ETF) expires July 2012 350 contracts exercise price $38.00	(57,357)
	iShares MSCI Emerging Markets (ETF) expires July 2012 100 contracts exercise price $39.50	(7,266)
	iShares Russell 2000 Index Fund (ETF) expires July 2012 260 contracts exercise price $77.00	(91,394)
	U.S. Oil Funds L.P. expires July 2012 440 contracts exercise price $30.00	(95,065)
	U.S. Oil Funds L.P. expires July 2012 250 contracts exercise price $32.00	(22,218)
	U.S. Oil Funds L.P. expires July 2012 95 contracts exercise price $35.00	(1,322)
Total Written Options - Calls (premiums received $208,458)		$(338,126)
Schedule of Written Options – Puts		Value
	Chesapeake Energy Corp. expires July 2012 275 contracts exercise price $15.00	(4,951)
	Deckers Outdoor Corp. expires September 2012 80 contracts exercise price $50.00	(61,856)
	Hess Corp. expires August 2012 100 contracts exercise price $40.00	(10,773)
	Men's Wearhouse, Inc. expires July 2012 135 contracts exercise price $30.00	(29,295)
	NetApp, Inc. expires September 2012 160 contracts exercise price $25.00	(7,712)
	NRG Energy, Inc. expires September 2012 190 contracts exercise price $14.00	(4,325)
	Skullcandy, Inc. expires September 2012 335 contracts exercise price $12.50	(29,807)
	Skullcandy, Inc. expires December 2012 220 contracts exercise price $12.50	(33,300)
	Staples, Inc. expires September 2012 315 contracts exercise price $13.00	(23,238)
	Symantec Corp. expires October 2012 275 contracts exercise price $15.00	(33,101)
	Tiffany & Co. expires November 2012 75 contracts exercise price $55.00	(39,508)
	U.S. Natural Gas Fund L.P. expires July 2012 375 contracts exercise price $15.00	(294)
	U.S. Natural Gas Fund L.P. expires July 2012 365 contracts exercise price $18.00	(7,163)
	U.S. Natural Gas Fund L.P. expires October 2012 195 contracts exercise price $14.00	(3,269)
	U.S. Natural Gas Fund L.P. expires October 2012 375 contracts exercise price $15.00	(10,085)
Total Written Options - Puts (premiums received $518,012)		$(298,677)

Total Return Swaps outstanding at June 30, 2012
Counterparty	Notional Amount	Return Paid by the Fund	Return Received by the Fund	Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co. International PLC	(1,193,333)	Morgan Stanley European Union Low-Yield Basket	FED Funds Effective minus 60 basis points	6/13/12		(28,541)
Morgan Stanley & Co. International PLC	2,224,018	FED Funds Effective plus 40 basis points	Morgan Stanley High Dividend Staples Basket	1/3/13		43,938
Morgan Stanley & Co. International PLC	699,798	FED Funds Effective plus 40 basis points	Morgan Stanley Regulated Utilities Basket	1/3/13		(4,755)
Morgan Stanley & Co. International PLC	3,293,523	FED Funds Effective plus 55 basis points	Morgan Stanley High Yield Financials Basket	1/3/13		97,999
Morgan Stanley & Co. International PLC	1,618,440	FED Funds Effective plus 60 basis points	Morgan Stanley High Yield Discretionary Basket	1/3/13		49,047
Morgan Stanley & Co. International PLC	(1,388,372)	Margin Squeeze Basket	FED Funds Effective minus 30 basis points	1/3/13		(24,816)
Morgan Stanley & Co. International PLC	(1,670,611)	Morgan Stanley Discretionary Basket	FED Funds Effective minus 40 basis points	1/3/13		(23,092)
Morgan Stanley & Co. International PLC	(2,104,301)	Morgan Stanley High Beta Cyclicals Basket	FED Funds Effective minus 40 basis points	1/3/13		(41,482)
Morgan Stanley & Co. International PLC	(2,064,547)	Morgan Stanley Low Dividend Healthcare Basket	FED Funds Effective minus 30 basis points	1/3/13		(64,378)
Morgan Stanley & Co. International PLC	(2,499,837)	Morgan Stanley Low Dividend Technology Basket	FED Funds Effective minus 55 basis points	1/3/13		(23,515)
Morgan Stanley & Co. International PLC	(1,491,140)	Morgan Stanley SDR Basket	FED Funds Effective minus 35 basis points	1/3/13		(11,240)
Morgan Stanley & Co. International PLC	(2,555,281)	Morgan Stanley Small & Mid Companies Basket	FED Funds Effective minus 35 basis points	1/3/13		(45,462)
Morgan Stanley & Co. International PLC	(2,547,699)	Morgan Stanley Valuations and Low-Yields Basket	FED Funds Effective minus 50 basis points	1/3/13		(40,525)
Morgan Stanley & Co. International PLC	972,955 EUR	Morgan Stanley Italy Dividend Basket Swap	Morgan Stanley Italy Dividend Basket	6/20/13		42,067
Morgan Stanley & Co. International PLC	896,109	FED Funds Effective plus 90 basis points	Morgan Stanley Telco CCY Yield 1 Basket	7/10/13		28,510
Morgan Stanley & Co. International PLC	1,149,455	FED Funds Effective plus 75 basis points	Morgan Stanley Asean Fundamental Basket	10/16/13		39,270
Morgan Stanley & Co. International PLC	1,732,998	FED Funds Effective minus 30 basis points	Morgan Stanley - JP Morgan Alerian MLP (ETN)	2/21/14		114,013
Total					107,038

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SPDR	Standard & Poor's Depositary Receipt
U.S. Shares	Shares of foreign companies trading on an American Stock Exchange.
VVPR Strip	The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements and/or securities with extended settlement dates.
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 period ended June 30, 2012 is indicated in the table below:

Fund	Value	Value as a % of Total Investments
Janus Global Market Neutral Fund	$209,000	1.0%

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )	Level 1 Quoted - Prices	Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock

Audio and Video Products	$	—	$	303,739		$	—
Automotive – Truck Parts and Equipment – Original		—		512,091			—
Brewery		433		198,290			—
Building – Heavy Construction		—		204,738			—
Building and Construction – Miscellaneous		—		405,021			—
Casino Services		—		209,837			—
Commercial Banks		—		154,166			—
Diversified Banking Institutions		—		98,946			—
Diversified Minerals		—		414,133			—
Diversified Operations		—		307,929			—
Electronic Components – Miscellaneous		1,109,379		139,243			—
Engineering – Research and Development Services		—		229,472			—
Finance – Other Services		372,673		107,711			—
Food – Retail		—		599,593			—
Leisure and Recreation Products		—		92,510			—
Medical – Drugs		—		863,750			—
Medical – Generic Drugs		—		943,720			—
Medical Instruments		—		334,230			—
Oil Companies – Integrated		—		1,288,123			—
Property and Casualty Insurance		—		203,296			—
Protection – Safety		—		187,357			—
Retail – Apparel and Shoe		206,820		129,305			—
Telecommunication Services		—		995,330			—
All Other		14,470,706		—			—
Corporate Bond		—		209,000			—
Exchange – Traded Fund		376,881		—			—
Total Investments in Securities	$	16,536,892	$	9,131,530	$		—
Investments in Securities Sold Short:
Exchange – Traded Funds	$	(4,741,939)	$	—	$		—
Total Investments in Securities Sold Short	$	(4,741,939)	$	—	$		—
Investments in Purchased Options:	$	—	$	242,722	$		—
Other Financial Instruments(b):	$	—	$	(622,904)	$		—

(a) Includes Fair Value Factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Global Market Neutral Fund	$       15,265,419

Janus Global Real Estate Fund

Schedule of Investments (unaudited)

Shares				Value
Common Stock — 91.3%
Building - Residential and Commercial — 0.9%
	11,100	Hajime Construction Co., Ltd.	$	321,652
	67,900	MRV Engenharia e Participacoes S.A.		314,446
				636,098
Building and Construction - Miscellaneous — 0.2%
	6,500	Multiplan Empreendimentos Imobiliarios S.A.		159,118
Casino Hotels — 0.9%
	71,975	Crown, Ltd.		628,586
Diversified Operations — 0.8%
	107,700	Wharf Holdings, Ltd.		598,785
Electric - Distribution — 1.2%
	557,021	Spark Infrastructure Group		870,671
Electric - Generation — 0%
	777,953	Indiabulls Infrastructure and Power, Ltd.ß,ºº		29,680
Forestry — 0%
	19,700	Sino-Forest Corp.*,ß,ºº		0
Hotels and Motels — 2.2%
	410,000	Overseas Union Enterprise, Ltd.		696,145
	26,590	Whitbread PLC		848,379
				1,544,524
Metal - Copper — 0.7%
	72,960	Copper Mountain Mining Corp.*		239,425
	68,420	Copper Mountain Mining Corp.		224,526
				463,951
Property Trust — 0.9%
	12,480	Sovran Self Storage, Inc.		625,123
Real Estate Management/Services — 12.3%
	681,600	AIMS AMP Capital Industrial REIT		648,038
	283,258	Atrium European Real Estate, Ltd.		1,330,394
	53,200	BR Malls Participacoes S.A.		609,302
	8,330	Castellum A.B.		100,969
	19,610	CBRE Group, Inc. - Class A*		320,820
	44,765	First Capital Realty, Inc.		807,072
	66,215	Gazit-Globe, Ltd.		649,569
	7,895	Jones Lang LaSalle, Inc.		555,571
	104,658	Kennedy-Wilson Holdings, Inc.		1,466,258
	40,400	LPS Brasil Consultoria de Imoveis S.A.		673,937
	69,000	Mitsubishi Estate Co., Ltd.		1,238,032
	197,856	Songbird Estates PLC*		341,312
				8,741,274
Real Estate Operating/Development — 21.6%
	101,400	BR Properties S.A.		1,196,684
	58,165	Brookfield Asset Management, Inc. - Class A (U.S. Shares)**		1,925,261
	975,500	CapitaLand, Ltd.		2,106,412
	130,500	Cyrela Commercial Properties S.A. Empreendimentos e Participacoes		1,559,606
	11,843	DB Realty, Ltd.*		17,356
	37,900	First Juken Co., Ltd.		346,410
	7,506	GAGFAH S.A.*		71,604
	413,630	Global Logistic Properties, Ltd.		689,266
	570,000	Hang Lung Properties, Ltd.		1,940,361
	238,500	Hopewell Holdings, Ltd.		682,298
	66,000	Hysan Development Co., Ltd.		251,046
	263,713	Indiabulls Real Estate, Ltd.		292,062
	38,000	Mitsui Fudosan Co., Ltd.		737,292
	435,800	PDG Realty S.A. Empreendimentos e Participacoes		761,706
	112,584	Phoenix Mills, Ltd.		361,257
	113,000	Shanghai Industrial Holdings, Ltd.		300,073
	1,865,500	Shui On Land, Ltd.		762,088
	43,125	St. Joe Co.*		681,806
	59,000	Sun Hung Kai Properties, Ltd.		700,135
				15,382,723
REIT - Apartments — 2.6%
	58,670	Associated Estates Realty Corp.		877,117
	23,925	Education Realty Trust, Inc.		265,089
	26,210	UDR, Inc.		677,266
				1,819,472
REIT - Diversified — 16.7%
	51,743	American Assets Trust, Inc.		1,254,768
	354,807	Charter Hall Group		828,631
	42,071	Coresite Realty Corp.		1,086,273
	11,620	Digital Realty Trust, Inc.		872,313
	30,535	DuPont Fabros Technology, Inc.		872,080
	16,635	Entertainment Properties Trust		683,865
	457,300	Fibra Uno Administracion S.A. de C.V.		941,487
	64,674	Land Securities Group PLC		749,925
	180,857	Lexington Realty Trust**		1,531,859
	1,394,000	Mapletree Logistics Trust		1,082,245
	31,000	Morguard Real Estate Investment Trust		517,783
	96,660	Segro PLC		329,442
	24,860	Shaftesbury PLC		200,965
	4,404	Unibail-Rodamco S.E.		812,389
	11,000	Winthrop Realty Trust		133,760
				11,897,785
REIT - Health Care — 3.7%
	17,025	Heath Care REIT, Inc.		992,557
	11,584	LTC Properties, Inc.		420,268
	19,504	Ventas, Inc.		1,231,092
				2,643,917
REIT - Hotels — 3.7%
	382,000	Ascott Residence Trust		328,390
	96,540	Chatham Lodging Trust		1,378,591
	40,785	Pebblebrook Hotel Trust		950,699
				2,657,680
REIT - Mortgage — 3.5%
	87,290	Colony Financial, Inc.		1,510,117
	69,945	CYS Investments, Inc.		963,143
				2,473,260
REIT - Office Property — 3.7%
	18,070	Alexandria Real Estate Equities, Inc.		1,314,050
	111,454	Great Portland Estates PLC		689,745
	47,584	Parkway Properties, Inc.		544,361
	20	Tokyu REIT, Inc.		98,252
				2,646,408
REIT - Regional Malls — 4.5%
	28,956	Macerich Co.**		1,709,852
	9,382	Simon Property Group, Inc.		1,460,402
				3,170,254
REIT - Shopping Centers — 5.7%
	34,744	Acadia Realty Trust		805,366
	52,340	DDR Corp.		766,258
	167,220	Kite Realty Group Trust		834,428
	167,421	Westfield Group		1,630,812
				4,036,864
REIT - Warehouse and Industrial — 2.9%
	35,363	ProLogis, Inc.		1,175,112
	63,360	STAG Industrial, Inc.		923,789
				2,098,901
Resorts and Theme Parks — 1.2%
	16,505	Vail Resorts, Inc.		826,570
Retirement and Aged Care — 0.6%
	38,461	Capital Senior Living Corp.*		407,687
Transportation - Services — 0.2%
	2,980	Alexander & Baldwin Holdings, Inc.		158,685
Wireless Equipment — 0.6%
	6,775	Crown Castle International Corp.*		397,422
Total Common Stock  (cost $61,171,429)				64,915,438
Preferred Stock — 1.1%
REIT - Office Property — 0.3%
	8,000	SL Green Realty Corp., 7.6250%		205,840
REIT - Regional Malls — 0.8%
	10,200	CBL & Associates Properties, Inc., 7.3750%		260,610
	13,000	Glimcher Realty Trust, 8.1250%		328,120
				588,730
Total Preferred Stock  (cost $655,568)				794,570
Money Market — 7.6%
	5,413,916	Janus Cash Liquidity Fund LLC, 0%    (cost  $5,413,916)		5,413,916
Total Investments (total cost $67,240,913) – 100%			$	71,123,924

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Australia	$	3,958,700	5.6%
Brazil		5,274,799	7.4%
Canada		3,714,067	5.2%
Cayman Islands		762,088	1.1%
France		812,389	1.1%
Hong Kong		4,472,698	6.3%
India		700,355	1.0%
Israel		649,569	0.9%
Japan		2,741,638	3.9%
Jersey		1,330,394	1.9%
Luxembourg		71,604	0.1%
Mexico		941,487	1.3%
Singapore		5,550,496	7.8%
Sweden		100,969	0.1%
United Kingdom		3,159,768	4.4%
United States††		36,882,903	51.9%
Total	$	71,123,924	100.0%

†† Includes Cash Equivalents (44.2% excluding Cash Equivalents).

Schedule of Written Options – Puts			Value
	CBRE Group, Inc. expires September 2012 705 contracts exercise price $12.00	$	(16,933)
	Iron Mountain, Inc. expires July 2012 403 contracts exercise price $25.00		(28)
	St. Joe Co. expires September 2012 625 contracts exercise price $13.00		(22,503)
Total Written Options - Puts (premiums received $81,961)			$(39,464)

Notes to Schedule of Investments (unaudited)

PLC	Public Limited Company
REIT	Real Estate Investment Trust
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.
ß	Security is illiquid.

ºº Schedule of Fair Valued Securities (as of June 30, 2012)

		Value as a % of Investment
	Value	Securities
Janus Global Real Estate Fund
Indiabulls Infrastructure and Power, Ltd.	$29,680	0.0%
Sino-Forest Corp.	0	0.0%
	$29,680	0.0%

Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )		Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Building - Residential and Commercial	$		314,446	$321,652		$		—
Casino Hotels			—	628,586			—
Diversified Operations			—	598,785			—
Electric - Distribution			—	870,671			—
Electric - Generation			—	—			29,680
Forestry			—	—			—
Hotels and Motels			—	1,544,524			—
Real Estate Management/Services			5,082,529	3,658,745			—
Real Estate Operating/Development			6,125,063	9,257,660			—
REIT - Diversified			7,894,188	4,003,597			—
REIT - Hotels			2,329,290	328,390			—
REIT - Office Property			1,858,411	787,997			—
REIT - Shopping Centers			2,406,052	1,630,812			—
All Other			15,244,360	—			—
Preferred Stock			—	794,570			—
Money Market			—	5,413,916			—
Total Investments in Securities		$ 41,254,339		$29,839,905	$ 29,6$80
Other Financial Instruments(b)		$ —		$ (39,464)	$ —

(a) Includes fair value factors.

(b) Other financial instruments include the capital protection agreement, futures, forward currency, written option, 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.

Level 3 Valuation Reconciliation of Assets

(for the period ended June 30, 2012)

	Balance as of September 30, 2011	Realized Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation)		Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Common Stock
Electric – Generation	$ -	$ -	$(61,743)	$91,423		$ -	$ -	$29,680
Forestry	$ 752	$ -	$(752)	$ -		$ -	$ -	$ -

Aggregate collateral 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 as June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Global Real Estate Fund	$ 3,905,250

Janus Global Research Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 97.8%
Agricultural Chemicals — 1.1%
	9,089	Syngenta A.G.	$3,103,977
Airlines — 0.8%
	100,101	United Continental Holdings, Inc.*	2,435,457
Apparel Manufacturers — 2.0%
	36,680	Coach, Inc.	2,145,046
	520,216	Prada SpA	3,535,519
			5,680,565
Applications Software — 1.5%
	19,435	Intuit, Inc.	1,153,467
	100,470	Microsoft Corp.	3,073,378
			4,226,845
Athletic Footwear — 0.9%
	29,249	NIKE, Inc. - Class B	2,567,477
Automotive - Cars and Light Trucks — 1.8%
	180,764	Ford Motor Co.	1,733,527
	627,000	Isuzu Motors, Ltd.	3,352,766
			5,086,293
Automotive - Truck Parts and Equipment - Original — 1.3%
	14,175	Mando Corp.	2,111,658
	31,285	WABCO Holdings, Inc.*	1,655,915
			3,767,573
Beverages - Non-Alcoholic — 0.6%
	24,509	Monster Beverage Corp.*	1,745,041
Beverages - Wine and Spirits — 1.4%
	37,026	Pernod-Ricard S.A.	3,960,268
Brewery — 1.3%
	95,683	SABMiller PLC	3,842,718
Cable/Satellite Television — 2.0%
	61,848	Comcast Corp. - Class A	1,977,281
	27,551	Kabel Deutschland Holding A.G.	1,714,296
	24,050	Time Warner Cable, Inc.	1,974,505
			5,666,082
Casino Hotels — 0.8%
	214,938	MGM Resorts International*	2,398,708
Cellular Telecommunications — 0.6%
	65,907	America Movil S.A.B. de C.V. (ADR)	1,717,536
Chemicals - Diversified — 0.6%
	45,508	LyondellBasell Industries N.V. - Class A	1,832,607
Commercial Banks — 1.8%
	131,000	Banco do Brasil S.A.	1,273,992
	2,217,000	China Construction Bank Corp.	1,528,613
	59,764	Sberbank of Russia (ADR)	650,079
	86,852	Standard Chartered PLC	1,893,144
			5,345,828
Commercial Services - Finance — 0.5%
	3,427	MasterCard, Inc. - Class A	1,473,987
Computer Aided Design — 0.7%
	58,692	Autodesk, Inc.*	2,053,633
Computers — 2.5%
	12,252	Apple, Inc.*	7,155,168
Computers - Memory Devices — 0.4%
	37,207	NetApp, Inc.*	1,183,927
Consulting Services — 1.1%
	57,876	Gartner, Inc.*	2,491,562
	15,011	Verisk Analytics, Inc. - Class A*	739,442
			3,231,004
Consumer Products - Miscellaneous — 0.6%
	1,013,100	Samsonite International S.A.	1,715,127
Containers - Metal and Glass — 0.7%
	59,594	Crown Holdings, Inc.*	2,055,397
Cosmetics and Toiletries — 1.3%
	35,876	Colgate-Palmolive Co.	3,734,692
Decision Support Software — 0.3%
	27,008	MSCI, Inc.*	918,812
Dialysis Centers — 0.6%
	16,570	DaVita, Inc.*	1,627,340
Distribution/Wholesale — 1.5%
	159,569	Adani Enterprises, Ltd.	641,715
	34,315	Fastenal Co.	1,383,238
	1,176,000	Li & Fung, Ltd.	2,282,041
			4,306,994
Diversified Banking Institutions — 0.7%
	27,827	Deutsche Bank A.G.	1,011,161
	25,198	JPMorgan Chase & Co.	900,324
			1,911,485
Diversified Operations — 1.4%
	41,580	Danaher Corp.	2,165,486
	37,188	Dover Corp.	1,993,649
			4,159,135
E-Commerce/Products — 1.7%
	8,505	Amazon.com, Inc.*	1,942,117
	69,936	eBay, Inc.*	2,938,011
			4,880,128
Electronic Components - Miscellaneous — 0.7%
	64,097	TE Connectivity, Ltd. (U.S. Shares)	2,045,335
Electronic Components – Semiconductors — 1.7%
	229,645	ARM Holdings PLC	1,828,464
	62,089	International Rectifier Corp.*	1,241,159
	274,053	ON Semiconductor Corp.*	1,945,777
			5,015,400
Electronic Connectors — 0.6%
	31,509	Amphenol Corp. - Class A	1,730,474
Electronic Measuring Instruments — 1.5%
	17,700	Keyence Corp.	4,378,351
Enterprise Software/Services — 0.9%
	89,682	Oracle Corp.	2,663,555
Entertainment Software — 0.7%
	99,900	Nexon Co., Ltd.	1,954,748
Finance - Credit Card — 0.4%
	18,006	American Express Co.	1,048,129
Food - Miscellaneous/Diversified — 1.2%
	55,347	Danone S.A.	3,435,515
Food - Retail — 1.1%
	19,314	Whole Foods Market, Inc.	1,841,010
	55,315	X5 Retail Group N.V. (GDR)	1,267,448
			3,108,458
Hotels and Motels — 1.3%
	65,389	Marriott International, Inc. - Class A	2,563,249
	608,000	Shangri-La Asia, Ltd.	1,166,107
			3,729,356
Industrial Automation and Robotics — 2.0%
	35,200	FANUC Corp.	5,784,348
Instruments - Controls — 0.6%
	62,192	Sensata Technologies Holding N.V.*	1,665,502
Insurance Brokers — 0.4%
	22,779	Aon PLC	1,065,602
Internet Content - Entertainment — 0.3%
	177,445	Zynga, Inc. - Class A*	965,301
Internet Gambling — 0.9%
	1,452,032	Bwin.Party Digital Entertainment PLC	2,505,505
Investment Management and Advisory Services — 0.3%
	13,790	T. Rowe Price Group, Inc.	868,218
Life and Health Insurance — 1.9%
	919,200	AIA Group, Ltd.	3,169,454
	201,909	Prudential PLC	2,339,022
			5,508,476
Machinery - General Industrial — 0.8%
	98,400	Nabtesco Corp.	2,188,218
Machinery - Pumps — 0.6%
	68,840	Weir Group PLC	1,660,073
Medical - Biomedical and Genetic — 2.8%
	30,210	Celgene Corp.*	1,938,273
	34,995	Gilead Sciences, Inc.*	1,794,544
	56,397	Incyte Corp., Ltd.*	1,280,212
	13,633	Regeneron Pharmaceuticals, Inc.*	1,557,161
	28,137	Vertex Pharmaceuticals, Inc.*	1,573,421
			8,143,611
Medical - Drugs — 2.9%
	16,118	Allergan, Inc.	1,492,043
	31,982	Jazz Pharmaceuticals PLC*	1,439,510
	26,009	Sanofi	1,971,971
	68,207	Shire PLC	1,960,005
	35,604	Valeant Pharmaceuticals International, Inc.	1,594,703
			8,458,232
Medical - HMO — 1.1%
	43,668	Aetna, Inc.	1,693,008
	18,310	Humana, Inc.	1,417,927
			3,110,935
Medical - Wholesale Drug Distributors — 0.5%
	36,497	AmerisourceBergen Corp.	1,436,157
Medical Products — 0.4%
	22,164	Covidien PLC (U.S. Shares)	1,185,774
Metal - Diversified — 0.8%
	238,496	Ivanhoe Mines, Ltd.*	2,352,623
Metal - Iron — 0.9%
	492,651	Fortescue Metals Group, Ltd.	2,517,305
Metal Processors and Fabricators — 0.7%
	12,947	Precision Castparts Corp.	2,129,652
Multimedia — 1.8%
	147,999	News Corp. - Class A	3,298,898
	40,151	Walt Disney Co.	1,947,323
			5,246,221
Networking Products — 0.7%
	113,296	Cisco Systems, Inc.	1,945,292
Oil - Field Services — 1.2%
	105,307	AMEC PLC	1,661,810
	26,416	Schlumberger, Ltd. (U.S. Shares)	1,714,663
			3,376,473
Oil and Gas Drilling — 0.3%
	18,935	Helmerich & Payne, Inc.	823,294
Oil Companies - Exploration and Production — 4.2%
	64,631	Canadian Natural Resources, Ltd.	1,734,204
	11,653	Continental Resources, Inc.*	776,323
	22,574	Noble Energy, Inc.	1,914,727
	16,494	Occidental Petroleum Corp.	1,414,690
	184,800	OGX Petroleo e Gas Participacoes S.A.*	506,125
	198,217	Ophir Energy PLC*	1,802,372
	115,604	Tullow Oil PLC	2,668,206
	29,115	Whitting Petroleum Corp.*	1,197,209
			12,013,856
Oil Companies - Integrated — 2.0%
	115,671	BG Group PLC	2,367,156
	73,510	Petroleo Brasileiro S.A. (ADR)	1,379,783
	31,286	Royal Dutch Shell PLC (ADR)	2,109,615
			5,856,554
Oil Field Machinery and Equipment — 0.3%
	13,285	National Oilwell Varco, Inc.	856,085
Pharmacy Services — 1.2%
	38,153	Express Scripts Holding Co.*	2,130,082
	39,249	Omnicare, Inc.	1,225,746
			3,355,828
Printing - Commercial — 0.4%
	37,107	VistaPrint N.V. (U.S. Shares)*	1,198,556
Real Estate Management/Services — 0.7%
	14,678	Jones Lang LaSalle, Inc.	1,032,891
	49,000	Mitsubishi Estate Co., Ltd.	879,182
			1,912,073
Real Estate Operating/Development — 0.9%
	513,995	Hang Lung Properties, Ltd.	1,749,712
	455,066	PDG Realty S.A. Empreendimentos e Participacoes	795,380
			2,545,092
Retail - Apparel and Shoe — 1.4%
	7,000	Fast Retailing Co., Ltd.	1,405,495
	62,395	Limited Brands, Inc.	2,653,660
			4,059,155
Retail - Discount — 0.6%
	27,068	Family Dollar Stores, Inc.	1,799,481
Retail - Jewelry — 0.9%
	45,153	Cie Financiere Richemont S.A.	2,478,935
Retail - Major Department Stores — 1.1%
	34,882	J.C. Penney Co., Inc.*	813,100
	50,525	Nordstrom, Inc.	2,510,587
			3,323,687
Retail - Restaurants — 0.4%
	88,217	Arcos Dorados Holdings, Inc. - Class A	1,303,847
Rubber/Plastic Products — 0.5%
	991,998	Jain Irrigation Systems, Ltd.	1,489,736
Semiconductor Components/Integrated Circuits — 1.9%
	335,695	Atmel Corp.*	2,249,156
	1,133,000	Taiwan Semiconductor Manufacturing Co., Ltd.	3,102,731
			5,351,887
Semiconductor Equipment — 1.1%
	61,567	ASML Holding N.V. (U.S. Shares)	3,165,775
Soap and Cleaning Preparations — 0.8%
	43,090	Reckitt Benckiser Group PLC	2,272,278
Software Tools — 0.4%
	11,596	VMware, Inc. - Class A*	1,055,700
Steel - Producers — 0.9%
	70,535	ArcelorMittal	1,089,453
	94,494	ThyssenKrupp A.G.	1,539,182
			2,628,635
Telecommunication Services — 1.5%
	102,699	Amdocs, Ltd. (U.S. Shares)	3,052,214
	56,689	Virgin Media, Inc.	1,382,645
			4,434,859
Television — 0.8%
	67,566	CBS Corp. - Class B	2,214,814
Therapeutics — 0.7%
	55,082	BioMarin Pharmaceutical, Inc.*	2,180,146
Tobacco — 2.5%
	110,000	Japan Tobacco, Inc.	3,260,303
	47,047	Philip Morris International, Inc.	4,105,321
			7,365,624
Toys — 1.3%
	88,409	Mattel, Inc.	2,867,988
	7,100	Nintendo Co., Ltd.	828,613
			3,696,601
Transactional Software — 0.4%
	24,850	Solera Holdings, Inc.	1,038,482
Transportation - Railroad — 1.9%
	74,559	Canadian Pacific Railway, Ltd.	5,473,618
Transportation - Services — 2.4%
	33,763	Koninklijke Vopak N.V.	2,164,750
	30,268	Kuehne + Nagel International A.G.	3,204,900
	19,266	United Parcel Service, Inc. - Class B	1,517,390
			6,887,040
Wireless Equipment — 2.1%
	38,853	Crown Castle International Corp.*	2,279,117
	38,976	Motorola Solutions, Inc.	1,875,135
	222,660	Telefonaktiebolaget L.M. Ericsson - Class B	2,032,563
			6,186,815
Total Common Stock  (cost $256,969,152)			281,975,096
Right — 0.1%
Metal - Diversified — 0.1%
	238,496	Ivanhoe Mines, Ltd.* (cost  $0)	215,579
Money Market — 2.1%
	6,116,328	Janus Cash Liquidity Fund LLC, 0%    (cost  $6,116,328)	6,116,328
Total Investments (total cost $263,085,480) – 100%			$288,307,003

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Australia	$	2,517,305	0.9%
Bermuda		3,448,148	1.2%
Brazil		3,955,280	1.4%
Canada		11,370,727	3.9%
China		1,528,613	0.5%
Curacao		1,714,663	0.6%
France		9,367,754	3.2%
Germany		4,264,639	1.5%
Gibraltar		2,505,505	0.9%
Guernsey		3,052,214	1.1%
Hong Kong		4,919,166	1.7%
India		2,131,451	0.7%
Ireland		2,625,284	0.9%
Italy		3,535,519	1.2%
Japan		24,032,024	8.3%
Jersey		1,960,005	0.7%
Luxembourg		2,804,580	1.0%
Mexico		1,717,536	0.6%
Netherlands		11,294,638	3.9%
Russia		650,079	0.2%
South Korea		2,111,658	0.7%
Sweden		2,032,563	0.7%
Switzerland		10,833,147	3.8%
Taiwan		3,102,731	1.1%
United Kingdom		25,510,460	8.8%
United States††		144,017,467	50.0%
Virgin Islands (British)		1,303,847	0.5%
Total	$	288,307,003	100.0%

†† Includes Cash Equivalents (47.8% excluding Cash Equivalents).

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs(a)	Level 3 - Significant Unobservable Inputs
Investments in Securities:
Common Stock
Agricultural Chemicals	$                               -	$3,103,977	$                               -
Apparel Manufacturers	2,145,046	3,535,519	-
Automotive - Cars and Light Trucks	1,733,527	3,352,766	-
Automotive - Truck Parts and Equipment - Original	1,655,915	2,111,658	-
Beverages - Non-Alcoholic	-	1,745,041	-
Beverages - Wine and Spirits	-	3,960,268	-
Brewery	-	3,842,718	-
Cable/Satellite Television	3,951,786	1,714,296	-
Cellular Telecommunications	-	1,717,536	-
Commercial Banks	1,273,992	4,071,836	-
Consumer Products – Miscellaneous	-	1,715,127	-
Distribution/Wholesale	1,383,238	2,923,756	-
Diversified Banking Institutions	900,324	1,011,161	-
Electronic Components – Semiconductors	3,186,936	1,828,464	-
Electronic Measuring Instruments	-	4,378,351	-
Entertainment Software	-	1,954,748	-
Food - Miscellaneous/Diversified	-	3,435,515	-
Food – Retail	1,841,010	1,267,448	-
Hotels and Motels	2,563,249	1,166,107	-
Industrial Automation and Robotics	-	5,784,348	-
Internet Gambling	-	2,505,505	-
Life and Health Insurance	-	5,508,476	-
Machinery - General Industrial	-	2,188,218	-
Machinery – Pumps	-	1,660,073	-
Medical – Drugs	4,526,256	3,931,976	-
Metal – Iron	-	2,517,305	-
Oil - Field Services	1,714,663	1,661,810	-
Oil Companies - Exploration and Production	7,543,278	4,470,578	-
Oil Companies – Integrated	-	5,856,554	-
Pharmacy Services	1,225,746	2,130,082	-
Real Estate Management/Services	1,032,891	879,182	-
Real Estate Operating/Development	795,380	1,749,712	-
Retail - Apparel and Shoe	2,653,660	1,405,495	-
Retail - Jewelry	-	2,478,935	-
Rubber/Plastic Products	-	1,489,736	-
Semiconductor Components/Integrated Circuits	2,249,156	3,102,731	-
Soap and Cleaning Preparations	-	2,272,278	-
Steel – Producers	-	2,628,635	-
Tobacco	4,105,321	3,260,303	-
Toys	2,867,988	828,613	-
Transportation – Railroad	-	5,473,618	-
Transportation – Services	1,517,390	5,369,650	-
Wireless Equipment	4,154,252	2,032,563	-
All Other	106,931,424	-	-
Right Metal - Diversified	215,579	-	-
Money Market	-	6,116,328	-
Total Investments in Securities	$           162,168,007	$                 126,138,996	$                               -

(a) Includes fair value factors.

Janus Global Select Fund

Schedule of Investments (unaudited)

Shares or Contract Amounts			Value
Common Stock — 93.9%
Automotive - Cars and Light Trucks — 0.2%
	2,413,258	Dongfeng Motor Group Co., Ltd.	$ 3,762,199
Automotive - Truck Parts and Equipment - Original — 2.1%
	914,945	WABCO Holdings, Inc.*	48,428,039
Beverages - Wine and Spirits — 2.1%
	931,785	Diageo PLC**	23,966,600
	232,334	Pernod-Ricard S.A.**	24,850,240
			48,816,840
Casino Services — 1.6%
	2,256,876	International Game Technology	35,545,797
Coal — 0.7%
	14,355,000	Sakari Resources, Ltd.	15,761,822
Coatings and Paint Products — 3.1%
	558,971	Asian Paints, Ltd.	39,042,374
	592,375	Valspar Corp.	31,093,764
			70,136,138
Commercial Banks — 5.1%
	4,691,522	Banco do Brasil S.A.**	45,625,647
	6,541,478	Sberbank of Russia (ADR)	71,154,541
			116,780,188
Commercial Services - Finance — 3.0%
	157,621	MasterCard, Inc. - Class A	67,794,368
Computer Aided Design — 1.1%
	718,494	Autodesk, Inc.*	25,140,105
Computers - Memory Devices — 4.3%
	3,070,864	NetApp, Inc.*,**	97,714,892
Cosmetics and Toiletries — 4.1%
	896,913	Colgate-Palmolive Co.	93,368,643
Dialysis Centers — 1.0%
	239,123	DaVita, Inc.*	23,484,270
E-Commerce/Products — 3.7%
	1,375,845	eBay, Inc.*	57,799,249
	335,973	MercadoLibre, Inc.	25,466,753
			83,266,002
E-Commerce/Services — 1.0%
	1,357,749	Ctrip.com International, Ltd. (ADR)*	22,755,873
Electronic Components – Semiconductors — 1.6%
	5,080,378	ON Semiconductor Corp.*	36,070,684
Electronic Measuring Instruments — 2.0%
	19,961,840	Chroma ATE, Inc.£	45,457,138
Electronic Parts Distributors — 0.1%
	2,446,000	WPG Holdings, Ltd.	2,886,462
Finance - Investment Bankers/Brokers — 1.6%
	4,021,000	Citic Securities Co., Ltd.	8,517,895
	19,746,800	Haitong Securities Co., Ltd.	27,439,899
			35,957,794
Food - Miscellaneous/Diversified — 1.0%
	378,151	Danone S.A.**	23,472,699
Food - Retail — 3.0%
	4,643,069	Tesco PLC**	22,565,696
	1,994,535	X5 Retail Group N.V. (GDR)**	45,701,333
			68,267,029
Footwear and Related Apparel — 1.0%
	230,773	Tod's SpA**	23,178,427
Industrial Automation and Robotics — 1.4%
	196,900	FANUC Corp.**	32,356,199
Internet Gambling — 2.9%
	38,557,446	Bwin.Party Digital Entertainment PLC**	66,531,504
Machinery - General Industrial — 3.1%
	3,115,000	Nabtesco Corp.**	69,271,345
Medical - Drugs — 11.4%
	491,369	Allergan, Inc.	45,486,028
	1,324,124	Endo Pharmaceuticals Holdings, Inc.*	41,021,362
	973,361	Jazz Pharmaceuticals PLC*,**	43,810,979
	163,907	Novo Nordisk A/S - Class B**	23,717,444
	492,912	Sanofi**	37,371,982
	1,559,652	Shire PLC**	44,818,365
	507,819	Valeant Pharmaceuticals International, Inc.	22,745,213
			258,971,373
Medical - HMO — 1.9%
	1,085,280	Aetna, Inc.	42,076,306
Metal - Diversified — 4.3%
	9,940,619	Ivanhoe Mines, Ltd.*,**	98,058,376
Metal Processors and Fabricators — 0.5%
	143,466,000	EVA Precision Industrial Holdings, Ltd.£	11,820,221
Oil Companies - Exploration and Production — 4.6%
	4,480,197	Cobalt International Energy, Inc.*,**	105,284,630
Oil Companies - Integrated — 1.4%
	1,475,896	Pacific Rubiales Energy Corp.	31,263,822
Pharmacy Services — 2.2%
	891,184	Express Scripts Holding Co.*	49,754,803
Retail - Automobile — 1.3%
	49,201,000	Baoxin Auto Group, Ltd.	28,382,616
Retail - Restaurants — 0.2%
	6,430,000	Ajisen China Holdings, Ltd.	4,464,682
Soap and Cleaning Preparations — 0.8%
	1,704,539	Godrej Consumer Products, Ltd.	17,806,298
Steel - Producers — 1.0%
	1,416,877	ThyssenKrupp A.G.**	23,079,048
Telecommunication Equipment — 0.5%
	3,389,101	Tellabs, Inc.**	11,285,706
Telecommunication Services — 2.1%
	133,465,000	Tower Bersama Infrastructure Tbk PT	46,820,518
Tobacco — 2.1%
	1,635,400	Japan Tobacco, Inc.**	48,471,812
Transportation - Railroad — 0.5%
	644,738	Globaltrans Investment PLC (GDR)	11,605,284
Vitamins and Nutrition Products — 3.7%
	1,039,745	Mead Johnson Nutrition Co.	83,709,870
Wireless Equipment — 4.6%
	11,441,431	Telefonaktiebolaget L.M. Ericsson - Class B**	104,443,672
Total Common Stock  (cost $2,302,123,817)			2,133,503,494
Right — 0.5%
Metal - Diversified — 0.5%
	12,430,689	Ivanhoe Mines, Ltd.* (cost  $0)	11,236,229
Purchased Options - Calls — 0.2%
	16,000	Cobalt International Energy, Inc.** expires July 2012 exercise price $25.00	2,205,010
	3,710	Cobalt International Energy, Inc. expires July 2012 exercise price $45.00	31,742
	24,125	iShares Russell 2000 Index Fund (ETF) expires December 2012 exercise price $95.16	1,331,025
	15,240	Ivanhoe Mines, Ltd. expires January 2013 exercise price $23.00	40,890
	22,400	Petroleo Brasileiro S.A. expires July 2012 exercise price $24.50	27,290
Total Purchased Options - Calls (premiums paid $19,058,151)			3,635,957
Money Market — 5.4%
	123,195,097	Janus Cash Liquidity Fund LLC, 0%    (cost  $123,195,097)	123,195,097
Total Investments (total cost $2,444,377,065) – 100%			$2,271,570,777

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Brazil	$	45,625,647	2.0%
Canada		163,303,640	7.2%
Cayman Islands		67,423,392	3.0%
China		39,719,993	1.8%
Cyprus		11,605,284	0.5%
Denmark		23,717,444	1.0%
France		85,694,921	3.8%
Germany		23,079,048	1.0%
Gibraltar		66,531,504	2.9%
India		56,848,672	2.5%
Indonesia		46,820,518	2.1%
Ireland		43,810,979	1.9%
Italy		23,178,427	1.0%
Japan		150,099,356	6.6%
Jersey		44,818,365	2.0%
Netherlands		45,701,333	2.0%
Russia		71,154,541	3.1%
Singapore		15,761,822	0.7%
Sweden		104,443,672	4.6%
Taiwan		48,343,600	2.1%
United Kingdom		46,532,296	2.1%
United States††		1,047,356,323	46.1%
Total	$	2,271,570,777	100.0%

†† Includes Cash Equivalents (40.7% excluding Cash Equivalents).

 Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/ Currency Sold and Settlement Date	Currency Units Sold			Currency Value U.S. $		Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC:
British Pound 7/19/12		14,500,000	$ 22,704,510		$ 25,035
Euro 7/19/12		29,200,000	36,951,857		(246,260)
Japanese Yen 7/19/12		3,000,000,000	37,547,673		(191,495)
Swedish Krona 7/19/12		90,000,000	13,007,192		(215,833)
			110,211,232		(628,553)
HSBC Securities (USA), Inc.:
British Pound 7/12/12		12,700,000	19,886,423		8,254
Euro 7/12/12		27,300,000	34,545,301		(254,573)
Japanese Yen 7/12/12		3,000,000,000	37,543,239		(181,943)
Swedish Krona 7/12/12		90,000,000	13,010,936		(435,834)
			104,985,899		(864,096)
JPMorgan Chase & Co.:
British Pound 8/2/12		10,400,000	16,283,942		(105,910)
Euro 8/2/12		15,000,000	18,984,602		(244,352)
Japanese Yen 8/2/12		1,500,000,000	18,778,123		76,299
Swedish Krona 8/2/12		90,000,000	12,999,795		(253,364)
			67,046,462		(527,327)
RBC Capital Markets Corp.:
British Pound 7/26/12		20,000,000	31,315,930		(99,840)
Euro 7/26/12		23,600,000	29,867,061		(191,545)
Japanese Yen 7/26/12		1,000,000,000	12,517,369		(56,776)
Swedish Krona 7/26/12		92,000,000	13,292,414		(338,316)
			86,992,774		(686,477)
Total			$ 369,236,367		$ (2,706,453)

Schedule of Written Options – Call		Value
	Cobalt International Energy, Inc. expires July 2012 32,000 contracts exercise price $32.50 (premiums received  $1,760,000)	$ (1,008,128)
Schedule of Written Options – Puts
	Cobalt International Energy, Inc. expires October 2012 9,150 contracts exercise price $15.00	$ (1,006,881)
	Ivanhoe Mines, Ltd. expires January 2013 15,240 contracts exercise price $14.00	(7,092,175)
Total Written Options - Puts (premiums received $6,203,400)		$ (8,099,056)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
PLC	Public Limited Company
*	Non-income producing security.

** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales, swap agreements and/or securities with extended settlement dates.

£ The Investment Company Act of 1940, as amended, defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended June 30, 2012.

	Purchases		Sales		Realized	Dividend	Value
	Shares	Cost	Shares	Cost	(Loss)	Income	at 6/30/12
Janus Global Select Fund Chroma ATE, Inc.	-	$ -	1,861,000	$ 4,241,338	$ (35,162)	$ -	$45,457,138
EVA Precision Industrial Holdings, Ltd.	15,894,000	3,082,824	-	-	-	295,620	11,820,221
		$ 3,082,824		$ 4,241,338	$ (35,162)	$ 295,620	$ 57,277,359

The following is a summary of inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

		Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities: Common Stock
Automotive - Cars and Light Trucks	$ -		$  3,762,199		$ -
Beverages - Wine and Spirits	-		48,816,840		-
Coal	-		15,761,822		-
Coatings and Paint Products	31,093,764		39,042,374		-
Commercial Banks	45,625,647		71,154,541		-
E-Commerce/Services	-		22,755,873		-
Electronic Measuring Instruments	-		45,457,138		-
Electronic Parts Distributors	-		2,886,462		-
Finance - Investment Bankers/Brokers	27,439,899		8,517,895		-
Food - Miscellaneous/Diversified	-		23,472,699		-
Food - Retail	-		68,267,029		-
Footwear and Related Apparel	-		23,178,427		-
Industrial Automation and Robotics	-		32,356,199		-
Internet Gambling	-		66,531,504		-
Machinery - General Industrial	-		69,271,345		-
Medical - Drugs	153,063,582		105,907,791		-
Metal Processors and Fabricators	-		11,820,221		-
Retail - Automobile	-		28,382,616		-
Retail - Restaurants	-		4,464,682		-
Soap and Cleaning Preparations	-		17,806,298		-
Steel - Producers	-		23,079,048		-
Telecommunication Services	-		46,820,518		-
Tobacco	-		48,471,812		-
Transportation - Railroad	-		11,605,284		-
Wireless Equipment			104,443,672		-
All Other	932,246,313		-		-
Rights
Metal- Diversified	11,236,229		-		-
Money Market	-		123,195,097		-
Total Investments in Securities	$  1,200,705,434		$ 1,067,229,386		$  -
Investment in Purchased Options	$  -		$  3,635,957		$  -
Other Financial Instruments(b)	$  -		$  (11,813,637)		$  -

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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. 

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Global Select Fund	$ 910,676,780

Janus Global Technology Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 98.7%
Applications Software — 7.9%
	194,150	Intuit, Inc.	$11,522,803
	1,184,293	Microsoft Corp.**	36,227,523
	125,620	Parametric Technology Corp.*	2,632,995
	429,240	RealPage, Inc.*	9,941,198
	32,180	Salesforce.com, Inc.*	4,449,207
			64,773,726
Cable/Satellite Television — 1.2%
	114,175	Time Warner Cable, Inc.	9,373,767
Commercial Services — 1.8%
	297,050	Iron Mountain, Inc.	9,790,768
	537,259	Live Nation Entertainment, Inc.*	4,932,038
			14,722,806
Commercial Services - Finance — 2.1%
	39,470	MasterCard, Inc. - Class A	16,976,442
Computer Aided Design — 3.7%
	273,185	ANSYS, Inc.*	17,240,705
	375,040	Autodesk, Inc.*	13,122,650
			30,363,355
Computer Services — 0.8%
	105,440	Cognizant Technology Solutions Corp. - Class A*	6,326,400
Computer Software — 2.4%
	267,530	Blackbaud, Inc.	6,867,495
	428,405	Cornerstone OnDemand, Inc.*	10,200,323
	115,030	SS&C Technologies Holdings, Inc.*	2,875,750
			19,943,568
Computers — 7.1%
	98,970	Apple, Inc.*	57,798,480
Computers - Integrated Systems — 2.3%
	238,800	Jack Henry & Associates, Inc.	8,243,376
	140,435	Teradata Corp.*	10,112,724
			18,356,100
Computers - Memory Devices — 2.2%
	564,155	NetApp, Inc.*	17,951,412
Consulting Services — 3.4%
	288,887	Gartner, Inc.*	12,436,585
	172,025	Verisk Analytics, Inc. - Class A*	8,473,952
	182,600	Zillow, Inc.*	7,053,838
			27,964,375
Decision Support Software — 0.5%
	121,505	MSCI, Inc.*	4,133,600
E-Commerce/Products — 9.1%
	95,365	Amazon.com, Inc.*	21,776,598
	1,067,795	eBay, Inc.*,**	44,858,068
	64,165	MercadoLibre, Inc.	4,863,707
	41,665	Netflix, Inc.*	2,852,802
			74,351,175
E-Commerce/Services — 1.1%
	166,280	Ctrip.com International, Ltd. (ADR)*	2,786,853
	145,920	OpenTable, Inc.*	6,567,859
			9,354,712
Electronic Components - Miscellaneous — 3.2%
	809,254	TE Connectivity, Ltd. (U.S. Shares)	25,823,295
Electronic Components – Semiconductors — 4.8%
	603,506	ARM Holdings PLC**	4,805,195
	290,845	Ceva, Inc.*	5,121,781
	2,218,927	ON Semiconductor Corp.*	15,754,382
	4,641	Samsung Electronics Co., Ltd.	4,921,139
	263,720	Xilinx, Inc.	8,853,080
			39,455,577
Electronic Connectors — 3.0%
	448,551	Amphenol Corp. - Class A	24,634,421
Electronic Measuring Instruments — 0.5%
	95,065	Agilent Technologies, Inc.	3,730,351
Electronic Parts Distributors — 0.1%
	525,000	WT Microelectronics Co., Ltd.	711,122
Electronics - Military — 1.0%
	326,118	Ultra Electronics Holdings PLC**	8,117,284
Enterprise Software/Services — 5.6%
	265,324	Aveva Group PLC**	6,783,353
	137,865	Informatica Corp.*	5,839,961
	1,102,580	Oracle Corp.	32,746,626
			45,369,940
Entertainment Software — 1.1%
	441,000	Nexon Co., Ltd.**	8,629,066
Finance - Credit Card — 0.8%
	107,245	American Express Co.	6,242,731
Industrial Automation and Robotics — 2.0%
	100,300	FANUC Corp.**	16,482,106
Internet Applications Software — 0.7%
	202,000	Tencent Holdings, Ltd.	5,965,355
Internet Content - Entertainment — 2.3%
	278,701	Youku.com, Inc. (ADR)*	6,042,238
	2,401,418	Zynga, Inc. - Class A*	13,063,714
			19,105,952
Internet Content - Information/News — 1.9%
	172,675	Bankrate, Inc.*	3,175,493
	69,660	LinkedIn Corp. - Class A*	7,402,768
	215,325	Yelp, Inc.*	4,894,338
			15,472,599
Internet Gambling — 1.0%
	4,505,533	Bwin.Party Digital Entertainment PLC**	7,774,371
Internet Media — 0.5%
	129,983	Facebook, Inc. - Class A*	4,045,071
Media — 0.3%
	186,260	Workday, Inc. - Private Placement∞,§	2,469,808
Medical - Biomedical and Genetic — 0.9%
	113,776	Celgene Corp.*	7,299,868
Medical Information Systems — 1.5%
	158,500	athenahealth, Inc.*	12,548,445
Multimedia — 2.0%
	434,870	News Corp. - Class A	9,693,252
	144,610	Walt Disney Co.	7,013,585
			16,706,837
Networking Products — 1.4%
	669,890	Cisco Systems, Inc.	11,502,011
Printing - Commercial — 1.0%
	246,981	VistaPrint N.V. (U.S. Shares)*	7,977,486
Semiconductor Components/Integrated Circuits — 4.7%
	3,405,370	Atmel Corp.*,**	22,815,979
	5,521,000	Taiwan Semiconductor Manufacturing Co., Ltd.	15,119,308
			37,935,287
Semiconductor Equipment — 1.9%
	308,787	ASML Holding N.V.	15,732,406
Software Tools — 0.9%
	81,300	VMware, Inc. - Class A*	7,401,552
Telecommunication Equipment - Fiber Optics — 0.5%
	314,090	Corning, Inc.	4,061,184
Telecommunication Services — 2.3%
	631,805	Amdocs, Ltd. (U.S. Shares) **	18,777,245
Television — 0.8%
	209,762	CBS Corp. - Class B	6,875,998
Toys — 1.0%
	66,760	Nintendo Co., Ltd.**	7,791,294
Transactional Software — 1.1%
	223,290	Solera Holdings, Inc.	9,331,289
Wireless Equipment — 4.3%
	215,804	Crown Castle International Corp.*	12,659,062
	160,755	SBA Communications Corp. - Class A*	9,171,073
	1,440,157	Telefonaktiebolaget L.M. Ericsson - Class B	13,146,545
			34,976,680
Total Common Stock  (cost $698,485,181)			805,336,549
Money Market — 1.3%
	10,882,641	Janus Cash Liquidity Fund LLC, 0%    (cost  $10,882,641)	10,882,641
Total Investments (total cost $709,367,822) – 100%			$816,219,190

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Cayman Islands	$	14,794,446	1.8%
Gibraltar		7,774,371	1.0%
Guernsey		18,777,245	2.3%
Japan		32,902,466	4.0%
Netherlands		23,709,892	2.9%
South Korea		4,921,139	0.6%
Sweden		13,146,545	1.6%
Switzerland		25,823,295	3.2%
Taiwan		15,830,430	1.9%
United Kingdom		19,705,832	2.4%
United States††		638,833,529	78.3%
Total	$	816,219,190	100.0%

†† Includes Cash Equivalents (76.9% excluding Cash Equivalents).

Forward Currency Contracts, Open June 30, 2012 (unaudited)

Counterparty/ Currency Sold and Settlement Date		Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC:
British Pound 7/19/12		1,545,000	$2,419,205	$281
Japanese Yen 7/19/12		418,000,000	5,231,642	64,055
			7,650,847	64,336
HSBC Securities (USA), Inc.:
British Pound 7/12/12		1,280,000	2,004,301	832
Japanese Yen 7/12/12		510,000,000	6,382,350	37,427
			8,386,651	38,259
JPMorgan Chase & Co.:
British Pound 8/2/12		1,710,000	2,677,456	(17,414)
Japanese Yen 8/2/12		493,000,000	6,171,743	21,102
			8,849,199	3,688
RBC Capital Markets Corp.: Japanese Yen 7/26/12		465,000,000	5,820,577	30,246
Total			$30,707,274	$136,529
Schedule of Written Options – Call				Value
	Corning, Inc. expires January 2013 3,120 contracts exercise price $15.00 (premiums received  $393,120)			$(127,907)
Schedule of Written Options – Puts				Value
	Atmel Corp. expires August 2012 5,300 contracts exercise price $8.00			(730,679)
	Corning, Inc. expires January 2013 3,120 contracts exercise price $12.50			(341,335)
	Microsoft Corp. expires January 2013 5,075 contracts exercise price $25.00			(389,638)
	Oracle Corp. expires September 2012 2,955 contracts exercise price $28.00			(257,584)
Total Written Options - Puts (premiums received $1,914,565)				$(1,719,236)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

∞ Schedule of Fair Valued Securities (as of June 30, 2012)		Value as a %
	Value	of Total Investment
Janus Global Technology Fund
Workday, Inc. - Private Placement	$ 2,469,808	0.3%

Securities are valued at “fair value” pursuant to procedures adopted by the Fund’s Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

§ Schedule of Restricted and Illiquid Securities (as of June 30, 2012)

	Acquisition Date	Acquisition Cost	Value	Value as a % of Total Investments
Janus Global Technology Fund
Workday, Inc. - Private Placement	10/13/11	$2,469,808	$2,469,808	0.3%

The Fund has registration rights for certain restricted securities held as of June 30, 2012. The issuer incurs all registration costs.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

			Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)					Level 3 Significant Unobservable Inputs
Investments in Securities: Common Stock
E-Commerce/Services	$6,567,859			$2,786,853			$		-
Electronic Components – Semiconductors	29,729,243			9,726,334					-
Electronic Parts Distributors	-			711,122					-
Electronics Military	-			8,117,284					-
Enterprise Software/Services	38,586,587			6,783,353					-
Entertainment Software	-			8,629,066					-
Industrial Automation and Robotics	-			16,482,106					-
Internet Applications Software	-			5,965,355					-
Internet Content – Entertainment	13,063,714			6,042,238					-
Internet Gambling	-			7,774,371					-
Semiconductor Components/Integrated Circuits	22,815,979			15,119,308					-
Semiconductor Equipment	-			15,732,406					-
Toys	-			7,791,294					-
Wireless Equipment	21,830,135			13,146,545					-
Media	-			-					2,469,808
All Other	545,465,589			-
Money Market	-			10,882,641					-
Total Investments in Securities		$678,059,106		$135,690,276				$2,469,808
Other Financial Instruments(b):		$-		$(1,710,614)		$		-

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Level 3 Valuation Reconciliation of assets (for the period ended June 30, 2012)

	Balance as of September 30, 2011			Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation)		Gross Purchases	Gross Sales		Transfers In and/or Out of Level 3		Balance as of June 30, 2012
Investments in Securities:
Common Stock
Media		$-	$ -			$-	$ 2,469,808	$ -	$-		$ 2,469,808

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Global Technology Fund	$ 131,507,180

Janus Growth and Income Fund

Schedule of Investments (unaudited)

Shares or Principal Amount					Value
Common Stock — 94.0%
Aerospace and Defense — 2.4%
	1,112,645			Boeing Co.	$82,669,523
Agricultural Chemicals — 1.2%
	621,520			Syngenta A.G. (ADR)	42,536,829
Apparel Manufacturers — 0.9%
	514,443			Coach, Inc.	30,084,627
Applications Software — 0.9%
	500,000			Intuit, Inc.	29,675,000
Athletic Footwear — 2.2%
	872,203			NIKE, Inc. - Class B	76,561,979
Automotive - Cars and Light Trucks — 0.3%
	255,015			Daimler A.G.	11,421,612
Beverages - Wine and Spirits — 0.5%
	189,603			Brown-Forman Corp. - Class B	18,363,051
Cable/Satellite Television — 3.6%
	1,501,930			Time Warner Cable, Inc.	123,308,453
Casino Hotels — 1.5%
	929,335			Las Vegas Sands Corp.	40,416,779
	947,295			MGM Resorts International*	10,571,812
					50,988,591
Chemicals - Diversified — 4.0%
	1,726,275			E.I. du Pont de Nemours & Co.	87,297,727
	1,218,395			LyondellBasell Industries N.V. - Class A	49,064,766
					136,362,493
Commercial Banks — 3.5%
	1,780,670			CIT Group, Inc.*	63,463,078
	1,072,840			Itau Unibanco Holding S.A. (ADR)	14,933,933
	1,858,986			Standard Chartered PLC**	40,520,987
					118,917,998
Commercial Services - Finance — 2.7%
	163,265			MasterCard, Inc. - Class A	70,221,909
	1,352,021			Western Union Co.	22,768,034
					92,989,943
Computer Services — 1.2%
	703,705			Cognizant Technology Solutions Corp. - Class A*	42,222,300
Computers — 4.4%
	256,746			Apple, Inc.*	149,939,664
Computers - Integrated Systems — 0.4%
	173,959			Teradata Corp.*	12,526,788
Cosmetics and Toiletries — 2.6%
	511,950			Colgate-Palmolive Co.	53,293,995
	629,685			Estee Lauder Cos., Inc. - Class A	34,078,552
					87,372,547
Distribution/Wholesale — 0.4%
	75,000			W.W. Grainger, Inc.	14,343,000
E-Commerce/Products — 1.9%
	1,567,660			eBay, Inc.*	65,857,397
E-Commerce/Services — 1.2%
	63,705			priceline.com, Inc.*	42,333,247
Electronic Components - Miscellaneous — 1.8%
	1,874,726			TE Connectivity, Ltd. (U.S. Shares)	59,822,507
Electronic Components – Semiconductors — 1.5%
	530,930			Microchip Technology, Inc.	17,563,164
	1,048,640			Xilinx, Inc.	35,202,845
					52,766,009
Electronic Connectors — 1.1%
	652,214			Amphenol Corp. - Class A	35,819,593
Enterprise Software/Services — 1.4%
	1,645,724			Oracle Corp.**	48,878,003
Finance - Investment Bankers/Brokers — 0.2%
	214,000			Greenhill & Co., Ltd.	7,629,100
Finance - Other Services — 1.2%
	1,653,584			NYSE Euronext	42,298,679
Food - Confectionary — 1.2%
	588,060			Hershey Co.	42,357,962
Investment Management and Advisory Services — 1.2%
	3,172,685			Blackstone Group L.P.	41,466,993
Life and Health Insurance — 0.9%
	2,509,555			Prudential PLC**	29,072,028
Machinery - General Industrial — 0.6%
	196,020			Roper Industries, Inc.	19,323,652
Medical - Biomedical and Genetic — 1.8%
	970,990			Celgene Corp.*	62,298,718
Medical - Drugs — 4.2%
	826,065			Abbott Laboratories	53,256,411
	1,365,442			Bristol-Myers Squibb Co.	49,087,640
	458,675			Shire PLC (ADR)**	39,624,933
					141,968,984
Medical - HMO — 0.8%
	700,000			Aetna, Inc.	27,139,000
Metal - Copper — 0.8%
	790,722			Freeport-McMoRan Copper & Gold, Inc.	26,939,898
Multimedia — 1.7%
	1,200,620			Viacom, Inc. - Class B	56,453,152
Oil Companies - Exploration and Production — 1.1%
	1,383,615			Canadian Natural Resources, Ltd.	37,150,063
Oil Companies - Integrated — 3.8%
	818,310			Chevron Corp.	86,331,705
	1,037,222			Hess Corp.	45,067,296
					131,399,001
Oil Field Machinery and Equipment — 0.4%
	189,500			National Oilwell Varco, Inc.	12,211,380
Pharmacy Services — 2.1%
	1,275,661			Express Scripts Holding Co.*	71,220,154
Pipelines — 2.6%
	1,695,525			Enterprise Products Partners L.P.	86,878,701
	2,234			Kinder Morgan Management LLC*	164,020
					87,042,721
REIT - Health Care — 1.3%
	689,535			Ventas, Inc.	43,523,449
Retail - Auto Parts — 1.4%
	132,315			AutoZone, Inc.*	48,582,098
Retail - Building Products — 1.0%
	657,755			Home Depot, Inc.	34,854,437
Retail - Discount — 1.4%
	490,050			Costco Wholesale Corp.	46,554,750
Retail - Major Department Stores — 0.9%
	619,664			Nordstrom, Inc.	30,791,104
Retail - Restaurants — 2.5%
	513,665			Darden Restaurants, Inc.	26,006,859
	681,170			McDonald's Corp.	60,303,980
					86,310,839
Super-Regional Banks — 2.4%
	2,598,010			U.S. Bancorp	83,552,002
Telephone - Integrated — 1.5%
	1,310,065			CenturyLink, Inc.	51,734,467
Television — 3.4%
	3,558,803			CBS Corp. - Class B	116,657,562
Therapeutics — 0.4%
	350,000			BioMarin Pharmaceutical, Inc.*	13,853,000
Tobacco — 4.5%
	1,651,635			Altria Group, Inc.	57,063,989
	1,121,928			Philip Morris International, Inc.	97,899,437
					154,963,426
Toys — 2.3%
	2,463,165			Mattel, Inc.	79,905,073
Transportation - Railroad — 2.8%
	250,000			Canadian Pacific Railway, Ltd.	18,315,000
	642,065			Union Pacific Corp.	76,604,775
					94,919,775
Transportation - Services — 1.0%
	446,580			United Parcel Service, Inc. - Class B	35,172,641
Wireless Equipment — 1.0%
	700,000			Motorola Solutions, Inc.	33,677,000
Total Common Stock  (cost $2,568,379,481)					3,216,784,262
Corporate Bonds — 5.8%
Beverages - Wine and Spirits — 0.6%
		$10,000,000	Pernod-Ricard S.A. 5.7500%,  4/7/21 (144A)		11,289,170
		10,000,000	Pernod-Ricard S.A. 4.4500%,  1/15/22 (144A)		10,361,520
					21,650,690
Casino Hotels — 0.5%
		2,498,000	MGM Resorts International 4.2500%,  4/15/15		2,532,348
		15,000,000	MGM Resorts International 7.6250%,  1/15/17		15,487,500
					18,019,848
Diversified Banking Institutions — 0.5%
		15,000,000	Bank of America Corp. 8.0000%,  7/30/99‡		15,625,200
E-Commerce/Services — 0.3%
		10,000,000	priceline.com, Inc. 1.0000%,  3/15/18 (144A)		10,537,500
Hotels and Motels — 0.3%
		9,990,000	Starwood Hotels & Resorts Worldwide, Inc. 6.7500%,  5/15/18		11,603,984
Medical - Biomedical and Genetic — 1.0%
		25,000,000	Vertex Pharmaceuticals, Inc. 3.3500%,  10/1/15		32,656,250
Medical - Hospitals — 0.3%
		9,990,000	HCA, Inc. 7.2500%,  9/15/20		10,989,000
Multi-Line Insurance — 0.5%
		15,000,000	American International Group, Inc. 8.1750%,  5/15/58‡		16,275,000
Power Converters and Power Supply Equipment — 1.1%
		24,957,000	JA Solar Holdings Co., Ltd. 4.5000%,  5/15/13		22,835,655
		24,090,000	Suntech Power Holdings Co., Ltd. 3.0000%,  3/15/13 (144A)		16,320,975
					39,156,630
Real Estate Management/Services — 0.3%
		9,985,000	ProLogis L.P. 3.2500%,  3/15/15		10,971,019
REIT - Mortgage — 0.4%
		10,000,000	Annaly Capital Management, Inc. 4.0000%,  2/15/15		12,275,000
Total Corporate Bonds  (cost $192,153,898)					199,760,121
Preferred Stock — 0.2%
Aerospace and Defense – Equipment — 0.2%
	114,550			United Technologies Corp., 7.5000%, 8/1/15 (cost $5,802,500)	6,035,639
Money Market — 0%
	608,782			Janus Cash Liquidity Fund LLC, 0% (cost $608,782)	608,782
Total Investments (total cost $2,766,944,661) – 100%					$3,423,188,804

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Brazil	$	14,933,933	0.5%
Canada		55,465,063	1.6%
Cayman Islands		39,156,630	1.2%
France		21,650,690	0.6%
Germany		11,421,612	0.3%
Jersey		39,624,933	1.2%
Netherlands		49,064,766	1.4%
Switzerland		102,359,336	3.0%
United Kingdom		69,593,015	2.0%
United States††		3,019,918,826	88.2%
Total	$	3,423,188,804	100.0%

†† Includes Cash Equivalents (88.2% excluding Cash Equivalents).

Forward Currency Contracts, Open June 30, 2012 (unaudited)

Counterparty/Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC: British Pound 7/19/12	8,100,000	$12,683,209	$(9,238)
HSBC Securities (USA), Inc.: British Pound 7/12/12	9,590,000	15,016,598	6,233
JPMorgan Chase & Co.: British Pound 8/2/12	9,927,000	15,543,336	(101,093)
RBC Capital Markets Corp.: British Pound 7/26/12	7,800,000	12,213,213	(102,933)
Total		$55,456,356	$(207,031)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales, swap agreements and/or securities with extended settlement dates.
‡	Rate is subject to change.  Rate shown reflects current rate.
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 period ended June 30, 2012 is indicated in the table below:

Fund	Value	Value as a % of Total Investments
Janus Growth and Income Fund	$        48,509,165	1.4%

The following is a summary of inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)	Level 1 Quoted - Prices	Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Agriculture Chemicals	$                     -	$  42,536,829	$               -
Commercial Banks	63,463,078	55,454,920	-
Life and Health Insurance	-	29,072,028	-
Medical - Drugs	102,344,051	39,624,933	-
All Other	2,890,324,063	-	-
Corporate Bonds	-	199,760,121	-
Money Market	-	608,782	-
Total Investments in Securities	$  3,056,131,190	$ 367,057,613	$              -
Other Financial Instruments(b)	$                       -	$      (207,031)	$              -

(a) Includes fair value factors. 

(b) Other financial instruments include futures, forward currency, written option, 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. 

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Growth and Income Fund	$                     113,672,948

Janus International Equity Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 98.3%
Advertising Agencies — 1.4%
	242,812	WPP PLC		$  2,950,742
Agricultural Chemicals — 1.0%
	50,485	Potash Corp. of Saskatchewan, Inc.		2,207,293
Apparel Manufacturers — 1.4%
	450,300	Prada SpA		3,060,352
Automotive - Cars and Light Trucks — 3.2%
	1,270,000	Isuzu Motors, Ltd.**		6,791,089
Brewery — 1.5%
	81,333	SABMiller PLC		3,266,408
Cable/Satellite Television — 1.2%
	40,034	Kabel Deutschland Holding A.G.		2,491,022
Chemicals - Diversified — 1.2%
	64,545	LyondellBasell Industries N.V. - Class A		2,599,227
Commercial Banks — 8.7%
	320,929	Banco Bilbao Vizcaya Argentaria S.A.		2,312,674
	521,100	Banco do Brasil S.A.		5,067,764
	1,685,000	China Merchants Bank Co., Ltd.		3,182,636
	321,495	DBS Group Holdings, Ltd.		3,549,640
	197,935	Standard Chartered PLC		4,314,460
				18,427,174
Cosmetics and Toiletries — 1.2%
	37,966	Beiersdorf A.G.		2,462,948
Distribution/Wholesale — 1.9%
	2,024,000	Li & Fung, Ltd.		3,927,595
Diversified Banking Institutions — 2.6%
	26,891	BNP Paribas S.A.		1,037,926
	254,692	HSBC Holdings PLC		2,245,374
	2,463,166	Lloyds Banking Group PLC*		1,211,368
	45,629	Societe Generale S.A.		1,075,626
				5,570,294
E-Commerce/Services — 1.2%
	151,325	Ctrip.com International, Ltd. (ADR)*		2,536,207
Electronic Components – Semiconductors — 1.3%
	347,957	ARM Holdings PLC		2,770,480
Electronic Measuring Instruments — 3.0%
	25,800	Keyence Corp.**		6,382,003
Food - Miscellaneous/Diversified — 2.9%
	64,223	Danone S.A.		3,986,469
	63,390	Unilever N.V.		2,121,345
				6,107,814
Industrial Automation and Robotics — 3.2%
	41,100	FANUC Corp.**		6,753,884
Internet Content - Entertainment — 0.9%
	84,072	Youku.com, Inc. (ADR)*		1,822,681
Life and Health Insurance — 6.9%
	1,893,000	AIA Group, Ltd.		6,527,172
	319,634	ING Groep N.V.*		2,156,166
	508,532	Prudential PLC		5,891,107
				14,574,445
Machinery - General Industrial — 3.5%
	147,895	Hexagon A.B. - Class B		2,551,419
	220,300	Nabtesco Corp.**		4,899,029
				7,450,448
Machinery - Pumps — 2.1%
	182,866	Weir Group PLC		4,409,804
Medical - Drugs — 5.0%
	75,322	Novartis A.G.		4,203,007
	15,546	Novo Nordisk A/S - Class B		2,249,516
	146,025	Shire PLC		4,196,194
				10,648,717
Medical Instruments — 1.0%
	48,382	Elekta A.B. - Class B		2,207,284
Metal - Diversified — 1.3%
	59,481	Rio Tinto PLC		2,840,318
Metal - Iron — 1.0%
	414,547	Fortescue Metals Group, Ltd.		2,118,216
Oil - Field Services — 3.5%
	304,153	AMEC PLC		4,799,724
	116,570	Petrofac, Ltd.		2,548,001
				7,347,725
Oil Companies - Exploration and Production — 4.2%
	95,786	Canadian Natural Resources, Ltd.		2,570,167
	119,232	Encana Corp.		2,483,512
	453,000	OGX Petroleo e Gas Participacoes S.A.*		1,240,663
	112,020	Tullow Oil PLC		2,585,486
				8,879,828
Oil Companies - Integrated — 1.3%
	134,125	BG Group PLC		2,744,809
Oil Refining and Marketing — 1.4%
	217,416	Reliance Industries, Ltd.		2,891,808
Real Estate Management/Services — 3.2%
	380,000	Mitsubishi Estate Co., Ltd.**		6,818,146
Real Estate Operating/Development — 2.2%
	1,373,997	Hang Lung Properties, Ltd.		4,677,282
Retail - Apparel and Shoe — 1.0%
	10,900	Fast Retailing Co., Ltd.**		2,188,557
Retail - Jewelry — 2.0%
	75,479	Cie Financiere Richemont S.A.		4,143,856
Semiconductor Components/Integrated Circuits — 2.5%
	1,946,000	Taiwan Semiconductor Manufacturing Co., Ltd.		5,329,139
Semiconductor Equipment — 1.9%
	80,118	ASML Holding N.V.		4,081,936
Soap and Cleaning Preparations — 2.5%
	100,708	Reckitt Benckiser Group PLC		5,310,665
Steel - Producers — 1.1%
	140,358	ThyssenKrupp A.G.		2,286,246
Steel Pipe and Tube — 0.8%
	42,549	Vallourec S.A.		1,746,048
Tobacco — 4.8%
	74,007	Imperial Tobacco Group PLC		2,847,118
	488,892	ITC, Ltd.		2,277,117
	166,800	Japan Tobacco, Inc.**		4,943,805
				10,068,040
Transportation - Marine — 1.4%
	435	A.P. Moeller - Maersk A/S - Class B		2,863,263
Transportation - Railroad — 1.1%
	27,085	Canadian National Railway Co.		2,291,235
Transportation - Services — 3.5%
	36,535	Koninklijke Vopak N.V.		2,342,480
	48,805	Kuehne + Nagel International A.G.		5,167,673
				7,510,153
Wireless Equipment — 1.3%
	289,414	Telefonaktiebolaget L.M. Ericsson - Class B		2,641,930
Total Common Stock  (cost $203,443,865)				208,197,111
Money Market — 1.7%
	3,667,000	Janus Cash Liquidity Fund LLC, 0%    (cost  $3,667,000)		3,667,000
Total Investments (total cost $207,110,865) – 100%				$  211,864,111

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Australia	$	2,118,216	1.0%
Bermuda		3,927,595	1.9%
Brazil		6,308,427	3.0%
Canada		9,552,207	4.5%
Cayman Islands		4,358,888	2.1%
China		3,182,636	1.5%
Denmark		5,112,779	2.4%
France		7,846,069	3.7%
Germany		7,240,216	3.4%
Hong Kong		11,204,454	5.3%
India		5,168,925	2.4%
Italy		3,060,352	1.4%
Japan		38,776,513	18.3%
Jersey		9,694,937	4.6%
Netherlands		13,301,154	6.3%
Singapore		3,549,640	1.7%
Spain		2,312,674	1.1%
Sweden		7,400,633	3.5%
Switzerland		13,514,536	6.4%
Taiwan		5,329,139	2.5%
United Kingdom		45,237,121	21.3%
United States††		3,667,000	1.7%
Total	$	211,864,111	100.0%

†† Includes all Cash Equivalents.

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/ Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation
Credit Suisse Securities (USA) LLC: Japanese Yen 7/19/12	225,000,000	$  2,816,075	$  34,479
HSBC Securities (USA), Inc.: Japanese Yen 7/12/12	300,000,000	3,754,324	22,016
RBC Capital Markets Corp.: Japanese Yen 7/26/12	210,000,000	2,628,648	13,660
Total		$  9,199,047	$  70,155

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1       Quoted - Prices	Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Advertising Agencies	$                  -	$ 2,950,742	$                  -
Apparel Manufacturers	-	3,060,352	-
Automotive – Cars and Light Trucks	-	6,791,089	-
Brewery	-	3,266,408	-
Cable/Satellite Television	-	2,491,022	-
Commercial Banks	5,067,764	13,359,410	-
Cosmetics and Toiletries	-	2,462,948	-
Distribution/Wholesale	-	3,927,595	-
Diversified Banking Institutions	-	5,570,294	-
E-Commerce/Services	-	2,536,207	-
Electronic Components – Semiconductors	-	2,770,480	-
Electronic Measuring Instruments	-	6,382,003	-
Food – Miscellaneous/Diversified	-	6,107,814	-
Industrial Automation and Robotics	-	6,753,884	-
Internet Content – Entertainment	-	1,822,681	-
Life and Health Insurance	-	14,574,445	-
Machinery – General Industrial	-	7,450,448	-
Machinery – Pumps	-	4,409,804	-
Medical – Drugs	-	10,648,717	-
Medical Instruments	-	2,207,284	-
Metal – Diversified	-	2,840,318	-
Metal – Iron	-	2,118,216	-
Oil – Field Services	-	7,347,725	-
Oil Companies – Exploration and Production	6,294,342	2,585,486	-
Oil Companies – Integrated	-	2,744,809	-
Oil Refining and Marketing	-	2,891,808	-
Real Estate Management/Services	-	6,818,146	-
Real Estate Operating/Development	-	4,677,282	-
Retail – Apparel and Shoe	-	2,188,557	-
Retail – Jewelry	-	4,143,856	-
Semiconductor Components/Integrated Circuits	-	5,329,139	-
Semiconductor Equipment	-	4,081,936	-
Soap and Cleaning Preparations	-	5,310,665	-
Steel – Producers	-	2,286,246	-
Steel Pipe and Tube	-	1,746,048	-
Tobacco	-	10,068,040	-
Transportation – Marine	-	2,863,263	-
Transportation – Services	-	7,510,153	-
Wireless Equipment	-	2,641,930	-
All Other	7,097,755	-	-
Money Market	-	3,667,000	-
Total Investments in Securities	$ 18,459,861	$ 193,404,250	$                  -
Other Financial Instruments(b)	$                  -	$          70,155	$                  -
(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus International Equity Fund	$ 38,776,513

Janus Overseas Fund

Schedule of Investments (unaudited)

Shares	Value
Common Stock — 99.0%
Agricultural Operations — 0.1%

	188,481,502	Chaoda Modern Agriculture Holdings, Ltd.ß,∞,£	$	7,288,816
Airlines — 11.1%
	30,522,631	Delta Air Lines, Inc.*,**,£		334,222,809
	35,882,222	International Consolidated Airlines Group S.A.*		89,795,063
	14,046,153	United Continental Holdings, Inc.*,**		341,742,902
				765,760,774
Automotive - Cars and Light Trucks — 3.3%
	23,972,171	Ford Motor Co.**		229,893,120
Building - Residential and Commercial — 1.3%
	19,520,800	MRV Engenharia e Participacoes S.A.		90,401,076
Commercial Banks — 9.4%
	50,929,077	Banco Bilbao Vizcaya Argentaria S.A.		367,004,403
	59,400	Banco do Brasil S.A.		577,672
	33,074,826	Commercial Bank of Ceylon PLC		24,516,512
	14,469,642	Hatton National Bank PLC		15,919,228
	24,567,976	Intesa Sanpaolo SpA		35,134,012
	7,836,326	Punjab National Bank		114,330,490
	2,267,078	State Bank of India		88,503,224
				645,985,541
Distribution/Wholesale — 11.4%
	26,061,085	Adani Enterprises, Ltd.		104,806,011
	348,792,180	Li & Fung, Ltd.£		676,835,143
				781,641,154
Diversified Banking Institutions — 8.2%
	5,179,478	BNP Paribas S.A.		199,915,052
	5,982,953	Deutsche Bank A.G.		217,404,961
	81,081,071	Lloyds Banking Group PLC*		39,875,112
	4,470,591	Societe Generale S.A.		105,386,554
				562,581,679
Diversified Operations — 1.2%
	3,768,000	Aitken Spence & Co. PLC		3,118,685
	74,597,535	Melco International Development, Ltd.£		60,125,275
	1,219,723	Orascom Development Holding A.G.		19,407,212
				82,651,172
Diversified Operations - Commercial Services — 1.7%
	86,536,133	John Keells Holdings PLC£		118,492,079
E-Commerce/Services — 0.7%
	3,070,115	Ctrip.com International, Ltd. (ADR)*		51,455,127
Electric - Integrated — 0.6%
	4,419,010	Centrais Eletricas Brasileiras S.A.		42,953,429
Electronic Components – Semiconductors — 1.4%
	12,136,127	ARM Holdings PLC		96,629,462
Entertainment Software — 1.9%
	6,620,300	Nexon Co., Ltd.**		129,539,697
Finance - Mortgage Loan Banker — 0.8%
	4,423,870	Housing Development Finance Corp.		52,063,471
Food - Meat Products — 0.8%
	19,147,800	JBS S.A.		57,494,888
Food - Retail — 0.6%
	1,891,136	X5 Retail Group N.V. (GDR)		43,332,123
Hotels and Motels — 2.9%
	102,807,165	Shangri-La Asia, Ltd.		197,177,986
Independent Power Producer — 0.4%
	28,209,649	Adani Power, Ltd.*		25,405,646
Internet Content - Entertainment — 1.8%
	5,762,278	Youku.com, Inc. (ADR)*,£		124,926,187
Medical - Drugs — 1.3%
	1,911,175	Jazz Pharmaceuticals PLC*		86,021,987
Metal - Diversified — 1.2%
	8,518,393	Ivanhoe Mines, Ltd.*		84,028,950
Oil and Gas Drilling — 0.4%
	7,124,781	Karoon Gas Australia, Ltd.*		29,900,837
Oil Companies - Exploration and Production — 5.1%
	13,476,520	Chariot Oil & Gas, Ltd.*,£		21,679,849
	6,206,270	Cobalt International Energy, Inc.*		145,847,345
	6,940,000	HRT Participacoes em Petroleo S.A.*,£		21,633,503
	3,380,048	Niko Resources, Ltd.£		44,566,952
	20,702,900	OGX Petroleo e Gas Participacoes S.A.*		56,700,503
	6,583,058	Ophir Energy PLC*		59,859,244
				350,287,396
Oil Companies - Integrated — 7.3%
	4,212,334	Pacific Rubiales Energy Corp.		89,229,634
	21,851,008	Petroleo Brasileiro S.A. (ADR)**		410,143,420
				499,373,054
Oil Refining and Marketing — 6.8%
	34,905,979	Reliance Industries, Ltd.		464,277,684
Property and Casualty Insurance — 1.2%
	12,182,579	Reliance Capital, Ltd.		79,060,082
Real Estate Operating/Development — 8.6%
	55,041,316	China Overseas Land & Investment, Ltd.		129,124,556
	3,646,031	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes £		26,870,461
	42,217,655	DLF, Ltd.		151,594,692
	460,869,268	Evergrande Real Estate Group, Ltd.		238,257,714
	26,506,160	PDG Realty S.A. Empreendimentos e Participacoes		46,328,364
				592,175,787
Sugar — 2.5%
	36,276,761	Bajaj Hindusthan, Ltd.£		19,417,799
	1,149,300	Bajaj Hindusthan, Ltd. (GDR)		615,095
	11,845,499	Cosan, Ltd. - Class A£		150,319,382
				170,352,276
Telecommunication Services — 0.2%
	11,583,898	Reliance Communications, Ltd.		13,148,379
Toys — 4.8%
	2,830,000	Nintendo Co., Ltd.**		330,278,032

Right — 0.1%
Metal - Diversified — 0.1%
	8,518,393	Ivanhoe Mines, Ltd.* (cost  $0)		7,699,864
Money Market — 0.9%
	64,477,000	Janus Cash Liquidity Fund LLC, 0%    (cost  $64,477,000)		64,477,000
Total Investments (total cost $8,356,273,975) – 100%			$	6,876,754,755

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Australia	$	29,900,837	0.4%
Bermuda		1,024,332,511	14.9%
Brazil		753,103,316	11.0%
Canada		225,525,400	3.3%
Cayman Islands		421,927,844	6.1%
France		305,301,606	4.4%
Germany		217,404,961	3.2%
Guernsey		21,679,849	0.3%
Hong Kong		189,249,831	2.8%
India		1,113,222,573	16.2%
Ireland		86,021,987	1.2%
Italy		35,134,012	0.5%
Japan		459,817,729	6.7%
Netherlands		43,332,123	0.6%
Spain		456,799,466	6.6%
Sri Lanka		162,046,504	2.4%
Switzerland		19,407,212	0.3%
United Kingdom		196,363,818	2.9%
United States††		1,116,183,176	16.2%
Total	$	6,876,754,755	100.0%

†† Includes Cash Equivalents (15.3% excluding Cash Equivalents).

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC: Japanese Yen 7/19/12	13,850,000,000	$173,345,093	$2,122,398
HSBC Securities (USA), Inc.: Japanese Yen 7/12/12	13,680,000,000	171,197,170	1,003,933
JPMorgan Chase & Co.: Japanese Yen 8/2/12	13,000,000,000	162,743,732	556,439
RBC Capital Markets Corp.: Japanese Yen 7/26/12	17,000,000,000	212,795,278	1,105,773
Total		$720,081,273	$4,788,543

Total Return Swaps outstanding as of June 30, 2012

Counterparty	Notional Amount	Return Paid by the Fund	Return Received by the Fund	Termination Date		Unrealized Appreciation
Goldman Sachs International	4,188,070,842 JPY	1 month JPY LIBOR plus 35 basis points	Custom Japanese Basket	12/24/12		$2,677,422
Morgan Stanley & Co. International PLC	26,596,140,296 JPY	1 month JPY LIBOR plus 50 basis points	Custom Japanese Basket	12/28/12		23,433,126
Morgan Stanley & Co. International PLC	111,383,507	1 month USD LIBOR plus 85 basis points	Sberbank	1/17/13		14,460,403
UBS A.G.	93,623,785	1 month USD LIBOR plus 85 basis points	Sberbank	7/16/12		14,679,866
Total					$55,250,817

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
London Interbank Offered Rate (LIBOR)	A daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).
PLC	Public Limited Company
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.
ß	Security is illiquid.

∞ Schedule of Fair Valued Securities (as of June 30, 2012)

	Value	Value as a % of Total Investments
Janus Overseas Fund
Chaoda Modern Agriculture Holdings, Ltd.	$7,288,816	0.1%

Securities are valued at “fair value” pursuant to procedures adopted by the Fund’s Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

£ The Investment Company Act of 1940, as amended, defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended June 30, 2012.

	Purchases		Sales
	Shares	Cost	Shares	Cost	Realized Gain/(Loss)	Dividend Income	Value at 6/30/12
Janus Overseas Fund
Bajaj Hindusthan, Ltd.	24,507,284	$29,279,086	484,165	$     578,437	$     (292,366)	$   14,704,370	$   19,417,799
Chaoda Modern Agriculture Holdings, Ltd.β,∞	-	-	-	-	-	-	7,288,816
Chariot Oil & Gas, Ltd.*	13,476,520	36,340,664	-	-	-	-	21,679,849
Cosan, Ltd. - Class A	-	-	2,263,475	23,766,488	5,657,862	-	150,319,382
Cyrela Brazil Realty S.A.(1)	-	-	19,299,174	158,108,806	12,625,810	3,093,553	N/A
Delta Air Lines, Inc.*,**(1)	3,145,545	26,526,869	28,424,380	266,297,114	15,407,689	-	N/A
HRT Participacoes em Petroleo S.A.*(2)	6,940,000	50,059,239	-	-	-	-	21,633,503
John Keells Holdings PLC	-	-	-	-	-	302,876,466	118,492,079
Li & Fung, Ltd.(1)	-	-	92,432,000	223,196,686	(22,698,611)	118,589,341	N/A
Melco International Development, Ltd.	-	-	695,000	1,485,974	(869,866)	1,118,963	60,125,275
Niko Resources, Ltd.	790,085	29,950,226	-	-	-	513,598	44,566,952
Petroplus Holdings A.G.	-	-	12,302,358	215,385,266	(184,874,532)	-	-
Youku.com, Inc.*	3,862,138	70,902,591	53,700	2,587,266	(1,482,678)	-	124,926,187
		$243,058,675		$891,406,037	$(176,526,692)	$   440,896,291	$568,449,842

(1) Company was no longer an affiliate as of June 30, 2012.

(2) Shares were adjusted to reflect a 50 to 1 stock split on 5/29/12.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

		Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Agricultural Operations	$	—		$7,288,816	$	—
Airlines		675,965,711		89,795,063		—
Commercial Banks		577,672		645,407,869		—
Distribution/Wholesale		—		781,641,154		—
Diversified Banking Institutions		—		562,581,679		—
Diversified Operations		—		82,651,172		—
Diversified Operations - Commercial Services		—		118,492,079		—
E-Commerce/Services		—		51,455,127		—
Electronic Components – Semiconductors		—		96,629,462		—
Entertainment Software		—		129,539,697		—
Finance - Mortgage Loan Banker		—		52,063,471		—
Food - Retail		—		43,332,123		—
Hotels and Motels		—		197,177,986		—
Independent Power Producer		—		25,405,646		—
Internet Content - Entertainment		—		124,926,187		—
Oil and Gas Drilling		—		29,900,837		—
Oil Companies - Exploration and Production		268,748,303		81,539,093		—
Oil Companies - Integrated		89,229,634		410,143,420		—
Oil Refining and Marketing		—		464,277,684		—
Property and Casualty Insurance		—		79,060,082		—
Real Estate Operating/Development		73,198,825		518,976,962		—
Sugar		150,319,382		20,032,894		—
Telecommunication Services		—		13,148,379		—
Toys		—		330,278,032		—
All Other		590,793,450		—		—
Right		7,699,864		—		—
Money Market		—		64,477,000		—
Total Investments in Securities	$	1,856,532,841	$	5,020,221,914		$—
Other Financial Instruments(b)	$	—		$60,039,360		$—

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Overseas Fund	$ 1,245,640,229

Janus Protected Series - Global

Schedule of Investments (unaudited)

Shares/Principal/Contract Amounts						Value
Common Stock — 51.4%
Agricultural Chemicals — 0.6%
	190		Syngenta A.G.**		$	64,887
Airlines — 0.4%
	2,125		United Continental Holdings, Inc.*			51,701
Apparel Manufacturers — 1.0%
	776		Coach, Inc.			45,380
	10,400		Prada SpA			70,681
						116,061
Applications Software — 0.8%
	401		Intuit, Inc.			23,799
	2,154		Microsoft Corp.**			65,891
						89,690
Athletic Footwear — 0.4%
	509		NIKE, Inc. - Class B			44,680
Automotive - Cars and Light Trucks — 0.9%
	3,846		Ford Motor Co.			36,883
	12,000		Isuzu Motors, Ltd.**			64,168
						101,051
Automotive - Truck Parts and Equipment - Original — 0.7%
	295		Mando Corp.			43,946
	677		WABCO Holdings, Inc.*			35,834
						79,780
Beverages - Non-Alcoholic — 0.3%
	497		Monster Beverage Corp.*			35,386
Beverages - Wine and Spirits — 0.7%
	755		Pernod-Ricard S.A.**			80,754
Brewery — 0.7%
	1,942		SABMiller PLC**			77,992
Cable/Satellite Television — 1.0%
	1,291		Comcast Corp. - Class A			41,273
	575		Kabel Deutschland Holding A.G.			35,778
	501		Time Warner Cable, Inc.			41,132
						118,183
Casino Hotels — 0.4%
	4,427		MGM Resorts International*			49,405
Cellular Telecommunications — 0.3%
	1,379		America Movil S.A.B. de C.V. (ADR)			35,937
Chemicals - Diversified — 0.3%
	973		LyondellBasell Industries N.V. - Class A			39,183
Commercial Banks — 0.9%
	2,700		Banco do Brasil S.A.			26,258
	44,000		China Construction Bank Corp.			30,338
	1,257		Sberbank of Russia (ADR)			13,673
	1,794		Standard Chartered PLC			39,104
						109,373
Commercial Services - Finance — 0.3%
	73		MasterCard, Inc. - Class A			31,398
Computer Aided Design — 0.4%
	1,245		Autodesk, Inc.*			43,563
Computers — 1.3%
	265		Apple, Inc.*			154,760
Computers - Memory Devices — 0.7%
	2,164		EMC Corp.*			55,464
	776		NetApp, Inc.*			24,692
						80,156
Consulting Services — 0.6%
	1,231		Gartner, Inc.*			52,994
	315		Verisk Analytics, Inc. - Class A*			15,517
						68,511
Consumer Products - Miscellaneous — 0.3%
	20,400		Samsonite International S.A.			34,536
Containers - Metal and Glass — 0.4%
	1,238		Crown Holdings, Inc.*			42,699
Cosmetics and Toiletries — 0.7%
	748		Colgate-Palmolive Co.**			77,867
Decision Support Software — 0.2%
	608		MSCI, Inc.*			20,684
Dialysis Centers — 0.3%
	380		DaVita, Inc.*			37,320
Distribution/Wholesale — 0.6%
	737		Fastenal Co.			29,709
	22,000		Li & Fung, Ltd.			42,691
						72,400
Diversified Banking Institutions — 0.4%
	571		Deutsche Bank A.G.			20,748
	560		JPMorgan Chase & Co.			20,009
						40,757
Diversified Operations — 0.8%
	870		Danaher Corp.			45,310
	795		Dover Corp.			42,620
						87,930
E-Commerce/Products — 0.8%
	176		Amazon.com, Inc.*			40,190
	1,100		eBay, Inc.*			46,211
						86,401
Electronic Components - Miscellaneous — 0.4%
	1,343		TE Connectivity, Ltd. (U.S. Shares)			42,855
Electronic Components – Semiconductors — 1.0%
	5,236		ARM Holdings PLC			41,690
	1,406		International Rectifier Corp.*			28,106
	5,784		ON Semiconductor Corp.*			41,066
						110,862
Electronic Connectors — 0.3%
	657		Amphenol Corp. - Class A			36,082
Electronic Measuring Instruments — 0.9%
	400		Keyence Corp.**			98,946
Enterprise Software/Services — 0.5%
	1,922		Oracle Corp.			57,083
Entertainment Software — 0.4%
	2,200		Nexon Co., Ltd.			43,047
Finance - Credit Card — 0.2%
	393		American Express Co.			22,877
Food - Miscellaneous/Diversified — 0.6%
	1,155		Danone S.A.**			71,693
Food - Retail — 0.6%
	431		Whole Foods Market, Inc.			41,083
	1,261		X5 Retail Group N.V. (GDR)			28,894
						69,977
Hotels and Motels — 0.6%
	1,292		Marriott International, Inc. - Class A			50,647
	12,000		Shangri-La Asia, Ltd.			23,015
						73,662
Industrial Automation and Robotics — 1.0%
	700		FANUC Corp.**			115,030
Instruments - Controls — 0.3%
	1,341		Sensata Technologies Holding N.V.*			35,912
Insurance Brokers — 0.2%
	518		Aon PLC			24,232
Internet Content - Entertainment — 0.2%
	3,735		Zynga, Inc. - Class A*			20,318
Internet Gambling — 0.4%
	28,882		Bwin.Party Digital Entertainment PLC			49,836
Investment Management and Advisory Services — 0.2%
	312		T. Rowe Price Group, Inc.			19,644
Life and Health Insurance — 1.0%
	18,800		AIA Group, Ltd.			64,823
	4,182		Prudential PLC			48,447
						113,270
Machinery - General Industrial — 0.4%
	2,100		Nabtesco Corp.			46,700
Machinery - Pumps — 0.3%
	1,437		Weir Group PLC			34,653
Medical - Biomedical and Genetic — 1.5%
	634		Celgene Corp.*			40,677
	732		Gilead Sciences, Inc.*			37,537
	1,187		Incyte Corp., Ltd.*			26,945
	286		Regeneron Pharmaceuticals, Inc.*			32,667
	587		Vertex Pharmaceuticals, Inc.*			32,825
						170,651
Medical - Drugs — 1.5%
	338		Allergan, Inc.			31,289
	672		Jazz Pharmaceuticals PLC*			30,247
	545		Sanofi			41,321
	1,442		Shire PLC			41,438
	750		Valeant Pharmaceuticals International, Inc.			33,653
						177,948
Medical - HMO — 0.6%
	924		Aetna, Inc.			35,824
	385		Humana, Inc.			29,814
						65,638
Medical - Wholesale Drug Distributors — 0.3%
	774		AmerisourceBergen Corp.			30,457
Medical Products — 0.2%
	473		Covidien PLC (U.S. Shares)			25,305
Metal - Diversified — 0.4%
	5,139		Ivanhoe Mines, Ltd.*			50,693
Metal - Iron — 0.5%
	10,579		Fortescue Metals Group, Ltd.			54,056
Metal Processors and Fabricators — 0.4%
	271		Precision Castparts Corp.			44,577
Multimedia — 1.0%
	3,120		News Corp. - Class A**			69,545
	840		Walt Disney Co.			40,740
						110,285
Networking Products — 0.4%
	2,434		Cisco Systems, Inc.			41,792
Oil - Field Services — 0.6%
	2,232		AMEC PLC			35,222
	554		Schlumberger, Ltd. (U.S. Shares)			35,960
						71,182
Oil and Gas Drilling — 0.1%
	397		Helmerich & Payne, Inc.			17,262
Oil Companies - Exploration and Production — 2.2%
	1,358		Canadian Natural Resources, Ltd.			36,438
	244		Continental Resources, Inc.*			16,255
	470		Noble Energy, Inc.			39,865
	345		Occidental Petroleum Corp.			29,591
	3,800		OGX Petroleo e Gas Participacoes S.A.*			10,407
	4,162		Ophir Energy PLC*			37,845
	2,427		Tullow Oil PLC			56,017
	604		Whitting Petroleum Corp.*			24,837
						251,255
Oil Companies - Integrated — 1.1%
	2,421		BG Group PLC			49,545
	3,200		Petroleo Brasileiro S.A.			30,116
	655		Royal Dutch Shell PLC (ADR)			44,167
						123,828
Oil Field Machinery and Equipment — 0.2%
	281		National Oilwell Varco, Inc.			18,108
Pharmacy Services — 0.6%
	799		Express Scripts Holding Co.*			44,608
	828		Omnicare, Inc.			25,859
						70,467
Printing - Commercial — 0.2%
	750		VistaPrint N.V. (U.S. Shares)*			24,225
Real Estate Management/Services — 0.4%
	332		Jones Lang LaSalle, Inc.			23,363
	1,000		Mitsubishi Estate Co., Ltd.			17,942
						41,305
Real Estate Operating/Development — 0.4%
	10,000		Hang Lung Properties, Ltd.			34,041
	9,200		PDG Realty S.A. Empreendimentos e Participacoes			16,080
						50,121
Retail - Apparel and Shoe — 0.7%
	100		Fast Retailing Co., Ltd.			20,078
	1,320		Limited Brands, Inc.			56,140
						76,218
Retail - Bedding — 0.3%
	526		Bed Bath & Beyond, Inc.*			32,507
Retail - Jewelry — 0.4%
	934		Cie Financiere Richemont S.A.			51,277
Retail - Major Department Stores — 0.6%
	788		J.C. Penney Co., Inc.*			18,368
	1,013		Nordstrom, Inc.			50,336
						68,704
Retail - Restaurants — 0.3%
	2,022		Arcos Dorados Holdings, Inc. - Class A			29,885
Semiconductor Components/Integrated Circuits — 1.0%
	7,065		Atmel Corp.*			47,335
	25,000		Taiwan Semiconductor Manufacturing Co., Ltd.			68,463
						115,798
Semiconductor Equipment — 0.6%
	1,366		ASML Holding N.V. (U.S. Shares)**			70,240
Soap and Cleaning Preparations — 0.4%
	895		Reckitt Benckiser Group PLC**			47,196
Software Tools — 0.2%
	241		VMware, Inc. - Class A*			21,941
Steel - Producers — 0.5%
	1,514		ArcelorMittal			23,385
	1,992		ThyssenKrupp A.G.			32,447
						55,832
Telecommunication Services — 0.8%
	2,203		Amdocs, Ltd. (U.S. Shares)**			65,473
	1,200		Virgin Media, Inc.			29,268
						94,741
Television — 0.4%
	1,430		CBS Corp. - Class B			46,875
Therapeutics — 0.4%
	1,169		BioMarin Pharmaceutical, Inc.*			46,269
Tobacco — 1.3%
	2,200		Japan Tobacco, Inc.**			65,206
	988		Philip Morris International, Inc.**			86,213
						151,419
Toys — 0.6%
	1,858		Mattel, Inc.			60,273
	100		Nintendo Co., Ltd.			11,671
						71,944
Transactional Software — 0.2%
	564		Solera Holdings, Inc.			23,570
Transportation - Railroad — 1.0%
	1,606		Canadian Pacific Railway, Ltd.**			117,902
Transportation - Services — 1.3%
	707		Koninklijke Vopak N.V.			45,330
	631		Kuehne + Nagel International A.G.**			66,813
	411		United Parcel Service, Inc. - Class B			32,370
						144,513
Wireless Equipment — 1.1%
	820		Crown Castle International Corp.*			48,101
	822		Motorola Solutions, Inc.			39,547
	4,647		Telefonaktiebolaget L.M. Ericsson - Class B			42,420
						130,068
Total Common Stock  (cost $5,663,269)						5,895,778
Right — 0%
Metal - Diversified — 0%
	4,751		Ivanhoe Mines, Ltd.* (cost  $0)			4,295
U.S. Treasury Notes/Bonds — 0.3%
		U.S. Treasury Notes/Bonds:
$	15,000			0.8750%,  11/30/16			15,149
	15,000			1.3750%,  11/30/18			15,342
Total U.S. Treasury Notes/Bonds  (cost $29,889)						30,491
Money Market — 48.3%
	5,550,408		Janus Cash Liquidity Fund LLC, 0%    (cost  $5,550,408)			5,550,408
Capital Protection Agreement — 0%
	1		Janus Protected Series - Globalºº,§ exercise price at 6/30/12 $9.17 - $9.19 (cost $0)			0
Total Investments (total cost $11,243,566) – 100%						$ 11,480,972

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Australia	$	54,056	0.5%
Bermuda		65,706	0.6%
Brazil		82,861	0.7%
Canada		242,981	2.1%
China		30,338	0.3%
Curacao		35,960	0.3%
France		193,768	1.7%
Germany		88,973	0.8%
Gibraltar		49,836	0.4%
Guernsey		65,473	0.6%
Hong Kong		98,864	0.9%
Ireland		55,552	0.5%
Italy		70,681	0.6%
Japan		482,788	4.2%
Jersey		41,438	0.3%
Luxembourg		57,921	0.5%
Mexico		35,937	0.3%
Netherlands		243,784	2.1%
Russia		13,673	0.1%
South Korea		43,946	0.4%
Sweden		42,420	0.4%
Switzerland		225,832	2.0%
Taiwan		68,463	0.6%
United Kingdom		536,110	4.7%
United States††		8,523,726	74.2%
Virgin Islands (British)		29,885	0.2%
Total	$	11,480,972	100.0%

†† Includes Cash Equivalents (25.9% excluding Cash Equivalents).

Schedule of Written Options – Calls		Value
	BNP IVIX Index expires September 2012 1,679 contracts exercise price $0.00		$(9,929)
	BNP IVIX Index expires September 2012 3,140 contracts exercise price $0.00		(19,883)
Total Written Options - Calls (premiums received $0)			$(29,812)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

ºº Schedule of Fair Valued Securities (as of June 30, 2012)

		Value as a %
	Value	of Investment Securities
Janus Protected Series – Global Capital Protection Agreement	$ -	0.0%

Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

§ Schedule of Restricted and Illiquid Securities (as of June 30, 2012)

				Value as a %
	Acquisition	Acquisition		of Investment
	Date	Cost	Value	Securities
Janus Protected Series – Global Capital Protection Agreement	12/15/11	$ -	$ -	0.0%

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )	Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Agricultural Chemicals		$        —	$  64,887			$   —
Apparel Manufacturers		45,380	70,681		—
Automotive - Cars and Light Trucks		36,883	64,168		—
Automotive - Truck Parts and Equipment - Original		35,834	43,946		—
Beverages - Wine and Spirits		—	80,754		—
Brewery		—	77,992		—
Cable/Satellite Television		82,405	35,778		—
Cellular Telecommunications		—	35,937		—
Commercial Banks		26,258	83,115		—
Consumer Products - Miscellaneous		—	34,536		—
Distribution/Wholesale		29,709	42,691		—
Diversified Banking Institutions		20,009	20,748		—
Electronic Components - Semiconductors		69,172	41,690		—
Electronic Measuring Instruments		—	98,946		—
Entertainment Software		—	43,047		—
Food - Miscellaneous/Diversified		—	71,693		—
Food - Retail		41,083	28,894		—
Hotels and Motels		50,647	23,015		—
Industrial Automation and Robotics		—	115,030		—
Internet Gambling		—	49,836		—
Life and Health Insurance		—	113,270		—
Machinery - General Industrial		—	46,700		—
Machinery - Pumps		—	34,653		—
Medical - Drugs		95,189	82,759		—
Metal - Iron		—	54,056		—
Oil - Field Services		35,960	35,222		—
Oil Companies - Exploration and Production		157,393	93,862		—
Oil Companies - Integrated		30,116	93,712		—
Real Estate Management/Services		23,363	17,942		—
Real Estate Operating/Development		16,080	34,041		—
Retail - Apparel and Shoe		56,140	20,078		—
Retail - Jewelry		—	51,277		—
Semiconductor Components/Integrated Circuits		47,335	68,463		—
Soap and Cleaning Preparations		—	47,196		—
Steel - Producers		—	55,832		—
Tobacco		86,213	65,206		—
Toys		60,273	11,671		—
Transportation - Services		32,370	112,143		—
Wireless Equipment		87,648	42,420
All Other		2,522,431	—		—
Right		—	4,295		—
U.S. Treasury Notes/Bonds		—	30,491		—
Money Market		—	5,550,408		—
Total Investments in Securities	$ 3,687,891		$7,793,081		$      —
Other Financial Instruments(b)	$             —		$  (29,812)	$      —

(a) Includes fair value factors.

(b) Other financial instruments include the capital protection agreement, futures, forward currency, written option, 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. The capital protection agreement is reported at its market value at measurement date.

Level 3 Valuation Reconciliation of Assets (for the period ended June 30, 2012)
	Balance as of December 15, 2011	Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation		Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Capital Protection Agreement
Janus Protected Series – Global(a)	$ -	$ -	$ -	$ -		$ -	$ -	$ -

(a) Fund started operations on December 15, 2011.

Aggregate collateral 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 as June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Protected Series - Global	$ 1,134,234

Janus Protected Series - Growth

Schedule of Investments (unaudited)

Shares/Principal/Contract Amounts						Value
Common Stock — 35.0%
Apparel Manufacturers — 0.5%
	2,018		Coach, Inc.		$	118,013
	76,572		Prada SpA			520,402
						638,415
Applications Software — 0.5%
	5,121		Intuit, Inc.			303,931
	13,789		Microsoft Corp.			421,806
						725,737
Athletic Footwear — 0.4%
	6,979		NIKE, Inc. - Class B			612,617
Beverages - Wine and Spirits — 0.6%
	7,187		Pernod-Ricard S.A.			768,715
Brewery — 1.2%
	12,604		Anheuser-Busch InBev N.V. (ADR)			1,003,908
	15,217		SABMiller PLC			611,129
						1,615,037
Cable/Satellite Television — 0.6%
	10,264		Time Warner Cable, Inc.			842,674
Commercial Banks — 0.4%
	17,000		Banco do Brasil S.A.			165,327
	16,501		Standard Chartered PLC			359,678
						525,005
Commercial Services - Finance — 0.2%
	759		MasterCard, Inc. - Class A			326,453
Computer Aided Design — 0.5%
	2,657		ANSYS, Inc.*			167,683
	15,398		Autodesk, Inc.*			538,776
						706,459
Computers — 3.4%
	7,942		Apple, Inc.*,**			4,638,128
Computers - Integrated Systems — 0.1%
	2,352		Teradata Corp.*			169,368
Computers - Memory Devices — 0.5%
	26,831		EMC Corp.*			687,679
Consulting Services — 0.2%
	5,921		Verisk Analytics, Inc. - Class A*			291,668
Containers - Metal and Glass — 0.7%
	23,753		Ball Corp.**			975,061
Cosmetics and Toiletries — 0.4%
	5,588		Colgate-Palmolive Co.			581,711
Distribution/Wholesale — 0.3%
	4,335		Fastenal Co.			174,744
	1,388		W.W. Grainger, Inc.			265,441
						440,185
Diversified Operations — 0.8%
	15,277		Danaher Corp.			795,626
	6,489		Tyco International, Ltd. (U.S. Shares)			342,944
						1,138,570
E-Commerce/Products — 1.6%
	2,997		Amazon.com, Inc.*			684,365
	37,335		eBay, Inc.*,**			1,568,443
						2,252,808
Electronic Components - Miscellaneous — 0.6%
	26,428		TE Connectivity, Ltd. (U.S. Shares)			843,317
Electronic Components – Semiconductors — 0.3%
	66,506		ON Semiconductor Corp.*			472,193
Electronic Connectors — 0.4%
	10,054		Amphenol Corp. - Class A			552,166
Enterprise Software/Services — 0.9%
	43,748		Oracle Corp.**			1,299,316
Industrial Automation and Robotics — 0.5%
	4,100		FANUC Corp.			673,745
Industrial Gases — 0.6%
	7,588		Praxair, Inc.			825,043
Instruments - Controls — 0.5%
	27,766		Sensata Technologies Holding N.V.*			743,573
Internet Content - Entertainment — 0.2%
	44,000		Zynga, Inc. - Class A*			239,360
Internet Content - Information/News — 0.1%
	1,067		LinkedIn Corp. - Class A*			113,390
Internet Media — 0.2%
	7,422		Facebook, Inc. - Class A*			230,973
Investment Management and Advisory Services — 0.4%
	7,876		T. Rowe Price Group, Inc.			495,873
Life and Health Insurance — 0.4%
	23,553		Prudential PLC (ADR)			546,430
Medical - Biomedical and Genetic — 1.7%
	17,619		Celgene Corp.*,**			1,130,435
	9,143		Gilead Sciences, Inc.*			468,853
	13,031		Vertex Pharmaceuticals, Inc.*			728,694
						2,327,982
Medical - Drugs — 0.6%
	9,532		Shire PLC			273,913
	10,910		Valeant Pharmaceuticals International, Inc.			488,659
						762,572
Medical - Generic Drugs — 0.8%
	8,985		Perrigo Co.**			1,059,601
Medical - HMO — 0.2%
	5,814		Aetna, Inc.			225,409
Medical - Wholesale Drug Distributors — 0.3%
	11,631		AmerisourceBergen Corp.			457,680
Medical Products — 1.0%
	18,673		Covidien PLC (U.S. Shares)			999,005
	5,431		Varian Medical Systems, Inc.*			330,042
						1,329,047
Metal Processors and Fabricators — 1.0%
	8,132		Precision Castparts Corp.**			1,337,633
Multimedia — 0.3%
	7,477		Walt Disney Co.			362,634
Oil - Field Services — 0.1%
	2,389		Schlumberger, Ltd. (U.S. Shares)			155,070
Oil and Gas Drilling — 0.3%
	8,399		Helmerich & Payne, Inc.			365,189
Oil Companies - Exploration and Production — 0.8%
	3,270		EOG Resources, Inc.			294,660
	4,632		Noble Energy, Inc.			392,886
	3,052		Occidental Petroleum Corp.			261,770
	38,300		OGX Petroleo e Gas Participacoes S.A.*			104,895
						1,054,211
Oil Companies - Integrated — 0.1%
	10,171		Petroleo Brasileiro S.A. (ADR)			190,910
Oil Field Machinery and Equipment — 0.4%
	9,018		Dresser-Rand Group, Inc.*			401,662
	2,247		National Oilwell Varco, Inc.			144,796
						546,458
Pharmacy Services — 0.7%
	16,406		Express Scripts Holding Co.*			915,947
Pipelines — 0.9%
	36,632		Kinder Morgan, Inc.**			1,180,283
REIT - Health Care — 0.1%
	1,949		Ventas, Inc.			123,021
Retail - Apparel and Shoe — 1.0%
	31,367		Limited Brands, Inc.**			1,334,038
Retail - Auto Parts — 0.5%
	1,823		AutoZone, Inc.*			669,351
Retail - Discount — 1.0%
	15,149		Costco Wholesale Corp.**			1,439,155
Retail - Major Department Stores — 1.0%
	16,565		J.C. Penney Co., Inc.*			386,130
	19,140		Nordstrom, Inc.			951,067
						1,337,197
Retail - Restaurants — 0.2%
	5,407		Starbucks Corp.			288,301
Semiconductor Components/Integrated Circuits — 0.6%
	45,954		Atmel Corp.*			307,892
	34,287		Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)			478,646
						786,538
Soap and Cleaning Preparations — 0.3%
	8,159		Reckitt Benckiser Group PLC			430,251
Telecommunication Services — 0.3%
	16,250		Amdocs, Ltd. (U.S. Shares)			482,950
Television — 0.6%
	26,486		CBS Corp. - Class B**			868,211
Tobacco — 0.4%
	5,853		Philip Morris International, Inc.			510,733
Toys — 0.5%
	23,002		Mattel, Inc.			746,185
Transportation - Railroad — 0.4%
	4,780		Canadian Pacific Railway, Ltd.			350,915
	1,600		Union Pacific Corp.			190,896
						541,811
Transportation - Services — 0.2%
	5,436		C.H. Robinson Worldwide, Inc.			318,169
Wireless Equipment — 0.7%
	9,163		Crown Castle International Corp.*			537,502
	9,229		Motorola Solutions, Inc.			444,007
						981,509
Total Common Stock  (cost $43,656,459)						48,099,715
Purchased Option - Call — 0.1%
	305		SPDR S&P 500 Trust (ETF) expires September 2012 exercise price $135.00 (premiums paid $121,390)			152,639
U.S. Treasury Notes/Bonds — 2.0%
		U.S. Treasury Notes/Bonds:
$	1,250,000			1.0000%,  9/30/16			1,269,434
	1,520,000			0.8750%,  11/30/16			1,535,081
Total U.S. Treasury Notes/Bonds  (cost $2,778,425)						2,804,515
Money Market — 62.9%
	86,520,087		Janus Cash Liquidity Fund LLC, 0%    (cost  $86,520,087)			86,520,087
Capital Protection Agreement — 0%
	1		Janus Protected Series – Growthºº,§ exercise price at 6/30/12 $8.13 (cost $0)			0
Total Investments (total cost $133,076,361) – 100%					$	137,576,956

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Belgium	$	1,003,908	0.7%
Brazil		461,132	0.3%
Canada		839,574	0.6%
Curacao		155,070	0.1%
France		768,715	0.6%
Guernsey		482,950	0.4%
Ireland		999,005	0.7%
Italy		520,402	0.4%
Japan		673,745	0.5%
Jersey		273,913	0.2%
Netherlands		743,573	0.5%
Switzerland		1,186,261	0.9%
Taiwan		478,646	0.4%
United Kingdom		1,947,488	1.4%
United States††		127,042,574	92.3%
Total	$	137,576,956	100.0%

††   Includes Cash Equivalents (29.5% excluding Cash Equivalents). ___________________________________________________________________________________________________________

Financial Future - Short
214 Contracts	S&P 500® E-mini expires September 2012, principal amount 14,126,003 value $14,513,480, cumulative depreciation	$(387,477)

Schedule of Written Options – Calls		Value
	BNP IVIX Index expires July 2012 22,393 contracts exercise price $0.00	$(88,343)
	BNP IVIX Index expires September 2012 18,317 contracts exercise price $0.00	(115,982)
Total Written Options - Calls (premiums received $0)		$(204,325)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
ETF	Exchange-Trade Fund
PLC	Public Limited Company
SPDR	Standard & Poor’s Depositary Receipt
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

ºº Schedule of Fair Valued Securities (as of June 30, 2012)

		Value as a % of Investment
	Value	Securities
Janus Protected Series – Growth Capital Protection Agreement	$ -	0.0%

Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

§ Schedule of Restricted and Illiquid Securities (as of June 30, 2012)

				Value as a %
	Acquisition	Acquisition		of Investment
	Date	Cost	Value	Securities
Janus Protected Series – Growth Capital Protection Agreement	5/4/11	$ -	$ -	0.0%

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )	Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers		$118,013	$520,402			$—
Beverages - Wine and Spirits		—	768,715		—
Brewery		—	1,615,037		—
Commercial Banks		165,327	359,678		—
Industrial Automation and Robotics		—	673,745		—
Life and Health Insurance		—	546,430		—
Medical - Drugs		488,659	273,913		—
Oil Companies - Integrated		—	190,910		—
Soap and Cleaning Preparations		—	430,251		—
All Other		41,948,635	—		—
U.S. Treasury Notes/Bonds		—	2,804,515		—
Money Market		—	86,520,087		—
Total Investments in Securities	$ 42,720,634		$94,703,683	$ —
Investments in Purchased Options	$ —		$ 152,639	$ —
Other Financial Instruments(b)	$ —		$ (591,802)	$ —

(a) Includes fair value factors.

(b) Other financial instruments include the capital protection agreement, futures, forward currency, written option, 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. The capital protection agreement is reported at its market value at measurement date.

Level 3 Valuation Reconciliation of Assets

(for the period ended June 30, 2012)

	Balance as of September 30, 2011	Realized Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation)		Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Capital Protection Agreement	$ -	$ -	$ -	$ -		$ -	$ -	$ -

Aggregate collateral 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 as June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Protected Series - Growth	$ 14,803,742

Janus Research Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 99.1%
Airlines — 0.7%
	953,119	United Continental Holdings, Inc.*	$23,189,385
Apparel Manufacturers — 1.6%
	524,596	Coach, Inc.	30,678,374
	2,965,000	Prada SpA**	20,150,885
			50,829,259
Applications Software — 3.6%
	591,699	Intuit, Inc.	35,117,336
	2,653,267	Microsoft Corp.**	81,163,437
			116,280,773
Athletic Footwear — 1.0%
	371,050	NIKE, Inc. - Class B	32,570,769
Automotive - Cars and Light Trucks — 1.5%
	4,616,417	Ford Motor Co.	44,271,439
	1,150,000	Isuzu Motors, Ltd.**	6,149,411
			50,420,850
Automotive - Truck Parts and Equipment - Original — 0.6%
	382,617	WABCO Holdings, Inc.*	20,251,918
Beverages - Wine and Spirits — 0.6%
	207,339	Brown-Forman Corp. - Class B	20,080,782
Brewery — 0.4%
	344,821	SABMiller PLC**	13,848,330
Cable/Satellite Television — 2.0%
	1,006,367	Comcast Corp. - Class A	32,173,553
	387,453	Time Warner Cable, Inc.	31,809,891
			63,983,444
Casino Hotels — 0.7%
	2,160,158	MGM Resorts International*	24,107,363
Cellular Telecommunications — 0.7%
	815,642	America Movil S.A.B. de C.V. (ADR)	21,255,631
Chemicals - Diversified — 1.0%
	780,464	LyondellBasell Industries N.V. - Class A**	31,429,285
Commercial Services - Finance — 0.7%
	50,855	MasterCard, Inc. - Class A	21,873,244
Computer Aided Design — 0.9%
	839,208	Autodesk, Inc.*	29,363,888
Computers — 3.8%
	214,258	Apple, Inc.*	125,126,672
Computers - Memory Devices — 0.7%
	674,464	NetApp, Inc.*	21,461,444
Consulting Services — 1.0%
	732,855	Gartner, Inc.*	31,549,408
Containers - Metal and Glass — 1.0%
	944,776	Crown Holdings, Inc.*	32,585,324
Cosmetics and Toiletries — 2.0%
	481,877	Colgate-Palmolive Co.	50,163,395
	295,056	Estee Lauder Cos., Inc. - Class A	15,968,431
			66,131,826
Decision Support Software — 0.5%
	441,610	MSCI, Inc.*	15,023,572
Dialysis Centers — 0.7%
	243,783	DaVita, Inc.*	23,941,928
Distribution/Wholesale — 0.7%
	1,214,459	Adani Enterprises, Ltd.	4,884,010
	433,582	Fastenal Co.	17,477,691
			22,361,701
Diversified Banking Institutions — 0.4%
	390,393	JPMorgan Chase & Co.	13,948,742
Diversified Operations — 3.1%
	1,436,640	Danaher Corp.	74,820,211
	487,315	Dover Corp.	26,124,957
			100,945,168
E-Commerce/Products — 2.3%
	131,491	Amazon.com, Inc.*	30,025,970
	1,098,538	eBay, Inc.*	46,149,581
			76,175,551
Electronic Components - Miscellaneous — 2.1%
	2,122,566	TE Connectivity, Ltd. (U.S. Shares)**	67,731,081
Electronic Components – Semiconductors — 2.0%
	3,821,645	ARM Holdings PLC**	30,428,447
	945,143	International Rectifier Corp.*	18,893,409
	2,424,827	ON Semiconductor Corp.*	17,216,272
			66,538,128
Electronic Connectors — 1.0%
	580,584	Amphenol Corp. - Class A	31,885,673
Enterprise Software/Services — 2.6%
	2,883,476	Oracle Corp.	85,639,237
Finance - Credit Card — 1.3%
	316,988	American Express Co.	18,451,872
	301,485	Discover Financial Services	10,425,351
	113,586	Visa, Inc. - Class A	14,042,637
			42,919,860
Food - Confectionary — 1.3%
	574,519	Hershey Co.	41,382,604
Hotels and Motels — 1.0%
	840,609	Marriott International, Inc. - Class A	32,951,873
Industrial Automation and Robotics — 1.0%
	188,600	FANUC Corp.**	30,992,276
Instruments - Controls — 0.6%
	790,650	Sensata Technologies Holding N.V.*,**	21,173,607
Insurance Brokers — 0.5%
	331,083	Aon PLC **	15,488,063
Internet Content - Entertainment — 0.3%
	2,028,080	Zynga, Inc. - Class A*	11,032,755
Internet Gambling — 0.4%
	7,014,752	Bwin.Party Digital Entertainment PLC**	12,104,069
Investment Management and Advisory Services — 0.4%
	192,399	T. Rowe Price Group, Inc.	12,113,441
Life and Health Insurance — 0.4%
	4,134,000	AIA Group, Ltd.	14,254,269
Machinery - General Industrial — 0.7%
	219,639	Roper Industries, Inc.	21,652,013
Medical - Biomedical and Genetic — 2.6%
	453,971	Celgene Corp.*	29,126,779
	354,074	Gilead Sciences, Inc.*	18,156,915
	175,762	Regeneron Pharmaceuticals, Inc.*	20,075,536
	315,284	Vertex Pharmaceuticals, Inc.*	17,630,681
			84,989,911
Medical - Drugs — 3.2%
	319,423	Abbott Laboratories	20,593,201
	231,591	Allergan, Inc.	21,438,379
	401,956	Jazz Pharmaceuticals PLC*,**	18,092,039
	843,614	Shire PLC**	24,242,203
	450,719	Valeant Pharmaceuticals International, Inc.**	20,187,704
			104,553,526
Medical - HMO — 1.2%
	542,190	Aetna, Inc.	21,020,706
	222,073	Humana, Inc.	17,197,333
			38,218,039
Medical - Wholesale Drug Distributors — 0.5%
	382,868	AmerisourceBergen Corp.	15,065,856
Medical Products — 0.6%
	391,810	Covidien PLC (U.S. Shares)**	20,961,835
Metal - Diversified — 0.4%
	1,469,703	Ivanhoe Mines, Ltd.*,**	14,497,758
Metal - Iron — 0.3%
	2,125,561	Fortescue Metals Group, Ltd.	10,861,007
Metal Processors and Fabricators — 1.2%
	243,638	Precision Castparts Corp.	40,076,015
Multimedia — 2.5%
	2,173,532	News Corp. - Class A	48,448,028
	658,846	Walt Disney Co.	31,954,031
			80,402,059
Networking Products — 1.5%
	2,939,056	Cisco Systems, Inc.	50,463,592
Oil - Field Services — 1.0%
	482,340	Schlumberger, Ltd. (U.S. Shares)	31,308,689
Oil and Gas Drilling — 0.7%
	508,934	Helmerich & Payne, Inc.	22,128,450
Oil Companies - Exploration and Production — 5.2%
	319,342	Continental Resources, Inc.*	21,274,564
	378,833	EOG Resources, Inc.	34,136,642
	438,509	Noble Energy, Inc.	37,194,333
	434,774	Occidental Petroleum Corp.	37,290,566
	1,572,700	OGX Petroleo e Gas Participacoes S.A.*	4,307,265
	604,187	Tullow Oil PLC**	13,944,982
	505,473	Whitting Petroleum Corp.*	20,785,050
			168,933,402
Oil Companies - Integrated — 0.8%
	596,550	BG Group PLC**	12,208,134
	200,453	Royal Dutch Shell PLC (ADR)**	13,516,546
			25,724,680
Oil Field Machinery and Equipment — 0.5%
	264,012	National Oilwell Varco, Inc.	17,012,933
Pharmacy Services — 1.7%
	646,456	Express Scripts Holding Co.*	36,091,638
	590,811	Omnicare, Inc.	18,451,028
			54,542,666
Pipelines — 0.9%
	553,189	Enterprise Products Partners L.P.	28,345,404
Real Estate Management/Services — 0.4%
	204,580	Jones Lang LaSalle, Inc.	14,396,295
Real Estate Operating/Development — 0.1%
	1,912,600	PDG Realty S.A. Empreendimentos e Participacoes	3,342,907
REIT - Health Care — 0.5%
	280,465	Ventas, Inc.	17,702,951
Retail - Apparel and Shoe — 1.1%
	855,283	Limited Brands, Inc.	36,375,186
Retail - Auto Parts — 0.6%
	57,343	AutoZone, Inc.*	21,054,629
Retail - Bedding — 0.6%
	335,240	Bed Bath & Beyond, Inc.*	20,717,832
Retail - Discount — 2.1%
	544,385	Costco Wholesale Corp.	51,716,575
	269,224	Family Dollar Stores, Inc.	17,898,012
			69,614,587
Retail - Gardening Products — 0.6%
	228,400	Tractor Supply Co.	18,970,904
Retail - Jewelry — 0.4%
	262,382	Cie Financiere Richemont S.A.**	14,404,976
Retail - Major Department Stores — 2.2%
	558,360	J.C. Penney Co., Inc.*	13,015,372
	669,971	Nordstrom, Inc.	33,290,859
	563,956	TJX Cos., Inc.	24,210,631
			70,516,862
Retail - Restaurants — 1.0%
	374,867	McDonald's Corp.	33,186,976
Semiconductor Components/Integrated Circuits — 2.9%
	5,168,706	Atmel Corp.*	34,630,330
	21,737,000	Taiwan Semiconductor Manufacturing Co., Ltd.	59,526,970
			94,157,300
Semiconductor Equipment — 1.1%
	691,335	ASML Holding N.V. (U.S. Shares)**	35,548,446
Software Tools — 0.6%
	211,174	VMware, Inc. - Class A*	19,225,281
Telecommunication Services — 1.1%
	1,157,102	Amdocs, Ltd. (U.S. Shares)**	34,389,071
Television — 1.1%
	1,132,063	CBS Corp. - Class B	37,109,025
Therapeutics — 0.7%
	569,241	BioMarin Pharmaceutical, Inc.*	22,530,559
Tobacco — 1.9%
	573,800	Japan Tobacco, Inc.**	17,006,925
	501,906	Philip Morris International, Inc.	43,796,318
			60,803,243
Toys — 1.1%
	1,128,185	Mattel, Inc.	36,598,321
Transactional Software — 0.5%
	395,120	Solera Holdings, Inc.	16,512,065
Transportation - Railroad — 2.0%
	541,968	Union Pacific Corp.	64,662,202
Transportation - Services — 2.0%
	379,479	C.H. Robinson Worldwide, Inc.	22,210,906
	541,261	United Parcel Service, Inc. - Class B	42,629,716
			64,840,622
Wireless Equipment — 1.9%
	551,490	Crown Castle International Corp.*	32,350,403
	611,673	Motorola Solutions, Inc.	29,427,588
			61,777,991
Total Common Stock  (cost $2,758,042,545)			3,233,119,259
Right — 0%
Metal - Diversified — 0%
	1,469,703	Ivanhoe Mines, Ltd.*,** (cost  $0)	1,328,480
Money Market — 0.9%
	29,012,000	Janus Cash Liquidity Fund LLC, 0%    (cost  $29,012,000)	29,012,000
Total Investments (total cost $2,787,054,545) – 100%			$3,263,459,739

Summary of Investments by Country – (Long Positions)

June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Australia	$	10,861,007	0.3%
Brazil		7,650,172	0.2%
Canada		36,013,942	1.1%
Curacao		31,308,689	1.0%
Gibraltar		12,104,069	0.4%
Guernsey		34,389,071	1.1%
Hong Kong		14,254,269	0.4%
India		4,884,010	0.2%
Ireland		39,053,874	1.2%
Italy		20,150,885	0.6%
Japan		54,148,612	1.7%
Jersey		24,242,203	0.7%
Mexico		21,255,631	0.7%
Netherlands		88,151,338	2.7%
Switzerland		82,136,057	2.5%
Taiwan		59,526,970	1.8%
United Kingdom		99,434,502	3.0%
United States††		2,623,894,438	80.4%
Total	$	3,263,459,739	100.0%

†† Includes Cash Equivalents (79.5% excluding Cash Equivalents).

Forward Currency Contracts, Open

June 30, 2012 (unaudited)

Counterparty/Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC:
British Pound 7/19/12	7,500,000	$11,743,712	$1,363
Canadian Dollar 7/19/12	3,000,000	2,946,432	(29,226)
Euro 7/19/12	12,900,000	16,324,622	(74,105)
Japanese Yen 7/19/12	651,500,000	8,154,103	99,837
Swiss Franc 7/19/12	2,770,000	2,920,755	(12,618)
		42,089,624	(14,749)
HSBC Securities (USA), Inc.:
British Pound 7/12/12	7,100,000	11,117,607	4,615
Canadian Dollar 7/12/12	3,000,000	2,946,983	(23,092)
Euro 7/12/12	5,000,000	6,326,978	(59,118)
Japanese Yen 7/12/12	496,000,000	6,207,149	36,400
Swiss Franc 7/12/12	1,300,000	1,370,489	(8,320)
		27,969,206	(49,515)
JPMorgan Chase & Co.:
British Pound 8/2/12	5,300,000	8,298,547	(53,973)
Euro 8/2/12	8,000,000	10,125,121	(130,321)
Japanese Yen 8/2/12	304,000,000	3,805,700	13,012
Swiss Franc 8/2/12	2,640,000	2,784,763	(36,109)
		25,014,131	(207,391)
RBC Capital Markets Corp.:
British Pound 7/26/12	15,700,000	24,583,005	(207,185)
Canadian Dollar 7/26/12	2,000,000	1,963,920	(18,2s25)
Euro 7/26/12	10,000,000	12,655,534	(102,634)
Japanese Yen 7/26/12	760,000,000	9,513,201	49,434
		48,715,660	(278,610)
Total		$143,788,621	$(550,265)

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
·	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )				Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers		$	30,678,374		$20,150,885		$—
Automotive - Cars and Light Trucks			44,271,439		6,149,411		—
Brewery			—		13,848,330		—
Cellular Telecommunications			—		21,255,631		—
Distribution/Wholesale			17,477,691		4,884,010		—
Electronic Components – Semiconductors			36,109,681		30,428,447		—
Industrial Automation and Robotics			—		30,992,276		—
Internet Gambling			—		12,104,069		—
Life and Health Insurance			—		14,254,269		—
Medical - Drugs			80,311,323		24,242,203		—
Metal - Iron			—		10,861,007		—
Oil Companies - Exploration and Production			154,988,420		13,944,982		—
Oil Companies - Integrated			—		25,724,680		—
Retail - Jewelry			—		14,404,976		—
Semiconductor Components/Integrated Circuits			34,630,330		59,526,970		—
Tobacco			43,796,318		17,006,925		—
All Other			2,471,076,612		—		—
Rights
Metal- Diversified			1,328,480		—		—
Money Market			—		29,012,000		—
Total Investments in Securities	$			2,914,668,668		$348,791,071		$—
Other Financial Instruments(b)		$	—		$(550,265)		$—

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Research Fund	$ 529,591,553

Janus Triton Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 93.5%
Aerospace and Defense — 2.5%
	567,010	TransDigm Group, Inc.*	$ 76,149,443
Aerospace and Defense – Equipment — 1.9%
	1,832,993	HEICO Corp. - Class A£	59,132,354
Apparel Manufacturers — 1.4%
	586,305	Carter's, Inc.*	30,839,643
	681,690	Maidenform Brands, Inc.*	13,579,265
			44,418,908
Applications Software — 1.9%
	2,570,521	RealPage, Inc.*	59,533,266
Auction House - Art Dealer — 1.0%
	1,463,175	Ritchie Bros. Auctioneers, Inc. (U.S. Shares)	31,092,469
Audio and Video Products — 0.9%
	1,095,935	DTS, Inc.*,£	28,581,985
Auto Repair Centers — 0.8%
	738,174	Monro Muffler Brake, Inc.	24,536,904
Automotive - Truck Parts and Equipment - Original — 1.0%
	585,570	WABCO Holdings, Inc.*	30,994,220
Commercial Banks — 0.8%
	437,950	SVB Financial Group*	25,716,424
Commercial Services — 3.5%
	696,495	CoStar Group, Inc.*	56,555,394
	1,095,860	Iron Mountain, Inc.	36,119,545
	706,380	Standard Parking Corp.*	15,201,298
			107,876,237
Commercial Services - Finance — 1.8%
	1,882,872	Euronet Worldwide, Inc.*	32,234,769
	528,410	Global Payments, Inc.	22,843,164
			55,077,933
Computer Software — 3.3%
	1,515,487	Blackbaud, Inc.	38,902,551
	2,504,135	SS&C Technologies Holdings, Inc.*	62,603,375
			101,505,926
Computers - Integrated Systems — 1.1%
	955,400	Jack Henry & Associates, Inc.	32,980,408
Consulting Services — 1.1%
	798,158	Gartner, Inc.*	34,360,702
Data Processing and Management — 1.2%
	1,810,185	Broadridge Financial Solutions, Inc.	38,502,635
Decision Support Software — 2.1%
	1,871,862	MSCI, Inc.*	63,680,745
Diagnostic Equipment — 1.0%
	369,535	Gen-Probe, Inc.*	30,375,777
Diagnostic Kits — 1.2%
	201,450	IDEXX Laboratories, Inc.*	19,365,389
	1,085,240	Quidel Corp.*	17,016,563
			36,381,952
Distribution/Wholesale — 1.7%
	940,075	WESCO International, Inc.*	54,101,316
Electric Products - Miscellaneous — 0.9%
	2,960,640	Graftech International, Ltd.*	28,570,176
Electronic Components – Semiconductors — 0.7%
	3,138,858	ON Semiconductor Corp.*	22,285,892
Electronic Measuring Instruments — 1.9%
	863,847	Measurement Specialties, Inc.*,£	28,083,666
	639,464	Trimble Navigation, Ltd.*	29,421,739
			57,505,405
Filtration and Separations Products — 2.0%
	1,519,770	Polypore International, Inc.*	61,383,510
Finance - Auto Loans — 0.4%
	159,368	Credit Acceptance Corp.*	13,455,440
Finance - Investment Bankers/Brokers — 1.0%
	945,460	LPL Financial Holdings, Inc.	31,928,184
Finance - Other Services — 1.3%
	1,159,920	Higher One Holdings, Inc.*	14,174,223
	949,652	MarketAxess Holdings, Inc.	25,298,729
			39,472,952
Footwear and Related Apparel — 3.4%
	954,190	Deckers Outdoor Corp.*	41,993,902
	1,594,750	Wolverine World Wide, Inc.	61,844,405
			103,838,307
Heart Monitors — 0.5%
	170,861	HeartWare International, Inc.*	15,172,457
Home Furnishings — 0.4%
	506,895	Tempur-Pedic International, Inc.*	11,856,274
Human Resources — 0.5%
	1,207,778	Resources Connection, Inc.	14,855,669
Industrial Automation and Robotics — 1.0%
	608,250	Nordson Corp.	31,197,143
Instruments - Controls — 1.9%
	95,990	Mettler-Toledo International, Inc.*	14,960,041
	1,683,619	Sensata Technologies Holding N.V.*	45,087,317
			60,047,358
Investment Management and Advisory Services — 2.2%
	1,233,768	Eaton Vance Corp.	33,250,048
	1,012,342	Epoch Holding Corp.	23,061,151
	581,503	Financial Engines, Inc.*	12,473,239
			68,784,438
Machinery - General Industrial — 1.7%
	142,062	Gardner Denver, Inc.	7,516,500
	599,054	Wabtec Corp.	46,732,203
			54,248,703
Medical - Biomedical and Genetic — 2.4%
	1,032,649	Ariad Pharmaceuticals, Inc.*	17,771,889
	1,111,873	Immunogen, Inc.*	18,657,229
	789,425	Incyte Corp., Ltd.*	17,919,948
	813,685	Seattle Genetics, Inc.*	20,659,462
			75,008,528
Medical - Drugs — 0.4%
	749,000	Alkermes PLC*	12,710,530
Medical - Generic Drugs — 0.4%
	649,785	Impax Laboratories, Inc.*	13,171,142
Medical Information Systems — 0.9%
	356,161	athenahealth, Inc.*	28,197,266
Medical Instruments — 3.0%
	1,590,820	Endologix, Inc.*	24,562,261
	367,350	Techne Corp.	27,257,370
	1,405,115	Volcano Corp.*	40,256,545
			92,076,176
Medical Products — 2.9%
	1,867,700	PSS World Medical, Inc.*	39,203,023
	811,435	Varian Medical Systems, Inc.*	49,310,905
			88,513,928
Multimedia — 0.4%
	140,470	Factset Research Systems, Inc.	13,055,282
Oil - Field Services — 2.7%
	218,350	Core Laboratories N.V.	25,306,765
	1,604,525	PAA Natural Gas Storage L.P.	28,672,862
	691,937	Targa Resources Corp.	29,545,710
			83,525,337
Oil Companies - Exploration and Production — 0.4%
	522,435	Ultra Petroleum Corp. (U.S. Shares)*	12,052,575
Oil Field Machinery and Equipment — 3.6%
	1,760,691	Dresser-Rand Group, Inc.*,**	78,421,177
	483,515	Dril-Quip, Inc.*	31,713,749
			110,134,926
Patient Monitoring Equipment — 1.6%
	2,179,770	Masimo Corp.	48,783,253
Pharmacy Services — 1.0%
	1,005,135	Omnicare, Inc.	31,390,366
Pipelines — 1.9%
	867,189	Copano Energy LLC	24,107,854
	789,175	DCP Midstream Partners L.P.	33,263,726
			57,371,580
Printing - Commercial — 1.4%
	1,348,689	VistaPrint N.V. (U.S. Shares)*	43,562,655
Real Estate Management/Services — 1.0%
	425,570	Jones Lang LaSalle, Inc.	29,947,361
Recreational Vehicles — 1.0%
	423,305	Polaris Industries, Inc.	30,257,841
Retail - Catalog Shopping — 1.9%
	881,135	MSC Industrial Direct Co. - Class A	57,758,399
Retail - Convenience Stores — 1.0%
	527,240	Casey's General Stores, Inc.	31,101,888
Retail - Petroleum Products — 1.5%
	1,240,316	World Fuel Services Corp.	47,169,217
Retail - Sporting Goods — 1.0%
	518,200	Hibbett Sports, Inc.*	29,905,322
Semiconductor Components/Integrated Circuits — 1.0%
	4,537,040	Atmel Corp.*	30,398,168
Steel - Producers — 1.0%
	635,340	Reliance Steel & Aluminum Co.	32,084,670
Theaters — 1.7%
	3,505,735	National CineMedia, Inc.£	53,182,000
Therapeutics — 1.2%
	431,450	BioMarin Pharmaceutical, Inc.*	17,076,791
	375,427	Pharmacyclics, Inc.*	20,502,068
			37,578,859
Transactional Software — 1.5%
	1,144,265	Solera Holdings, Inc.	47,818,834
Transportation - Railroad — 1.3%
	776,995	Genesee & Wyoming, Inc. - Class A*	41,056,416
Transportation - Truck — 2.4%
	855,970	Landstar System, Inc.	44,270,768
	691,531	Old Dominion Freight Line, Inc.*	29,936,377
			74,207,145
Virtual Reality Products — 1.3%
	2,666,379	RealD, Inc.*	39,889,030
Wireless Equipment — 1.7%
	912,470	SBA Communications Corp. - Class A*	52,056,414
Total Common Stock  (cost $2,648,090,415)			2,893,566,620
Money Market — 6.7%
	208,924,890	Janus Cash Liquidity Fund LLC, 0%    (cost  $208,924,890)	208,924,890
Total Investments (total cost $2,857,015,305) – 100.2%			3,102,491,510
Security Sold Short — (0.2)%
Common Stock Sold Short — (0.2)%
Retail - Restaurants — (0.2)%
	182,165	BJ's Restaurants, Inc.* (proceeds  $6,310,049)	(6,922,270)
Total Investments and Securites Sold Short (total cost $2,850,705,256) –100%			$ 3,095,569,240

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Canada	$	43,145,044	1.4%
Ireland		12,710,530	0.4%
Netherlands		113,956,737	3.7%
United States††		2,932,679,199	94.5%
Total	$	3,102,491,510	100.0%

†† Includes Cash Equivalents (87.6% excluding Cash Equivalents).

Summary of Investments by Country – (Short Positions) June 30, 2012 (unaudited)

Country	Value		% of Securities Sold Short
United States	$	(6,922,270)	100.0%
Total	$	(6,922,270)	100.0%

Notes to Schedule of Investments (unaudited)

PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.

£ The Investment Company Act of 1940, as amended, defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended June 30, 2012.

	Purchases		Sales
	Shares	Cost	Shares	Cost	Realized (Loss)	Dividend  Income	Value   at 6/30/12
Janus Triton Fund
DTS, Inc.*	107,835	$   3,109,917	95,415	$ 4,433,712	$ (1,696,706)	$            -	$   28,581,985
HEICO Corp. – Class A	791,822	31,364,036	49,650	1,659,520	(80,283)	54,427	59,132,354
Measurement Specialities, Inc.*	227,125	6,507,088	24,010	889,553	(43,751)	-	28,083,666
National CineMedia, Inc.	1,146,955	15,263,685	-	-	-	2,104,769	53,182,000
		$ 56,244,726		$ 6,982,785	$ (1,820,740)	$  2,159,196	$  168,980,005

The following is a summary of inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012 )

		Level 1 Quoted - Prices		Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock	$	2,893,566,620	$	—	$	—
Money Market		—		208,924,890		—
Total Investments in Securities	$	2,893,566,620	$	208,924,890	$	—
Investments in Securities Sold Short:
Common Stock	$	(6,922,270)	$	—	$	—

(a) Includes Fair Value Factors.

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Triton Fund	$ 13,540,160

Janus Twenty Fund

Schedule of Investments (unaudited)

Shares			Value
Common Stock — 99.4%
Apparel Manufacturers — 0.9%
	10,670,300	Prada SpA	$72,518,039
Applications Software — 3.9%
	10,310,545	Microsoft Corp.	315,399,572
Athletic Footwear — 1.4%
	1,321,985	NIKE, Inc. - Class B	116,043,843
Automotive - Cars and Light Trucks — 1.4%
	11,409,955	Ford Motor Co.	109,421,469
Beverages - Wine and Spirits — 1.1%
	829,710	Pernod-Ricard S.A.	88,745,052
Brewery — 0%
	2,820,878	Anheuser-Busch InBev N.V. - VVPR Strip*	3,569
Casino Hotels — 1.8%
	12,787,492	MGM Resorts International*	142,708,411
Commercial Banks — 1.6%
	5,957,176	Standard Chartered PLC	129,850,709
Commercial Services - Finance — 1.1%
	209,280	MasterCard, Inc. - Class A	90,013,421
Computers — 13.3%
	1,844,354	Apple, Inc.*	1,077,102,736
Computers - Memory Devices — 3.9%
	12,154,100	EMC Corp.*	311,509,583
E-Commerce/Products — 10.5%
	325,750	Amazon.com, Inc.*	74,385,012
	18,402,270	eBay, Inc.*	773,079,363
			847,464,375
Electronic Components - Miscellaneous — 2.1%
	5,439,125	TE Connectivity, Ltd. (U.S. Shares)	173,562,479
Electronic Connectors — 1.4%
	2,043,285	Amphenol Corp. - Class A	112,217,212
Enterprise Software/Services — 2.7%
	7,448,712	Oracle Corp.	221,226,746
Hotels and Motels — 1.7%
	3,510,595	Marriott International, Inc. - Class A	137,615,324
Industrial Automation and Robotics — 4.5%
	2,213,100	FANUC Corp.	363,674,471
Internet Content - Entertainment — 0.4%
	6,151,435	Zynga, Inc. - Class A*	33,463,806
Internet Media — 0.6%
	1,549,093	Facebook, Inc. - Class A*	48,207,774
Life and Health Insurance — 3.8%
	38,376,400	AIA Group, Ltd.	132,324,026
	14,988,207	Prudential PLC	173,631,411
			305,955,437
Medical - Biomedical and Genetic — 7.9%
	8,018,143	Celgene Corp.*	514,444,055
	2,255,506	Vertex Pharmaceuticals, Inc.*	126,127,896
			640,571,951
Metal - Diversified — 1.3%
	11,043,879	Ivanhoe Mines, Ltd. (U.S. Shares)*	106,904,749
Metal Processors and Fabricators — 2.5%
	1,212,310	Precision Castparts Corp.	199,412,872
Multimedia — 5.6%
	20,451,315	News Corp. - Class A	455,859,811
Oil - Field Services — 1.3%
	1,667,025	Schlumberger, Ltd. (U.S. Shares)	108,206,593
Oil Companies - Exploration and Production — 0.6%
	17,137,900	OGX Petroleo e Gas Participacoes S.A.*	46,936,784
Pharmacy Services — 6.5%
	9,331,934	Express Scripts Holding Co.*	521,001,875
Retail - Apparel and Shoe — 4.2%
	7,945,185	Limited Brands, Inc.	337,908,718
Retail - Jewelry — 2.2%
	3,196,597	Cie Financiere Richemont S.A.	175,495,662
Transportation - Services — 5.5%
	2,458,240	C.H. Robinson Worldwide, Inc.	143,880,787
	3,786,180	United Parcel Service, Inc. - Class B	298,199,537
			442,080,324
Wireless Equipment — 3.7%
	5,077,480	Crown Castle International Corp.*	297,844,977
Total Common Stock  (cost $5,915,611,991)			8,028,928,344
Right — 0.1%
Metal - Diversified — 0.1%
	11,043,879	Ivanhoe Mines, Ltd.* (cost  $0)	10,182,456
Money Market — 0.5%
	38,466,760	Janus Cash Liquidity Fund LLC, 0%    (cost  $38,466,760)	38,466,760
Total Investments (total cost $5,954,078,751) – 100%			$8,077,577,560

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Belgium		$3,569	0.0%
Brazil		46,936,784	0.6%
Canada		117,087,205	1.5%
Curacao		108,206,593	1.3%
France		88,745,052	1.1%
Hong Kong		132,324,026	1.6%
Italy		72,518,039	0.9%
Japan		363,674,471	4.5%
Switzerland		349,058,141	4.3%
United Kingdom		303,482,120	3.8%
United States††		6,495,541,560	80.4%
Total		$8,077,577,560	100.0%

†† Includes Cash Equivalents (79.9% excluding Cash Equivalents).

Notes to Schedule of Investments (unaudited)

PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
VVPR Strip	The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable.
*	Non-income producing security.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1 – Quoted Prices	Level 2 - Other Significant Observable Inputs(a)	Level 3 - Significant Unobservable Inputs
Investments in Securities:
Common Stock
Apparel Manufacturers	$-	$72,518,039	$-
Beverages - Wine and Spirits	-	88,745,052	-
Commercial Banks	-	129,850,709	-
Industrial Automation and Robotics	-	363,674,471	-
Life and Health Insurance	-	305,955,437	-
Retail - Jewelry	-	175,495,662	-
All Other	6,892,688,974	-	-
Right Metal - Diversified	10,182,456	-	-
Money Market	-	38,466,760	-
Total Investments in Securities	$ 6,902,871,430	$1,174,706,130	$-

^(a) Includes fair valued factors.

Janus Venture Fund

Schedule of Investments (unaudited)

Shares				Value
Common Stock — 91.1%
Aerospace and Defense – Equipment — 2.1%
	985,248	HEICO Corp. - Class A	$	31,784,100
Agricultural Chemicals — 1.0%
	631,750	Intrepid Potash, Inc.*		14,378,630
Apparel Manufacturers — 2.6%
	279,315	Carter's, Inc.*		14,691,969
	670,985	Maidenform Brands, Inc.*		13,366,021
	4,866,898	Quiksilver, Inc.*		11,339,873
				39,397,863
Applications Software — 1.9%
	1,208,122	RealPage, Inc.*		27,980,106
Auction House - Art Dealer — 1.3%
	890,691	Ritchie Bros. Auctioneers, Inc. (U.S. Shares)		18,927,184
Audio and Video Products — 1.8%
	788,289	DTS, Inc.*		20,558,577
	459,665	Skullcandy, Inc.*		6,504,260
				27,062,837
Auto Repair Centers — 0.8%
	347,801	Monro Muffler Brake, Inc.		11,560,905
Commercial Services — 3.2%
	330,162	CoStar Group, Inc.*		26,809,154
	944,846	Standard Parking Corp.*,£		20,333,086
				47,142,240
Commercial Services - Finance — 1.5%
	252,615	Cardtronics, Inc.*		7,631,499
	892,549	Euronet Worldwide, Inc.*		15,280,439
				22,911,938
Computer Services — 1.0%
	810,141	LivePerson, Inc.*		15,441,287
Computer Software — 4.8%
	731,666	Blackbaud, Inc.		18,781,866
	510,125	Cornerstone OnDemand, Inc.*		12,146,076
	961,366	Envestnet, Inc.*		11,536,392
	1,160,265	SS&C Technologies Holdings, Inc.*		29,006,625
				71,470,959
Computers - Integrated Systems — 1.0%
	313,932	Stratasys, Inc.*		15,555,331
Consulting Services — 1.4%
	500,893	Gartner, Inc.*		21,563,444
Consumer Products - Miscellaneous — 1.3%
	471,195	SodaStream International, Ltd.*		19,304,859
Data Processing and Management — 1.1%
	755,570	Broadridge Financial Solutions, Inc.		16,070,974
Decision Support Software — 0.9%
	388,275	MSCI, Inc.*		13,209,116
Diagnostic Equipment — 1.0%
	175,571	Gen-Probe, Inc.*		14,431,936
Diagnostic Kits — 1.4%
	1,350,682	Quidel Corp.*		21,178,694
Distribution/Wholesale — 1.8%
	474,696	WESCO International, Inc.*		27,318,755
Diversified Operations — 0.1%
	867,990	Digital Domain - Private Placement ºº,§		1,112,294
E-Commerce/Products — 0.5%
	508,400	CafePress, Inc.*		7,564,992
Electronic Components – Semiconductors — 1.6%
	502,694	Ceva, Inc.*		8,852,441
	724,645	International Rectifier Corp.*		14,485,654
				23,338,095
Electronic Measuring Instruments — 1.4%
	642,597	Measurement Specialties, Inc.*		20,890,828
Enterprise Software/Services — 1.7%
	410,125	Opnet Technologies, Inc.		10,905,224
	364,360	Tyler Technologies, Inc.*		14,701,926
				25,607,150
Filtration and Separations Products — 2.1%
	757,940	Polypore International, Inc.*		30,613,197
Finance - Auto Loans — 0.4%
	79,229	Credit Acceptance Corp.*		6,689,304
Finance - Consumer Loans — 0.3%
	672,745	Cash Store Financial Services, Inc.		4,043,197
Finance - Other Services — 2.0%
	949,245	Higher One Holdings, Inc.*		11,599,774
	469,768	MarketAxess Holdings, Inc.		12,514,619
	632,867	Netspend Holdings, Inc.*		5,816,048
				29,930,441
Food - Miscellaneous/Diversified — 0.2%
	110,369	Snyders-Lance, Inc.		2,784,610
Footwear and Related Apparel — 3.3%
	453,345	Deckers Outdoor Corp.*		19,951,713
	757,679	Wolverine World Wide, Inc.		29,382,792
				49,334,505
Hazardous Waste Disposal — 0.9%
	829,985	Heritage-Crystal Clean, Inc.*		13,570,255
Health Care Cost Containment — 1.1%
	1,209,250	ExamWorks Group, Inc.*		15,998,377
Heart Monitors — 0.5%
	81,175	HeartWare International, Inc.*		7,208,340
Human Resources — 1.2%
	1,403,333	Resources Connection, Inc.		17,260,996
Industrial Automation and Robotics — 1.0%
	294,150	Nordson Corp.		15,086,953
Internet Applications Software — 0.1%
	47,405	Splunk, Inc.		1,332,081
Internet Content - Information/News — 0.4%
	278,331	Yelp, Inc.*		6,326,464
Investment Management and Advisory Services — 2.7%
	681,175	Epoch Holding Corp.		15,517,166
	352,315	Financial Engines, Inc.*		7,557,157
	444,782	Gluskin Sheff + Associates, Inc.		5,781,554
	1,610,993	WisdomTree Investments, Inc.*		10,584,224
				39,440,101
Machinery - General Industrial — 1.4%
	264,961	Wabtec Corp.		20,669,608
Medical - Biomedical and Genetic — 2.6%
	538,419	Ariad Pharmaceuticals, Inc.*		9,266,191
	579,458	Immunogen, Inc.*		9,723,305
	405,890	Incyte Corp., Ltd.*		9,213,703
	414,000	Seattle Genetics, Inc.*		10,511,460
				38,714,659
Medical - Drugs — 0.3%
	813,513	Achillion Pharmaceuticals, Inc.*		5,043,781
Medical - Generic Drugs — 0.5%
	338,625	Impax Laboratories, Inc.*		6,863,929
Medical Equipment — 0.4%
	843,134	Novadaq Technologies, Inc.*		5,623,704
Medical Information Systems — 0.9%
	169,348	athenahealth, Inc.*		13,407,281
Medical Instruments — 4.3%
	408,220	Conceptus, Inc.*		8,090,921
	820,268	Endologix, Inc.*		12,664,938
	277,315	Techne Corp.		20,576,773
	782,045	Volcano Corp.*		22,405,589
				63,738,221
Medical Products — 1.5%
	1,038,490	PSS World Medical, Inc.*		21,797,905
Oil - Field Services — 2.3%
	975,684	PAA Natural Gas Storage L.P.		17,435,473
	377,858	Targa Resources Corp.		16,134,537
				33,570,010
Oil Field Machinery and Equipment — 3.3%
	528,508	Dresser-Rand Group, Inc.*		23,539,746
	383,385	Dril-Quip, Inc.*		25,146,222
				48,685,968
Patient Monitoring Equipment — 1.8%
	1,227,705	Masimo Corp.		27,476,038
Pipelines — 2.1%
	525,020	Copano Energy LLC		14,595,556
	404,895	DCP Midstream Partners L.P.		17,066,324
				31,661,880
Printing - Commercial — 1.7%
	795,749	VistaPrint N.V. (U.S. Shares)*		25,702,693
Retail - Apparel and Shoe — 0.2%
	182,100	Tilly's, Inc. - Class A Shares		2,922,705
Retail - Automobile — 0.5%
	501,715	Rush Enterprises, Inc. - Class B*		6,733,015
Retail - Convenience Stores — 0.9%
	236,485	Casey's General Stores, Inc.		13,950,250
Retail - Discount — 0.9%
	826,533	Gordmans Stores, Inc.*		13,637,794
Retail - Petroleum Products — 1.7%
	658,540	World Fuel Services Corp.		25,044,276
Retail - Sporting Goods — 1.0%
	245,360	Hibbett Sports, Inc.*		14,159,726
Schools — 0.9%
	563,310	K12, Inc.*		13,125,123
Theaters — 2.2%
	2,126,302	National CineMedia, Inc.		32,256,001
Therapeutics — 0.7%
	177,526	Pharmacyclics, Inc.*		9,694,695
Transportation - Services — 1.8%
	733,105	HUB Group, Inc. - Class A*		26,538,401
Transportation - Truck — 2.2%
	346,768	Landstar System, Inc.		17,934,841
	343,602	Old Dominion Freight Line, Inc.*		14,874,531
				32,809,372
Virtual Reality Products — 1.6%
	1,576,289	RealD, Inc.*		23,581,283
Total Common Stock  (cost $1,165,121,783)				1,352,231,656
Money Market — 8.9%
	132,883,501	Janus Cash Liquidity Fund LLC, 0% (cost  $132,883,501)		132,883,501
Total Investments (total cost $1,298,005,284) – 100%			$	1,485,115,157

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Canada	$	28,751,935	2.0%
Israel		19,304,859	1.3%
Netherlands		25,702,693	1.7%
United States††		1,411,355,670	95.0%
Total	$	1,485,115,157	100.0%

†† Includes Cash Equivalents (86.1% excluding Cash Equivalents).

Notes to Schedule of Investments (unaudited)

U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.

ºº Schedule of Fair Valued Securities (as of June 30, 2012)

		Value as a %
		of Investment
	Value	Securities
Janus Venture Fund
Digital Domain - Private Placement	$1,112,294	0.1%

Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

§ Schedule of Restricted and Illiquid Securities

(as of June 30, 2012)

	Acquisition	Acquisition		Value as a
	Date	Cost	Value	% of Net Assets
Janus Venture Fund
Digital Domain - Private Placement	7/26/07	$ 7,291,119	$1,112,294	0.1%

The Fund has registration rights for certain restricted securities held as of June 30, 2012. The issuer incurs all registration costs.

£ The Investment Company Act of 1940, as amended, defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities at any time during the period ended June 30, 2012.

	Purchases		Sales
	Shares	Cost	Shares	Cost	Realized Gain/(Loss)	Dividend Income	Value at 6/30/12
Janus Venture Fund
Convio, Inc.	-	$             -	1,083,073	$  9,280,587	$ 8,015,557	$            -	$          -
Genius Products, Inc.	-	-	748,477	37,439	(636)	-	-
Standard Parking Corp.*	1,475	29,672	-	-	-	-	20,333,086
		$   29,672		$   9,318,026	$  8,014,921	$            -	$   20,333,086

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs(a)	Level 3 - Significant Unobservable Inputs
Investments in Securities:
Common Stock
Diversified Operations	$-	$-	$1,112,294
All Other	1,351,119,362	-	-
Money Market	-	132,883,501	-
Total Investments in Securities	$1,351,119,362	$132,883,501	$1,112,294

(a) Includes fair value factors.

Level 3 Valuation Reconciliation of Assets (for the period ended June 30, 2012)

	Balance as of September 30, 2011	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Net Purchases/ (Sales)	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Common Stock
Diversified Operations	$1,510,303	$       -	$(398,009)	$      -	$      -	$1,112,294

Janus Worldwide Fund

Schedule of Investments (unaudited)

Shares/Principal/Contract Amounts Value

Common Stock — 97.6%
Aerospace and Defense — 0.8%
	230,070	General Dynamics Corp.	$15,175,417
Agricultural Operations — 0.1%
	24,162,415	Chaoda Modern Agriculture Holdings, Ltd.ß, ∞	934,391
Airlines — 1.0%
	1,638,105	Delta Air Lines, Inc.*	17,937,250
Apparel Manufacturers — 0.7%
	1,952,268	Prada SpA**	13,268,104
Applications Software — 0.6%
	345,125	Microsoft Corp.	10,557,374
Automotive - Cars and Light Trucks — 1.1%
	2,117,040	Ford Motor Co.	20,302,414
Automotive - Truck Parts and Equipment - Original — 0.5%
	57,947	Mando Corp.	8,632,398
Brewery — 1.0%
	471,973	SABMiller PLC	18,954,871
Building - Residential and Commercial — 1.4%
	33,395,331	Taylor Wimpey PLC	25,151,478
Cable/Satellite Television — 2.4%
	1,375,870	Comcast Corp. - Class A	43,986,564
Casino Hotels — 0.8%
	3,483,965	Echo Entertainment Group, Ltd.	15,280,268
Cellular Telecommunications — 1.2%
	7,647,985	Vodafone Group PLC	21,484,621
Coal — 0.5%
	16,140,500	Harum Energy Tbk PT	9,947,993
Commercial Banks — 2.2%
	1,555,700	Banco do Brasil S.A.	15,129,380
	1,181,245	Standard Chartered PLC	25,748,022
			40,877,402
Commercial Services — 1.2%
	279,995	Aggreko PLC	9,106,553
	1,049,700	Anhanguera Educacional Participacoes S.A.	13,381,297
			22,487,850
Computer Aided Design — 1.0%
	295,129	ANSYS, Inc.*	18,625,591
Computers - Integrated Systems — 0.6%
	154,725	Teradata Corp.*	11,141,747
Computers - Memory Devices — 1.3%
	380,535	EMC Corp.*	9,753,112
	472,580	NetApp, Inc.*	15,037,496
			24,790,608
Distribution/Wholesale — 0.8%
	7,532,590	Li & Fung, Ltd.	14,617,076
Diversified Banking Institutions — 7.1%
	7,665,427	Barclays PLC	19,618,781
	1,070,155	Citigroup, Inc.	29,332,949
	934,635	JPMorgan Chase & Co.	33,394,508
	1,358,475	Morgan Stanley	19,820,150
	1,257,835	Societe Generale S.A.**	29,651,314
			131,817,702
Diversified Operations — 0.7%
	245,050	Danaher Corp.	12,762,204
E-Commerce/Products — 0.9%
	417,275	eBay, Inc.*	17,529,723
Electric - Generation — 0%
	7,084,652	Indiabulls Infrastructure and Power, Ltd.ß,∞	270,290
Electric - Integrated — 0.6%
	594,251	Fortum Oyj**	11,289,161
Electric – Transmission — 0.5%
	282,975	Brookfield Infrastructure Partners L.P.	9,499,471
Electronic Components - Miscellaneous — 1.3%
	732,765	TE Connectivity, Ltd. (U.S. Shares)	23,382,531
Enterprise Software/Services — 1.3%
	821,250	Oracle Corp.	24,391,125
Financial Guarantee Insurance — 0.7%
	4,728,115	MGIC Investment Corp.*	13,616,971
Food - Confectionary — 1.6%
	400,560	Hershey Co.	28,852,337
Food - Miscellaneous/Diversified — 1.1%
	622,684	Unilever N.V.**	20,838,107
Heart Monitors — 0.8%
	158,440	HeartWare International, Inc.*	14,069,472
Hotels and Motels — 0.7%
	422,636	Accor S.A.**	13,304,409
Independent Power Producer — 1.6%
	1,744,430	NRG Energy, Inc.*	30,283,305
Industrial Automation and Robotics — 1.7%
	188,200	FANUC Corp.**	30,926,544
Industrial Gases — 1.9%
	326,385	Praxair, Inc.	35,487,841
Instruments - Controls — 0.5%
	343,560	Sensata Technologies Holding N.V.*,**	9,200,537
Internet Content - Entertainment — 0.6%
	516,225	Youku.com, Inc. (ADR)*	11,191,758
Internet Gambling — 0.8%
	8,353,287	Bwin.Party Digital Entertainment PLC	14,413,733
Investment Management and Advisory Services — 0.7%
	827,400	Grupo BTG Pactual*	12,113,116
Life and Health Insurance — 5.0%
	12,292,400	AIA Group, Ltd.	42,384,900
	3,411,775	CNO Financial Group, Inc.	26,611,845
	2,078,274	Prudential PLC	24,075,838
			93,072,583
Machinery - Construction and Mining — 0.6%
	203,790	Joy Global, Inc.	11,561,007
Machinery - General Industrial — 0.8%
	677,700	Nabtesco Corp.**	15,070,687
Medical - Biomedical and Genetic — 3.6%
	457,245	Celgene Corp.*,**	29,336,839
	299,060	Gilead Sciences, Inc.*	15,335,797
	119,925	Regeneron Pharmaceuticals, Inc.*	13,697,833
	165,165	Vertex Pharmaceuticals, Inc.*	9,236,027
			67,606,496
Medical - Drugs — 2.4%
	272,220	Jazz Pharmaceuticals PLC*,**	12,252,622
	294,017	Sanofi**	22,292,008
	317,305	Shire PLC	9,118,118
			43,662,748
Medical - Generic Drugs — 0.7%
	576,496	Mylan, Inc.*	12,319,720
Medical - HMO — 1.0%
	480,715	Aetna, Inc.	18,637,321
Medical - Wholesale Drug Distributors — 1.3%
	618,580	AmerisourceBergen Corp.	24,341,123
Medical Products — 0.5%
	164,520	Varian Medical Systems, Inc.*	9,997,880
Metal - Iron — 1.5%
	3,246,356	Fortescue Metals Group, Ltd.	16,587,948
	599,540	Vale S.A. (ADR)	11,900,869
			28,488,817
Multimedia — 1.2%
	962,965	News Corp. - Class A	21,464,490
Networking Products — 1.3%
	1,407,365	Cisco Systems, Inc.	24,164,457
Non-Ferrous Metals — 0.7%
	1,157,995	Titanium Metals Corp.	13,096,923
Office Automation and Equipment — 0.6%
	299,700	Canon, Inc.**	12,003,069
Oil - Field Services — 1.2%
	537,695	Baker Hughes, Inc.	22,099,265
Oil Companies - Exploration and Production — 2.5%
	232,635	Apache Corp.	20,446,290
	308,870	Occidental Petroleum Corp.	26,491,780
			46,938,070
Oil Companies - Integrated — 4.7%
	1,603,986	BG Group PLC	32,824,871
	2,082,155	Petroleo Brasileiro S.A. (ADR)	39,082,049
	318,903	Total S.A.**	14,389,487
			86,296,407
Oil Field Machinery and Equipment — 0.6%
	259,012	Dresser-Rand Group, Inc.*	11,536,394
Pharmacy Services — 0.9%
	309,833	Express Scripts Holding Co.*	17,297,976
Pipelines — 1.1%
	506,135	Energy Transfer Equity L.P.	20,761,658
Property and Casualty Insurance — 1.0%
	726,400	Tokio Marine Holdings, Inc.**	18,267,939
Real Estate Operating/Development — 2.0%
	6,829,435	Hang Lung Properties, Ltd.	23,248,370
	37,255,500	Shun Tak Holdings, Ltd.	12,950,283
			36,198,653
Retail - Apparel and Shoe — 0.5%
	43,900	Fast Retailing Co., Ltd.**	8,814,463
Retail - Drug Store — 1.1%
	695,790	Walgreen Co.	20,581,468
Retail - Jewelry — 0.3%
	102,320	Tiffany & Co.	5,417,844
Retail - Major Department Stores — 1.2%
	433,800	Nordstrom, Inc.	21,555,522
Rubber/Plastic Products — 0.6%
	7,141,038	Jain Irrigation Systems, Ltd.	10,724,078
Semiconductor Components/Integrated Circuits — 1.8%
	2,692,165	Atmel Corp.*	18,037,506
	5,647,000	Taiwan Semiconductor Manufacturing Co., Ltd.	15,464,360
			33,501,866
Soap and Cleaning Preparations — 0.7%
	264,406	Reckitt Benckiser Group PLC	13,943,000
Telecommunication Services — 1.4%
	865,700	Amdocs, Ltd. (U.S. Shares)	25,728,604
Tobacco — 2.8%
	635,960	Imperial Tobacco Group PLC	24,465,973
	929,600	Japan Tobacco, Inc.**	27,552,523
			52,018,496
Toys — 0.4%
	69,200	Nintendo Co., Ltd.**	8,076,056
Transportation - Marine — 1.0%
	2,903	A.P. Moeller - Maersk A/S - Class B	19,108,168
Transportation - Railroad — 1.8%
	217,843	Canadian Pacific Railway, Ltd.	15,992,562
	261,395	Kansas City Southern	18,182,636
			34,175,198
Vitamins and Nutrition Products — 1.2%
	266,895	Mead Johnson Nutrition Co.	21,487,716
Wireless Equipment — 3.3%
	480,990	SBA Communications Corp. - Class A*	27,440,479
	3,661,360	Telefonaktiebolaget L.M. Ericsson - Class B	33,422,907
			60,863,386
Total Common Stock  (cost $1,900,692,824)			1,810,273,302
Preferred Stock — 0.8%
Automotive - Cars and Light Trucks — 0.8%
	94,325	Volkswagen A.G., 0%** (cost  $17,599,250)	14,952,571
Purchased Option - Call — 0%
	50,000	Chaoda Modern Agriculture Holdings, Ltd. expires January 2013 exercise price 4.03 HKD (premiums paid $442,599)	1
Warrant — 1.1%
Diversified Financial Services — 1.1%
	2,026,056	JPMorgan Chase & Co. - expires 10/28/18 (cost  $21,780,102)	19,794,567
Money Market — 0.5%
	9,123,135	Janus Cash Liquidity Fund LLC, 0%    (cost  $9,123,135)	9,123,135
Total Investments (total cost $1,949,637,910) – 100%			$1,854,143,576

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)
Country	Value		% of Investment Securities
Australia	$	31,868,216	1.7%
Bermuda		24,116,547	1.3%
Brazil		91,606,711	4.9%
Canada		15,992,562	0.9%
Cayman Islands		12,126,149	0.7%
Denmark		19,108,168	1.0%
Finland		11,289,161	0.6%
France		79,637,218	4.3%
Germany		14,952,571	0.8%
Gibraltar		14,413,733	0.8%
Guernsey		25,728,604	1.4%
Hong Kong		78,583,553	4.2%
India		10,994,368	0.6%
Indonesia		9,947,993	0.5%
Ireland		12,252,622	0.7%
Italy		13,268,104	0.7%
Japan		120,711,281	6.5%
Jersey		9,118,118	0.5%
Netherlands		30,038,644	1.6%
South Korea		8,632,398	0.5%
Sweden		33,422,907	1.8%
Switzerland		23,382,531	1.3%
Taiwan		15,464,360	0.8%
United Kingdom		215,374,008	11.6%
United States††		932,113,049	50.3%
Total	$	1,854,143,576	100.0%

†† Includes Cash Equivalents (49.8% excluding Cash Equivalents).

Counterparty/Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC: Japanese Yen 7/19/12	1,997,000,000	24,994,235	306,024
HSBC Securities (USA), Inc.:
Euro 7/12/12	16,000,000	20,246,330	(126,650)
Japanese Yen 7/12/12	1,995,000,000	24,966,254	146,407
		45,212,584	19,757
JPMorgan Chase & Co.: Japanese Yen 8/2/12	2,501,000,000	31,309,390	107,050
RBC Capital Markets Corp.: Japanese Yen 7/26/12	1,803,000,000	22,568,817	117,277
Total		124,085,026	550,108

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American Stock Exchange.
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates.
β	Security is illiquid.

^∞ Schedule of Fair Valued Securities (as of June 30, 2012)

		Value as a %
		of Investment
	Value	Securities
Janus Worldwide Fund
Chaoda Modern Agriculture Holdings, Ltd.	$934,391	0.1%
Indiabulls Infrastructure and Power, Ltd.	270,290	0.0%
	1,204,681	0.1%

Securities are valued at “fair value” pursuant to procedures adopted by the Fund’s Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to systematic fair valuation models. Securities are restricted to resale and may not have a readily available market.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)

	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs(a)	Level 3 - Significant Unobservable Inputs
Investments in Securities:
Common Stock
Agricultural Operations	$ -	$934,391	$ -
Apparel Manufacturers	-	13,268,104	-
Automotive - Truck Parts and Equipment - Original	-	8,632,398	-
Brewery	-	18,954,871	-
Building - Residential and Commercial	-	25,151,478	-
Casino Hotels	-	15,280,268	-
Cellular Telecommunications	-	21,484,621	-
Coal	-	9,947,993	-
Commercial Banks	15,129,380	25,748,022	-
Commercial Services	-	22,487,850	-
Distribution/Wholesale	-	14,617,076	-
Diversified Banking Institutions	82,547,607	49,270,095	-
Electric - Generation	-	-	270,290
Electric - Integrated	-	11,289,161	-
Financial Guarantee Insurance	-	13,616,971	-
Food - Confectionary	28,852,337	-	-
Food - Miscellaneous/Diversified	-	20,838,107	-
Heart Monitors	14,069,472	-	-
Hotels and Motels	-	13,304,409	-
Independent Power Producer	30,283,305	-	-
Industrial Automation and Robotics	-	30,926,544	-
Internet Content - Entertainment	-	11,191,758	-
Internet Gambling	-	14,413,733	-
Investment Management and Advisory Services	-	12,113,116	-
Life and Health Insurance	26,611,845	66,460,738	-
Machinery - General Industrial	-	15,070,687	-
Medical - Biomedical and Genetic	67,606,496	-	-
Medical - Drugs	12,252,622	31,410,126	-
Metal - Iron	-	28,488,817	-
Office Automation and Equipment	-	12,003,069	-
Oil Companies - Integrated	-	86,296,407	-
Property and Casualty Insurance	-	18,267,939	-
Real Estate Operating/Development	-	36,198,653	-
Retail - Apparel and Shoe	-	8,814,463	-
Rubber/Plastic Products	-	10,724,078	-
Semiconductor Components/Integrated Circuits	18,037,506	15,464,360	-
Soap and Cleaning Preparations	-	13,943,000	-
Tobacco	-	52,018,496	-
Toys	-	8,076,056	-
Transportation - Marine	-	19,108,168	-
Transportation - Railroad	18,182,636	15,992,562	-
Vitamins and Nutrition Products	21,487,716	-	-
Wireless Equipment	27,440,479	33,422,907	-
All Other	784,569,446	-	-
Preferred Stock	-	14,952,571	-
Warrant	-	19,794,567	-
Money Market	-	9,123,135	-
Total Investments in Securities	$ 984,771,521	$869,101,765	$        270,290
Investments in Purchased Options: Agricultural Operations	$          -	$ 1	$          -
Other Financial Instruments(b)	$     -	$  550,108	$              -

(a) Includes fair value factors.

(b) Other financial instruments include futures, forward currency, written option, 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.

Level 3 Valuation Reconciliation of Assets

(for the period ended June 30, 2012)

	Balance as of September 30, 2011	Accrued Discounts/ Premiums	Realized Gain/(Loss)	Change in Unrealized Appreciation/ (Depreciation)	Net Purchases/ (Sales)	Transfers In and/or Out of Level 3	Balance as of June 30, 2012
Investments in Securities:
Energy – Alternate Sources	-	$ -	$ -	$ -	$ -	$ 270,290	$ 270,290

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Janus Worldwide Fund	$ 309,417,601

Perkins Global Value Fund

Schedule of Investments (unaudited)

Shares or Principal Amount			Value
Common Stock — 83.3%
Aerospace and Defense — 1.0%
	18,105	General Dynamics Corp.	$ 1,194,206
Agricultural Chemicals — 1.1%
	8,550	Mosaic Co.	468,198
	137,000	NITTO FC Co., Ltd.**	893,969
			1,362,167
Applications Software — 2.2%
	91,245	Microsoft Corp.	2,791,185
Beverages - Non-Alcoholic — 1.8%
	32,540	PepsiCo, Inc.	2,299,276
Brewery — 1.7%
	50,895	Molson Coors Brewing Co. - Class B	2,117,741
Broadcast Services and Programming — 1.3%
	78,855	Grupo Televisa S.A.B. (ADR)	1,693,805
Casino Hotels — 0.5%
	29,330	Kangwon Land, Inc.	624,958
Cellular Telecommunications — 6.7%
	1,503,717	America Movil S.A.B. de C.V.	1,960,551
	26,734	Rogers Communications, Inc. - Class B	969,495
	24,371	SK Telecom Co., Ltd.	2,658,415
	1,003,413	Vodafone Group PLC	2,818,775
			8,407,236
Chemicals - Specialty — 0.3%
	58,000	Nippon Fine Chemical Co., Ltd.**	393,384
Commercial Banks — 0.4%
	34,955	Fulton Financial Corp.	349,201
	5,860	Hancock Holding Co.	178,378
			527,579
Commercial Services - Finance — 1.4%
	101,100	Western Union Co.	1,702,524
Computers — 0.2%
	14,655	Hewlett-Packard Co.	294,712
Cosmetics and Toiletries — 3.5%
	50,800	Kose Corp.**	1,202,174
	32,500	Pola Orbis Holdings, Inc.**	1,005,777
	36,420	Procter & Gamble Co.	2,230,725
			4,438,676
Dental Supplies and Equipment — 0.6%
	7,700	Nakanishi, Inc.**	782,657
Diversified Operations — 1.3%
	219,030	Orkla A.S.A.	1,590,609
Electric - Integrated — 3.8%
	8,495	Entergy Corp.	576,725
	19,030	Exelon Corp.	715,909
	73,727	GDF Suez**	1,758,762
	60,485	PPL Corp.	1,682,088
			4,733,484
Electric Products - Miscellaneous — 0.6%
	30,800	Icom, Inc.**	757,201
Electronic Connectors — 1.4%
	17,400	Hirose Electric Co., Ltd.**	1,720,723
Electronic Measuring Instruments — 0.8%
	68,100	Cosel Co., Ltd.**	959,901
Food - Miscellaneous/Diversified — 3.5%
	18,431	Danone S.A.**	1,144,055
	31,471	Nestle S.A.	1,877,982
	41,527	Unilever N.V.**	1,389,700
			4,411,737
Food - Retail — 2.6%
	14,340	Carrefour S.A.**	264,930
	609,266	Tesco PLC	2,961,083
			3,226,013
Internet Security — 1.5%
	129,410	Symantec Corp.*	1,890,680
Leisure & Recreation Products — 0.2%
	47,000	Sansei Yusoki Co., Ltd.**	225,283
Machinery - Pumps — 0.3%
	54,000	Tsurumi Manufacturing Co., Ltd.**	420,843
Medical - Biomedical and Genetic — 0.8%
	14,425	Amgen, Inc.	1,053,602
Medical - Drugs — 10.7%
	20,810	Abbott Laboratories	1,341,621
	61,761	GlaxoSmithKline PLC	1,400,259
	41,835	Johnson & Johnson	2,826,373
	50,831	Novartis A.G.	2,836,396
	58,480	Pfizer, Inc.	1,345,040
	10,190	Roche Holding A.G.	1,759,722
	25,036	Sanofi**	1,898,199
			13,407,610
Medical - HMO — 1.5%
	9,845	Aetna, Inc.	381,691
	23,570	WellPoint, Inc.	1,503,530
			1,885,221
Medical Instruments — 3.4%
	66,900	As One Corp.**	1,337,688
	27,500	Fukuda Denshi Co., Ltd.**	864,202
	590	Medikit Co., Ltd.**	185,456
	47,725	Medtronic, Inc.	1,848,389
			4,235,735
Medical Products — 1.1%
	6,820	Becton, Dickinson and Co.	509,795
	15,270	Stryker Corp.	841,377
			1,351,172
Metal Products - Distributors — 0.6%
	73,000	Furusato Industries, Ltd.**	726,025
Metal Products - Fasteners — 0.5%
	69,800	Kitagawa Industries Co., Ltd.**	649,999
Miscellaneous Manufacturing — 0.3%
	30,200	Mirai Industry Co., Ltd.**	338,338
Multi-Line Insurance — 1.8%
	33,620	Allstate Corp.	1,179,726
	36,100	Kemper Corp.	1,110,075
			2,289,801
Networking Products — 0.7%
	48,510	Cisco Systems, Inc.	832,917
Non-Hazardous Waste Disposal — 0.2%
	11,815	Republic Services, Inc.	312,625
Oil Companies - Exploration and Production — 1.2%
	17,285	Devon Energy Corp.	1,002,357
	14,890	QEP Resources, Inc.	446,253
			1,448,610
Oil Companies - Integrated — 2.8%
	37,240	BP PLC (ADR)	1,509,710
	44,423	Total S.A.**	2,004,447
			3,514,157
Property and Casualty Insurance — 2.2%
	73,600	NKSJ Holdings, Inc.**	1,568,973
	19,705	Travelers Cos., Inc.	1,257,967
			2,826,940
Protection - Safety — 0.7%
	32,600	Secom Joshinetsu Co., Ltd.**	925,429
Publishing - Books — 0.1%
	30,240	Daekyo Co., Ltd.	148,193
Publishing - Periodicals — 1.8%
	223,774	Reed Elsevier PLC	1,794,935
	50,672	UBM PLC	464,664
			2,259,599
Real Estate Operating/Development — 0.4%
	32,110	St. Joe Co.*	507,659
REIT - Diversified — 0.4%
	19,885	Weyerhaeuser Co.	444,629
REIT - Mortgage — 2.4%
	24,890	Annaly Capital Management, Inc.	417,654
	32,555	Hatteras Financial Corp.	931,073
	165,970	Two Harbors Investment Corp.	1,719,449
			3,068,176
Retail - Discount — 1.6%
	28,285	Wal-Mart Stores, Inc.	1,972,030
Retail - Drug Store — 1.3%
	55,195	Walgreen Co.	1,632,668
Savings/Loan/Thrifts — 2.5%
	16,620	Berkshire Hills Bancorp, Inc.	365,640
	237,016	First Niagara Financial Group, Inc.	1,813,172
	26,290	Investors Bancorp, Inc.*	396,716
	36,500	Washington Federal, Inc.	616,485
			3,192,013
Schools — 0.3%
	121,900	Shingakukai Co., Ltd.**	436,765
Security Services — 1.0%
	26,300	Secom Co., Ltd.**	1,207,476
Seismic Data Collection — 0.2%
	117,615	Pulse Seismic, Inc.	242,672
Steel - Producers — 0.5%
	2,057	POSCO	656,908
Telecommunication Services — 2.1%
	47,970	Telenor A.S.A.	800,418
	95,581	Vivendi S.A.**	1,776,623
			2,577,041
Telephone - Integrated — 0.5%
	19,350	AT&T, Inc.	690,021
Tobacco — 0.4%
	6,871	KT&G Corp.	487,388
Transportation - Services — 0%
	14,756	PostNL N.V.**	61,085
Water — 0.4%
	45,539	Suez Environment Co.**	490,125
Wire and Cable Products — 0.2%
	99,000	Nichia Steel Works, Ltd.**	260,500
Total Common Stock  (cost $99,718,685)			104,699,709
Repurchase Agreement — 16.7%
	21,064,000	ING Financial Markets LLC, 0.1500%, dated 6/29/12, maturing 7/2/12 to be repurchased at $15,704,196 collateralized by $15,198,893 in U.S. Treasuries 1.2500% - 2.1250%, 8/31/15 - 2/29/16  with a value of $16,018,568  (cost $21,064,000)	21,064,000
Total Investments (total cost $120,782,685) – 100%			$ 125,763,709

Summary of Investments by Country – (Long Positions) June 30, 2012 (unaudited)

Country	Value		% of Investment Securities
Canada	$	1,212,167	1.0%
France		9,337,141	7.4%
Japan		16,862,763	13.4%
Jersey		464,664	0.4%
Mexico		3,654,356	2.9%
Netherlands		1,450,785	1.2%
Norway		2,391,027	1.9%
South Korea		4,575,862	3.6%
Switzerland		6,474,100	5.1%
United Kingdom		10,484,762	8.3%
United States††		68,856,082	54.8%
Total	$	125,763,709	100.0%

†† Includes Cash Equivalents (38.0% excluding Cash Equivalents).

Forward Currency Contracts, Open June 30, 2012 (unaudited)

Counterparty/Currency Sold and Settlement Date	Currency Units Sold	Currency Value U.S. $	Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC: Japanese Yen 7/19/12	331,000,000	$ 4,142,760	$ 50,723
HSBC Securities (USA), Inc.: Japanese Yen 7/12/12	430,000,000	5,381,197	29,868
JPMorgan Chase & Co.: Euro 8/2/12	4,019,000	5,086,608	(60,053)
Total		$ 14,610,565	$ 20,538

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
*	Non-income producing security.
**	A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, option contracts, short sales, swap agreements and/or securities with extended settlement dates.

The following is a summary of inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2012. See Significant Accounting Policies for more information.

Valuation Inputs Summary (as of June 30, 2012)	Level 1 Quoted - Prices	Level 2 Other Significant Observable Inputs(a)	Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stock

Agriculture Chemicals	$  468,198	$  893,969	$  —
Broadcasting Services and Programming	—	1,693,805	—
Casino Hotels	—	624,958	—
Cellular Telecommunications	2,930,046	5,477,190	—
Chemicals - Specialty	—	393,384	—
Cosmetics and Toiletries	2,230,725	2,207,951	—
Dental Supplies and Equipment	—	782,657	—
Diversified Operations	—	1,590,609	—
Electric - Integrated	2,974,722	1,758,762	—
Electric Products - Miscellaneous	—	757,201	—
Electronic Connectors	—	1,720,723	—
Electronic Measuring Instruments	—	959,901	—
Food – Miscellaneous/Diversified	—	4,411,737	—
Food - Retail	—	3,226,013	—
Leisure and Recreation Products	—	225,283	—
Machinery – Pumps	—	420,843	—
Medical Drugs	5,513,033	7,894,577	—
Medical Instruments	1,848,389	2,387,346	—
Metal Products – Distributors	—	726,025	—
Metal Products – Fasteners	—	649,999	—
Miscellaneous Manufacturing	—	338,338	—
Oil Companies – Integrated	—	3,514,157	—
Property and Casualty Insurance	1,257,967	1,568,973	—
Protection - Safety	—	925,429	—
Publishing - Books	—	148,193	—
Publishing - Periodicals	—	2,259,599	—
Schools	—	436,765	—
Security Services	—	1,207,476	—
Steel - Producers	—	656,908	—
Telecommunication Services	—	2,577,041	—
Tobacco	—	487,388	—
Transportation - Services	—	61,085	—
Water	—	490,125	—
Wire and Cable Products	—	260,500	—
All Other	33,741,719	—	—
Repurchase Agreement	—	21,064,000	—
Total Investments in Securities	$  50,964,799	$ 74,798,910	$  —
Other Financial Instruments(b)	$  —	$  20,538	$  —

(a) Includes fair value factors. 

(b) Other financial instruments include futures, forward currency, written option, 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. 

Aggregate collateral 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 as of June 30, 2012 is noted below.

Fund	Aggregate Value
Perkins Global Value Fund	$       27,650,686

Significant Accounting Policies

The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout the Schedules of Investments for Janus Asia Equity Fund, Janus Balanced Fund, Janus Contrarian Fund, Janus Emerging Markets Fund, Janus Enterprise Fund, Janus Forty Fund, Janus Fund, Janus Global Life Sciences Fund, Janus Global Market Neutral Fund, Janus Global Real Estate Fund, Janus Global Research Fund, Janus Global Select Fund, Janus Global Technology Fund, Janus Growth and Income Fund, Janus International Equity Fund, Janus Overseas Fund, Janus Protected Series – Global, Janus Protected Series – Growth, Janus Research Fund, Janus Triton Fund, Janus Twenty Fund, Janus Venture Fund, Janus Worldwide Fund, and Perkins Global Value Fund (collectively, the “Funds” and individually, a “Fund”). 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 Trust offers forty-five funds which include multiple series of shares, with differing investment objectives and policies. Twenty-four funds are included in this report. Each Fund in this report is classified as diversified, as defined in the 1940 Act except for Janus Contrarian Fund, Janus Forty Fund, Janus Global Market Neutral Fund, Janus Global Select Fund, and Janus Twenty Fund, which are classified as nondiversified.

Capital Protection Agreements

For Janus Protected Series – Global and Janus Protected Series – Growth (the “Janus Protected Series Funds”), the Janus Protected Series Funds have entered into a separate Capital Protection Agreement with BNP Paribas Prime Brokerage, Inc., a U.S. registered broker-dealer (the “Capital Protection Provider”), pursuant to which the Capital Protection Provider will provide capital protection (the “Protection”), initially up to $500 million for Janus Protected Series – Global and $1.5 billion for Janus Protected Series – Growth, to protect against a decrease in the “Protected NAV” (or 80% of the highest NAV attained separately by each share class during the life of either Janus Protected Series Fund, reduced for dividends, distributions, any extraordinary expenses, and certain extraordinary items) of each share class of each respective Janus Protected Series Fund so long as the terms and conditions of each Capital Protection Agreement are satisfied. Shareholders cannot transact purchases or redemptions at the Protected NAV. In order to comply with the terms of each Capital Protection Agreement, each Janus Protected Series Fund must provide certain information to the Capital Protection Provider and each Janus Protected Series Fund’s portfolio manager is required to manage each Janus Protected Series Fund within certain risk parameters on a daily basis as identified by the Capital Protection Provider based on a risk allocation methodology pursuant to which each Janus Protected Series Fund allocates its portfolio assets between two investment components: (1) the “Equity Component,” through which each Janus Protected Series Fund seeks to achieve growth of capital by investing primarily in common stocks selected for their growth potential, and (2) the “Protection Component,” through which each Janus Protected Series Fund seeks to limit downside risk by investing in cash and other investments including, but not limited to, money market instruments, U.S. Treasuries, and other equity market risk reducing instruments, such as short index futures. This risk allocation methodology factors in, among other things, market volatility, each Janus Protected Series Fund’s exposure to industries, sectors, or countries, and liquidity of each Janus Protected Series Fund’s holdings. Each Janus Protected Series Fund’s asset allocation will vary over time depending on equity market conditions and the Janus Protected Series Fund’s portfolio composition. As a result, each Janus Protected Series Fund’s allocation to each investment component could change as frequently as daily, resulting in a higher portfolio turnover rate than other mutual funds. Each Capital Protection Agreement also imposes very specific reporting and monitoring obligations on each respective Janus Protected Series Fund, on Janus Capital Management LLC (“Janus Capital”), and indirectly on each Janus Protected Series Fund’s custodian. While in some instances the Janus Protected Series Funds, Janus Capital, and the Janus Protected Series Funds’ custodian, will be afforded some opportunity to remedy certain breaches to the agreements, failure to do so within specified cure periods could result in the termination of a Capital Protection Agreement at the option of the Capital Protection Provider.

Each Capital Protection Agreement has an initial term of 10 years and may be extended for additional 10-year terms by mutual agreement of each respective Janus Protected Series Fund and the Capital Protection Provider. There are numerous events that can cause a Capital Protection Agreement to terminate prior to the expiration of any effective term, including the net asset value (“NAV”) of one or more share classes of either Janus Protected Series Fund falling below its Protected NAV. In the event of termination of the Capital Protection Agreement, the Capital Protection Provider is obligated to pay any settlement owed to the affected Janus Protected Series Fund pursuant to the agreement on the date of termination. However, the Protection will terminate without any obligation by the Capital Protection Provider to make any payment to the affected Janus Protected Series Fund if the termination of the Capital Protection Agreement results from acts or omissions of each respective Janus Protected Series Fund, Janus Capital or certain key employees of Janus Capital, or a Janus Protected Series Fund’s custodian that constitute gross negligence, fraud, bad faith, willful misconduct, or a criminal act which causes a decrease of 1% or more in the NAV per share of any class of shares of each respective Janus Protected Series Fund. In addition, the Capital Protection Provider has the right to early terminate either Janus Protected Series Fund’s Capital Protection Agreement should the aggregate protected amount exceed the maximum settlement amount. In the event of any termination of a Capital Protection Agreement, the affected Janus Protected Series Fund will terminate and liquidate and the Capital Protection Provider will pay the Janus Protected Series Fund any amounts due related to the Protection. Only shareholders who hold their shares on the date that a Capital Protection Agreement terminates are entitled to receive the Protected NAV from the affected Janus Protected Series Fund. The Capital Protection Provider’s obligations to a Janus Protected Series Fund are subject to all of the terms, conditions, and limitations of each respective Capital Protection Agreement and terminate upon the triggering of the capital protection. Neither the Janus Protected Series Funds nor Janus Capital will cover any shortfall so a shareholder could lose money including amounts that would have otherwise been protected.

Pursuant to each Capital Protection Agreement, the Capital Protection Provider has agreed to provide capital protection to protect each Janus Protected Series Fund against a decrease in the NAV per share for each share class of each respective Janus Protected Series Fund below 80% of the highest NAV per share for the share class attained since the inception of the share class, reduced for dividends, distributions, any extraordinary expenses, and certain extraordinary items, provided the terms and conditions of the relevant Capital Protection Agreement are satisfied and the agreement is not otherwise void. For this capital protection, each Janus Protected Series Fund pays the Capital Protection Provider, under its respective Capital Protection Agreement, a fee equal to 0.75% of the aggregate protected amount, which is calculated daily and paid monthly. Because the Capital Protection Fee is based on the aggregate protected assets of each respective Janus Protected Series Fund rather than on the Janus Protected Series Fund’s total net assets, it can fluctuate between 0.60% and 0.75% of each respective Janus Protected Series Fund’s total net assets.

The Protected NAV for each share class as well as the percentage of each Janus Protected Series Fund’s assets that are allocated between the Equity Component and the Protection Component will be posted on the Janus websites at janus.com/allfunds, or janus.com/advisor/mutual-funds for each Fund’s share classes other than Class D Shares. Should a termination or liquidation event occur, shareholders who own shares of any share class on the termination date would be entitled to receive from the affected Janus Protected Series Fund either the Protected NAV or the then-current NAV for their share class, whichever is higher, which will include any protection amount. Please refer to each Fund’s Prospectuses for information regarding how the Protection works in the event it is triggered and a Janus Protected Series Fund proceeds to liquidation, as well as how the Protection is calculated to help you understand the 80% protection of the NAV per share.

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 are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter (“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. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange (“NYSE”). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Funds are identified between the closing of their principal markets and the time the NAV is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds’ Trustees. 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 non-valued security and a restricted or non-public security. The Funds may 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. Restricted and illiquid securities are valued in accordance with procedures established by the Funds’ Trustees.

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 June 30, 2012. 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 June 30, 2012, resulting from changes in the exchange rates and changes in market prices of securities held.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and 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.

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.

The Funds may use derivative instruments for hedging (to offset risks associated with an investment, currency exposure, or market conditions) or for speculative (to 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.

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 Funds may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Funds may require the counterparty to post collateral if the Funds have 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 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.

· 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 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 using borrowed capital to increase the amount invested, or investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies 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 foreign currency at a future date at a negotiated rate. 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.

Forward currency contracts held by the Funds are fully collateralized by other securities, which are denoted on the Schedules of Investments (if applicable). The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts. Such collateral is in the possession of the Funds’ custodian.

Futures Contracts

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

Futures contracts are marked-to-market daily. Generally, futures contracts are marked-to-market (i.e., treated as realized and subject to distribution) for federal income tax purposes at fiscal year-end. Securities held by the Funds that are designated as collateral for market value on futures contracts are noted on the Schedules of Investments (if applicable). Such collateral is in the possession of the Funds’ custodian or with the counterparty broker.

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

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 may purchase or write covered and uncovered put and call options on swap contracts (“swaptions”), futures contracts, and on portfolio securities for hedging purposes or as a substitute for an investment. 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 may also invest in long-term equity anticipation securities, which are long-term options contracts that can be maintained for a period of up to three years. The Funds may also enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. The Funds generally invest in options to hedge against adverse movements in the value of portfolio holdings.

Each Janus Protected Series Fund may also utilize swaps, options, exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”), or other instruments for exposure to the Chicago Board Options Exchange Market Volatility Index (“VIX”) or another volatility index. Such investments would be used in accordance with the risk methodology under each Capital Protection Agreement and would be designed in an effort to limit losses in a sharp market decline. There is no guarantee that using such instruments would be effective in limiting losses, and the use of such instruments could impact the ability to increase returns. There are costs associated with entering into such investments, which can impact returns. The Capital Protection Provider may be the entity used to enter into a transaction related to the VIX and, if so, would receive compensation.

When an option is written, the Funds receive a premium and become obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. In writing an option, the Funds bear the risk of an unfavorable change in the price of the security underlying the written option. Exercise of an option written by the Funds could result in the Funds buying or selling a security at a price different from the current market value.

When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid.

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).

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.

Written option activity for the period ended June 30, 2012 is indicated in the tables below:

Call Options	Number of Contracts	Premiums Received
Janus Global Life Sciences Fund
Options outstanding at September 30, 2011	-	$-
Options written	750	680,250
Options closed	-	-
Options expired	-	-
Options exercised	(750)	(680,250)
Options outstanding at June 30, 2012	-	-
Janus Global Market Neutral Fund
Options outstanding at September 30, 2011	2,336	$     322,175
Options written	21,145	3,072,631
Options closed	(17,000)	(2,416,669)
Options expired	(2,045)	(323,994)
Options exercised	(2,892)	(445,685)
Options outstanding at June 30, 2012	1,544	$208,458
Janus Global Select Fund
Options outstanding at September 30, 2011	119,777	$10,479,469
Options written	225,347	66,922,314
Options closed	(197,805)	(44,628,994)
Options expired	(78,530)	(22,015,921)
Options exercised	(36,789)	(8,996,868)
Options outstanding at June 30, 2012	32,000	$1,760,000
Janus Global Technology Fund
Options outstanding at September 30, 2011	-	$-
Options written	35,205	1,626,693
Options closed	(13,605)	(609,354)
Options expired	(17,180)	(456,337)
Options exercised	(1,300)	(167,882)
Options outstanding at June 30, 2012	3,120	$393,120

Janus International Equity Fund
Options outstanding at September 30, 2011	-	$-
Options written	99	39,230
Options closed	-	-
Options expired	-	-
Options exercised	(99)	(39,230)
Options outstanding at June 30, 2012	-	-

Janus Protected Series - Global
Options outstanding at December 15, 2011	-	$-
Options written	8,894	-
Options closed	(4,075)	-
Options expired	-	-
Options exercised	-	-
Options outstanding at June 30, 2012	4,819	$-
Janus Protected Series - Growth
Options outstanding at September 30, 2011	-	$-
Options written	59,615	-
Options closed	(18,905)	-
Options expired	-	-
Options exercised	-	-
Options outstanding at June 30, 2012	40,710	$-

Janus Worldwide Fund
Options outstanding at September 30, 2011	-	$-
Options written	1,966	39,230
Options closed	-	-
Options expired	(1,650)	(32,765)
Options exercised	(316)	(125,219)
Options outstanding at June 30, 2012	-	-

Put Options	Number of Contracts	Premiums Received
Janus  Emerging Markets Fund
Options outstanding at September 30, 2011	110	$18,753
Options written	94	21,058
Options closed	-	-
Options expired	(50)	(14,313)
Options exercised	(154)	(25,498)
Options outstanding at June 30, 2012	-	$                -
Janus Forty Fund
Options outstanding at September 30, 2011	30,500	$4,245,600
Options written	-	-
Options closed	-	-
Options expired	(30,500)	(4,245,600)
Options exercised	-	-

Options outstanding at June 30, 2012	-	-
Janus Global Life Sciences Fund
Options outstanding at September 30, 2011	-	$-
Options written	540	186,380
Options closed	-	-
Options expired	(540)	(186,380)
Options exercised	-	-
Options outstanding at June 30, 2012	-	-
Janus Global Market Neutral Fund
Options outstanding at September 30, 2011	758	$155,418
Options written	13,513	1,734,428
Options closed	(8,489)	(1,127,164)
Options expired	(400)	(32,964)
Options exercised	(1,912)	(211,706)
Options outstanding at June 30, 2012	3,470	$518,012
Janus Global Real Estate Fund
Options outstanding at September 30, 2011	3,609	$212,796
Options written	2,596	138,142
Options closed	-	-
Options expired	(4,472)	(268,977)
Options exercised	-	-
Options outstanding at June 30, 2012	1,733	$81,961
Janus Global Select Fund
Options outstanding at September 30, 2011	200,307	$ 38,887,996
Options written	275,805	77,847,349
Options closed	(306,492)	(87,929,905)
Options expired	(145,230)	(22,602,040)
Options exercised	-	-
Options outstanding at June 30, 2012	24,390	$6,203,400
Janus Global Technology Fund
Options outstanding at September 30, 2011	3,610	$629,054
Options written	21,525	2,132,790
Options closed	(8,685)	(847,279)
Options expired	-	-
Options exercised	-	-
Options outstanding at June 30, 2012	16,450	$1,914,565

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 underlying asset. The Funds may utilize swap agreements as a means to gain exposure to a commodity index, commodity markets, or certain common or preferred 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 traditionally were privately negotiated and entered into in the over-the-counter market. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010 now permits certain swap agreements to be cleared through a clearinghouse and traded on an exchange or swap execution facility.

New regulations under the Dodd-Frank Act could, among other things, increase the cost of such transactions. A portion of the value is the appreciation or depreciation of the swaps.

Various types of swaps such as dividend and total return swaps are described below.

Dividend swap agreements involve an exchange by the parties of their respective commitments to pay or right to receive the changes in a dividend index point. The Funds gain exposure by either paying or receiving an amount in respect of an increase or decrease in the change of the relevant dividend index point based on a notional amount. For example, if a Fund took a long position on a dividend index swap, the Fund would receive payments if the relevant index point increased in value and would be obligated to pay if that index point decreased in value.

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 credit default swaps, inflation index swaps, interest rate swaps, total return swaps, and zero coupon 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.

In accordance with Financial Accounting Standards Board (“FASB”) guidance, the Funds adopted the provisions for “Derivatives and Hedging,” which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

Additional Investment Risk

As with all investments, there are inherent risks when investing in the Janus Protected Series Funds. Each Janus Protected Series Fund’s participation in the Capital Protection Agreement also subjects the Janus Protected Series Funds to certain risks not generally associated with equity funds, including but not limited to allocation risk, maximum settlement amount risk, turnover risk, liquidation risk, opportunity cost risk, capital protection termination risk, underperformance risk and counterparty risk. For information relating to these and other risks of investing in the Janus Protected Series Funds as well as other general information about the Janus Protected Series Funds, please refer to the Janus Protected Series Funds’ Prospectuses and statements of additional information.

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

It is important to note that events in both domestic and international equity and fixed-income markets have resulted, and may continue to result, in an unusually high degree of volatility in the markets, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. These events and the resulting market upheavals may have an adverse effect on the Funds, such as a decline in the value and liquidity of many securities held by the Funds, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. For the Janus Protected Series Funds, redemptions, particularly a large redemption, may impact the allocation process, and the NAV of any share class may fall below its Protected NAV. If this happens, it is expected that the Janus Protected Series Funds will receive payment of the Settlement Amount from the Capital Protection Provider, if due, and liquidate as soon as possible following the event. Because the situation is unprecedented and widespread, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude each Fund’s ability to achieve its investment objective. It is impossible to predict whether or for how long these conditions will continue. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

Further, the instability experienced in the financial markets has resulted in the U.S. Government and various other governmental and regulatory entities taking actions to address the financial crisis. These actions include, but are not limited to, the enactment of the Dodd-Frank Act, which is expected to dramatically change the way in which the U.S. financial system is supervised and regulated. More specifically, the Dodd-Frank Act provides for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies, and mortgage lending, which expands federal oversight in the financial sector and may affect the investment management industry as a whole. Given the broad scope, sweeping nature, and the fact that many provisions of the Dodd-Frank Act must be implemented through future rulemaking, the ultimate impact of the Dodd-Frank Act, and any resulting regulation, is not yet certain. As a result, there can be no assurance that these government and regulatory measures will not have an adverse effect on the value or marketability of securities held by a Fund, including potentially limiting or completely restricting the ability of the Fund to use a particular investment instrument as part of its investment strategy, increasing the costs of using these instruments, or possibly making them less effective in general. Furthermore, no assurance can be made that the U.S. Government or any U.S. regulatory entity (or other authority or regulatory entity) will not continue to take further legislative or regulatory action in response to the economic crisis or otherwise, and the effect of such actions, if taken, cannot be known.

In addition, European markets have recently experienced volatility and adverse trends due to concerns about economic downturns, rising government debt levels, and the possible default of government debt in several European countries, including Greece, Ireland, Italy, Portugal, and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt and worldwide sellers of credit default swaps linked to that country’s creditworthiness. These events have

adversely affected the value and exchange rate of the euro and may continue to significantly affect the economies of all European countries, which in turn may have a material adverse affect on a Fund’s investments in such countries, other countries that depend on European countries for significant amounts of trade or investment, or issuers with exposure to European debt.

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.

Bank Loans

Janus Balanced Fund and Janus Global Market Neutral Fund may invest in bank loans, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the “Lender”) that acts as agent for all holders. Some bank loans may be purchased on a “when-issued” basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Funds have the right to receive payments of principal, interest and any fees to which they are entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to a Fund. The interest rates paid on a floating rate security in which the Funds invest generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year London Interbank Offered Rate (“LIBOR”). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates. In light of recent controversy over the method by which LIBOR is set, the British government is seeking reform of the LIBOR compilation process. The ultimate effect of such reform on a Fund's operations is unknown.

The Funds may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Funds may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Funds utilize an independent third party to value individual bank loans on a daily basis.

The average monthly value of borrowings outstanding under bank loan arrangements and the related rate range during the period ended June 30, 2012 are indicated in the table below:

Fund	Average Monthly Value	Rates
Janus Balanced Fund	$15,872,475	3.5000% - 5.2500%

Borrowing

Janus Global Market Neutral Fund may borrow money from banks for investment purposes to the extent permitted by the 1940 Act. This practice is known as leverage. Currently, under the 1940 Act, Janus Global Market Neutral Fund may borrow from banks up to one-third of its total assets (including the amount borrowed) provided that it maintains continuous asset coverage of 300% with respect to such borrowings and sells (within three days) sufficient portfolio holdings to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise, even if disadvantageous from an investment standpoint. Janus Global Market Neutral Fund may also borrow money to meet redemptions in order to avoid forced, unplanned sales of portfolio securities or for other temporary or emergency purposes. This allows Janus Global Market Neutral Fund greater flexibility to buy and sell portfolio securities for investment or tax considerations, rather than for cash flow considerations.

The use of borrowing by Janus Global Market Neutral Fund involves special risk considerations that may not be associated with other Funds that may only borrow for temporary or emergency purposes. Because substantially all of Janus Global Market Neutral Fund’s assets fluctuate in value, whereas the interest obligation resulting from a borrowing will be fixed by the terms of Janus Global Market Neutral Fund’s agreement with its lender, the NAV per share of Janus Global Market Neutral Fund will tend to increase more when its portfolio securities increase in value and decrease more when its portfolio securities decrease in value than would otherwise be the case if Janus Global Market Neutral Fund did not borrow funds. In addition, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the return earned on borrowed funds. Under adverse market conditions, Janus Global Market Neutral Fund might have to sell portfolio securities to meet interest or principal payments at a time when fundamental investment considerations would not favor such sales. The interest that Janus Global Market Neutral Fund must pay on borrowed money, together with any additional fees to maintain a line of credit or any minimum average balances required to be maintained, are additional costs that will reduce or eliminate any net investment income and may also offset any potential capital gains. Unless the appreciation and income, if any, on assets acquired with borrowed funds exceed the costs of borrowing, the use of leverage will diminish the investment performance of Janus Global Market Neutral Fund compared with what it would have been without leverage.

Counterparties

A shareholder’s ability to receive the Protected NAV from the Janus Protected Series Funds is dependent on the Janus Protected Series Funds’ abilities to collect any settlement from the Capital Protection Provider pursuant to the terms of their respective Capital Protection Agreement or from BNP Paribas, the parent company of the Capital Protection Provider (the “Parent Guarantor”), under a separate parent guaranty. Fund transactions involving a counterparty, such as the Capital Protection Provider for the Janus Protected Series Funds, 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.

As such, the Janus Protected Series Funds’ abilities to benefit from the Protection may depend on the Capital Protection Provider’s, as well as its parent company’s, financial condition. As an added measure of protection, the Parent Guarantor has issued an absolute, irrevocable and continuing guaranty pursuant to which it guarantees any and all financial obligations of the Capital Protection Provider under each Capital Protection Agreement. There is, however, a risk that the Capital Protection Provider’s parent company may not fulfill its obligations under the guaranty it has issued.

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 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. 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. For the Janus Protected Series Funds, under the terms of each Capital Protection Agreement, the Protected NAV of each share class will be reduced by any reductions in the NAV per share resulting from such events as, but not limited to, (i) the bankruptcy, insolvency, reorganization or default of a contractual counterparty of the Janus Protected Series Funds, including counterparties to derivatives transactions, and entities that hold cash or other assets of the Janus Protected Series Funds; (ii) any trade or pricing error of the Janus Protected Series Funds; and (iii) any realized or unrealized losses on any investment of the Janus Protected Series Funds in money market funds.

Emerging Market Investing

Within the parameters of its investment policies, each Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging markets.” 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. 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.

Exchange-Traded Funds

The Funds may invest in ETFs, which generally are index-based investment companies that hold substantially all of their assets in securities representing their specific index. As a shareholder of another investment company, a Fund would bear its pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Fund bears directly in connection with its own operations.

Exchange-Traded Notes

The Funds may invest directly in ETNs, which are senior, unsecured, unsubordinated debt securities whose returns are linked to a particular index and provide exposure to the total returns of various market indices, including indices linked to stocks, bonds, commodities and currencies. This type of debt security differs from other types of bonds and notes. ETN returns are based upon the performance of a market index minus applicable fees; no periodic coupon payments are distributed and no principal protections exist. ETNs do not pay cash distributions. Instead, the value of dividends, interest, and investment gains are captured in a Fund’s total return. The Funds may invest in these securities when desiring exposure to debt securities or commodities. When evaluating ETNs for investment, Janus Capital or the subadviser, as applicable, will consider the potential risks involved, expected tax efficiency, rate of return, and credit risk. When the Funds invest in ETNs, they will bear their proportionate share of any fees and expenses borne by the ETN. There may be restrictions on the Funds’ right to redeem their investment in an ETN, which is meant to be held until maturity. The Funds’ decision to sell their ETN holdings may be limited by the availability of a secondary market.

Floating Rate Loans

Janus Balanced Fund and Janus Global Market Neutral Fund may invest in floating rate loans. Floating rate loans are debt securities that have floating interest rates, which adjust periodically, and are tied to a benchmark lending rate, such as LIBOR. In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (“borrowers”) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Floating rate loans may include fully funded term loans or revolving lines of credit.

Purchasers of floating rate loans may pay and/or receive certain fees. The Funds may receive fees such as covenant waiver fees or prepayment penalty fees. The Funds may pay fees such as facility fees. Such fees may affect each Fund’s return.

Mortgage- and Asset-Backed Securities

The Funds, particularly Janus Balanced Fund, may purchase fixed or variable rate mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Historically, Fannie Maes and Freddie Macs were not backed by the full faith and credit of the U.S. Government, and may not be in the future. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship to provide stability in the financial markets, mortgage availability and taxpayer protection by preserving Fannie Mae’s and Freddie Mac’s assets, and placing them in a sound and solvent condition. Under the conservatorship, the management of Fannie Mae and Freddie Mac was replaced. Since 2008, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases, and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. This mortgage-backed securities purchase program ended in 2010. However, the U.S. Treasury has committed to continue its support for Fannie Mae’s and Freddie Mac’s capital as necessary to prevent them having a negative net worth through at least 2012. However, there is no assurance that any Federal Reserve, U.S. Treasury, or FHFA initiatives will ensure Fannie Mae’s

and Freddie Mac’s continued solvency. The Funds may purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying securities fail to perform, these investment vehicles could be forced to sell the assets and recognize losses on such assets, which could impact the Funds’ yield and your return.

Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Prepayment risk, which results from prepayments of the principal of underlying loans at a faster pace than expected, may shorten the effective maturities of these securities and may result in a Fund having to reinvest proceeds at a lower interest rate. In addition to prepayment risk, investments in mortgage-backed securities, including those comprised of subprime mortgages, and investments in other asset-backed securities comprised of under-performing assets may be subject to a higher degree of credit risk, valuation risk, and liquidity risk. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Mortgage- and asset-backed securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying these securities to be paid more slowly than expected, increasing the Funds’ sensitivity to interest rate changes and causing its price to decline.

Real Estate Investing

The Funds may invest in equity and debt securities of U.S. and non-U.S. 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, real estate investment trusts (“REITs”) and similar REIT-like entities such as foreign entities that have REIT characteristics.

Repurchase and Reverse Repurchase Agreements

The Funds may invest in repurchase and reverse repurchase agreements. In a repurchase agreement, the Funds purchase a security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price consists of the purchase price plus an agreed upon incremental amount that is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked-to-market daily) of the underlying security or “collateral.”

Reverse repurchase agreements are transactions in which the Funds sell a security and simultaneously commits to repurchase that security from the buyer, such as a bank or broker-dealer, at an agreed upon price on an agreed upon future date. Reverse repurchase agreements involve the risk that the value of securities that the Funds are obligated to repurchase under the agreement may decline below the repurchase price. Additionally, such transactions are only advantageous if the interest cost to the Funds of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Interest costs on the proceeds received in a reverse repurchase agreement may exceed the return received on the investments made by the Funds with those proceeds, resulting in reduced returns to shareholders. When the Funds enter into a reverse repurchase agreement, it is subject to the risk that the buyer (counterparty) may default on its obligations to the Funds. In the event of such a default, the Funds may experience delays, costs, and loss, all of which may reduce returns to shareholders. Investing reverse repurchase proceeds may also have a leveraging effect on the Funds’ portfolio. The Funds’ use of leverage can magnify the effect of any gains or losses; causing the Funds to be more volatile than if it had not been leveraged. There is no assurance that any leveraging strategy used by the Funds will be successful.

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. For the Janus Protected Series Funds, each Capital Protection Agreement is a restricted security transaction.

Securities Traded on a To-Be-Announced Basis

Janus Balanced Fund, Janus Global Market Neutral Fund, and Janus Global Real Estate Fund may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Funds commit to purchasing or selling securities for which specific information is not yet known at the time of the trade, particularly the face amount and maturity date in Ginnie Mae, Fannie Mae and/or Freddie Mac transactions.

Securities purchased on a TBA basis are not settled until they are delivered to the Funds, normally 15 to 45 days later. Beginning on the date the Funds enter into a TBA transaction, cash, U.S. Government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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. Janus Global Market Neutral Fund is not subject to any such limit. Although the potential for gain as a result of a short sale is limited to the price at which the Funds 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 arrangements made with the broker or custodian, the Funds may or may not receive any payments (including interest) on collateral it has deposited with the broker. The Funds pay stock loan fees 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.

Sovereign Debt

A Fund may invest in U.S. and foreign government debt securities (“sovereign debt”). Investments in U.S. sovereign debt are considered high-quality and low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. A Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.

When-Issued Securities

The Funds may purchase or sell securities on a when-issued or delayed delivery basis. When-issued and delayed delivery securities in which the Funds may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds may hold liquid assets as collateral with the Funds’ custodian sufficient to cover the purchase price.

Federal Income Taxes

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

The Funds have 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.

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 , partnerships and passive foreign investment companies.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities, excluding securities sold short, for federal income tax purposes as of June 30, 2012 are noted below.

Fund	Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Appreciation/  (Depreciation)
Janus Asia Equity Fund	$ 7,924,097	$ 363,672	$ (854,526)	$ (490,854)
Janus Balanced Fund	7,615,707,497	989,560,057	(190,326,523)	799,233,534
Janus Contrarian Fund	2,500,714,986	300,076,460	(276,851,327)	23,225,133
Janus Emerging Markets Fund	22,978,320	420,617	(4,143,351)	(3,722,734)
Janus Enterprise Fund	1,820,243,107	652,555,016	(57,578,380)	594,976,636
Janus Forty Fund	2,650,651,976	1,195,231,882	(189,913,327)	1,005,318,555
Janus Fund	6,420,139,784	1,688,720,864	(315,347,454)	1,373,373,410
Janus Global Life Sciences Fund	634,562,515	158,622,213	(36,823,735)	121,798,478
Janus Global Market Neutral Fund	25,990,857	1,288,479	(1,368,192)	(79,713)
Janus Global Real Estate Fund	67,759,326	8,291,917	(4,927,319)	3,364,598
Janus Global Research Fund	264,877,080	43,804,603	(20,374,680)	23,429,923
Janus Global Select Fund	2,455,478,778	105,411,234	(289,319,235)	(183,908,001)
Janus Global Technology Fund	709,712,544	138,363,393	(31,856,747)	106,506,646
Janus Growth and Income Fund	11,386,866	453,226	(359,120)	94,106
Janus International Equity Fund	207,845,779	22,236,474	(18,218,142)	4,018,332
Janus Overseas Fund	8,384,368,277	965,611,687	(2,473,225,209)	(1,507,613,522)
Janus Protected Series – Global	11,386,866	453,226	(359,120)	94,106
Janus Protected Series – Growth	136,322,152	3,810,836	(2,556,032)	1,254,804
Janus Research Fund	2,802,257,298	633,298,795	(172,096,354)	461,202,441
Janus Triton Fund	2,863,521,345	386,459,130	(147,488,965)	238,970,165
Janus Twenty Fund	5,960,864,528	2,659,228,166	(542,515,134)	2,116,713,032
Janus Venture Fund	1,298,939,573	254,916,418	(68,740,834)	186,175,584
Janus Worldwide Fund	1,949,852,974	173,702,617	(269,412,015)	(95,709,398)
Perkins Global Value Fund	121,316,275	11,194,435	(6,747,001)	4,447,434

Information on the tax components of securities sold short as of June 30, 2012 are as follows:

	Federal Tax Proceeds from Securities Sold Short	Unrealized (Appreciation)	Unrealized Depreciation	Net Tax (Appreciation)/  Depreciation
Janus Global Market Neutral Fund	$(5,885,034)	$(34,683)	$540,976	$506,293
Janus Triton Fund	(6,310,049)	(612,221)	--	(612,221)

Money Market Investments

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 non-affiliated 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.

During the period ended June 30, 2012, the following Funds recorded distributions from affiliated investment companies as affiliated dividend income, and had the following affiliated purchases and sales:

	Purchases	Sales	Dividend	Value
	Shares/Cost	Shares/Cost	Income	at 6/30/12
Janus Cash Liquidity Fund LLC
Janus Asia Equity Fund	$4,011,316	$(3,851,021)	$379	$422,295
Janus Balanced Fund	2,604,933,306	(2,770,446,776)	121,172	32,165,683
Janus Contrarian Fund	805,743,085	(1,269,938,721)	54,594	43,728,000
Janus Emerging Markets Fund	12,402,426	(12,378,431)	551	716,000
Janus Enterprise Fund	263,977,187	(262,619,000)	65,891	84,662,263
Janus Forty Fund	324,757,713	(324,757,713)	6,140	-
Janus Fund	1,476,339,816	(1,504,679,000)	365,675	344,264,447
Janus Global Life Sciences Fund	138,840,768	(143,273,731)	13,535	8,307,254
Janus Global Real Estate Fund	23,010,026	(19,842,110)	2,926	5,413,916
Janus Global Research Fund	73,327,196	(68,302,107)	3,262	6,116,328
Janus Global Select Fund	1,176,992,239	(1,136,271,569)	57,768	123,195,097
Janus Global Technology Fund	145,559,735	(152,559,477)	6,767	10,882,641
Janus Growth and Income Fund	713,096,526	(712,487,744)	31,460	608,782
Janus International Equity Fund	69,269,769	(71,106,283)	4,594	3,667,000
Janus Overseas Fund	1,004,595,787	(1,189,116,802)	32,503	64,477,000
Janus Protected Series - Global	17,167,579	(11,617,171)	1,272	5,550,408
Janus Protected Series - Growth	96,851,823	(88,004,000)	77,781	86,520,087
Janus Research Fund	484,605,233	(483,427,670)	13,620	29,012,000
Janus Triton Fund	901,903,660	(772,733,000)	179,755	208,924,890
Janus Twenty Fund	841,566,559	(957,045,375)	98,985	38,466,760
Janus Venture Fund	421,344,236	(359,978,000)	84,430	132,883,501
Janus Worldwide Fund	265,851,804	(268,830,696)	12,848	9,123,135
	$   11,866,147,789	$  (12,583,266,397)	$ 1,235,908	$1,239,107,487

Valuation Inputs Summary

In accordance with FASB 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.

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 are 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 are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), warrants, swaps, investments in mutual funds, OTC options, and forward contracts. The Funds may 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.

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.

For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the FASB Guidance. These are categorized as Level 3 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 or period.

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 June 30, 2012 to value the Funds’ investments in securities and other financial instruments is included in the “Valuation Inputs Summary” and “Level 3 Valuation Reconciliation of Assets” (if applicable) in the Notes to Schedules of Investments.

The Funds adopted FASB Accounting Standards Update “Fair Value Measurements and Disclosures” (the “Update”). This Update applies to a Fund’s disclosures about transfers in and out of Level 1 and Level 2 of the fair value hierarchy and the reasons for the transfers. Disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy are summarized under the Level 2 and Level 3 categories listed above.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended June 30, 2012.

Fund	Transfers In Level 1 to Level 2	Transfers Out Level 2 to Level 1
Janus Forty Fund	--	4,210
Janus Global Market Neutral Fund	--	963
Janus Twenty Fund	--	7,635

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

The Funds recognize transfers between the levels as of the beginning of the fiscal year.

In May 2011, the FASB issued Accounting Standards Update, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements.” The Accounting Standards Update requires disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Funds shall provide quantitative information about the significant unobservable inputs used

in the fair value measurement. To meet the objective of the quantitative disclosure, the Funds may need to further disaggregate to provide more meaningful information about the significant unobservable inputs used and how these inputs vary over time.

The Funds are not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the Funds when measuring fair value (for example, when a Fund uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, the Funds cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the Funds.

In addition, the Accounting Standards Update requires the Funds to provide a narrative sensitivity disclosure of the fair value measurement changes in unobservable inputs and the interrelationships between those unobservable inputs for fair value measurements categorized with Level 3 of the fair value hierarchy.

New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact this update may have on the Funds’ financial statements.

Subsequent Events

Effective August 3, 2012, George P. Maris, CFA, will be Executive Vice President and Portfolio Manager of Janus Global Select Fund.

Effective August 20, 2012, the following changes will take place for Janus Emerging Markets Fund:

· Janus Capital Singapore Pte. Limited (“Janus Singapore”), a wholly-owned subsidiary of Janus Capital, will be the investment subadviser for the Fund. Janus Capital will pay Janus Singapore a subadvisory fee from its investment advisory fee for managing the Fund.

· Hiroshi Yoh will be Executive Vice President and Co-Portfolio Manager of Janus Emerging Markets Fund, working in partnership with current Co-Managers, Wahid Chammas and Matt Hochstetler.

The Board of Trustees of the Trust has approved a plan to liquidate and terminate Janus Global Market Neutral Fund, with such liquidation effective on or about October 15, 2012 or at such other time as may be authorized by the Trustees. Termination of the Fund is expected to occur as soon as practicable following liquidation.

Management has evaluated whether any other events or transactions occurred subsequent to June 30, 2012 and through the date of issuance of the Funds’ financial statements and determined that there were no other material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

Item 2. Controls and Procedures.

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as ameneded ("the Act")) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-3(b) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

(b) There were no changes in the registrant's internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Act, as amended, are attached as Ex99.CERT.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Janus Investment Fund

By: /s/ Robin C. Beery

Robin C. Beery,

President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

Date: August 29, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Robin C. Beery

Robin C. Beery,

President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

Date: August 29, 2012

By: /s/ Jesper Nergaard

Jesper Nergaard,

Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

Date: August 29, 2012